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Toyota Pilots Online Credit Applications in Pacific Northwest

6 April 1998

Toyota Pilots Online Credit Applications in Pacific Northwest

    TORRANCE, Calif., April 6 -- Customers in the Pacific
Northwest have the opportunity be the first to test drive Toyota's latest
offering -- online credit applications.
    This pilot program marks Toyota's entrance into electronic commerce and
will be tested for 90 days before a national program is rolled out later this
year.  Customers in Toyota's Portland Region, which includes Alaska, Idaho,
Montana, Oregon and  Washington, can access the online credit applications via
the Financial Services area of Toyota's website at http://www.toyota.com.
    To apply for credit, a customer selects a vehicle and the desired options
and accessories.  A pricing configurator calculates the Manufacturers'
Suggested Retail Price (MSRP) for the car and can provide approximate monthly
lease or purchase payments.  The customer then selects a Toyota dealership and
completes the credit application, which takes less than five minutes.  The
application is sent to the local Toyota Motor Credit Corporation (TMCC) branch
office for review, as well as to the customer's selected dealership.  Credit
approvals can take as little as 30 minutes, depending on the time of day the
application is submitted.  Weekend applications will be processed within 48
hours.
    "Toyota's online credit application service is easy to use and its main
goal is to save time for customers," explained Craig Brazeal, TMCC national
marketing manager.  "When pre-approved customers walk into the dealership,
they know which car they want, which options they would like, and they have a
firm offer of credit from TMCC. No additional customer information or
qualification is necessary."
    Toyota is one of the few automakers that provides actual credit approval
over the Internet.  While other companies offer similar services, their credit
process is typically a "pre-screen" which has certain limitations.
    "About 16 percent of the people shopping for new vehicles use the Internet
in their buying process," said June Okamoto, Internet marketing manager for
Toyota Motor Sales, U.S.A.  "We think offering this service allows consumers
to streamline their vehicle selection and approval process, and give them the
freedom to do it from the comfort of their own home."

SOURCE  Toyota Motor Sales, U.S.A.