Toyota Financial Offers $1,000 Rebate for Grads

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Toyota Financial is offering a $1,000 rebate for college graduates purchasing a new RAV4, Camry, Matrix, Corolla, Yaris, Scion or Tacoma. Qualifying grads can also receive special no money down/no monthly payment financing, free roadside assistance for a year, and a security deposit waiver. Current grad students or people who have graduated from college during the last two years can qualify.

The Baltimore Sun’s Jay Hancock points out the one hitch in the Toyota Financial deal:

Show proof of present employment, or future employment with a start date within 120 days of your purchase contract date. TFS must deem your salary sufficient to cover living expenses and vehicle payments.

In this economy, that’s a deal-killer. I know several people graduating from college. I know only one who will have a job.

Also, why buy a new $16,000 car straight out of college and saddle yourself with payments when you can buy a used one for half the price?