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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; 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; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">July 21,
2008</font></font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">TOYOTA
MOTOR CREDIT CORPORATION</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Exact
name of registrant as specified in its charter)</font></div>
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      S. Western Avenue</font></div>
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telephone number, including area code:&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">(310)
468-1310</font></font></div>
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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>
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&#160;&#160;Written communications pursuant to Rule&#160;425 under the
Securities Act (17 CFR 230.425)</font></div>
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Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17
      CFR 240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
4.02&#160;&#160;(a)&#160;&#160;Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
previously described in a Form 8-K filed on July 15, 2008, Toyota Motor Credit
Corporation (the &#8220;Company&#8221;) recently identified a non-cash error in its
accounting for certain debt in hedging relationships governed by Statement of
Financial Accounting Standards No. 133, &#8220;Accounting for Debt Instruments and
Hedging Activities&#8221; (&#8220;SFAS 133&#8221;) that occurred in periods beginning in its
fiscal year ended March 31, 2005.&#160;&#160;The Company had previously
identified a deficiency related to inherent internal control risks due to the
manual nature of compiling information from its existing debt and derivative
accounting system used to determine the mark to market value of its debt
portfolio. The Company identified the error as part of its remediation efforts
during the process of data conversion and reconciliation in its implementation
of a new debt and derivative accounting system.&#160;&#160;The error related to
certain debt denominated in foreign currencies.&#160;&#160;Market values of the
debt were incorrectly recorded resulting in an understatement of debt and
interest expense.&#160;&#160;The error was not as a result of misapplication of
SFAS 133 but instead was clerical in nature relating to certain manual
processes.&#160;&#160;The cumulative effect of this error resulted in an
understatement of debt and interest expense which caused previously reported net
income to be overstated or net loss to be understated, as relevant.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
the error relates to non-cash items, correction of the error does not affect the
Company&#8217;s net cash provided by operating activities or the Company&#8217;s ability to
repay its outstanding debt obligations as they become due.&#160;&#160;Correction
of the error results in an increase in interest expense, an increase in debt and
a reduction in deferred income taxes and retained earnings in prior quarterly
and annual fiscal periods.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On July
21, 2008, the Company's Audit Committee, upon management&#8217;s recommendation,
concluded that the consolidated financial statements of the Company should be
restated to correct the error described above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
restatement will also include the impact of certain other errors relating to the
accounting for debt and derivative transactions.&#160;&#160;These errors, which
were previously determined to be not material to any previously issued
financials statements, had been identified and corrected on a cumulative basis
during the fiscal years ended March 31, 2008 and 2007.&#160;&#160;As part of the
restatement of its consolidated financial statements, the Company will reverse
these cumulative adjustments and instead record the correction of these errors
in the periods to which the errors relate.&#160;&#160;The impact of the error
relating to the fiscal year ended March 31, 2005 was considered inconsequential
and as such the correction of the error will be recorded in the fiscal year
ended March 31, 2006.&#160;&#160;Therefore, the financial statements for the
fiscal year ended March 31, 2005 have not been restated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
aggregate impact of these previously identified errors and the error described
in the first paragraph above is a $89 million increase in net loss for the
fiscal year ended March 31, 2008, a $2 million increase in net income for the
fiscal year ended March 31, 2007 and a $36 million decrease in net income for
the fiscal year ended March 31, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In order
to correct the errors described above, the Company will restate its consolidated
financial statements for the fiscal years ended March 31, 2008, 2007 and 2006
and the quarters in fiscal years ended March 31, 2008 and 2007.&#160;&#160;The
Company will include its restated annual financial statements in a Form 10-K/A
for the fiscal year ended March 31, 2008 to be filed on or about July 21,
2008.&#160;&#160;The Form 10-K/A will also include restated quarterly financial
information for each of the quarterly periods referred to above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company believes that a material weakness exists in its internal controls
relating to the processes used to accurately record certain of its debt and
related interest expense.&#160;&#160;The Company will continue to complete the
installation of its new debt and derivative accounting system and will continue
to evaluate its processes to ensure that financial results are recorded in
compliance with GAAP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Audit
Committee has discussed the matters disclosed in this filing with
PricewaterhouseCoopers LLP, the Company's independent registered public
accounting firm.</font></div><br>
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-</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 243pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; 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>
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      </font></td>
            <td align="right" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TOYOTA
      MOTOR CREDIT CORPORATION</font></div>
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      </font></td>
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            <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      July 21, 2008</font></div>
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form8k_07212008.htm
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):
July 21,
2008
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
4.02  (a)  Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review.
As
previously described in a Form 8-K filed on July 15, 2008, Toyota Motor Credit
Corporation (the "Company") recently identified a non-cash error in its
accounting for certain debt in hedging relationships governed by Statement of
Financial Accounting Standards No. 133, "Accounting for Debt Instruments and
Hedging Activities" ("SFAS 133") that occurred in periods beginning in its
fiscal year ended March 31, 2005.  The Company had previously
identified a deficiency related to inherent internal control risks due to the
manual nature of compiling information from its existing debt and derivative
accounting system used to determine the mark to market value of its debt
portfolio. The Company identified the error as part of its remediation efforts
during the process of data conversion and reconciliation in its implementation
of a new debt and derivative accounting system.  The error related to
certain debt denominated in foreign currencies.  Market values of the
debt were incorrectly recorded resulting in an understatement of debt and
interest expense.  The error was not as a result of misapplication of
SFAS 133 but instead was clerical in nature relating to certain manual
processes.  The cumulative effect of this error resulted in an
understatement of debt and interest expense which caused previously reported net
income to be overstated or net loss to be understated, as relevant.
Because
the error relates to non-cash items, correction of the error does not affect the
Company's net cash provided by operating activities or the Company's ability to
repay its outstanding debt obligations as they become due.  Correction
of the error results in an increase in interest expense, an increase in debt and
a reduction in deferred income taxes and retained earnings in prior quarterly
and annual fiscal periods.
On July
21, 2008, the Company's Audit Committee, upon management's recommendation,
concluded that the consolidated financial statements of the Company should be
restated to correct the error described above.
The
restatement will also include the impact of certain other errors relating to the
accounting for debt and derivative transactions.  These errors, which
were previously determined to be not material to any previously issued
financials statements, had been identified and corrected on a cumulative basis
during the fiscal years ended March 31, 2008 and 2007.  As part of the
restatement of its consolidated financial statements, the Company will reverse
these cumulative adjustments and instead record the correction of these errors
in the periods to which the errors relate.  The impact of the error
relating to the fiscal year ended March 31, 2005 was considered inconsequential
and as such the correction of the error will be recorded in the fiscal year
ended March 31, 2006.  Therefore, the financial statements for the
fiscal year ended March 31, 2005 have not been restated.
The
aggregate impact of these previously identified errors and the error described
in the first paragraph above is a $89 million increase in net loss for the
fiscal year ended March 31, 2008, a $2 million increase in net income for the
fiscal year ended March 31, 2007 and a $36 million decrease in net income for
the fiscal year ended March 31, 2006.
In order
to correct the errors described above, the Company will restate its consolidated
financial statements for the fiscal years ended March 31, 2008, 2007 and 2006
and the quarters in fiscal years ended March 31, 2008 and 2007.  The
Company will include its restated annual financial statements in a Form 10-K/A
for the fiscal year ended March 31, 2008 to be filed on or about July 21,
2008.  The Form 10-K/A will also include restated quarterly financial
information for each of the quarterly periods referred to above.
The
Company believes that a material weakness exists in its internal controls
relating to the processes used to accurately record certain of its debt and
related interest expense.  The Company will continue to complete the
installation of its new debt and derivative accounting system and will continue
to evaluate its processes to ensure that financial results are recorded in
compliance with GAAP.
The Audit
Committee has discussed the matters disclosed in this filing with
PricewaterhouseCoopers LLP, the Company's independent registered public
accounting firm.
- 2
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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:
      July 21, 2008
By:
/
s
/ JOHN F.
      STILLO
John F. Stillo
Group Vice President
      and
Chief
      Financial Officer
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