May 27, 2018 2:06 PM ET

Consumer Finance

Company Overview of Toyota Motor Credit Corporation

Company Overview

Toyota Motor Credit Corporation provides various finance and insurance products to authorized Toyota and Lexus dealers or dealer groups, and other domestic and import franchise dealers and their customers in the United States and Puerto Rico. The company acquires retail installment sales contracts and leasing contracts accounted for as operating leases from dealers. It also provides dealer financing, including wholesale financing, working capital loans, revolving lines of credit, and real estate financing to dealers and various multi-franchise organizations. In addition, the company offers vehicle service agreements, guaranteed auto protection agreements, prepaid maintenance contracts, exces...

6565 Headquarters Drive

Plano, TX 75024

United States

Founded in 1982

3,185 Employees

Phone:

469-486-9300

Key Executives for Toyota Motor Credit Corporation

President, CEO & Director
Age: 62
President & Director of Toyota Motor Corporation
Age: 61
Chief Administrative Officer and Senior Vice President
Age: 69
Group VP & Chief Accounting Officer
Age: 59
Treasurer & Director
Age: 55
Compensation as of Fiscal Year 2017.

Toyota Motor Credit Corporation Key Developments

Toyota Motor Credit Corporation Enters into Consent Order with Each of the Consumer Financial Protection Bureau and the U.S. Department of Justice

As previously disclosed in February 2016, Toyota Motor Credit Corporation (the “Company”) entered into a consent order with each of the Consumer Financial Protection Bureau (“CFPB”) and the U.S. Department of Justice (the “DOJ” and, together with the CFPB, the “Agencies”) to reflect the settlement of the Agencies’ allegations regarding the Company’s purchases of auto finance contracts from dealers and related discretionary dealer compensation practices (together, the “Consent Orders”). The Consent Orders were to be effective for three years, until February 2019, unless the Company met certain requirements at the end of the second year of the Consent Orders, in which case the term of the Consent Orders could be reduced from three years to two years. The Company has been advised by the Agencies that it has satisfied the requirements for early termination of the Consent Orders. The termination of the Consent Orders is conditioned upon the Company’s completion of the distribution of the consumer restitution funds required by the Consent Orders and is effective May 1, 2018. The Company and the DOJ have sought final court approval of a joint stipulation that the Company has satisfied its obligations under the Consent Orders, which is anticipated in the next few weeks.

Toyota Motor Credit Corporation Raises USD 600 Million in Bonds Offering

Toyota Motor Credit Corporation has raised USD 600 million through an issue of international bonds. The bonds will mature on December 24, 2018 with a coupon rate of 3 month London interbank offered rate (LIBOR) plus 0.15%. The settlement date of the transaction is June 23, 2017. Bank of America Merrill Lynch is acting as book runner for the offering.

Toyota Motor Credit Corporation Announces Executive Changes

On December 2, 2016, Toyota Motor Credit Corporation announced that Chris Ballinger, Senior Vice President and Chief Financial Officer of the company, has resigned, effective January 9, 2017. Mr. Ballinger will be joining Toyota Research Institute as Chief Financial Officer and Head of Mobility Services. Effective upon Mr. Ballinger’s departure, Michael Groff, President and Chief Executive Officer of the company, will act as principal financial officer of the company. Ron Chu, Group Vice President, will continue to be responsible for corporate tax and accounting functions and will act as the company’s principal accounting officer. Mr. Chu will report to Mr. Groff.

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