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Toyota's 'green bond' an industry first, quickly rises to $1.75 billion

Toyota is greasing the skids for more green car purchases with the announcement of a $1.75-billion bond designed to finance the purchase of high-efficiency Toyota and Lexus models. The Asset-Backed Green Bond is a first for the automotive industry and is making a lot of money available to buy or lease the following vehicles: any of the four Prius variants, Camry Hybrid, Avalon Hybrid, RAV4 EV, Lexus CT 200h and Lexus ES 300h. Originally, the bond was set at $1.25 billion, but Justin Leach, manager of public relations for Toyota Financial Services (TFS), told AutoblogGreen that demand was high and it was quickly oversubscribed. TFS has been looking at more ways to diversify its portfolio after a Diversity & Inclusion Bond that was announced in early 2013 and, with the new Green Bond, TFS is offering something for the "number of investors out there who are looking for investment opportunities in green." The way the money from the bond is used, basically, is that TFS takes the $1.75 billion and uses it to finance the purchase or lease of the nine vehicles listed above. As of right now, all the eligible vehicles are plug-in or hybrids, but the rules simply say that the cars in the program have to meet certain "powertrain, fuel efficiency and emissions" criteria. That means: Minimum EPA estimated MPG (or MPG equivalent for alternative fuel vehicles) of 35 city / 35 highway California Low-Emission Vehicle II (LEV II) certification of super ultra-low emission vehicles (SULEVs) or higher, which would include partial zero emissions vehicles (PZEVs) and zero emissions vehicles (ZEVs). TFS raises plenty of billions in other ways for the rest of the lineup, and got into asset backed securities in 2010, Leach said. Given the success of this first Green Bond, Leach said he expects TFS to keep this idea in its arsenal. "This one was so well received, I would be surprised if we didn't see it again," he said. "If anyone was going to do it, it should be Toyota, right?" Toyota Financial Services (TFS) Issues Auto Industry's First-Ever Asset-Backed Green Bond Bond Proceeds to Fund Consumer Loans and Leases for Toyota's Leading Portfolio of Green Vehicles TORRANCE, Calif., (March 24, 2014) – Toyota Financial Services (TFS) issued the auto industry's first-ever Asset-Backed Green Bond in the amount of $1.75 billion.

Kickin' it: Lexus, John Elliott turn Nike Air Force 1 into fashion tires

At New York Fashion Week, Lexus unveiled a collaboration that spanned numerous cultural realms, from the trendy streetwear and sneaker world to the high-art scene to the luxury auto space. Using its new UX crossover as the canvas, Lexus partnered with rising style entrepreneur John Elliott to create all-white tires designed after the iconic Nike Air Force 1. The pairing stems from a different collaboration in which John Elliott partnered with Nike to create a custom Air Force 1. Elliott kept the timeless silhouette simple in white coloring, but created a new look by layering and stacking parts of the shoe's upper to create the illusion of shadows and shades. The tires are intended to do the same. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Aside from the obvious connection of wheels and tires often nicknamed "shoes," sneaker and car cultures have intertwined on numerous occasions throughout the years. Most recently, a Rolls-Royce SUV-themed pair of Air Jordan IIIs popped up, Volvo customized pairs of Adidas Stan Smiths, and Puma made kicks inspired by the BMW GINA concept car. Those who know the Air Force 1 see the parallels all over the tires. The Nike swoosh, the circular heel design of the sole, and the air holes from the shoe's toe box are obvious, with subtle touches such the textures of the shoe's rubber and leather filling the rest of the space. A small "AF1" badge is a nice nod to the shoe's metal lace ornament, as well. Lexus didn't release much information about the art concept, but there are small changes elsewhere on the car. The black wheel arch cladding is white, as are the side mirrors. We're surprised the UX wasn't completely white, grille and all, like the shoe, though. A John Elliiott badge on the lower rear quarter of the car makes sure everybody knows who worked on the project. Unlike John Elliott's Air Force 1s, this UX is not for sale. Sneaker influencer Ray Polanco Jr. was invited to the event and gave some better looks at the tires below: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Toyota's car subscription service rewards you for safe driving

Toyota has teamed up with Sumitomo Mitsui Auto Service Company to launch a new car subscription service with gamification elements in Japan. The program is called Kinto, and it'll offer two tiers: the first, called Kinto One, will allow you to drive one Toyota vehicle over a three-year period for anywhere between $420 and $900 a month. When the tier becomes available on March 1st, you can choose from the available Prius, Corolla Sport, Alphard, Vellfire and Crown models. The other tier called Kinto Select will give you the power to drive one of the available Lexus-branded vehicles for $1,630 a month for three years. Now, what truly makes Kinto potentially more interesting than other leasing services is a rewards program that awards points based on how well you drive. Toyota didn't really expound on how it will work, other than saying that it will "award points to customers based on their vehicle usage (such as for safe or ecological driving)." As TechCrunch notes, the assumption is that the vehicle's in-car connected system will come with the ability to monitor your driving. Best thing about it is that the points you earn aren't useless rewards you can't even use: you'll be able to apply them toward payments. Kinto's Select option will be available starting on February 6th, almost a full month before the more affordable Kinto One launches. Both will be available via select dealers in Tokyo on a trial basis, and they won't officially roll out across Japan until summer. The points program won't be available until fall, when Kinto One's options will also expand. Unfortunately, there's no word on whether Kinto will eventually roll out in the US and other markets outside Toyota's home nation.For more information on Vehicle Subscription Services, check out the Complete Guide.Reporting by Mariella Moon for Engadget.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.