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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.

NHTSA may investigate new Toyota unintended acceleration case

After paying a $1.2-billion settlement to the US government last year, Toyota largely put the unintended acceleration recall behind it. Although, there were still some civil lawsuits to handle. A new case where the owner of a 2009 Lexus ES350 is petitioning the National Highway Traffic Safety Administration to open another analysis could draw the issue back to the forefront. Investigators are still deciding whether to research these claims further, though. According to this petition, the owner's wife was driving the ES350 in February 2015. While pulling into a parking space, the sedan allegedly surged forward, and there was a low-speed accident. The claim asserts there are at least two other similar cases in NHTSA's database: one in a 2009 Camry in 2009 and another in a 2010 Corolla in 2014. Specifically, this person wants an "investigation into low-speed surging in different models of Toyota automobiles in which the car starts accelerating and the engine RPM increases even when the accelerator pedal is not depressed," according to the agency. NHTSA will do further research into this person's claim and will decide whether to conduct a full investigation into the alleged issue. This won't be the first reappraisal of unintended acceleration in Toyotas by the agency in recent months, though. Between September 2014 and May 2015, NHTSA evaluated a similar petition with allegations covering 2006-2010 Corollas, and the government body decided to deny that one because the problem couldn't be replicated. Related Video: INVESTIGATION Subject : Low-speed surging Date Investigation Opened: JUL 09, 2015 Date Investigation Closed: Open NHTSA Action Number: DP15005 Component(s): VEHICLE SPEED CONTROL All Products Associated with this Investigation close Vehicle Make Model Model Year(s) LEXUS ES350 2009 Details Manufacturer: Toyota Motor Corporation SUMMARY: In a letter dated June 19, 2015, a consumer petitioned the National Highway Traffic Safety Administration (NHTSA) for an "investigation into low-speed surging in different models of Toyota automobiles in which the car starts accelerating and the engine RPM increases even when the accelerator pedal is not depressed." The petition was prompted by a February 2015 crash involving a model year (MY) 2009 Lexus ES350, which allegedly surged as the petitioner's wife was pulling into a parking spot.

Lexus to offer no-haggle policy at dealers

The automotive world hasn't seen no-haggle pricing in the US since Saturn collapsed in 2009, but Lexus is about to bring it back. The idea originated in company discussions with dealers two years ago, with dealers saying that a segment of potential buyers didn't enjoy negotiating a price. In order to find out how firm pricing will alter the landscape, 12 Lexus dealers will begin the pilot project at the beginning of 2016. That means new and used cars, parts, and service will come with fixed prices, according to the Detroit Free Press. Jeff Bracken, general manager of the Lexus brand, held up a Phoenix Toyota dealer as a success story, noting that the dealer's no-haggle strategy has worked for 12 years. Outside consultants will train employees at the selected outlets, and its effectiveness will be examined nearly every week. Prices can be changed, "but the expectation is that they remain unchanged for months at a time," and any incentives can still be deducted from that set price. The key to getting usable results - whether the program sticks around or not - is that those 12 dealers have to accept that some customers are going to walk out the door if they can't get the deal they want. Bracken said he expects sales and market share to decline some once the project begins, but only for a few months. After customers get accustomed to it, Bracken said he expects the initiative to be a success and expand to other company dealerships in 2017, even if not all Lexus dealers sign on. Related Video: News Source: Detroit Free PressImage Credit: Mike Windle/Getty Images for Pandora Media, Inc. Lexus Car Buying Car Dealers Used Car Buying Luxury