Toyota Capital Malaysia Moratorium FAQs
Document published as at 15 May 2020.
I understand that Toyota Capital Malaysia is not regulated by BNM, will you offer any form of moratorium scheme to assist customers who may be in temporary financial constraints due to the COVID-19 pandemic?
Despite Toyota Capital Malaysia being a non-bank financial institution, we are doing our part in supporting and caring for our customers arising from the COVID- 19 pandemic and remain committed in supporting the economy during these exceptional circumstances.
With that, we are granting a MORATORIUM (payment holiday) for a period of 6 months to individual customers and SME as long as their account status are not in arrears exceeding 90 days as at Apr 1, 2020.
It was previously announced that the 6-month Moratorium / payment deferment for Hire Purchase (HP) and fixed rate AITAB financing is automatic.
Has there been a reversal in this decision?
No, the Moratorium of 6 months is offered to all eligible customers.
However, pursuant to the announcement by BNM on 30 April 2020, there is a new process to Opt In /apply for the moratorium for a 6 months period from 1 April 2020 until 30 September 2020.
Why is there an additional process to Opt In and an application for the moratorium is required?
This additional step is required to comply with procedural requirements under the Hire-Purchase Act 1967 (HP Act) and Syariah and also to incorporate the changes to the payment schedule and/or amounts as a result of the six-month payment deferment in loan/financing agreements.
How should I inform Toyota Capital Malaysia of my decision whether to Opt In or Opt Out of the moratorium?
- From the SMS you received, you may either reply via SMS or go to our website to fill up the Reply Form before 28th May 2020.
- Fill up your decision "Opt In" or "Opt Out" and click submit.
For SME customers, Toyota Capital Malaysia will send a letter to you via email. For those without email address, we shall send by mail. For those customers who did not receive our letter, please notify us by 18 May 2020.
When should I inform Toyota Capital Malaysia on my decision to Opt In or Opt Out of the moratorium?
Your confirmation on Opt In / Opt Out must be received by Toyota Capital Malaysia by SMS or replied form via our website or email by 11:59 pm on 28 May 2020.
What happens if I decide to Opt Out from the moratorium by 28 May 2020?
If you have already informed us of Opting Out from the moratorium before the new announcement by BNM, you do not require to do anything and continue with your payment as usual.
However, if you didn't do so previously and decide to Opt Out now, and you do not have any arrears prior to the Moratorium announcement, you can notify us via our web portal and will need to pay the instalments for April, May and June 2020 (3 instalments in a lump sum) as part of the instalment payment for June 2020. The normal instalment will resume in July 2020 onwards. We will however waive you from any charges incurred for month of April & May.
Should I decide to Opt Out from the moratorium but unable to pay the lump sum of April & May instalment in June 2020, how can Toyota Capital Malaysia assist me?
We offer a unique 3-Months Moratorium Program (April, May & June), which you are encouraged to take this program to manage your cash flow. You may contact our Customer Experience Team at email@example.com to find out how we can assist you in managing your instalment payment.
What happens if I fail to inform Toyota Capital Malaysia of my decision to Opt In or Opt Out by 28th May 2020?
As there is no reply from you on the change of the terms of payment, Toyota Capital Malaysia will consider that you have decided to Opt Out and resume payment by your June instalment due date and pay the 3 instalments (April, May & June 2020) in one lump sum.
If my account has just started with my first instalment due in March 2020, am I eligible for the Moratorium Scheme?
Yes. You can pay your first instalment due in March 2020 and you are eligible for the Moratorium Scheme. Meanwhile, your April 2020 instalment will be rescheduled to October 2020 in line with the Moratorium Scheme.
How long would the Moratorium period be?
It is for 6 months as announced by Bank Negara Malaysia beginning from April 2020 to September 2020. You shall continue with your instalment as usual effective October 2020 onwards.
What if I have paid the instalment for April 2020, when should I start paying the instalment?
You shall start paying your next instalment in October 2020.
Am I eligible for the Moratorium scheme if I have defaulted my instalments?
Yes, if your account is in arrears for less than 3 months as at 1 April 2020. But, if you have defaulted for more than 3 months, this scheme will not be offered to you.
Do I require to pay my arrears arising from the month of January, February and March 2020?
Yes, you are to update your arrears gradually every month.
If I were to be under this scheme, will it affect my credit standing or show any adverse remark in my financial records, particularly CCRIS?
The payment deferment under the moratorium scheme will not impact your existing CCRIS records. For example, if your record in CCRIS before Moratorium period indicates 2 months, the record will continue to be reflected as 2 months throughout the Moratorium period from April 2020 to September 2020.
Would I be charged of any late payment charges for the 6 months period should I Opt for the Moratorium Scheme?
Can I pay partial payment if I have Opted for the Moratorium Scheme during the 6 months period from Apr - Sep 2020?
Yes, you may make partial payment anytime within the Moratorium Period.
If my vehicle had been repossessed, can I settle all the arrears amount and all other incidental charges before redeeming the vehicle? Am I eligible for the Moratorium as well?
You may settle all the arrears amount to redeem your vehicle but however you are not entitled for the Moratorium Scheme.
I have more than 1 account with Toyota Capital Malaysia and I only wish to take the Moratorium for some and not for all. How do I apply for the Moratorium then?
The moratorium scheme is applied on a per-account basis, if you wish to Opt Out for some of your accounts, please continue to make payment for that accounts. You may contact our Customer Experience Team via e-mail at firstname.lastname@example.org
If I have a Standing Instruction with my bank, will TCAPM notify the bank to stop the SI?
No. You would need to contact your bank to suspend the Standing Instruction temporarily.
After the expiry of the Moratorium period, can TCAPM consider to offer me extension if I could not afford to continue paying my instalment?
No extension is allowed under our moratorium scheme. If you need further information, please contact our Customer Experience Team via e-mail at email@example.com
Should I Opt for the Moratorium Scheme, Can I request for a fresh Repayment Schedule after the expiry of the Moratorium Period?
Yes. You may request for a fresh Repayment Schedule by contacting our Customer Experience Team via e-mail at firstname.lastname@example.org
If I have a Flexi Plan account, would TCAPM still charge me the Monthly Interest if I Opt for the Moratorium Scheme?
Please be advised that TCAPM will continue to charge the Monthly Interest but no instalment payment is to be paid during the Moratorium period.
If I was granted 3 months moratorium period previously before the announcement by BNM, will I be eligible for this scheme?
Yes, you will be granted the additional period until 30 September 2020. The payment shall resume in October 2020.
I have a flexi -plan loan facility with Toyota Capital Malaysia, am I entitled for the moratorium?
Yes, you are eligible for the moratorium and to submit your decision on Opt In of the moratorium via our website. The interest will be computed based on your Principal balance outstanding pegged against our Base Lending Rate (BLR).
Can I Opt for a shorter loan moratorium ?
For shorter period limited to 3 months only from April 2020 to June 2020 , you have two (2) options :-
Option 1 : You start paying from July 2020. (if you have not made payment in April 2020)
Option 2 : You start paying from Aug 2020. (if you have made payment in April 2020)
For more details on this, please contact our Customer Experience Team via email at email@example.com
How can I contact TCAPM should I need additional information in regards to Moratorium?
You may contact our Customer Experience Team via e-mail at firstname.lastname@example.org