It began with a loan on a used car. Seventeen years later, Toyota Financial Services (TFS) has surpassed the $100 billion mark for the financing of automotive-related retail and lease contracts.
That includes retail and lease volume in the U.S. on 5.4 million vehicles.
TFS has grown from a small company with eight associates to become the third largest captive finance company, and the ninth largest finance company in the United States. TFS currently employs over 2,700 associates nationwide, and has managed assets totaling $32 billion.
George Borst, president and CEO of Toyota Financial Services, says, “The foundation of our success has been the ability to provide consistent, long-term support to our dealers, as well as provide quality products and service to our mutual customers.
“In addition, our continued growth has been a result of making ongoing changes to meet new business opportunities.”
The Toyota Financial Services of today started its humble beginnings as Toyota Motor Credit Corporation (TMCC). It incorporated in California, and commenced operations in 1983 by approving a loan for a used Toyota Corolla in Denver, Colorado.
The company continues to provide retail and wholesale financing, retail leasing and certain other financial services to authorized Toyota and Lexus dealers and Toyota Industrial Equipment dealers, Toyota Marine Sports dealers, affiliates and their customers in the United States(excluding Hawaii).
TMCC is part of the worldwide financial services operations for Toyota Financial Services Corporation (TFSC), which is a whollyowned subsidiary of Toyota Motor Corporation (TMC) in Japan.