10 Things You Didn’t Know About TFS

Did you ever wish you knew more about Toyota Financial Services? Here's your guide.

July 16, 2019

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. Bruno Mars’ real name is Peter Gene Hernandez. And Jamie Foxx was born Eric Marlon Bishop.

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. Nike released the Air Jordan 1. 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 3,300 team members. 

TFS opened with only eight full time employees (former TFS president Mike Groff was employee No. 7!), but now it provides jobs for over 3,300 hard-working folks. 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 fact, Toyota dealers aren’t required to suggest TFS to customers at all. So, if a customer wants to finance through their bank or credit union, they totally can.

All this means is that TFS has to do an exceptional job at making it an easy and smooth process for dealers and providing excellent customer service to our customers. Customer loyalty also becomes extremely important, so TFS can keep customers for life and drive them back to the Toyota and Lexus brands.
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 most new 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. 

Outside of the U.S., TFS is affiliated with Toyota sales finance companies (SFCs) in Canada, Brazil, Argentina, Mexico, Venezuela, Puerto Rico, New Zealand and Australia.

And 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, including Norway, France, U.K., Italy, South Africa, Russia, China, Korea, Thailand and India.

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 Gulf States Toyota (GST), 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. This year, TFSB started offering mortgage services to team members going through company-sponsored relocations.
 

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 fact, in FY19, TFS reached a record-breaking 59% volunteer participation rate. That’s over 20,000 recorded volunteer hours.

TFS is deeply invested in youth education and through its Making Life Easier 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. Boom.

By Sharon Hong

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