Our Guide to the World of Toyota Financial Services
1. Its official name is Toyota Motor Credit Corporation.
A lot of people don’t go by their real names. Marilyn Monroe was really Norma Jean Mortensen. Samuel Langhorne Clemens wrote as Mark Twain.
In that vein, Toyota Financial Services (TFS) is a service mark and an umbrella brand used in the U.S. to market the auto financing and leasing products of Toyota Motor Credit Corporation (TMCC) and the insurance products of Toyota Motor Insurance Services (TMIS).
2. TFS has been around since the early ‘80s.
A lot of good things happened in the ‘80s: Big hair. Shoulder pads. Sally Ride became the first American woman in space. The Berlin Wall came down. And TFS was officially opened for business.
Toyota Motor Credit Corporation was incorporated in California in October 1982 and began operations the following May. That’s right, in 1983, the first TFS team members were gettin’ that bread from 9 to 5 (which also debuted in the ‘80s).
Fun fact: TFS’ first finance contract was for a used Corolla in Denver, Colorado.
3. TFS employs over 3,200 team members nationwide.
TFS opened with only eight full time, but now it provides jobs for over 3,300 hard-working team members. Much of the full-time work force is dedicated to its dealer and customer service operations.
4. They have three customer service centers.
Approximately 1,500 of TFS team members are spread out across the country working important jobs in customer service centers (CSCs) in Chandler, Arizona; Cedar Rapids, Iowa; and Owing Mills, Maryland.
5. TFS is almost always open for business.
In an effort to be available to customers as much as possible, TFS locations are strategically placed to cover multiple time zones. TFS is open from 8 a.m. Eastern to 8 p.m. Pacific – a total of 15 hours a day to serve our customers.
6. TFS competes for business just like other lenders.
Just because TFS is a Toyota company, doesn’t mean a customer has to finance their Toyota or Lexus vehicle with TFS.
In order to earn the business of customers and dealers, TFS has to make it an easy and smooth process for dealers to recommend and provide TFS financing and insurance products. Just as importantly, TFS must deliver excellent customer service to appeal to discerning consumers. Which is why TFS is super proud that…
7. It is the largest auto lender in the nation.
For seven years in a row, TFS earned the mostnew vehicle financing contracts out of all finance companies. It has 4 million active finance accounts. Not to mention more than 8 million insurance agreements in force. Because let’s be honest, when you have rowdy kids wearing soccer cleats in the backseat, that Excess Wear and Use Protection plan is going to come in handy.
8. It’s part of a global network.
TFS is part of a larger global network of financial service operations under Toyota Financial Services Corporation (TFSC), a wholly owned subsidiary of Toyota Motor Corporation (TMC) in Japan. This network services more than 22 million customers in 30 countries.
9. TFS has a bank.
We know what you’re thinking, but no, Toyota Financial Savings Bank (TFSB) team members aren’t swimming in coins in a bank vault after hours. But TFS does have a bank!
TFSB opened in 2004 in Henderson, Nevada as another way for TFS to deliver more products and services to our dealers and customers.
Its main business is lending and deposit products for our dealer principals and their families, general managers and corporate officers of TFS National Accounts. For customers, TFSB also launched the Lexus Pursuits Visa and Toyota Rewards Visa so customers could earn points redeemable at the dealership.
10. TFS cares about people.
TFS team members are super involved in their communities. It has local and national partnerships with Boys & Girls Clubs of America (BGCA) and the Girl Scouts and team members are encouraged to participate in volunteer events throughout the year. In fiscal year 2019, TFS reached a record-breaking 20,000 plus recorded volunteer hours.
TFS is deeply invested in youth education and through its National Giving program, has awarded $7.4 million in scholarships to more than 1,200 students. It’s no wonder TFS has been named by Points of Light Foundation as one of the 50 most community-minded companies in the nation for five years in a row.
Originally published August 12, 2019