Toyota forced to offer zero-interest loans

Toyota Motor Corp. has announced zero-percent financing on 11 models as it tries to woo would-be buyers sidelined by the consumer credit crunch.

The top Japanese automaker's U.S. division said Thursday that the incentives range from 36 months to 60 months and are being offered on the Matrix, Corolla, Camry, RAV4, Highlander, FJ Cruiser, 4Runner, Sequoia, Sienna, Tacoma and Tundra.

Toyota Division General Manager Bob Carter said the automaker had the inventory of fuel-efficient models and the capacity to finance or lease them.

Toyota reported Wednesday that its U.S. sales dropped 32 percent last month. The automaker blamed the slide in sales on the overall economic conditions and a lack of consumer confidence.