Toyota Financial Services Forms Company in Venezuela

CARACAS, Venezuela and TORRANCE, Calif., Nov. 21 -- Toyota Financial Services (TFS) announced incorporation of Toyota Services de Venezuela, C.A., which has been established to provide financial services to support Toyota vehicle sales in Venezuela. The new company will be based in Caracas and is a subsidiary of Toyota Motor Credit Corporation (TMCC).

``Toyota Services de Venezuela, C.A. (TSV) will compliment each of the 58 Venezuelan Toyota dealer's businesses by being able to offer Toyota finance products to their customers,'' said George Borst, President and CEO for Toyota Financial Services. ``We will also be able to provide dealers with a stable, consistent source of financing, quality customer service support, and wholesale lines of credit.''

The new company plans to be in operation by the end of the first quarter or beginning of the second quarter of 2002, and will be located at:

Torre 3M Urbanizacion El Rosal Municipio Chacao

Larry Keys has been hired to serve as the Managing Director. He was previously the Managing Director of Toyota Credit Argentina, and has been with TFS for 14 years. In addition to Larry Keys, local staff will be hired to assist with the start-up of operations.