Lost keys? No worries

Customers shouldn’t sweat costs with key replacement product

December 05, 2017
Key to Happiness -- A new Key Replacement Protection product offered by Toyota Financial Services/Lexus Financial Services gives customers an easy way to replace a lost, damaged or stolen key.

The only thing worse than losing your car key is paying hundreds of dollars to replace it.
But Toyota Financial Services/Lexus Financial Services (TFS/LFS) now has a solution.
Since Aug. 1, a Key Replacement Protection product sold as an enhancement to the TFS/LFS Tire & Wheel (T&W) program is now available for customers. Toyota and Lexus dealerships have already sold more than 15,754 key contracts since it became available.
Bill Herder, finance manager at Molle Toyota was the first to sell the new TFS/LFS key contract. The Kansas City, Missouri, dealership has since sold more than 100.
“One of the biggest problems customers have is with missing keys,” he says. “With the key product enhancement, customers like that they can replace a key and get door dings fixed through the T&W program. It’s an easy sell.”
The key replacement product is the direct result of dealers and customers asking for a solution to a pesky problem.
“Because of the advanced technology in key fobs, it can cost up to $800 to replace,” says Karen Ideno, vice president of Product & Marketing at TFS. “Customers buy a great product and our job as a finance company is to get them back on the road and ensure peace of mind.”
The key replacement product includes:

  • Replacement of the covered vehicle key/remote if lost, damaged, or stolen, up to $800 per occurrence
  • Lock-out assistance to unlock the vehicle if the vehicle keys are lost, damaged, or stolen, up to $100 per occurrence
  • Towing assistance, up to $100 per occurrence
  • Taxi/rental vehicle/public transportation reimbursement, up to $75 per occurrence
  • Replacement benefit for additional nonprogrammable keys on the key ring, up to $250 per covered key claim for a total of up to three occurrences
TFS has partnered with Safe-Guard Products International, an industry leader in administering vehicle protection products, to ensure quality service to Key Replacement Protection customers.

In-demand products like key protection help dealers deliver on customer service and drive loyalty, Ideno says.

“Finance and insurance products are a great tool for dealerships to engage with customers at the time of sale and on return maintenance and repair visits,” she says. “Offering a full suite of products also helps dealerships build customer loyalty and offer new touchpoints along the way.”

Karen Nielsen

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