It is my hope that 2010 ends well for you, your organization and our industry. I would like to introduce you to my company, GripFin, Inc., which provides advisory and investment services to auto portfolio buyers and sellers of all sizes and credit spectrums. I would appreciate your visiting my profile and inviting me to become your friend. Thanks, Glenn Gottfried, CEO, GripFin, Inc.
Sorry I didnt get back to you last Friday..it was my day off. For your first question, is 'yes' we are providing assistance to dealers on floorplanning and you may also have seen the story in Automotive News about all of the additional aid we are providing our dealers during this difficult time. Please go to http://www.autonews.com/article/20100129/RETAIL02/100129826/1142/FRONTPAGE for specific information. We very much value our dealers and understand their critical role in this process.
As to your 2nd question, our dealers are now able to fix the issues with the gas pedal in about 30 minutes if you are experiencing symptoms with your car. They are also providing loaner cars if the fix cannot be applied right away. If you have concerns please visit your dealer right away and / or make an appointment to have the gas pedal fixed. Please visit Toyota.com for additional updates.
Thank you for posting a correction to Alex's blog.
I had a couple of follow-up questions related to the recalls:
* Are there any dispensations being made to floorplan financing clients of Toyota Financial Services for recalled vehicles? How do the recalls of vehicles from dealership lots that floorplan through TFS affect those financing arrangements?
* Is TFS suspending its demands for loan payments while vehicles it holds as collateral are being refurbished? In other words, if I have a car which I paid for with a TFS loan and that car gets recalled, do I still have to make my loan payments while my car is in the recall? How does that work? And how does that affect loans already securitized?
It was great spending time with you at AFSA! I hope that the securization market gets a boost from the TALF program and that consumer demand begins to head north again. In the meantime, take care and I look forward to seeing you again soon. Best, Jakki