Specht Joins Toyota Financial Services as President and Chief Executive Officer of the Toyota Financial Savings Bank

TORRANCE, Calif., July 28 -- Toyota Financial Services today announced the appointment of Raymond P. Specht as President & CEO of Toyota Financial Savings Bank (TFSB). Mr. Specht will also serve as Corporate Manager of Toyota Financial Services (TFS) and will report to Geri Brewster, Vice President and General Counsel.

In making the announcement, Ms. Brewster said, "We are pleased to have someone of Ray's experience join the TFS team. We look forward to the expertise he will bring as we expand into new areas of business to build loyalty to the Toyota family."

Mr. Specht joins TFSB from Volkswagen Bank USA, where he served as President & CEO, Chairman and implemented the bank. Prior to that, he was the President & CEO of Wright Express Financial Services, and Senior Vice President of Risk Management at Fidelity Trust Company. On joining TFS, Mr. Specht said, "I look forward to working with a company that is focused on exceptional quality and extraordinary customer satisfaction."

About Toyota Financial Services

TFS is the finance and insurance brand for Toyota in the United States, offering retail auto financing and leasing through Toyota Motor Credit Corporation (TMCC) and extended service contracts through Toyota Motor Insurance Services (TMIS). Lexus Financial Services is the brand for financial products for Lexus dealers and customers. TFS currently employs over 2800 associates nationwide, and has managed assets totaling more than $45 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.