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Toyota offers $1,000 rebate to college grads

Graduation in grand, or at least it's worth a grand. That's what Toyota--Toyota Financial Services (TFS) in partnership with Toyota Motor Sales - is offering to help recent college grads buy a new car with a $1,000 rebate on certain Toyota and all Scion models.

The offer of a $1,000 rebate applies to all new Scion models and Toyota vehicles including the Corolla, Matrix, RAV4, Camry (excluding Camry hybrid), Tacoma and Yaris when financed or leased through a participating Toyota dealer and Toyota Financial Services.

The rebate isn't exclusive. It may be used in addition to other applicable incentives, including the College Graduate Finance Program (good on all Toyota/Lexus/Scion models) which, according to Toyota, offers "highly competitive APR/lease terms" and no money down and no monthly payments for the first 90 days on certain finance programs, and on leases, a security deposit waiver.

“We understand that it’s certainly a tough time to be entering this economy, so it’s our hope that this $1,000 rebate, which can be coupled with other incentives, gives these new grads a break and gets them securely started on their next phase of life,” said Mike Groff, TFS group vice president of sales, marketing & product development.

Of course, it's particularly tough without a job, and not surprisingly that's one of the requirements for the program. Specifically, applicants will have to show proof of present employment, or future employment with a start date within 120 days of the purchase contract date. TFS must deem the salary sufficient to cover living expenses and vehicle payments.

Not surprisingly, one must be a college graduate (or otherwise qualify) to take part in the college grad program. To qualify, the applicant must:

• Have graduated from an accredited four-year college, university, or registered nursing degree program during the last two years or graduate from such a school/program within the next six months, or
• Have graduated from an accredited two-year college during the last two years, or
• Be enrolled in an accredited graduate degree program or have received a degree from an accredited graduate program during the last two years, or
• Have graduated during the last two years from the two-year Toyota Technical Education Network (T-TEN) Program or any other two-year post secondary automotive program accredited by the NATEF, or
• Have completed an electrician apprenticeship/cert. program during the last two years through NJATC and IBEW.

Toyota says that "minor" credit lapses are allowed, but that means that all obligations have to have been paid within 60 days or less of the due date, and there cannot be charge-offs totaling more than $1,000 in the past 24 months. And of course, the applicant must get approved credit through a participating Toyota dealer and Toyota Financial Services. And the lawyers make them says that not all applicants will qualify, and that terms, conditions and restrictions apply.

The Toyota college graduate $1,000 rebate program ends January 3, 2012. For more information, visit or