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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 2000
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Toyota Motor Credit Corporation
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(Exact name of registrant as specified in its charter)
California 1-9961 95-3775816
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
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Item 5. Other Events
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On April 18, 2000, Toyota Motor Corporation announced its plans to establish
Toyota Financial Services Corporation ("TFS"), a new organization that will
eventually oversee Toyota's worldwide financial service operations, including
those in the United States. TFS is scheduled to assume ownership of Toyota
Motor Credit Corporation, currently a subsidiary of Toyota Motor Sales, USA,
Inc. ("TMS"), in October 2000.
A press release issued by TMS is attached hereto as exhibit 20.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits
20 Press Release
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TOYOTA MOTOR CREDIT CORPORATION
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(Registrant)
Date: April 18, 2000 By: /S/ GEORGE E. BORST
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George E. Borst
Senior Vice President and
General Manager
(Principal Executive Officer)
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EXHIBIT INDEX
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Exhibit No. Description of Exhibit
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20 Press Release
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TOYOTA TO CREATE WORLDWIDE FINANCIAL SERVICES COMPANY
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TORRANCE, Calif., April 18, 2000 - Toyota Motor Corporation (TMC) today
announced the creation of Toyota Financial Services Corporation (TFS), which
will oversee Toyota's worldwide financial service operations. The new company
will be a wholly owned subsidiary of TMC and eventually will assume ownership
of Toyota's existing finance operations in 16 countries, including the United
States. TFS is scheduled to begin operations in July 2000 and will be
headquartered in Nagoya, Japan.
In addition, TMC announced the establishment of Toyota Financial Services
Securities Corporation, a subsidiary of TFS, which will offer a variety of
consumer financial services in Japan to holders of a Toyota credit card slated
to debut in April 2001.
By positioning all of its financial operations under one umbrella, TFS
intends to strengthen Toyota's financial business, speed decision-making and
improve planning and management processes. Combined, these operations serve
more than 3 million customers. TFS intends to expand this network to a total
of more than 30 countries in the future.
In the United States, TFS is scheduled to assume ownership of Toyota
Motor Credit Corporation (TMCC) and Toyota Motor Insurance Services (TMIS) in
October 2000. TMCC and TMIS are currently subsidiaries of Toyota Motor Sales,
USA, Toyota's American sales and distribution arm. TMCC and TMIS provide a
wide range of automotive financing and leasing products, dealership inventory
financing and extended service contracts for more than 1,400 Toyota, Lexus,
Toyota Industrial Equipment and Toyota Marine Sports dealers.
TMCC and TMIS adopted the Toyota Financial Services brand identity in
December 1999 and will continue to operate under the TFS brand umbrella. No
changes in U.S. operations, staffing or services to consumers or dealers are
expected as a result of the organizational change.
"Service to our customers and support for our dealers will remain our top
priorities," said George Borst, Toyota's senior vice president in charge of
U.S. financial service operations. "With the global strength of TFS behind our
U.S. finance operations, we will be even more competitive in the future."
Established in 1982, TMCC has more than $25 billion in assets, making it
the third-largest captive finance company in the U.S. automotive industry and
13th among all finance companies in the nation. TMCC employs approximately
2,800 people nationwide and has 34 branch offices located in 21 states plus
Puerto Rico.
News Media Contacts: Mike Michels (310) 468-5297
Mary Skafidas (212) 715-7435
Investor Relations Contact: Steve Curtis (212) 715-7448
