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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>March 30, 2005</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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<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1.01  Entry into a Material Definitive Agreement</B> </FONT></P>

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Toyota Motor Credit Corporation (&#147;TMCC&#148;) and its wholly-owned subsidiary, Toyota Credit de Puerto Rico Corp.
 (&#147;TCPR&#148;) entered into a $2.9 billion 364-day syndicated credit facility (the &#147;New Facility&#148;) pursuant to a 364
 Day Credit Agreement dated as of March 30, 2005 with Citicorp USA, Inc., as Administrative Agent and the other lenders party
thereto.  A copy of the Agreement is attached as an exhibit.  The New Facility replaces an existing $2.1 billion 364-day syndicated
 credit facility (the &#147;Prior Facility&#148;) entered into on July 30, 2004.  The purpose of entering into the New Facility is
 to increase the commitments available to TMCC from $1.967 billion
to $2.767 billion.  The commitments available to TCPR remain the same at $133 million.  No amounts have been drawn under either the
New Facility or the Prior Facility.  Except for the change in term and the increased commitments, the terms of the New Facility and
the Prior Facility are the same.  No changes were made to TMCC&#146;s other credit facilities as described in TMCC&#146;s Quarterly
 Report on Form 10-Q for the period ended December 31, 2004.  Certain of the lenders participating in the New 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></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 1.02  Termination of a Material Definitive Agreement</B> </FONT></P>

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As described in Item 1.01 above, the 364 Day Credit Agreement dated as of July 30, 2004 among TMCC, TCPR, Citicorp USA, Inc. as
Administrative Agent and the other lenders party thereto has been terminated in connection with TMCC&#146;s replacement of the Prior
Facility with the New Facility.</FONT></P>


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<P><FONT face="Times New Roman, Times, Serif" size=2><B>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B> </FONT></P>

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<P><FONT face="Times New Roman, Times, Serif" size=2> See description of the New Facility in Item 1.01 above.
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<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>Item 9.01 Financial Statements and Exhibits. </FONT></H1>

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<H1 align=left><FONT face="Times New Roman, Times, Serif" size=2>(c) Exhibits. </FONT></H1>

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<TH><FONT face="Times New Roman, Times, Serif"><FONT size=2><U>Exhibit No.</U> </FONT></FONT></TH>
<TH ALIGN="LEFT"><FONT face="Times New Roman, Times, Serif" size=2><U>Description </U></FONT></TH></TR>
<TR vAlign=top>
<TD WIDTH="50%"><FONT face="Times New Roman, Times, Serif" size=2>10.1 </FONT></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT face="Times New Roman, Times, Serif" size=2>364 Day Credit Agreement among Toyota Motor Credit
<BR> Corporation and Toyota  Credit de Puerto Rico Corp., as <BR>Borrowers, Citicorp USA, Inc., as Administrative Agent <BR> and the
other lenders parties thereto dated as of March 30, 2005
<BR></FONT></TD></TR>
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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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<TH></TH>
<TH align=left></TH></TR>
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<TD align=left width="40%"><FONT face="Times New Roman, Times, Serif" size=2><BR><BR></FONT></TD></TR>
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<TD><FONT face="Times New Roman, Times, Serif" size=2>Date: April 4, 2005</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>
<TR vAlign=top>
<TD></TD>
<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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<H1 align=center><FONT face="Times New Roman, Times, Serif" size=2>EXHIBIT INDEX </FONT></H1>

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<TR VALIGN="BOTTOM" ALIGN="LEFT">
<TH><FONT face="Times New Roman, Times, Serif"><FONT size=2><U>Exhibit No.</U> </FONT></FONT></TH>
<TH ALIGN="LEFT"><FONT face="Times New Roman, Times, Serif" size=2><U>Description </U></FONT></TH></TR>
<TR vAlign=top>
<TD WIDTH="50%"><FONT face="Times New Roman, Times, Serif" size=2>10.1 </FONT></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT face="Times New Roman, Times, Serif" size=2>364 Day Credit Agreement among Toyota Motor Credit
<BR> Corporation and Toyota  Credit de Puerto Rico Corp., as <BR>Borrowers, Citicorp USA, Inc., as Administrative Agent <BR> and the
other lenders parties thereto dated as of March 30, 2005<BR></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": "05727242"}, "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):
March 30, 2005
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 1.01  Entry into a Material Definitive Agreement
Toyota Motor Credit Corporation ("TMCC") and its wholly-owned subsidiary, Toyota Credit de Puerto Rico Corp.
 ("TCPR") entered into a $2.9 billion 364-day syndicated credit facility (the "New Facility") pursuant to a 364
 Day Credit Agreement dated as of March 30, 2005 with Citicorp USA, Inc., as Administrative Agent and the other lenders party
thereto.  A copy of the Agreement is attached as an exhibit.  The New Facility replaces an existing $2.1 billion 364-day syndicated
 credit facility (the "Prior Facility") entered into on July 30, 2004.  The purpose of entering into the New Facility is
 to increase the commitments available to TMCC from $1.967 billion
to $2.767 billion.  The commitments available to TCPR remain the same at $133 million.  No amounts have been drawn under either the
New Facility or the Prior Facility.  Except for the change in term and the increased commitments, the terms of the New Facility and
the Prior Facility are the same.  No changes were made to TMCC's other credit facilities as described in TMCC's Quarterly
 Report on Form 10-Q for the period ended December 31, 2004.  Certain of the lenders participating in the New 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.
Item 1.02  Termination of a Material Definitive Agreement
As described in Item 1.01 above, the 364 Day Credit Agreement dated as of July 30, 2004 among TMCC, TCPR, Citicorp USA, Inc. as
Administrative Agent and the other lenders party thereto has been terminated in connection with TMCC's replacement of the Prior
Facility with the New Facility.
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 New Facility in Item 1.01 above.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No.
Description
10.1
364 Day Credit Agreement among Toyota Motor Credit
Corporation and Toyota  Credit de Puerto Rico Corp., as
Borrowers, Citicorp USA, Inc., as Administrative Agent
and the
other lenders parties thereto dated as of March 30, 2005
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 4, 2005
By:
/s/ JOHN F. STILLO
John F. Stillo
Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
10.1
364 Day Credit Agreement among Toyota Motor Credit
Corporation and Toyota  Credit de Puerto Rico Corp., as
Borrowers, Citicorp USA, Inc., as Administrative Agent
and the
other lenders parties thereto dated as of March 30, 2005