<PAGE>
                                 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):  December 13, 1994
                                                        -----------------    




                        TOYOTA MOTOR CREDIT CORPORATION
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)





      California                    1-9961                   95-3775816
  -------------------          ----------------          -------------------
    (State or other              (Commission               (IRS Employer
    jurisdiction of              File Number)            Identification No.)
    incorporation)





         19001 South Western Avenue
           Torrance, California                                   90509
  ----------------------------------------                    --------------  
  (Address of principal executive offices)                      (Zip Code)   





      Registrant's telephone number, including area code:  (310) 787-1310
                                                           --------------



                                      -1-
<PAGE>
Item 5.  Other Events.
         -------------

The consolidated  results of  operations for  Toyota Motor Credit  Corporation
(the "Company") for  the fiscal year ended September 30,  1994 are as follows.
Net income  was $175 million for fiscal year 1994  as compared to $158 million
for the previous fiscal year.  

Total   assets  were  $14.7  billion   at  September  30,   1994  compared  to
$11.2 billion  at September  30, 1993.   Total  earning assets  (consisting of
finance receivables,  net  and  investments  in operating  leases,  net)  were
$14.0 billion   at    September   30,   1994   versus       $10.3 billion   at
September 30, 1993.   Total notes and  loans payable, including  the effect of
foreign currency  translations at  spot rates in  effect at the  balance sheet
date, were  $11.8 billion  and $8.8 billion  at September  30, 1994  and 1993,
respectively.   Total shareholder's equity  was $1.5 billion  at September 30,
1994 and $1.2 billion at September 30, 1993.

The  number of  retail financing  and retail  leasing accounts  outstanding at
September 30, 1994, including  the sold accounts that the Company continues to
service, was approximately 970,000.

Fiscal years 1994 and 1993 financial results follow:   
<TABLE>
<CAPTION>
                                                 Years ended September 30,  
                                                 -------------------------
                                                  1994               1993
                                                 ------             ------
<S>                                              <C>                <C>
Financing Revenues:

   Retail financing........................      $  413             $  468
   Leasing.................................       1,230                747
   Wholesale and other dealer financing....          86                 80 
                                                 ------             ------

Total financing revenues...................       1,729              1,295
   
   Interest expense........................         486                454
   Depreciation on operating leases........         735                381
                                                 ------             ------
Net financing revenues.....................         508                460 
    
Other revenues.............................          95                 77
                                                 ------             ------ 

Net Financing Revenues and Other Revenues..         603                537
                                                 ------             ------ 
Expenses:

   Operating and administrative............         232                228 
   Provision for credit losses.............          78                 54 
                                                 ------             ------ 
Total Expenses.............................         310                282 
                                                 ------             ------ 
Income before income taxes.................         293                255 

Provision for income taxes.................         118                 97 
                                                 ------             ------ 
Net Income.................................      $  175             $  158 
                                                 ======             ====== 
</TABLE>

                                      -2-
<PAGE>
                                  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:  December 13, 1994                   By       /S/WOLFGANG JAHN 
                                             -------------------------------
                                                       WOLFGANG JAHN
                                                    Group Vice President
                                                (principal executive officer)



































                                      -3-
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{"company-data": {"conformed-name": "TOYOTA MOTOR CREDIT CORP", "cik": "0000834071", "assigned-sic": "6141", "irs-number": "953775816", "state-of-incorporation": "CA", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09961", "film-number": "94564642"}, "business-address": {"street1": "19001 S WESTERN AVE", "city": "TORRANCE", "state": "CA", "zip": "90509-2958", "phone": "3107153700"}, "mail-address": {"street1": "19001 S WESTERN AVE", "city": "TORRANCE", "state": "CA", "zip": "90509"}}
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):  December 13, 1994
                                                        -----------------    

                        TOYOTA MOTOR CREDIT CORPORATION
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

      California                    1-9961                   95-3775816
  -------------------          ----------------          -------------------
    (State or other              (Commission               (IRS Employer
    jurisdiction of              File Number)            Identification No.)
    incorporation)

         19001 South Western Avenue
           Torrance, California                                   90509
  ----------------------------------------                    --------------  
  (Address of principal executive offices)                      (Zip Code)   

      Registrant's telephone number, including area code:  (310) 787-1310
                                                           --------------

                                      -1-
Item 5.  Other Events.
         -------------

The consolidated  results of  operations for  Toyota Motor Credit  Corporation
(the "Company") for  the fiscal year ended September 30,  1994 are as follows.
Net income  was $175 million for fiscal year 1994  as compared to $158 million
for the previous fiscal year.  

Total   assets  were  $14.7  billion   at  September  30,   1994  compared  to
$11.2 billion  at September  30, 1993.   Total  earning assets  (consisting of
finance receivables,  net  and  investments  in operating  leases,  net)  were
$14.0 billion   at    September   30,   1994   versus       $10.3 billion   at
September 30, 1993.   Total notes and  loans payable, including  the effect of
foreign currency  translations at  spot rates in  effect at the  balance sheet
date, were  $11.8 billion  and $8.8 billion  at September  30, 1994  and 1993,
respectively.   Total shareholder's equity  was $1.5 billion  at September 30,
1994 and $1.2 billion at September 30, 1993.

The  number of  retail financing  and retail  leasing accounts  outstanding at
September 30, 1994, including  the sold accounts that the Company continues to
service, was approximately 970,000.

Fiscal years 1994 and 1993 financial results follow:
Years ended September 30,  
                                                 -------------------------
                                                  1994               1993
                                                 ------             ------
Financing Revenues:

   Retail financing........................      $  413             $  468
   Leasing.................................       1,230                747
   Wholesale and other dealer financing....          86                 80 
                                                 ------             ------

Total financing revenues...................       1,729              1,295
   
   Interest expense........................         486                454
   Depreciation on operating leases........         735                381
                                                 ------             ------
Net financing revenues.....................         508                460 
    
Other revenues.............................          95                 77
                                                 ------             ------ 

Net Financing Revenues and Other Revenues..         603                537
                                                 ------             ------ 
Expenses:

   Operating and administrative............         232                228 
   Provision for credit losses.............          78                 54 
                                                 ------             ------ 
Total Expenses.............................         310                282 
                                                 ------             ------ 
Income before income taxes.................         293                255 

Provision for income taxes.................         118                 97 
                                                 ------             ------ 
Net Income.................................      $  175             $  158 
                                                 ======             ======
-2-
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:  December 13, 1994                   By       /S/WOLFGANG JAHN 
                                             -------------------------------
                                                       WOLFGANG JAHN
                                                    Group Vice President
                                                (principal executive officer)

                                      -3-