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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Earnings Release </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Toyota Motor Credit
Corporation Reports<BR>Fourth Quarter and Fiscal Year Results </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TORRANCE, Calif. May 11, 2004 &#150;
Toyota Motor Credit Corporation (&#147;TMCC&#148;) and its consolidated subsidiaries (&#147;the Company&#148;), which is marketed under the
brands of Toyota Financial Services (&#147;TFS&#148;) and Lexus Financial Services
(&#147;LFS&#148;), announced earnings for the three-month period and fiscal year ended
March 31, 2004. </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="600" BORDER="0">
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     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three Months Ended <BR>March 31,</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fiscal Year Ended <BR>March 31,</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=12><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(in millions)<BR><BR></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="45%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>Net income<BR></FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>  132</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>   42</FONT></TD>
        <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>  601</FONT></TD>
        <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>  110</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=2></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=Black SIZE=2></TD><TD></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>Memo: The following amounts are included above</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2><BR>Derivative fair value adjustment (before tax)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>   46</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>  (13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>  171</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2> (335</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2><BR>Provision/(benefit) for income taxes on derivative fair value adjustment</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>   19</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>   (5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2>   67</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif"SIZE=2>$</FONT></TD><TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"SIZE=2> (133</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Net income for the three months and fiscal year ended March 31, 2004 was $132 million and $601 million,
respectively, an increase of $90 million and $491 million over the comparable periods in the prior year.  During
the three months and fiscal year ended March 31, 2004, the Company recognized a net unrealized gain (before tax)
associated with derivative fair value adjustments of $46 million and $171 million, respectively, compared to a
net unrealized loss (before tax) of $13 million and $335 million, respectively, for the comparable prior year
periods. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
TFS and LFS are the finance and insurance brands for Toyota and Lexus, respectively, in the United States.  They
primarily offer retail auto financing and leasing, and wholesale auto financing through TMCC, and extended
service contracts through Toyota Motor Insurance Services.  The Company is part of a worldwide network of
comprehensive financial services offered by Toyota Financial Services Corporation, a wholly owned subsidiary of
Toyota Motor Corporation.
</FONT></P>
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Exhibit 99.1
Earnings Release
Toyota Motor Credit
Corporation Reports
Fourth Quarter and Fiscal Year Results
TORRANCE, Calif. May 11, 2004 –
Toyota Motor Credit Corporation ("TMCC") and its consolidated subsidiaries ("the Company"), which is marketed under the
brands of Toyota Financial Services ("TFS") and Lexus Financial Services
("LFS"), announced earnings for the three-month period and fiscal year ended
March 31, 2004.
Three Months Ended
March 31,
Fiscal Year Ended
March 31,
2004
2003
2004
2003
(in millions)
Net income
$
132
$
42
$
601
$
110
Memo: The following amounts are included above
Derivative fair value adjustment (before tax)
$
46
$
(13
)
$
171
$
(335
)
Provision/(benefit) for income taxes on derivative fair value adjustment
$
19
$
(5
)
$
67
$
(133
)
Net income for the three months and fiscal year ended March 31, 2004 was $132 million and $601 million,
respectively, an increase of $90 million and $491 million over the comparable periods in the prior year.  During
the three months and fiscal year ended March 31, 2004, the Company recognized a net unrealized gain (before tax)
associated with derivative fair value adjustments of $46 million and $171 million, respectively, compared to a
net unrealized loss (before tax) of $13 million and $335 million, respectively, for the comparable prior year
periods.
TFS and LFS are the finance and insurance brands for Toyota and Lexus, respectively, in the United States.  They
primarily offer retail auto financing and leasing, and wholesale auto financing through TMCC, and extended
service contracts through Toyota Motor Insurance Services.  The Company is part of a worldwide network of
comprehensive financial services offered by Toyota Financial Services Corporation, a wholly owned subsidiary of
Toyota Motor Corporation.