By offering Filipino customers accessible and flexible ways to acquire cars and enjoy the freedom of mobility, auto financing and leasing services company Toyota Financial Services Philippines (TFSPH) has led to the dominance of Toyota Motor Philippines (TMP) in the local automotive market.
Now on its 20th year of operation in the Philippines, TFSPH continues to strengthen its traditional business offerings like vehicle financing and finance lease, while introducing innovative products and services that seek to revolutionize the way Filipinos acquire, enjoy, and upgrade their vehicles.
According to TFSPH President Rommel Ocampo, the company has reached a 45 percent market share in 2021, meaning for every 10 Toyota cars sold, five are financed by TFSPH.
With these results and some encouraging economic indicators, TFSPH is confident in expanding its offerings that will cater to the customers’ evolving needs and will adapt to the ever-changing mobility landscape.
“We are optimistic about the country’s road to recovery and shaping the future of mobility,” said Ocampo. “We are excited to show our customers how TFSPH will expand beyond traditional vehicle financing, through new mobility services to keep up with the dynamic needs of the future.”
Among the innovations of Toyota Financial Services are the mobile app myTOYOTA Wallet, and vehicle lease products KINTO One for individual customers and KINTO One Business for corporate fleet.
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.
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.
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.