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Toyota Opens New Financial Services Center in Cedar Rapids, Iowa

March 19, 1999 - CEDAR RAPIDS, IA - Toyota Motor Credit Corporation (TMCC) today announced the grand opening and dedication of a new, $20 million Financial Services Center in Cedar Rapids, Iowa. The 110,000 square-foot facility provides service for more than 1.3 million customers of TMCC, Lexus Financial Services and Toyota Motor Insurance Services (TMIS) nationwide and employs approximately 400 from the Cedar Rapids/Iowa City area with an annual payroll of over $10 million.

The three-story facility is located on a 7.9-acre site in the River Ridge North office park development of Cedar Rapids. It consolidates TMCC and TMIS personnel from two different buildings in the Cedar Rapids area, and provides Toyota with the latest information technology to provide industry-leading financial customer service.


The Toyota Financial Services Center is expected to handle more than 3.6 million incoming and outgoing customer and dealer calls as well as nearly 5 million pieces of mail per year. Typical activities of the center include basic account maintenance such as address changes, account status inquiries, retail and lease payoff inquiries, verification of lessee insurance, evaluation and payment of extended service contract claims and payment processing. The center provides customer service on 1.3 million loans and leases for 33 Toyota Motor Credit branches throughout the U.S.

As part of a program to increase efficiency, customer service functions are being transferred from TMCC branch offices in other parts of the country to the Cedar Rapids center. As a result, a new facility was needed to accommodate the growth.

Toyota Motor Credit Corporation is the eighth largest automotive lending institution in the U.S., with annual sales of $12.5 billion. The organization provides auto loans and leases to more than 600,000 Toyota and Lexus customers each year. Toyota Motor Insurance

Services makes extended service contracts available to approximately 400,000 customers each year. The company raises capital through corporate bond offerings, primarily in Europe and the U.S. TMCC’s profits benefit U.S. investors who hold more than $8 billion in TMCC bonds.


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