Toyota Capital Malaysia has partnered with UMW Toyota to introduce Kinto One, said to be the world’s first Islamic-based car subscription programme. It provides Malaysians with a new alternative to obtain the use of a car without being burdened by the hassles of a conventional hire-purchase loan.
Available to all individuals with valid driving licences as well as businesses, Kinto One is a Shariah-compliant car subscription programme that lets customers “rent” a vehicle with an all-inclusive, fixed monthly payment plan. Available plans include the subscription of a car for two or three years, with mileage limited to 30,000km per year. The plans will cover the following costs:
- Registration of the vehicle
- Annual comprehensive insurance and road tax
- Periodic and preventive maintenance
According to Kinto One’s FAQ, the only payment that you need to make to begin your subscription is the initial payment of a one-month subscription fee, a refundable deposit, and the stamp duty fee (if applicable). After that, you can continue paying for your fixed monthly subscription amount via your credit card. Also, if you exceed the annual 30,000km allotted to you, there is a minimal top-up charge of RM0.50 per km.
Once your subscription period ends, you will then have the option of returning the car to Toyota or renewing your subscription at a lower subscription fee. The FAQ also clarified that there are various Toyota and Lexus models currently available for subscription, with more models to be added eventually. At present, prices start from RM1,678 per month for a Toyota Yaris to RM10,738.00 per month for a Lexus RX300 – both for a three-year subscription plan. Prices will be slightly higher if you decide to opt for a two-year subscription plan instead.
The president of the president of Toyota Capital, Thomas Chai said that Kinto One is a distinctly curated response to the new generation lifestyle seeking for mobility. “It is about the shift of consumer behaviour from car ownership to car usership. It is about Toyota’s vision of ‘Mobility for All’,” he shared.
The president of UMW Toyota, Ravindran Kurusamy also concurred, adding that Kinto One aims to cater to the newer generation of car owners seeking for freedom and mobility through monthly subscription plans. He also explained that prior to launching Kinto One in Malaysia, the service has already been introduced in many other parts of the world. These include Europe, North and South America, as well as several other Asian countries.
You can find out more about Kinto One in Malaysia on its official website.