Toyota Financial Services Philippines gives 30-day extension to customers

Updated Sep 28, 2020 | Same topic: COVID-19 Updates
This is good news from the country’s leading car brand amidst Enhanced Community Quarantine.

After President Rodrigo Duterte placed the entire Luzon under Enhanced Community Quarantine, many companies temporarily shut down their operation – this is to prevent the further spreading of the novel coronavirus or COVID-19.

The practice of social distancing caused a plunge in car sales mainly due to the lack of interaction from a consumer and a salesperson.

Duterte places Luzon under enhanced community quarantine to fight COVID-19 | DZM

Many car companies already released their public advisories saying that their dealerships will temporarily be closed. This raised a lot of concerns, especially regarding monthly amortizations.

President Rodrigo Duterte

The Philippine government is taking every precaution to contain the virus

>>> Related: How is coronavirus breakout affecting online car sales?

Despite all these inconveniences, Toyota Motor Philippines released a payment advisory saying that the company will give a 30-day payment extension for qualified customers – this includes those payments through Auto-Debit.

This is good news, especially for those who need emergency funds during the COVID-19 pandemic. However, accounts will automatically be debited after April 18, 2020. You can choose to settle your monthly amortization if you wish to do so to prevent overlapping dues.

Guidelines on the 30-Day Payment Extension

Guidelines on the 30-Day Payment Extension of Toyota Financial during COVID-19

>>> Related: DOTr guidelines for Metro Manila's community quarantine

Many netizens, however, did not appreciate this move by Toyota Philippines. They are claiming that this initiative is a payment delay and not a payment extension.

Many people are affected by their jobs due to the Enhanced Community Quarantine making this payment harder because the payment is doubled next due date. People are asking Toyota Financial Services during COVID-19 to extend their contract of payment rather than delaying it. 

Toyota Financial Services said that the deferred amortization plus the following month’s amortization should be paid on or before the next due date. In contrast, PSBank moved the loan maturity of its customers by a month and BDO provided a 60-day payment extension.

Keep in mind, only current and updated accounts as of March 18, 2020, are qualified for the 30-day extension period. Toyota will send an SMS to eligible customers who are qualified for this payment extension.

If you have any questions, you can contact Toyota Philippines via email at feedback@toyotafinancial.ph or you can visit their website at www.toyotafinancial.ph.

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Author

Rex Sanchez

Rex found his passion for cars at a young age. He loves anything with an engine – which includes cars and planes. Right now, he is pleased to impart that passion for cars to a professional level under Philkotse.