TORRANCE, Calif.,November 18, 2013 – Toyota Financial Services (TFS) / Lexus Financial Services (LFS) is kicking off its third annual “GoGreen” campaign, encouraging customers to sign up for paperless billing statements; allowing them to receive monthly emails when their bill is due, rather than traditional paper statements sent through the mail.
Torrance, Calif., August 13, 2013
Toyota Financial Services President & CEO George Borst to Retire, Mike Groff to be Appointed New Company President & CEO
TORRANCE, Calif., July 29, 2013 – Toyota Financial Services (TFS) announced today that George Borst , the company’s U.S. leader of 16 years will be retiring effective September 30, 2013, after which he will assume the role of Executive Advisor until the end of calendar year 2014. Appointed to replace Borst is Mike Groff , currently Senior Vice President, Sales, Marketing & Product Development at TFS.
TORRANCE, Calif., January 18, 2013 –
TORRANCE, Calif., Dec. 12, 2012 –Toyota Financial Services (TFS) has announced the promotions of six senior executives.
Filed under: Car Buying , Chevrolet , Ford , Mitsubishi , Toyota , Volvo , Earnings/Financials We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of “nonprime, subprime, and deep subprime,” loans has grown 13.6 percent compared to the third quarter a year ago. According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963. At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota , with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1. Part of the growth in lending is the willingness to offer longer-term loans.
Filed under: Japan , Plants/Manufacturing , Nissan , Toyota No surprise here. Both Nissan and Toyota have moved to cut production in Japan , according to Reuters . Nissan has made it clear that it will will drop capacity from the 1.35 million units produced in 2011 to 1.15 million in 2013. In 2012, Nissan expects to produce 1.22 million vehicles in its home country, though production is expected to increase in countries like China , Brazil and Russia to help offset the drop. The report says Nissan has already stopped production on two lines at its Oppama plant, and the manufacturer has plans to stop production of the Tiida in Japan altogether. The story is much the same with Toyota. The manufacturer has announced that by 2014, it will cut production in Japan by around 10 percent to 3.1 million vehicles. Before the financial crisis, Toyota produced 3.9 million units domestically. But that was when it still made financial sense to build machines in Japan and export them around the world. Japan has seen its currency strengthen against the dollar, making exports less and less financially viable.