Toyota is the latest car brand in Malaysia to offer vehicles on a subscription. The subscription platform is called Kinto One and it’s managed by Toyota Capital Malaysia (TCM) Sdn Bhd. With Kinto One, you can drive home a Toyota or Lexus vehicle for one fixed monthly fee. There’s no need to put a hefty 10% down payment or apply for a hire purchase agreement.
At the moment, they are offering a total of 12 vehicles which you can subscribe on a 24-month or 36-month contract. This includes the Toyota Yaris, Vios, Corolla Altis, Camry, Avanza, Rush, Innova and Fortuner. If you’re looking for premium options, they are also offering the Lexus E250, UX200, NX300 and RX300 on subscription.
The Toyota Yaris is the cheapest option available at RM1,678/month on a 36-month contract or RM1,818/month on a 24-month tenure. If you’re subscribing as a company, the month fee is slightly higher.
Although there’s no down payment, you are required to pay a deposit equivalent to one-month subscription which is refundable. That means you’ll have to pay 2 months subscription and stamping fee during the sign up.
Like most car subscription service, the default plan comes with limited mileage and Kinto One is offering 30,000km annual mileage as standard. Excess usage will be charged at RM0.50 per km.
Depending on which model you pick, there are various optional accessories such as a DVR + reverse camera, solar tinting, wireless charger and kick sensor, that you can add-on to your monthly subscription. The fee covers insurance and road tax, scheduled service as well as wear and tear maintenance. Kinto also offers a concierge service where your car will be picked up and returned to you when it’s time for service.
Similar to subscribing to Netflix and Spotify, the Kinto One subscriptions fees will be charged to your credit card automatically. However, they do accept auto-recurring bank transfers for corporate customers. To apply, customers will need to submit a copy of their documents including their IC, driving licence, 3 months salary slip, 3 months bank statement, EPF statement and credit card statement.
Meanwhile, corporate customers will have to submit certified true copies of Form 9, Form 24, Form 49/Section 58, 3 months bank statement or 1 year audited financial statement, board solution and one of the director’s IC. According to their FAQ, the subscription vehicles are only for personal use within Malaysia. Rental and eHailing usage are not allowed.
It is possible to end the subscription early but you’ll have to pay either 6 months subscription fee or the remaining balance, whichever is lower. At the moment, it looks like Kinto One doesn’t offer the option for you to purchase the vehicle. However, you can extend your existing subscription at a lower fee under its Kinto Used Car service.
In terms of subscription fee, the offer is quite comparable to Flux especially with the inclusion of a concierge service. However, Flux has a base mileage of 1,250km per month (15,000km per year), which is half of what Kinto One is offering. If you need to drive longer distances, Flux allows you to top-up your subscription’s mileage to 2,000km per month or unlimited.
For more info, you can visit the Kinto One website.
[ SOURCE ]