UPDATED: Toyota Financial Services Extends Auto Loan Payment by 30 Days

UPDATE: Toyota Motor Philippines has released guidelines. See below (3/20).

In light of the current COVID-19 situation, Toyota Financial Services Philippines Corporation TFSPH has taken the lead and given eligible customers a 30-day payment extension.

In an advisory, TFSPC said:

“Toyota Financial Services Philippines Corporation values the health and safety of our customers. In light of the current COVID-19 situation our country is facing, we would like to provide assistance to our customers. 

We will give a 30-day payment extension to all qualified accounts. Eligible customers will be notified by SMS in the coming days. 

Should you choose to settle your monthly amortization on your original due date, you may do so.”

Toyota Financial Services Philippines Corporation’s move echoes similar moves done by banking giants such as BDO which is offering up to a 60-day payment extension for qualified auto loan accounts.

TFSPH is part of Toyota’s sales finance companies. It’s owned 60 percent by Toyota Motor Corporation, and 40 percent by GT Capital Holdings, Inc.

Guidelines on the 30-Day Payment Extension

• The 30-day payment extension will start from March 18 to April 18, 2020. Accounts due within the 30-day period will not incur penalty charges. Payments is deferred during the extension period plus the following month’s amortization should be settled on or before the next due date.
• Accounts enrolled through the Auto-Debit Payment method will not be charged within the 30-day payment extension. However, accounts will be debited after April 18, 2020.
• Post-dated checks issued within the 30-day payment extension will not be credited. PDCs should be funded on or before the next due date.
• The deferred amortization plus the following month’s amortization should be paid on or before the next due date.
• Current and unpaid accounts as of March 18, 2020 are qualified for the 30-day extension period.
• TFSPH does not allow restructuring. The 30-day payment extension is a TFSPH initiated program to extend assistance to their clients during the enhanced community quarantine period.
• Unfortunately, payments received prior will not be credited back to accounts.