Toyota South Africa Motors’ finance division says it has devised “payment relief plans” to assist “customers and partners” who have been impacted by COVID-19.
According to Toyota Financial Services, the move is in response to the “unprecedented pandemic”.
Toyota SA’s finance arm provides a range of financial services products to the retail and corporate market in South Africa, including vehicle and asset finance, full maintenance leasing and vehicle stock funding.
“In response to the effective actions put into place by our national government, we have implemented what we believe are appropriate and ethical plans to responsibly navigate around the current situation and ensure service continuity for all our customers,” Toyota Financial Services said in a statement, before applauding the government for “taking decisive action early on and charting the course”.
Echoing an earlier statement from WesBank, Toyota Financial Services said from 1 April to 30 June 2020 it would “implement measures to provide relief to individual and business customers whose financial stability has been impacted by COVID-19”.
“Our interventions will assist customers who demonstrated sound banking behaviour, such as having honoured their repayments to Toyota Financial Services on a consistent basis prior to COVID-19.
“The type of relief and the implementation thereof will vary depending on the type of product that each customer holds. Interest and fees will continue to accumulate on outstanding balances, but no fees will be charged for any relief granted. Customers who have been impacted are welcome to please get into contact with us through their preferred channel to make the necessary arrangements,” the statement added.
“Our aim is to ensure that customers across all our product segments can continue keeping their financial affairs in order through this difficult time. We encourage all customers who can honour their financial obligations to continue servicing their repayments to maintain a positive credit record.”