Toyota Financial Services Unveils New Excess Wear & Use Protection Plan
New Product Helps Customers Lease Smarter and Take Control
March 22, 2012 – Torrance, Calif. – When it comes to vehicle leasing, consumers may have questions about their financial responsibility for items such as dings, dents, scratches, and missing parts or equipment at the time of vehicle return. To provide added assurance and to enhance the lease experience for its customers, Toyota Financial Services (TFS) and Lexus Financial Services (LFS) is excited to announce the launch of the Excess Wear & Use (EWU) Protection Plan, the newest product to join the TFS/LFS portfolio.
“We developed EWU in collaboration with dealers and industry advisors with the consumer experience top-of-mind,” said Mike Groff, TFS/LFS Group Vice President of Sales, Marketing and Product Development. “We want to help our customers avoid unexpected charges when they return their vehicle at lease-end and provide a hassle-free, customer-friendly claims process. We kept things simple and packaged high-value benefits and features into one comprehensive plan for Toyota dealers and one plan for Lexus dealers. And, I’m also proud to say that our EWU product is 100% built and backed by the strength of TFS.”
EWU is a protection plan offered to TFS/LFS lease customers that waives “excess wear and use” charges they would otherwise be responsible for paying at the end of their lease term. In addition, EWU simplifies the claims process with no claims forms to submit, no deductibles to pay and no reimbursements to request. EWU covers items that are beyond normal wear and tear, up to specified limits, including:
•Interior cuts, burns or stains
•Damage to tires, rims or hubcaps
•Broken or scratched windshield, window, mirrors or lights
•Damaged bumpers, body dents, dings or scratches
•Missing parts or equipment
And to promote the Toyota EWU product, TFS also launched a humorous consumer video to highlight the product’s value and benefits: http://youtu.be/7DXwKNHTQw4
The TFS/LFS Excess Wear & Use Protection Plan is currently not available in AK, NE, NY, TX and UT. It is also not available for dealers in the Gulf States Toyota or Southeast Toyota regions.
About Toyota Financial Services
TFS is the finance and insurance brand for Toyota in the U.S., offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and extended service contracts and other payment protection products through Toyota Motor Insurance Services (TMIS). TFS employs 3,300 associates nationwide, and has managed assets totaling nearly $92 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.