Toyota suffered huge losses due to some major defects in their machines and braking systems. The company was completely focused on solving these kinds of issues by dedicating themselves to customer service and satisfaction. In the meantime auto companies like GM and Ford have had excellent sales and enjoyed a 12% and 43% sales increase respectively in the month of February.
“Toyota reacts fiercely to the declines sales percentages and recently announced that they will be offering discounts and incentives including no-interest loans for maximum five years or a low cost lease on certain models of cars. If a Toyota owner purchases a new vehicle then he will enjoy the benefit of free maintenance service for up to two years”.
It is a great opportunity for people who are looking for purchasing a new vehicle. But what about people who already have a car and an auto loan with no discounts? These people are paying higher interest rates and the loan amount is much more than the vehicle’s worth.
The offer announced by Toyota may be valid only for people with high credit score. Every bank/ lender/ auto makers have a fear of bad debt. They do not want to take the risk for people with lower credibility. Hence, it is of no use to people who really needs such kind of an offer. The only option left with them is to go for an auto loan modification which can help reduce payment up to 50% lower than what they are actually paying.
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