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April 21, 2010

US: Toyota led 0% finance charge in March

A record number of new vehicles were purchased with zero-percent financing in March, according to Edmunds.com.

A record number of new vehicles were purchased with zero-percent financing in March, according to Edmunds.com.

Edmunds said that more than 22% of financed new cars were purchased with zero-percent finance deals. In March 2009 the total was just 13%.  The prior high was 21% in July 2006.  Remarkably, 71% of new Toyotas financed in March had a zero-percent APR – nearly twice the previous Toyota record of 39% in August 2009.  The two brands with the next highest percentages of such deals were Mazda at 58% of all financed transactions and Mercury at 32%.

“Credit must be starting to loosen if almost a quarter of all transactions financed in March were approved for zero-percent financing,” said Jessica Caldwell, Senior Analyst for Edmunds.com.

“Certainly it seems as if Toyota Motor Credit and other ‘captive’ finance companies may have lowered standards to help improve sales.” 

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