Expanding Filipinos' car use options
The pandemic proved to be a crucial time to be mobile, what with the many health and safety restrictions. Yet with many jobs put in jeopardy and conventional financing becoming especially strict, some Filipinos found it difficult to acquire a vehicle. Yet that wasn’t quite the case with Toyota.
Through its auto financing and leasing services company, Toyota Financial Services Philippines (TFSPH), Toyota Motor Philippines (TMP) was able to provide accessible and flexible ways to acquire cars and enjoy the freedom of mobility.
The proof is evident in TFSPH’s position today. According to TFSPH President Rommel Ocampo, the company has reached 45% market share in 2021, meaning for every 10 Toyota cars sold, five are financed by TFSPH.
Keen to continue supporting Toyota's vision of providing mobility for all, TFSPH continues to strengthen its traditional business offerings like vehicle financing and finance lease, while introducing innovative services to make acquiring, enjoying, and upgrading vehicles easy.
Electronic payment
Among TFS's innovations are the mobile app, myToyota Wallet, and vehicle lease products Kinto One for individual customers and Kinto One Business for corporate fleets.
myToyota Wallet is a mobile payment solution that allows customers to safely and easily transact for everything Toyota. Available for Android and iOS, the mobile app currently allows card tokenization for up to three debit or credit cards, so customers can easily and conveniently pay for their Toyota transactions at any Toyota dealerships nationwide.
This service works hand-in-hand with TMP's all-in-one mobile customer portal, the myTOYOTA App, for payments on parts, accessories, service, and insurance. More features will be incorporated soon, such as e-money and online and secure payment of customer’s monthly amortization.
Auto leasing
Kinto One is a full-service vehicle lease package for individual customers that introduces the convenient and worry-free car subscription or “usership” model. The all-inclusive monthly payment package covers periodic maintenance service, normal wear and tear parts replacement, annual comprehensive insurance, annual car registration, plus an exclusive Kinto concierge service.
There are several choices of cars available for lease under the Kinto One package to suit customers’ needs and the car may be replaced with a new car every three to four years.
Fleet leasing
Kinto One Business is a full-service lease package that is a hassle-free, worry-free solution for corporate customers’ fleet requirements. The fleet-management service covers periodic maintenance, comprehensive insurance, vehicle registration, and even roadside assistance in affordable payment packages. It also has a state-of-the-art fleet connected service, for location status, geo-fencing, and unplug detection along with feedback on driver performance.
"The future looks bright for the industry. A recent Automotive Market Study has revealed that demand for new vehicles is rising in the region, and that vehicle subscription is on the rise in South East Asia, as an alternative to ownership," said Ocampo.
Customers can download or learn more about the myTOYOTA Wallet and myTOYOTA App. Those who are interested to "subscribe and drive" may learn more about KINTO One and apply online through https://www.kinto-ph.com. Toyota Financial Services Philippines Corporation is supervised by the Bangko Sentral ng Pilipinas ([email protected]).