Toyota Motor Credit Corporation Launches Private Label Business; Announces the Creation of Mazda Financial Services
Mazda Financial Services to offer payment deferral for eligible retail customers
PLANO, Texas, April 1, 2020 – Toyota Motor Credit Corporation (TMCC) announced it has launched a private label business with Mazda North American Operations (MNAO), its first-ever client, through the creation of Mazda Financial Services (MFS). Mazda Financial Services began operations today and offers a suite of automotive finance, lease, wholesale, dealer banking, and insurance protection products and services to Mazda dealers and customers in the U.S.
“We’re honored that MNAO selected us as their financial partner of choice,” said Mark Templin, CEO and president, TMCC. “This marks a historic milestone for our business. Through private label, we’re expanding our portfolio to offer our best-in-class products and services to clients like Mazda. And we’re committed to upholding Mazda’s exemplary standards for customers and dealers.”
MFS will offer a payment deferral program for up to 90 days on new and Certified Used Mazda Vehicles to eligible customers who finance a new or Certified Used Mazda vehicle on or after April 1, 2020, through April 30, 2020.* In addition, the company will assist dealers by temporarily reducing rates on all floorplan lines and the interest on those lines, as well as providing a principal payment deferral option for real estate and working capital loans.
“During this challenging time, we’re prepared to offer financial relief options for new customers and dealer partners,” said Pete Carey, president, MFS. “We’re proud to partner with MNAO to provide this critical economic opportunity to assist dealers and customers during this period of uncertainty.”
MFS will employ approximately 100 team members nationwide and is headquartered in Plano, Texas.
“At MFS, we’re dedicated to nurturing strong relationships with customers and dealers through an unwavering commitment to quality and innovation,” said Karen Ideno, group vice president, MFS. “MFS will provide premium financial products and services that match the artistry and craftsmanship of Mazda vehicles.”
About Toyota Motor Credit Corporation
Toyota Motor Credit Corporation (TMCC) operates in the United States to offer retail auto financing and leasing to customers through auto dealerships. TMCC has a range of products to meet dealers’ financing needs and also offers extended service contracts and other vehicle and payment protection products through its dealership network and Toyota Motor Insurance Services (TMIS) and its subsidiaries. TMCC offers its finance and protection products to Toyota customers and dealers using the Toyota Financial Services brand name. Lexus Financial Services is the brand for finance and protection products for Lexus dealers and customers. Mazda Financial Services is the brand name for finance products for Mazda dealers and customers. TMCC currently employs approximately 3,200 team members nationwide, and has assets totaling over $122 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.
TMCC announces material financial information using the investor relations section of its website (www.toyotafinancial.com) and SEC filings. TMCC uses these channels, press releases, and social media to communicate about its company, services and other issues. While not all information TMCC posts on social media is of a material nature, some information could be material. Therefore, the company encourages those interested in TMCC to review its posts on Twitter at www.twitter.com/toyotafinancial.
*Available on approved credit through Mazda Financial Services (MFS) and participating Mazda dealers. Not all applicants will qualify. Customers may defer the first retail payment for up to 90 days from the contract date. The amount of interest you pay will increase because finance charges accrue from the contract date origination. Earned interest over the first 90 days will be paid as interest according to your amortization schedule and will not be waived or added to the principal. Available on new and Certified Used Mazda vehicles. Maximum term is 72 months. Individual dealer prices, other terms, and offers may vary. Void where prohibited. See a participating Mazda dealer for details. Offer valid April 1, 2020 through April 30, 2020. Mazda Financial Services is a service mark licensed to Toyota Motor Credit Corporation.