A thermal management system for a vehicle including an engine and a transmission can include a radiator, first and second heat exchangers, a control valve and a bypass valve. The radiator can be configured for fluid communication with the engine. The first heat exchanger can be configured for fluid communication with the transmission. The control valve can be configured to selectively communicate a source of relative warm engine fluid or a source of relative cool engine fluid to the first heat exchanger in order to warm or cool the transmission fluid, respectively. The second heat exchanger can be configured to exchanger heat between the transmission fluid and the ambient fluid external to the passenger compartment of the vehicle. The by-pass valve can be configured to selectively direct transmission fluid into or to by-pass the second heat exchanger.