Aer meeting with you last Wednesday, we would like to take time to briey summarize our
understanding of Toyota Motor Credit Corporation from your explanation and also our personal
research.
History
TMCC is a subsidiary of Toyota Financial Services America Corporation. Toyota Financial Services
America Corporation is a subsidiary of the Toyota Motor Company, which is based in Japan.
Though Toyota Motor Company has 52 manufacturing plants worldwide, these are not
connected with TMCC. TMCC deals solely in creating financial packages for Toyota customers.
TMCC entered the market in 1982 and began operations in 1983. TMCC headquarters are in
Torrance, California. TMCC does not take deposits directly from customers but rather raises
capital from independent sources and uses that capital to o/er financial services to any
customer who purchases a Toyota vehicle. TMCC works directly in the dealerships to give
financial packages to customers. Every Toyota customer will receive a )nancial package from
TMCC but the customers do not have to take the o/ered package.
Functional Analysis
It is our understanding that TMCC is third in the captive financing industry within the United
States specifically. Only Ally Bank, formerly General Motors Acceptance Corporation, and Ford
Motor Credit Corporation are ahead of TMCC in market share. With that being said, it seems to
us that automotive captive financing companies do not necessarily compete with each other
