Toyota Financial Services is issuing more contracts for protection products than financing as it tries to both extend its lead as the top U.S. auto lender and complete its corporate move from California to Plano, Texas.
"Our insurance business has grown quickly in recent years," Mike Groff, CEO of Toyota Financial Services, said in a phone interview. "We actually wrote more insurance contracts than loans and leases last year."
In calendar year 2016, the captive finance company issued 2,031,000 insurance contracts and 1,469,315 retail loans and leases on new and used vehicles, he said, although financing still accounts for the bulk of the lender's revenue. Total assets reached $117.6 billion in 2016, up 2 percent from $115.3 billion in 2015.
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