Scion Tempts with Three Financing Plans

Three new financing plans have been devised by Toyota Financial Services for buyers of its new Scion car, which was introduced in June on the California market. The Scion brand is pitched for the young set and sold through a separate showroom at Toyota dealerships.

The Scion financing package is designed to qualify younger buyers whose credit histories are limited or non-existent.

“We are trying to make Scion financing as simple as our no-hassle pricing plan,” says David Nordstrom, Toyota Financial’s corporate manager of product, lease and remarketing.

For buyers with good credit histories, loan rates are reduced to 4.5 percent. Those with fair records can obtain 6 ¼ percent and those who no credit history are at 9.0 percent. The three programs are called “Gen-One,” “iFinance” and “College Graduate.”

Gen-One offers applicants without co-signers and no credit record a loan up to $18,000 and 90 percent of dealer invoice.

IFinance applies to those with limited credit history and also no co-signer. It offers either a loan or lease with a down-payment of 10 percent, an $18,000 cap and a limit of 100 percent of dealer invoice.

College Graduate is available for up to 72 months at Toyota’s Zone 1 rate, called “our best” by Nordstrom. A college degree is mandatory, plus proof of present or future employment, for which a $400 cash rebate is available. This plan gives lessees a security deposit waiver.

Nordstrom said Scion, on sale only at 110 Toyota stores in California until a rollout this fall, can be leased for $171 a month for the xA model, for 60 months with $771 down, excluding options, or for $188 a month for the xB model with $799 down, also for 60 months.

The Scion website features a “Credit 101” primer that walks consumers through the vehicle financing options. To expedite financing approvals, shoppers are urged to access their credit histories on www.experian.com.

Called “Scion Solutions,” the new youthmobile’s financing specials sweeten the experience by giving loan or lease customers a $50 gift card good for Scion accessories and parts. Forty options are available on the Scion xA four-door sedan and xB four-door sportwagon.