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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>UNITED STATES </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>SECURITIES AND EXCHANGE COMMISSION </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Washington, D.C. 20549 </FONT></P>

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<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>FORM 8-K </FONT></H1>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>CURRENT REPORT </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to Section 13 or 15(d) of the </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Securities Exchange Act of 1934 </FONT></P>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>Date of Report (Date of earliest event reported): </FONT></P>

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<H1 align=center><FONT face="Times New Roman, Times, Serif" size=2><U>October 11, 2004</U> </FONT></H1>

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<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3>TOYOTA MOTOR CREDIT CORPORATION </FONT></H1>

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<P align=center><FONT face="Times New Roman, Times, Serif" size=2>(Exact name of registrant as specified in its charter) </FONT></P>




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     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>California</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1-9961</FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>95-3775816</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="45%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction of incorporation)</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission File Number)</FONT></TD>
     <TD WIDTH="45%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer Identification No.)</FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>19001 So. Western Avenue</B></FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Torrance, California</B></FONT></TD>
   <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>90501</B></FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR>

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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;(Address of principal executive offices)</FONT></TD>
      <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Zip Code)</FONT></TD></TR>
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<P><FONT face="Times New Roman, Times, Serif" size=2>Registrant's telephone number, including area code: <U>(310) 468-1310</U></FONT>
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<P><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P><FONT face="Times New Roman, Times, Serif" size=2>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>

<P><FONT face="Times New Roman, Times, Serif" size=2>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT>

<P><FONT face="Times New Roman, Times, Serif" size=2>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT>

<P><FONT face="Times New Roman, Times, Serif" size=2>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT>

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<B><FONT face="Times New Roman, Times, Serif" size=2>Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</FONT></B><BR><BR>

<FONT face="Times New Roman, Times, Serif" size=2>The Company has hired Thomas Kiel as Corporate Manager and Chief Accounting Officer and he will serve as the Company's principal
accounting officer. Mr. Kiel is expected to join the Company no later than November 15, 2004.<BR><BR>

Mr. Kiel, 38, served as Senior Vice President - Line of Business Risk Finance Executive at Bank of America Corporation from March
2004 to October 2004, and previously served at Bank of America Corporation as Senior Vice President - Corporate Analysis and
Reporting from December 2002 to March 2004, Senior Vice President - Accounting Policy from July 2002 to December 2002, and Vice
President - Accounting Policy from April 2000 to June 2002.  Prior to joining Bank of America Corporation, Mr. Kiel served as Senior
Vice President and Chief Financial Officer at Memorial Operations Company from March 1997 to September 1999.  Prior to joining
Memorial Operations Company, Mr. Kiel was employed by KPMG Peat Marwick, LLP as a Senior Audit Manager.<BR><BR>

Mr. Kiel holds a Bachelor degree in Accounting from Baylor University and is a Certified Public Accountant.<BR><BR>

There are no familial relationships between Mr. Kiel and any director or executive officer of the Company.<BR><BR>

In connection with hiring Mr. Kiel as an at-will employee and appointing him Corporate Manager and Chief Accounting Officer, the
Company conveyed an offer letter (the "Offer Letter") to Mr. Kiel, which he accepted on October 11, 2004. Pursuant to the Offer
Letter, Mr. Kiel will receive a starting annual base salary of $225,000. Mr. Kiel will be entitled to guaranteed bonuses of $100,000
in each of fiscal years 2005 and 2006. In addition, to compensate Mr. Kiel for the loss of stock options granted by his prior
employer, he will be entitled to receive (i) $100,000 at the earlier of January 1, 2005 or the closing of escrow for a California
residence; (ii) $50,000 on the second anniversary of his start date; (iii) $100,000 on the third anniversary of his start date; and
(iv) $50,000 on the fourth anniversary of his start date.  He will also receive an additional $25,000 annually for ten years starting
in January 1, 2005 to compensate him for relocation and additional housing costs in moving to California. All of the bonus and
additional amounts payable to Mr. Kiel are conditioned on his continued employment and his not having engaged in misconduct during
the fiscal year in which the payments are made. Mr. Kiel will also be entitled to participate in benefit programs available to
employees at his level.
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<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>SIGNATURES</B> </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2>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></P>

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<P align=right><FONT face="Times New Roman, Times, Serif" size=2>TOYOTA MOTOR CREDIT CORPORATION </FONT></P>

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<TD><FONT face="Times New Roman, Times, Serif" size=2>Date: October 15, 2004</FONT> </TD>
<TD align=right><FONT face="Times New Roman, Times, Serif" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ JOHN&nbsp;F.&nbsp;STILLO</U></FONT>&nbsp;</TD></TR>
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<TD align=right><FONT face="Times New Roman, Times, Serif" size=2><BR>John F. Stillo<BR>Vice President and<BR>Chief Financial Officer</FONT> </TD></TR>
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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": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09961", "film-number": "041079748"}, "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"}}
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):
October 11, 2004
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 So. 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 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
The Company has hired Thomas Kiel as Corporate Manager and Chief Accounting Officer and he will serve as the Company's principal
accounting officer. Mr. Kiel is expected to join the Company no later than November 15, 2004.
Mr. Kiel, 38, served as Senior Vice President - Line of Business Risk Finance Executive at Bank of America Corporation from March
2004 to October 2004, and previously served at Bank of America Corporation as Senior Vice President - Corporate Analysis and
Reporting from December 2002 to March 2004, Senior Vice President - Accounting Policy from July 2002 to December 2002, and Vice
President - Accounting Policy from April 2000 to June 2002.  Prior to joining Bank of America Corporation, Mr. Kiel served as Senior
Vice President and Chief Financial Officer at Memorial Operations Company from March 1997 to September 1999.  Prior to joining
Memorial Operations Company, Mr. Kiel was employed by KPMG Peat Marwick, LLP as a Senior Audit Manager.
Mr. Kiel holds a Bachelor degree in Accounting from Baylor University and is a Certified Public Accountant.
There are no familial relationships between Mr. Kiel and any director or executive officer of the Company.
In connection with hiring Mr. Kiel as an at-will employee and appointing him Corporate Manager and Chief Accounting Officer, the
Company conveyed an offer letter (the "Offer Letter") to Mr. Kiel, which he accepted on October 11, 2004. Pursuant to the Offer
Letter, Mr. Kiel will receive a starting annual base salary of $225,000. Mr. Kiel will be entitled to guaranteed bonuses of $100,000
in each of fiscal years 2005 and 2006. In addition, to compensate Mr. Kiel for the loss of stock options granted by his prior
employer, he will be entitled to receive (i) $100,000 at the earlier of January 1, 2005 or the closing of escrow for a California
residence; (ii) $50,000 on the second anniversary of his start date; (iii) $100,000 on the third anniversary of his start date; and
(iv) $50,000 on the fourth anniversary of his start date.  He will also receive an additional $25,000 annually for ten years starting
in January 1, 2005 to compensate him for relocation and additional housing costs in moving to California. All of the bonus and
additional amounts payable to Mr. Kiel are conditioned on his continued employment and his not having engaged in misconduct during
the fiscal year in which the payments are made. Mr. Kiel will also be entitled to participate in benefit programs available to
employees at his level.
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: October 15, 2004
By:
/s/ JOHN F. STILLO
John F. Stillo
Vice President and
Chief Financial Officer