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"With the conditions we saw last month we thought this would be a great opportunity to bring customers back to the showroom," said Toyota spokeswoman Zoe Zeigler.
The move is a sign that the world's most profitable automaker has been hurt by the nation's economic crisis.
"The more Toyota becomes like General Motors, the more it has to rely on consumer incentives," said Art Spinella, president of CNW Marketing Research Inc.
Toyota's 0% offer varies by model, with terms ranging from 36 to 60 months, and is set to expire Nov. 3. Models covered include: Matrix, Corolla, Camry, RAV4, Highlander, FJ Cruiser, 4Runner, Sequoia, Sienna, Tacoma and Tundra. Toyota declined to say which models qualify for the longer terms, saying the offer varies by region.
Toyota has traditionally avoided extensive consumer incentives, and Zeigler said, "We don't anticipate becoming a manufacturer that is heavy in the incentive areas."
But in September, Toyota's sales dropped an eye-popping 32.3% as industrywide U.S. sales hit their lowest levels since 1993. Toyota said the housing crisis and gulf coast hurricanes hurt sales in many regions and the financial crisis on Wall Street squelched consumer confidence.
"They've got their hand on their wallets and they are not using their disposable income," said Don Esmond, senior vice president of automotive operations for Toyota's U.S. sales arm.
Contact BRENT SNAVELY at bsnavely@freepress.com.
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