Toyota is extending no-interest loans and discount leases for another month on some U.S. models and expanding an offer of two years of free maintenance to hold on to sales gains after record recalls.
The incentives include zero- percent financing for as long as five years on 2010 Camry, Avalon, Corolla and Matrix cars; Highlander and RAV4 sport utility vehicles; and Tundra pickups. All buyers are eligible for the service plan, not just repeat customers, and the deals run until May 3, Toyota said Tuesday.
Toyota is trying to build on momentum in U.S. sales in March, when discount loans and leases helped the world’s biggest automaker boost deliveries 41 percent after two declines in a row. The company has recalled more than 8 million vehicles to fix flaws linked to sudden acceleration.
“Bargain hunters and Toyota loyalists” drove the sales gains, said James Bell, executive market analyst at pricing firm Kelley Blue Book in Irvine, Calif. “Once they get past those groups, it’s getting tough to reach buyers who are looking at models from Ford, Subaru, all the others.”
Toyota first announced incentives March 2. Those offers expired Monday, the same day Transportation Secretary Ray LaHood said the National Highway Traffic Safety Administration will seek to fine Toyota a record penalty of $16.4 million.
