Toyota Capital declares 6-month loan payment holiday

KUALA LUMPUR: The COVID-19 has impacted the automotive industry in such a harsh way that this year’s sales are continuously turning south. Amid this pandemic outbreak, automakers are trying to soften the blow by their financial offers to existing and new customers. One after another, they are announcing several types of offers including zero-interest loans and payment deferments. The latest to join the list is Toyota. Following the Bank Negara Malaysia’s initiative, Toyota Capital Malaysia has officially announced an automatic six-month payment holiday starting from April 1 to September 30, to its individual as well as SME buyers.

The firm states, “We are doing our part in easing the financial constraints of our customers arising from the COVID-19 pandemic and remain committed to supporting the economy during these exceptional circumstances.”

In line with the announcement, UMW Toyota has posted a video on its social media account, featuring Toyota A90 Supra moving from darkness to light on an empty road. The car moves through the abandoned Times Square in New York, then through a gloomy tunnel and eventually comes to the happening and shiny B-Road. Through this, the firm tries to deepen the hopes that the world will come out of this hard time soon.

The video says, “The world may turn around without warning, but you know for a fact that even in the darkest of nights, we will always be by your side, till we reach the light at the end of the tunnel. We will come back stronger together.”

If we talk about the eligibility condition of availing the payment holiday, the car owner must not have any due payments for more than 90 days on April 1. The firm has automatically paused the due payments of qualified customers but if somebody does not want to opt for the holiday, then he/she must have to inform the company. And also note that the firm has clearly mentioned that non-payment will not impact the customer’s financial records with TCM, CCRIS or any other such firm.

Also read: Toyota to secure nearly 20,000 ventilators for Japan