The Wall Street Journal reports this morning the super number one awesome best automaker from the land of the rising sun said it will set aside major reserves for its first quarter to cover losses from vehicle leases in the U.S. And with that, Toyota now follows Chrysler, GM and Ford into the land of plummeting used car values.
Although Toyota spokespeople claim they're "going to have to make large provisions," they don't appear ready to comment on how much those charges might be as the automaker plans to report its fiscal first-quarter results for the period ended June 30 on Thursday.
Jalopnik Snap Judgment: Of Toyota's total vehicles sold in the U.S., about 16% were sold on lease compared to approximately 20% for the Detroit automakers. Still, that's enough of a liability to cause even the great and mighty Toyota to feel some pain on used car returns off leases. At a time of $4-per-gallon gas, those Tundra truck and big Highlander SUV buyers aren't going to want to be buying those cars back at the end of their lease term wethinks. [via WSJ (sub. req.)]