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      Form 8K - March 2007
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">UNITED
        STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CURRENT
        REPORT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
        to Section 13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Securities
        Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported):</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong><u>March
        28, 2007</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif"><strong>TOYOTA
        MOTOR CREDIT CORPORATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>California</strong></font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>1-9961</strong></font></div>
              </td>
              <td valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>95-3775816</strong></font></div>
              </td>
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            <tr>
              <td valign="top" width="31%">&#160;</td>
              <td valign="top" width="14%">&#160;</td>
              <td valign="top" width="30%">&#160;</td>
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              <td valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction of incorporation)</font></div>
              </td>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Commission
                  File Number)</font></div>
              </td>
              <td valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer Identification No.)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="31%">&#160;</td>
              <td valign="top" width="14%">&#160;</td>
              <td valign="top" width="30%">&#160;</td>
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              <td rowspan="2" valign="top" width="31%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>19001
                  S. Western Avenue </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Torrance,
                  California</strong></font></div>
              </td>
              <td rowspan="2" valign="top" width="14%">&#160;</td>
              <td valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>90501</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="31%">&#160;</td>
            </tr>
            <tr>
              <td valign="top" width="31%">&#160;</td>
              <td valign="top" width="14%">&#160;</td>
              <td valign="top" width="30%">&#160;</td>
            </tr>
            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Address
                  of principal executive offices)</font></div>
              </td>
              <td valign="top" width="14%">&#160;</td>
              <td valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Zip
                  Code)</font></div>
              </td>
            </tr>

        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Registrant's
        telephone number, including area code: </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><u>(310)
        468-1310</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;&#160;&#160;&#160;Check
        the appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below): </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Written
        communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
        230.425) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
        ]</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Soliciting
        material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
                  ]&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pre-commencement
                  communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17
                  CFR 240.14d-2(b)) </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

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              <td style="width: 18pt;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">[
                  ]</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pre-commencement
                  communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17
                  CFR 240.13e-4(c)) </font></div>
              </td>
            </tr>

        </table>
      </div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01 Entry into a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong><em><u>364
        Day Credit Agreement</u></em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Toyota
        Motor Credit Corporation (&#8220;TMCC&#8221;) and its wholly-owned subsidiary, Toyota Credit
        de Puerto Rico Corp. (&#8220;TCPR&#8221;) entered into a $4.0 billion 364-day syndicated
        credit facility pursuant to a 364 Day Credit Agreement, dated as of March
        28,
        2007 (the &#8220;364 Day Credit Agreement&#8221;), among TMCC, TCPR, Toyota Motor Finance
        (Netherlands) B.V. (&#8220;TMFNL&#8221;), Toyota Financial Services (UK) PLC (&#8220;TFS(UK)&#8221;),
        Toyota Kreditbank GMBH (&#8220;TKG&#8221;), Toyota Leasing GMBH (&#8220;TLG&#8221;) and Toyota Credit
        Canada Inc. (&#8220;TCCI&#8221;), as Borrowers, Bank of America, N.A., as Administrative
        Agent, Swing Line Agent and Swing Line Lender, each lender from time to time
        party thereto, Citigroup Global Markets Inc and Banc of America Securities
        LLC,
        as Joint Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
        Syndication Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi
        UFJ,
        Ltd., BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation Agents.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">TMCC
        may
        take advances under the 364 Day Credit Agreement subject to covenants and
        conditions customary in a transaction of this nature, including negative
        pledge
        and cross default provisions. The 364 Day Credit Agreement has a 364 day
        term,
        during which TMCC, TMFNL, TFS(UK) and TKG may make aggregate draws not to
        exceed
        $3.533 billion, and TCPR may make draws not to exceed $333 million, which
        in
        each case may not exceed the total commitment amount of $4 billion. In addition,
        the 364 Day Credit Agreement provides for a swingline sub-facility of up
        to $1
        billion. The 364 Day Credit Agreement may be used for general corporate purposes
        and was not drawn upon as of the date of this filing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong><em><u>Five
        Year Credit Agreement </u></em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">TMCC
        and
        TCPR entered into an $8 billion five year syndicated credit facility pursuant
        to
        a Five Year Credit Agreement, dated as of March 28, 2007 (the &#8220;Five Year Credit
        Agreement&#8221;), among TMCC, TCPR, TMFNL, TFS(UK), TKG, TLG and TCCI, as Borrowers,
        Bank of America, N.A., as Administrative Agent, Swing Line Agent and Swing
        Line
        Lender, each lender from time to time party thereto, Citigroup Global Markets
        Inc and Banc of America Securities LLC, as Joint Lead Arrangers and Joint
        Book
        Managers, Citicorp USA, Inc., as Syndication Agent and Swing Line Lender,
        and
        The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas and JPMorgan Chase Bank,
        N.A., as Documentation Agents. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">TMCC
        may
        take advances under the Five Year Credit Agreement subject to covenants and
        conditions customary in a transaction of this nature, including negative
        pledge
        and cross default provisions. The Five Year Credit Agreement has a five year
        term, during which TMCC, TMFNL, TFS(UK) and TKG may make aggregate draws
        not to
        exceed $7.067 billion and TCPR may make draws not to exceed $667 million,
        which
        in each case may not exceed the total commitment amount of $8 billion. In
        addition, the Five Year Credit Agreement provides for a swingline sub-facility
        of up to $2 billion. The Five Year Credit Agreement may be used for general
        corporate purposes and was not drawn upon as of the date of this
        filing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Certain
        of the lenders participating in the 364 Day Credit Facility and the Five
        Year
        Credit Facility and their affiliates have in the past and may in the future
        engage in financing, securities, derivative and banking transactions with
        TMCC
        and its affiliates. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
        descriptions set forth in this report of the terms and conditions of the
        364 Day
        Credit Agreement and the Five Year Credit Agreement are qualified in their
        entirety by reference to the full text of such agreements, which are filed
        as
        Exhibits 10.1 and 10.2 hereto, respectively. </font></div><br>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-2-</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.02 Termination of a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
        364
        Day Credit Agreement replaces the 364 Day Credit Agreement, dated as of March
        29, 2006 (the &#8220;Prior 364 Day Credit Agreement&#8221;), among TMCC, TCPR, TCCI,
        Citicorp USA, Inc., as Administrative Agent and the other lenders party thereto,
        which terminated on March 28, 2007. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
        Five
        Year Credit Agreement replaces the Five-Year Credit Agreement, dated as of
        March
        29, 2006 (the &#8220;Prior Five Year Credit Agreement&#8221;), among TMCC, TCPR, Citicorp
        USA, Inc., as Administrative Agent, and the other lenders party thereto,
        which
        was terminated on March 28, 2007. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
        descriptions set forth in this report of the terms and conditions of the
        Prior
        364 Day Credit Agreement and the Prior Five Year Credit Agreement are qualified
        in their entirety by reference to the full text of such agreements, which
        are
        filed as Exhibits 10.1 and 10.2 to TMCC&#8217;s Current Report on Form 8-K, dated
        April 4, 2006, respectively. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.03 Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">See
        description of the 364 Day Agreement and the Five Year Agreement in Item
        1.01
        above.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Financial Statements and Exhibits.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>(d)</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Exhibits.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="18%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit
                  No.</font></div>
              </td>
              <td valign="top" width="56%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Description</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">364
                  Day Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation
                  Agents</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="18%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">10.2</font></div>
              </td>
              <td align="left" valign="top" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Five
                  Year Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation
                  Agents</font></div>
              </td>
            </tr>

        </table>
      </div><br>
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          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-3-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">TOYOTA
        MOTOR CREDIT CORPORATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date:
        April 2, 2007</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">By:
        </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">______</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><u>/S/
        THOMAS A. KIEL_ </u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Thomas
        A.
        Kiel</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Vice
        President and </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Chief
        Accounting Officer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-4-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        INDEX</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="17%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit
                  No.</font></div>
              </td>
              <td valign="top" width="51%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Description</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="top" width="51%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">364
                  Day Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation Agents
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">10.2</font></div>
              </td>
              <td align="left" valign="top" width="51%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Five
                  Year Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation
                  Agents</font></div>
              </td>
            </tr>

        </table>
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[{"type": "8-K", "sequence": "1", "filename": "form8k_032007.htm", "description": "FORM 8K - MARCH 2007", "secsgml_size_bytes": 42052}]
{"company-data": {"conformed-name": "TOYOTA MOTOR CREDIT CORP", "cik": "0000834071", "assigned-sic": "6141", "irs-number": "953775816", "state-of-incorporation": "CA", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09961", "film-number": "07738356"}, "business-address": {"street1": "19001 S. WESTERN AVENUE", "city": "TORRANCE", "state": "CA", "zip": "90509", "phone": "(310) 468-1310"}, "mail-address": {"street1": "19001 S. WESTERN AVENUE", "city": "TORRANCE", "state": "CA", "zip": "90509"}}
Form 8K - March 2007
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM
        8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of the
Securities
        Exchange Act of 1934
Date
        of
        Report (Date of earliest event reported):
March
        28, 2007
TOYOTA
        MOTOR CREDIT CORPORATION
(Exact
        name of registrant as specified in its charter)
California
1-9961
95-3775816
(State
                  or other jurisdiction of incorporation)
(Commission
                  File Number)
(IRS
                  Employer Identification No.)
19001
                  S. Western Avenue
Torrance,
                  California
90501
(Address
                  of principal executive offices)
(Zip
                  Code)
Registrant's
        telephone number, including area code:
(310)
        468-1310
Check
        the appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):
[
        ]
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
[
        ]
Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[
                  ]
Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                  CFR 240.14d-2(b))
[
                  ]
Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                  CFR 240.13e-4(c))
Item
        1.01 Entry into a Material Definitive Agreement
364
        Day Credit Agreement
Toyota
        Motor Credit Corporation ("TMCC") and its wholly-owned subsidiary, Toyota Credit
        de Puerto Rico Corp. ("TCPR") entered into a $4.0 billion 364-day syndicated
        credit facility pursuant to a 364 Day Credit Agreement, dated as of March
        28,
        2007 (the "364 Day Credit Agreement"), among TMCC, TCPR, Toyota Motor Finance
        (Netherlands) B.V. ("TMFNL"), Toyota Financial Services (UK) PLC ("TFS(UK)"),
        Toyota Kreditbank GMBH ("TKG"), Toyota Leasing GMBH ("TLG") and Toyota Credit
        Canada Inc. ("TCCI"), as Borrowers, Bank of America, N.A., as Administrative
        Agent, Swing Line Agent and Swing Line Lender, each lender from time to time
        party thereto, Citigroup Global Markets Inc and Banc of America Securities
        LLC,
        as Joint Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
        Syndication Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi
        UFJ,
        Ltd., BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation Agents.
TMCC
        may
        take advances under the 364 Day Credit Agreement subject to covenants and
        conditions customary in a transaction of this nature, including negative
        pledge
        and cross default provisions. The 364 Day Credit Agreement has a 364 day
        term,
        during which TMCC, TMFNL, TFS(UK) and TKG may make aggregate draws not to
        exceed
        $3.533 billion, and TCPR may make draws not to exceed $333 million, which
        in
        each case may not exceed the total commitment amount of $4 billion. In addition,
        the 364 Day Credit Agreement provides for a swingline sub-facility of up
        to $1
        billion. The 364 Day Credit Agreement may be used for general corporate purposes
        and was not drawn upon as of the date of this filing.
Five
        Year Credit Agreement
TMCC
        and
        TCPR entered into an $8 billion five year syndicated credit facility pursuant
        to
        a Five Year Credit Agreement, dated as of March 28, 2007 (the "Five Year Credit
        Agreement"), among TMCC, TCPR, TMFNL, TFS(UK), TKG, TLG and TCCI, as Borrowers,
        Bank of America, N.A., as Administrative Agent, Swing Line Agent and Swing
        Line
        Lender, each lender from time to time party thereto, Citigroup Global Markets
        Inc and Banc of America Securities LLC, as Joint Lead Arrangers and Joint
        Book
        Managers, Citicorp USA, Inc., as Syndication Agent and Swing Line Lender,
        and
        The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas and JPMorgan Chase Bank,
        N.A., as Documentation Agents.
TMCC
        may
        take advances under the Five Year Credit Agreement subject to covenants and
        conditions customary in a transaction of this nature, including negative
        pledge
        and cross default provisions. The Five Year Credit Agreement has a five year
        term, during which TMCC, TMFNL, TFS(UK) and TKG may make aggregate draws
        not to
        exceed $7.067 billion and TCPR may make draws not to exceed $667 million,
        which
        in each case may not exceed the total commitment amount of $8 billion. In
        addition, the Five Year Credit Agreement provides for a swingline sub-facility
        of up to $2 billion. The Five Year Credit Agreement may be used for general
        corporate purposes and was not drawn upon as of the date of this
        filing.
Certain
        of the lenders participating in the 364 Day Credit Facility and the Five
        Year
        Credit Facility and their affiliates have in the past and may in the future
        engage in financing, securities, derivative and banking transactions with
        TMCC
        and its affiliates.
The
        descriptions set forth in this report of the terms and conditions of the
        364 Day
        Credit Agreement and the Five Year Credit Agreement are qualified in their
        entirety by reference to the full text of such agreements, which are filed
        as
        Exhibits 10.1 and 10.2 hereto, respectively.
-2-
Item
        1.02 Termination of a Material Definitive Agreement
The
        364
        Day Credit Agreement replaces the 364 Day Credit Agreement, dated as of March
        29, 2006 (the "Prior 364 Day Credit Agreement"), among TMCC, TCPR, TCCI,
        Citicorp USA, Inc., as Administrative Agent and the other lenders party thereto,
        which terminated on March 28, 2007.
The
        Five
        Year Credit Agreement replaces the Five-Year Credit Agreement, dated as of
        March
        29, 2006 (the "Prior Five Year Credit Agreement"), among TMCC, TCPR, Citicorp
        USA, Inc., as Administrative Agent, and the other lenders party thereto,
        which
        was terminated on March 28, 2007.
The
        descriptions set forth in this report of the terms and conditions of the
        Prior
        364 Day Credit Agreement and the Prior Five Year Credit Agreement are qualified
        in their entirety by reference to the full text of such agreements, which
        are
        filed as Exhibits 10.1 and 10.2 to TMCC's Current Report on Form 8-K, dated
        April 4, 2006, respectively.
Item
        2.03 Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant
See
        description of the 364 Day Agreement and the Five Year Agreement in Item
        1.01
        above.
Item
        9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
                  No.
Description
10.1
364
                  Day Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation
                  Agents
10.2
Five
                  Year Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation
                  Agents
-3-
SIGNATURES
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
TOYOTA
        MOTOR CREDIT CORPORATION
Date:
        April 2, 2007
By:
______
/S/
        THOMAS A. KIEL_
Thomas
        A.
        Kiel
Vice
        President and
Chief
        Accounting Officer
-4-
EXHIBIT
        INDEX
Exhibit
                  No.
Description
10.1
364
                  Day Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation Agents
10.2
Five
                  Year Credit Agreement, dated as of March 28, 2007, among Toyota
                  Motor
                  Credit Corporation, Toyota Credit de Puerto Rico Corp., Toyota
                  Credit
                  Canada Inc., Toyota Motor Finance (Netherlands) B.V., Toyota Financial
                  Services (UK) PLC, Toyota Kreditbank GMBH and Toyota Leasing GMBH,
                  as
                  Borrowers, Bank of America, N.A., as Administrative Agent, Swing
                  Line
                  Agent and Swing Line Lender, each lender from time to time party
                  thereto,
                  Citigroup Global Markets Inc and Banc of America Securities LLC,
                  as Joint
                  Lead Arrangers and Joint Book Managers, Citicorp USA, Inc., as
                  Syndication
                  Agent and Swing Line Lender, and The Bank of Tokyo-Mitsubishi UFJ,
                  Ltd.,
                  BNP Paribas and JPMorgan Chase Bank, N.A., as Documentation
                  Agents
-5-