TORRANCE, Calif., Dec. 9, 2013 (GLOBE NEWSWIRE) -- It's that time of year again when rain, snow and freezing temperatures conspire to create more potholes. Combine that with hazards such as, nails, glass, and tree branches, and the nation's roads and highways become true obstacle courses. It's no wonder millions of flat tires occur every year in the U.S.
To help take the pain out of unexpected tire and wheel damage, Toyota Financial Services /Lexus Financial Services (TFS/LFS) is set to launch its newest vehicle protection product – Tire & Wheel Protection, a plan built and backed by the strength of Toyota and Lexus.
Benefits include*:
• Tire replacement (no plugs and patches, customers get a new tire for a qualifying claim – even for run flat tires and aftermarket tires)
• An option for cosmetic wheel repair to take care of minor wheel scuffs1
• Wheel replacement (when damage to the wheel prevents a seal between the tire and wheel)
• No limit to the number of claims
• An option for paintless dent repair and windshield repair2
• Towing Reimbursement (up to $100)
• Related costs for Labor and fees
• One time transferability of benefits should the covered vehicle be sold to a private party
"We've all had that moment when we hit a pothole, scraped up against a curb, or even had an unexpected blowout. With our new Tire & Wheel protection plan, we hope we can make life a little easier for our customers by offering an option that will help protect them against the high costs of replacement," said Jim Miller, National Manager of Product Development. "We are confident that customers will see our plan is priced competitively and provides what we believe is better coverage and service than non-Toyota repair or replace plans."
To administer the TFS/LFS Tire & Wheel program, TFS has partnered with Safe-Guard Products International, the industry leader in tire and wheel protection products.
By purchasing the TFS/LFS Tire & Wheel protection plans, customers don't need to worry about delaying costly replacement or repair and risking further tire damage.
According to the trade publication Modern Tire Dealer, the average price of a passenger tire in the U.S. increased 57% from 2006 to 2012. The publication's research showed that the average cost for a new tire on a passenger vehicle in the U.S. is $126.16, and for a light truck, the cost is $179.15.
*For more details, please visit www.toyotafinancial.com/TW or www.lexusfinancial.com/TW, or contact a participating Toyota or Lexus dealer. See the Agreement for complete terms and conditions and restrictions. This product is optional, cancellable and not required to obtain credit. This product is not available in all states.
1 Cosmetic wheel repair option is not available in all states
2 Paintless dent repair and windshield repair option available with Platinum Plus plan which is not available in all states. Dents covered by Platinum Plus plan include most dents up to 4" in diameter and up to $1,000 per occurrence of the insurance deductible related to hail damage. (Hail damage coverage not available in Alabama.) Platinum Plus plan provides windshield repair only for most chips and cracks up to 6". Platinum Plus covers windshield repair only, not replacement and covers only the front windshield.
About Toyota Financial Services
TFS is the finance and insurance brand for Toyota in the United States, offering retail auto financing and leasing, as well as commercial equipment, truck, and fleet financing, through Toyota Motor Credit Corporation (TMCC) and Toyota Lease Trust. TFS also offers extended service contracts through Toyota Motor Insurance Services (TMIS). Lexus Financial Services is the brand for financial products for Lexus dealers and customers. TFS currently employs more than 3,200 associates nationwide, and has assets totaling over $95 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation. We announce material financial information using the investor relations section of our website (www.toyotafinancial.com) and SEC filings. We use these channels, press releases, and social media to communicate about our company, our services and other issues. While not all information we post on social media is of a material nature, some information could be material. Therefore, we encourage those interested in our company to review our posts on Twitter at www.twitter.com/toyotafinancial.
About Safe-Guard Products International, LLC
Founded in 1992 and based in Atlanta, Safe-Guard Products International, LLC is the leading provider of Finance and Insurance products in the automotive aftermarket industry as well as the RV, marine and motorcycle/powersports segments. The Company develops, markets and administers the highest-quality Finance and Insurance programs and matches them with unparalleled customer service, advanced technology solutions, and industry-leading training. Safe-Guard is a proud partner to more than half the country's top 500 dealers, the most successful general agents and the largest dealer groups across the United States and Canada. With a complete product portfolio and smart technology solutions, top Original Equipment Manufacturers (OEMs), dealers, and independent agents choose Safe-Guard more than any other provider. For more information, please visit www.safe-guardproducts.com.