ABOUT US

Who is Lexus Financial Services?

At Lexus Financial Services (LFS), our aim is to provide the products and services that ultimately enable people to enjoy the freedom of movement. By offering Financial and Mobility Services, we work hard to build a unique bond with people and be a truly valuable partner throughout their driving life.

We believe that our integrity, clarity and passion to innovate will lead us in our decision making and allow us to enjoy our journey along with our customers.

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Lexus Comfort

Lexus Comfort is a standard hire purchase, which is a simple, easy way to put you behind the wheel of your dream car. 

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Financial Calculator

In order to calculate how much you’ll need to set aside for your new Lexus, simply choose your model and use the financial calculator to work it all out before you proceed to get your finances approved online.

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FAQs

  1. How much can be borrowed?
    The loan is up to a maximum loan quantum of 70% of the purchase price if the Open Market Value (OMV) of the vehicle is up to $20,000, or 60% of the purchase price if the OMV of the vehicle is above $20,000.
  2. What is the maximum loan tenure?
    The maximum loan tenure is up to 7 years.
  3. What are the eligibility criteria to apply for a Hire Purchase Loan?
    Singaporeans, Singapore Permanent Residents and foreigners aged 21 and above with a minimum monthly income of S$2,000 are eligible to apply for a loan.

    There may be instances where individuals (i.e. Housewives and Retirees) with no income and guarantor can be granted financing. This will be assessed on a case-by-case basis subject to their finance terms as well as their credit standing.
  4. How is the interest on the loan computed?
    The interest is computed on a flat rate basis, calculated upfront as a lump sum based on the flat rate of interest and added to the loan amount to derive the monthly instalment.
  5. What will happen if a loan repayment is missed?
    Apart from a late payment penalty of S$60, the overdue instalment amount (made up of the principal and interest) will also be subject to interest accruing at a daily flat rate of 18% per annum, computed using the formula below:
  6. How is the interest rebate on the remaining loan period calculated?
    The interest rebate is calculated using the Rule of 78 methodology expressed by:

    n (n+1)/N (N+1) x TC, where

    “n” represents the unexpired period of hire in terms of months
    “N” represents the original period of hire in terms of months
    “TC” represents the total amount of interest for the contract
  7. What is the early termination penalty?
    The early termination penalty consists of a rebate deductible amount equal to 20% of the interest rebate, as well as an early settlement fee of 1% (For new passenger cars) or 2% (For all other segments) of the financed amount.
  8. Do you accept partial settlement?
    No, only full settlement of the loan is allowed.
  9. How can the loan be redeemed?
    Please contact us at 69782388 or cs@tfssg.sg to obtain a full settlement quotation.

    The loan can be redeemed through the following payment methods:

    • Internet Banking:
      Account name: Lexus Financial Services Singapore Pte. Ltd.
      Bank Name: DBS Bank Ltd
      Bank Account No.: 072-019772-0
    • PayNow through our corporate UEN No: 202000205M
    • Cashier’s order made payable to “Lexus Financial Services Singapore Pte Ltd” with the vehicle number indicated at the back
    Form B will be released on the next business day after we have received your full settlement payment.

  1. What types of car leasing services are offered?
    We currently offer a no-frills Operating Lease where only the Road Tax and Insurance are covered for the entire lease period.
  2. Who is eligible to lease a car?
    For individuals: Singaporeans, Singapore Permanent Residents and foreigners (with a valid Employment Pass) above the age of 21 with a valid driving license.

    For companies: A Singapore-registered company with a personal guarantee from the Lessee (driver) and/or company director.
  3. How long is the lease period?
    Lease a vehicle with us for anywhere between 3 to 7 years
  4. What does the leasing package include?
    Our package comes with the following features and benefits:
    • $0 Down payment
    • Competitive low monthly lease rates
    • Comprehensive insurance coverage and road tax covered throughout the lease period
  5. Where will the leased vehicle be handed over from?
    All vehicles leased from Lexus Financial Services will be handed over from the
    Lexus Singapore showroom at 1 Wallich Street, #28-03 Guoco Tower
  6. Is regular servicing and maintenance included in the lease rates?
    No, the lessee will need to ensure regular servicing and maintenance of the vehicle in accordance with the manufacturer’s recommendation. All servicing and maintenance-related costs incurred during the lease period will be borne by the lessee.
  7. How can the vehicle servicing be arranged?
    We recommend that regular vehicle servicing is carried out at any Borneo Motors Service Centre. You may book your vehicle servicing appointment online at https://servicebooking.borneomotors.com.sg/lexus/ or call 6631 1388 to contact any of the Service Centres.
  8. What is the arrangement for road traffic law violations?
    The lessee will be liable for all penalties incurred during the leasing period, all fines and summonses will be forwarded to the lessee for their action.
  9. What is covered by the insurance coverage?
    All our leased vehicles come with comprehensive motor insurance coverage, including unlimited third-party liability and property damage of up to S$5 million per incident. Windscreen replacement (subject to applicable excesses).
  10. What should I do if an accident happens?
    Head down to Borneo Motor's Accident Reporting Centre at 33 Leng Kee Road, S159102 or call 96726972 for vehicle recovery service within 24 hours to make an accident report.
  11. What happen if the vehicle is damaged?
    Please contact Borneo Motor’s 24/7 emergency roadside assistance immediately at 96726972 for further assistance.
  12. How much is the lessee liable for on damages or accidents?
    The amount the lessee is required to pay when a claim is made on your policy is limited by the insurance excess. The excess will vary from $700 to $1700, depending on the location of the accident and vehicle engine capacity.

    A young and inexperienced driver (YID), defined as a driver who at the time of loss is under 23 years or above 65 years of age and/or has held a valid driving license for 1 year or less, will be subject to an additional $2,000 excess.
  13. Can the leased vehicle be driven into Malaysia?
    Yes, the leased vehicle can be driven into Malaysia. The Lessee will be liable for the registration of the New Vehicle Entry Permit, all relevant information required may be requested from Lexus Financial Services via email at cs@tfssg.sg
  14. Are additional drivers allowed?
    Yes, up to 3 additional drivers are allowed. Only additional drivers made known to and accepted by Lexus Financial Services may drive the vehicle. To register an additional driver, please email the following details to cs@tfssg.sg

    • Driver’s name and license number
    • Issue date of driving license
    • Front and back copies of the driving license

  1. What is the application channel for a Hire Purchase Loan or Leasing?
    For retail individuals, the loan may be applied digitally through the notification URL triggered by your Borneo Motors salesperson over SMS and Email.

    Please prepare the following documents to facilitate the application (only if not applying through MyInfo)
    • NRIC front and back copies
    • Latest income documents
    For companies, the loan may be applied for manually using our hardcopy application form with the assistance of the salesperson.

    Please prepare the following documents to facilitate the application:
    • Bizfile from ACRA
    • The Company’s bank statements for the previous 3 months, or the latest financial report
    • Front and back copies of the guarantor’s NRIC
    • The latest income documents of the guarantor, preferably the latest NOA or 3 months of computerized pay slips
  2. How can I check the status of my loan application?
    You may check the status of your loan application with your Borneo Motors salesperson. An email notification will also be sent to you upon loan approval.
  3. How long will it take for my loan application to be approved?
    An application submitted via MyInfo may be approved instantly, subject to satisfactory credit checks, at any time of the day. For manual entry or hard copy submission, we strive to come back with the status on the same working day (cut-off time at 5pm). Please expect delays for any application with incomplete information or documentation.
  4. What is my loan account number and due date?
    Your loan account details will be stated on the welcome letter mailed to you upon your loan disbursement.
  5. How can I find out more about the account details?
    You may contact us at 69782388 or cs@tfssg.sg to find out more about the account details.
  6. What are the modes of payment available to pay my monthly instalments?
    There are several convenient ways to pay the instalments:
    • Interbank GIRO – complete the application form and mail it back to us
    • Bank Transfer via Internet or Mobile Banking
      Account name: Toyota Financial Services Singapore Pte. Ltd.
      Bank Name: DBS Bank Ltd
      Bank Account No.: 072-019772-0
    • PayNow through our corporate UEN: 202000205M
    • Cheques made payable to “Toyota Financial Services Singapore Pte. Ltd.” with your contract or vehicle number indicated on the back
  7. How do I apply for GIRO?
    We will submit the request to the bank for approval after we receive the original signed GIRO application form. The process will take approximately 4 to 6 weeks. In the meantime, please continue to pay your instalments via one of our alternative payment options until you have been notified through email that your GIRO application has been approved.

    You can download the GIRO form here.
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