Toyota Financial Services is jumping into the consumer credit market with the launch of a Toyota-branded credit card this fall, according to Automotive News.
The card will let consumers accrue points through purchases. Those points can be redeemed for future discounts on vehicle parts and maintenance, or toward the down payment on a new Toyota vehicle.
Since 2005, Toyota has operated a similar program with Lexus-branded credit cards. About 42 percent, or 21,000, Lexus card holders have redeemed their points, with 95 percent going to maintenance and 5 percent toward the down payment of a new Lexus.
Toyota plans to issue an estimated 140,000 Toyota-branded cards beginning in October, said Mike Wells, Toyota Financial Services vice president of marketing, product, and branding. Toyota Financial Savings Bank will carry the credit card balances, and Toyota will maintain customer data and portfolios. Customers can apply for the card online or at a Toyota dealership.
Toyota Financial Services currently serves three million customers and finances 800,000 leases.