The Toyota vehicle subscription and leasing service is being offered in Delhi-NCR, Mumbai and Bengaluru
Various options of ownership of vehicles have gathered momentum in recent times. Automakers such as Maruti Suzuki, Hyundai, VW, Skoda and Jeep have similar arrangements and most recently Toyota Kirloskar Motors has entered into the fray.
Last month, Toyota announced the subscription and leasing plans, via their in house Toyota Financial Services arm Kinto as well as ALD Automotive and SMAS Auto Leasing. At that time, subcription tenure plans announced for 24 months to 48 months. Today, they have announced an association with Myles Automotive Technologies Pvt Ltd to boost its Car Subscription Service.
Thanks to this, the subscription plan tenures now start from 12 months. This comes as good news for customers who are planning to buy a Toyota; especially the newly launched Urban Cruiser; whose deliveries are scheduled to start in the coming weeks.
The service is being offered for individual customers in three cities of Delhi-NCR, Mumbai and Bengaluru. The white board subscription program via Toyota Mobility Services will be across all mobility initiative in the country.
Toyota Car Subscription leasing details
Toyota offers short subscription durations of 12 months and 18 months, thus allowing customers to select the most flexible subscription tenures ranging from 12, 18, 24, 36 or 48 months and at preferred annual running kilometers usage with a fixed monthly rental via Myles. This rental cost will include vehicle usage along with all taxes such as road tax, insurance cover, registration and maintenance of vehicle for the selected km range. Myles will also offer 24×7 road side assistance along with the Toyota service dealerships.
This new association with Myles follows a similar arrangement that Toyota Kirloskar Motors had with KINTO under Toyota Financial Services, ALD Automotive India and SMAS Auto Leasing India Pvt Ltd for offering car leasing and subscription services to individual customers and corporates
Toyota Car Models and Subscription Rates
Toyota will be offering these rentals on its range of products such as the Glanza, Yaris, Innova Crysta, Fortuner and Urban Cruiser. Customers can avail the Toyota Glanza at a low subscription rental of Rs.19,808 while that of the Innova Crysta goes up to Rs.45,721. Post the expiry of the rental period, Toyota also offers options of an extension of the tenure or a buy back option.
The subscription plans help the company increase its customer base while the customer can select from a wide range of models in the company lineup and at affordable rentals. This is particularly so especially since there is a rising demand for personal means of transportation following the outbreak of the COVID-19 pandemic.
Use of public means of transport is being shunned but at the same time with the economy at an all time low, outright purchase of vehicles is something that is growing at a slow pace. The company has noted good demand for the Glanza especially among a younger segment of buyers in the country. Plans are also afoot to expand the Toyota subscription services to other cities of Pune, Chennai and Hyderabad sometime soon.