As the entire Luzon has been placed on “Enhanced Community Quarantine” until April 14 due to the coronavirus (COVID-19) outbreak, the entire island of Luzon has essentially ground to a halt. Everyone is mandated to stay at home. Most businesses have closed up shop apart from those providing essential goods. As a result, even the automotive segment has been greatly affected as dealerships and service centers are closed.
Even though shops everywhere might be closed, unfortunately, payments still continue on. In order to help out customers who have monthly payments on their vehicles, Toyota Motor Philippines (TMP) has announced a 30-day payment extension for vehicles under the Toyota Financial Services (TFS) auto loan programs.
According to the guidelines released by TFS, the 30-day payment extension will start from March 18 until April 18, 2020. Accounts due within the 30-day period will not incur penalty charges. However, payments deferred during the extension period plus the following month’s amortization must be settled on or before the next due date.
For accounts that are enrolled through TFS Auto-Debit, payments will not be charged for the duration of the 30-day payment extension. However, accounts will automatically be debited after April 18. Furthermore, post-dated checks issued within the 30-day period will not be credited. Checks should be funded on or before the next due date.
Wondering if you’re qualified for TFS payment extension? All current and update accounts as of March 18, 2020, are qualified for the 30-day extension period.
For further inquiries and clarification about the 30-day payment extension, you may email TFS at [email protected].