F&I Management & Training

Toyota, the world's biggest car maker, has said it is seeking a state loan to help its car financing unit. The company said Toyota Financial Services was in talks with the government-backed Japan Bank for International Co-operation. Local media reports said that it had applied for a 200bn-yen ($2bn; £1.45bn) loan. However, Toyota said no details had been decided. Toyota has said it expects to report its first annual loss since 1950. The Japan Bank for International Co-operation was set up last year to help struggling Japanese businesses. Japan's Finance Ministry said earlier on Tuesday that it would provide an additional $5bn to the bank from its foreign exchange reserves. Carmakers in the US have been given government support as the credit crunch has made it harder to offer financing and the economic downturn has hit demand for vehicles. General Motors financing arm GMAC has been hit by losses and has received a $6bn bail-out from the US government.

DATED: 03.03.09

FEED: AW