DETROIT — Toyota’s woes and competitors’ efforts to capitalize on them are creating sweet deals for new-car buyers.

As Toyota tries to reverse a 12.4 percent sales decline through February, it is offering zero percent financing, cash rebates and low-priced lease deals on several of its models, as well as free maintenance for existing customers.

“Most people are caught off guard with how good of a deal you can get right now,” said Craig Muran, general manager at McInerney Toyota in Clinton Township, Mich.

Through early March, Toyota’s incentives helped boost sales 41 percent from a year earlier. GM, Chrysler and Ford have been offering zero percent loans on many models to sustain sales momentum and lure disaffected Toyota owners.

Analysts warn that the Detroit Three must be disciplined in their discount offers. Incentives eat at the bottom line, erode brand value and lead customers to expect bigger discounts, all contributing factors to last year’s bankruptcies at GM and Chrysler.

“Jumping in with a lot of incentives is going to harm them,” said IHS Global Insight analyst Aaron Bragman. “Toyota has to do it. They don’t.”

Toyota is making up the market share it lost in January and February following the recalls over sudden acceleration, said Jesse Toprak, vice president of industry trends and insights at TrueCar, a vehicle pricing Web site.

During the first two weeks of March, the Toyota division — not including Lexus and Scion brands — boosted its market share to 14.1 percent, up from 11.1 percent last month and 13.3 percent in March 2009, according to TrueCar’s data.

The deals worked for Suzette Waatti, 50, of Shelby Township, Mich. She received a $1,500 discount that reduced her monthly payment on a new Prius lease and was allowed to terminate a 2008 Camry lease eight months early penalty-free.

“That was a nice surprise,” Waatti said.

Noting that the automaker had stopped selling eight models for about 10 days in late January, Toyota spokesman John McCandless said: “We needed to do something special to tell the market that we are in business.”

Analysts say Toyota has the cash to extend the incentives into April and beyond, but the company has not yet decided whether to do that or not.