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Junkyard Gem: 1990 Lexus LS 400

Imagine you're an American Mercedes-Benz salesman during the winter of 1989-1990, looking over your inventory of majestic W126-chassis 560 SELs… and then you glance across the street at that brand-new Lexus dealership and flinch at the sight of your rivals gloating over a lot full of futuristic-looking big luxury sedans priced at less than half the cost of your top-of-the-pyramid S-Class. This was how it looked when mighty Toyota, riding high just before the popping of the Japanese asset price bubble, instantly muscled its way into the American high-end luxury-car market, and the result of that six-year, 145-billion-yen development process was the original Lexus LS. Here's one of those first-year LS 400s, used up at age 32 and residing in a Denver self-service car graveyard. Toyota had been selling reasonably luxurious rear-wheel-drive Cressidas in North America since the 1978 model year (in fact, Cressida sales would continue here through 1992), and before that we got the plush Crown. Those well-built cars were very comfortable and may have swiped a few sales from Oldsmobile or even BMW, but car shoppers here had come to associate the Toyota brand with sensible small cars and Warlord Grade trucks. Honda did very well selling luxed-up Accords and Civics with Acura badges, starting in 1986, and Toyota followed up with the Lexus brand for the LS 400 (as well as the Camry-based ES 250). In Japan, where the Toyota badge went on everything from sewing machines to the Emperor's personal Century (actually, Emperor Akihito's everyday driver was a Honda Integra sedan), there was no need for a separate luxury marque and the LS 400 was sold as the Toyota Celsior. Once the Lexus brand took off globally, however, Toyota eventually began using it for home-market vehicles. You can even buy a new Lexus bicycle in Japan today! The Cressida had a big straight-six engine, but the LS had to have a proper twin-cam V8 to do battle with the S-Class, BMW 7-Series, and Audi V8 (yes, the 7-Series didn't get a V8 until later, but the 750i had a V12). Toyota had been building aluminum-block hemi-head V8s for the Crown Eight and the Century since the middle 1960s, but that was an old-fashioned pushrod design and clearly too outdated for the LS. The LS got a 4.0-liter DOHC V8, designed from scratch just for the occasion; it had six-bolt main bearing caps and made 256 horses in the 1990 version.

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.

Houston repair shop disappears and takes man's Lexus with it

A man in Houston, Texas, is out his sweet new Lexus after the small-time repair shop he took it to just up and disappeared along with his car last month. According to KPRC, Randy Exom purchased a Lexus ES300 back in November and immediately took it to On Site Auto Repair in Northwest Houston to deal with some used car issues. To pay for the work, Exom set up a bi-weekly payment plan with the shop's owner. This arrangement worked out fine until January 19, when Exom showed up to make his payment and discovered that the shop had disappeared. "Everything was going fine up until I came there to make a payment and there was an eviction sign posted, sign on the door, and the regular cars that were in the lot weren't there anymore," Exom told KPRC. Eventually, he was able to reach the shop's owner to get an explanation but it wasn't the one he wanted. "I gave him a call and I said, 'Hey, there's an eviction notice here. Did you move?' He said, 'Yeah, I'm at 59 and Little York now." The fact that the owner didn't give him an exact address raised some alarms, and upon further review it seems that Exom's suspicions were justified. It turns out that the shop's owner, Shawn Gee, has a history of shady automotive dealing. Last fall, KPRC reported cases of cars going missing from a shop at 59 and Little York. That shop, which is now closed, was owned by Gee's brother. On February 10, Exom finally found his car in an impound lot with the rest of the cars from Gee's shop nearly a full month after it went missing. He told KPRC that the impound lot wants $800 to release his car. He told reporters that he wished Gee had called him and worked the situation out like a real businessman. "My thing is my car was in your possession and you should have made some type of contact with me and say, 'Hey this is what's going on, sir,'" he said. KPRC reached Gee by phone on February 10 and he declined to give an on-camera interview. He did confirm the eviction and said that he was working with customers to get their impounded vehicles back. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: KPRC Auto News Weird Car News Lexus houston impound