Toyota to join U.S. automakers' credit joint venture -Calling Judge Green

June 21, 2002 Southfield, Mich. Bloomberg news reported that Toyota Motor Corp.'s consumer-credit unit will become a partner in the RouteOne joint venture formed by U.S. automakers to streamline the automobile loan-approval process.

Toyota Financial Services is taking a 10 percent stake in RouteOne, said Bud Liebler, a spokesman for the venture. The consumer-credit units of General Motors Corp., Ford Motor Co. and DaimlerChrysler AG will each own 30 percent, he said. Kerry Rivera, a spokeswoman for the Toyota unit, declined to say how much the largest Japanese automaker is investing in the venture.

DaimlerChrysler Services, Ford Motor Credit Co., and General Motors Acceptance Corp. formed Southfield, Michigan-based RouteOne in April to simplify and speed up the exchange of credit-application information from auto dealers to lenders. Toyota's move adds Toyota and Lexus customers and dealers to that effort, the Japanese automaker said in a statement.

Editors Note: Just exactly what does this do for or to the buyer????