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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

Is now the time to snap up a Lexus LFA?

If you missed out on getting a Lexus LFA when it was new, the time might be near to start looking for a less expensive used one. Listings indicate that the cost for the Japanese supercar is finally starting to drop below the original $375,000 sale price. Lexus built just 500 units of the LFA between 2010 and 2012, and around 200 of them came to the US. The supercar's major highlight was the 4.8-liter V10 with 552 horsepower and a 9,000-rpm redline. It's among the best sounding engines to ever hit the street. Since production stopped, LFA prices have generally remained higher than the original $375,000, but as CarBuzz recently found that trend has shown signs of changing. The site discovered a black 2012 example on Craigslist with 2,797 miles for sale in the San Francisco for $369,000. It's quite a beauty, too. Further research shows you can find an LFA even cheaper. AutoTrader currently lists eight of the supercars for sale, including the one in San Francisco. However, another black 2012 example in Florida is just $349,000 with 2,005 miles on it. If you wait around for the right auction, there are even better deals out there. Sportscar Market reported that a White Pearl 2012 LFA went for $335,000 at a Russo and Steele auction in California in June 2015. The buyer got quite a deal because the Japanese supercar had a mere 140 miles on it. Buying a vehicle for over $300,000 is still well out of the reach for most customers, but these listings hint that LFA prices are beginning to fall. The Lexus will never be at the neighborhood used car lot, but if this trend continues, it could make for some interesting shopping. For instance, if the Japanese supercar drops into the $250,000-range, would people consider spending a little more to buy one instead of a well-optioned new Acura NSX? The Lexus' engine certainly sounds better, and the company has no plans for another supercar of that caliber. Related Video:

Lexus RC F GT3 will compete in IMSA SportsCar Championship

Lexus will field its new RC F GT3 in the GT Daytona class of the IMSA SportsCar Championship. GTD is the lowest of the four classes of which the series is comprised, equivalent to the FIA's GT3 class. The team is owned by Trans-Am champion Paul Gentilozzi and his partners, and it's based out of East Lansing, MI. It will contest only a handful of races this season, though the schedule was not announced. The plan is to expand into a "multi-car effort" for 2017. Driving duties will be shared by the previously announced Scott Pruett and the newly signed Sage Karam. Both drivers were recently released from their contracts with Chip Ganassi Racing, for which Pruett drove in NASCAR and Karam in the IndyCar Series. He won the Indy Lights title in 2013 and impressed with a third-place finish last year in Iowa. This year's IMSA SportsCar calendar kicked off this weekend at Daytona, and will head next to Sebring in mid-March, Long Beach in mid-April, Laguna Seca in early May, and Detroit in early June. July will see races at Watkins Glen, Mosport, and Lime Rock, followed by rounds at Road America and VIR in August. The seasons concludes at Austin in September and Road Atlanta at the beginning of October. LEXUS TO COMPETE IN IMSA WEATHERTECH SPORTSCAR CHAMPIONSHIP AND F PERFORMANCE RACING ANNOUNCES SAGE KARAM AS DRIVER TORRANCE, Calif., Jan. 29, 2016 -- Lexus and their F Performance Racing group have reached an agreement with the International Motor Sports Association to campaign the RC F GT3 in the IMSA Weather Tech SportsCar Championship. The agreement gives the Japanese Luxury automaker a presence in the GT Daytona (GTD) class race series through the 2018 season. "We are excited to reach this agreement with IMSA to campaign the RC F GT3 at such a high level. Our hope is to build a strong foundation for the new F Performance Racing organization during 2016 season, seizing the opportunity to develop the team and the race vehicle in anticipation of the multi-car effort during the 2017 season," said Jeff Bracken Group Vice President and General Manager, Lexus division. Additionally, F Performance Racing also announced that Sage Karam will join veteran racer Scott Pruett as drivers for F Performance Racing when the East Lansing, Michigan-based team campaigns the Lexus RC F GT3 for a limited schedule in the 2016 WeatherTech SportsCar Championship. "We have had our eye on Sage for some time," said Paul Gentilozzi, Managing Partner of F Performance Racing.