Toyota to launch credit card in fall

LOS ANGELES -- Toyota Financial Services intends to gets further into the consumer credit segment with a Toyota-branded credit card. The program will let consumers accrue points through purchases and subsequently redeem them for discounts on parts and maintenance, or toward down payments for new Toyota vehicles.

Since 2005 Toyota has been operating a similar program focusing on its Lexus-brand, resulting in $11 million in points accrued, and $4.5 million in customer discounts. To date around 21,000 customers have redeemed points.

Toyota projects that an estimated 140,000 Toyota-branded cards will be issued by year-one. 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 get instant credit at a dealership.