---

Toyota Financial Services Assumes Ownership of U.S. Operations

2 October 2000

Toyota Financial Services Corporation Assumes Ownership of U.S. Operations, Names American President and Directors

    TORRANCE, Calif., Sept. 29 As part of an initiative to
strengthen Toyota's global financial business, Toyota Financial Services (TFS)
in the U.S. will become part of Toyota Financial Services Corporation (TFSC),
effective October 2.  TFS is the brand identity for automotive finance and
insurance products offered by Toyota Motor Credit Corporation and Toyota Motor
Insurance Services.  TFSC is a wholly owned subsidiary of Toyota Motor
Corporation of Japan.
    In a move to enhance the company's responsiveness to the American
automotive retail market, TFSC has appointed George E. Borst as president and
CEO of its U.S.- based operations.  With this appointment, Borst heads the
largest Toyota business unit in North America to be led by an American
executive and will report directly to Hideto Ozaki, president of Toyota
Financial Services Corporation of Japan.
    "The selection of an American president for TFS USA is another example of
Toyota's ongoing commitment to think globally and act locally," said Ozaki.
"George will provide TFS USA with experienced leadership and a thorough
understanding of automotive finance and retail operations in America."
    Five U.S.-based executives have been named to the TFS USA board of
directors.  Joining Borst will be Yoshimi Inaba, president and CEO of Toyota
Motor Sales, (TMS) USA, James Press, executive vice president of TMS, Nobukazu
Tsurumi, TFS USA executive vice president and treasurer and Michael Deaderick,
TFS USA senior vice president and secretary.
    Borst began his career with Toyota in 1985 as corporate marketing manager.
Since then he has held a number of management positions at Toyota Motor Sales,
USA, Inc., including group vice president and general manager of the Lexus
Division and group vice president, corporate strategy and planning.  Most
recently, Borst served as senior vice president in charge of Toyota Motor
Credit Corporation and Toyota Motor Insurance Services.
    "With these appointments, Toyota reinforces its commitment to the U.S.
marketplace and our dealer body.  I look forward to continuing to strengthen
TFS USA's partnership with Toyota Motor Sales to provide our dealers and
customers with the best finance and insurance products and services in the
industry," said Borst.