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.

Here at Philkotse.com, we value your interest in new car releases and lastest news in the auto industry. You can visit our website to find out more.

Know more about Toyota

Toyota

For the local market, Toyota Philippines offers 22 car models. The most affordable of these is the Toyota Wigo hatchback. Toyota also has three sedan models namely the Vios, the Corolla Altis, and the Camry. It then has one entry to the pickup truck segment, the Hilux. For coupes, Toyota Philippines offers two models: the GT 86 and the Supra. The Toyota local SUV segment has four models. These include the Fortuner, Land Cruiser, and Land Cruiser Prado. The Toyota MPV segment for the Philippines has three models: the Avanza, Rush, and the Innova. Then there are two Toyota vans in the Philippine market: the Hiace and the Hiace Super Grandia. For hatchbacks, there's the Wigo, the GR Yaris, Prius, and the Yaris, while the minivan segment then has the Alphard. And lastly, the crossovers sold by Toyota include the Corolla Cross, and the RAV4.

Here at Philkotse.com, we provide the complete Toyota Philippines Price list for 2023, which we update on a monthly basis. Besides that, we also list the latest and hottest car promos ranging from low monthly amortizations, cash discounts, and low downpayments. 

For more information about the Toyota Philippines price list for 2023, as well other details regarding the brand, continue below.

Rex Sanchez

Rex Sanchez

Author

Rex Sanchez grew up in Saudi Arabia where he saw and got into the automotive scene. He started his career for an aviation company in the said region, writing about turbines and rotors which are later distributed for educational purposes. And now, he joined Philkotse.com as a staff writer. Currently, he is the youngest on the team and is more than ready to grow in the field.

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