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Toyota Financial closing down Cedar Rapids office

Published: Mar. 24, 2021 at 3:21 PM CDT
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CEDAR RAPIDS, Iowa (KCRG) - Multiple employees have confirmed to KCRG-TV9 that Toyota Financial will close down its Cedar Rapids office by the end of 2022, impacting about 600 jobs.

Toyota Financial Services confirmed the closure to KCRG-TV9 on Wednesday. A company filing with the SEC last month noted an effort to consolidate its field operations, including the Cedar Rapids office, into three centralized centers in Arizona, Texas and Georgia.

Employees confirmed the plans to close the Cedar Rapids office to TV9 Wednesday on the condition of anonymity for fear of losing severance packages. Those employees say staff were informed of the impending closure Wednesday and offered opportunities to transfer to Texas.

Full statement from Toyota Financial:

Over the next two years, TFS will relocate three regional Customer Service Centers to be co-located with existing regional Dealer Service Centers located in Chandler, Arizona (serving the West region), Plano, Texas (serving the Central region) and Alpharetta, Georgia (serving the East region).

We are excited about our plans to evolve our customer service operations to provide greater value to our customers and dealers and create stronger career opportunities for our team members.Our objective with this restructuring is to streamline TFS’ field office structure and invest in new technology to deliver better service to our customers.

Every team member in good standing who wants a position will continue to have one at one of the new locations. This impacts about one-third of Toyota Financial Services’ 3,300 team members nationwide. Specifically, approximately 600 people in Cedar Rapids.

Moves will not take place immediately. Within two years, TFS expects to have completed moving its existing Customer Service Centers to be co-located with its three regional Dealer Service Centers in Arizona, Texas and Georgia.

Editor’s Note: This article has been altered to add the company statement, which includes the number of impacted employees )600, not 750) and the timeline for the closure at the end of 2022, not 2021.

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