Toyota Credit Card

[JungleJim]

Toyota is offering a Lexus credit card. I sure hope that they will offer one for Toyota soon.

http://www.lasvegassun.com/sunbin/stories/text/2005/apr/29/518681363.html


http://www.toyota.com/about/news/corporate/2005/04/26-1-lexcard.html

 

[GMZ]

I hope so, that Lexus CC sounds good though!

 

[toto]

One point that you've earned is equivalent to 1 penny (not 1 dollar) toward the purchase of a new Lexus. There is no limit to the number of points you can earn and accumulate, but you can only get up to 10% off any given new car purchase. Points accumulate at the rate of 1.5 points per dollar spent.
If you wanted to go from a 4Runner to a Lexus GX, the GX is about $50,000 without nav or $52,000 with it (MSRP). Let's say 10% = $5,000 for simplicity. That's equivalent to 500,000 points!! To get there you'd have to charge almost $7,000 a month for 48 months.
Definitely geared toward the Lexus crowd!

 

[EDGE]

the original GM CC was the best, their was no limit you could walk into a dealer and walk out with a car, no money exchanged then they came out with the second generation card with limits

 

[rook]

sooner than later

In order for TMC to continue this program, they will need to continusouly grow the number of open accounts and grow outstanding balances on the cards while keeping delinquency and loan losses to a minimum. I feel this card program will expand quickly to Toyota in order to sustain the growth needed to maintain profitability in the US card market. It is ironic that TMC is starting out with Lexus, as most startup card operations operate initially in the sub-prime (low credit score) realm in order to grow at a fast pace e.g. Capital One will give a card to anyone with a pulse and an address. Credit card programs want to attract customers who will revolve a balance on a monthly basis, charge often and occasionally miss the due date. Clearly, those who shop for a Lexus have strong demographics and strong credit. Most Lexus customers will pay in full and force TMC to attract new customers through Toyota and possibly Scion brands in order to maintain growth and profitability.