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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.

Watch a Toyota Highlander ram a house, twice

Toyota has had plenty of problems in recent years due to claims of unintended acceleration, and now here's a video that actually catches such a claim on video. The driver of this 2010-2013 Toyota Highlander claims that the crossover's accelerator got stuck causing the vehicle to slam into the house twice, and resulting in damage to the Highlander, the house and two vehicles inside the garage. While we don't know when this accident took place, the video was uploaded to YouTube back in January.
It is impossible to determine what actually happened in this video, but what we do know is that a security camera captures the Highlander slowly pulling into the driveway before it lunges forward slamming into the garage. With the tires squealing and metal crunching, the driver then shifts between reverse and drive a couple times causing even more property damage before spinning out in the street and finally being able to shift into Park. Scroll down to see the video for yourself. Whether unintended acceleration or driver error, this was undoubtedly a harrowing ordeal.

NHTSA investigating 30,000 Toyota Camry Hybrids for brake assist problems

Older model Toyota Camry Hybrids are under investigation by the US National Highway Traffic Safety Administration (NHTSA) for potential braking problems. Enough complaints have poured into the NHTSA website that the agency is now taking a look at the problem, which could affect around 30,000 vehicles from the 2007 and 2008 model years. According to Reuters, 59 complaints have been submitted revolving around an "intermittent loss of assisted braking" which means the car takes longer to stop. Interestingly, the rate of complaints is increasing. Toyota is reportedly cooperating with NHTSA and there has not yet been an official recall on the Camry Hybrids. In 2006, Toyota said Brake Assist was "an electronic function that senses an emergency stop and applies increased braking power once the driver touches the brake pedal." When Toyota unveiled the 2007 Camry Hybrid, it proudly stated that the new Brake Assist function would be standard. Other Toyota hybrids have had problems with their brakes in the past, including the 2010 Prius and Lexus HS 250h hybrid. You can read some of the complaints about Brake Assist in the Camry Hybrids to the NHTSA here. People are saying that the "Check VSC" lights can come on before the brakes loose some of their power and a lot of them are being quoted repair costs of over $3,000 by Toyota dealers. Featured Gallery 2007 Toyota Camry Hybrid View 38 Photos News Source: Reuters Green Toyota Hybrid brakes