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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>
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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 15,
2008</font></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-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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      or other jurisdiction of incorporation)</font></div>
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      File Number)</font></div>
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      Employer Identification No.)</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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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">&#160;&#160;&#160;&#160;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></div>
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communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
230.425)</font></div>
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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
      communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17
      CFR 240.14d-2(b))</font></div>
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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="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
7.01&#160;Regulation FD Disclosure.</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">Toyota
Motor Credit Corporation (the &#8220;Company&#8221;) 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 fiscal
2005. &#160;The Company had previously identified a significant 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.&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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;</font>&#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>
    <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 at this time that the error will not affect the Company&#8217;s cash
flows from operating activities or cash position when corrected and thus will
not affect the Company&#8217;s ability to repay its outstanding debt obligations as
they become due.&#160;&#160;Because the Company has not yet completed its
internal review, the Company is currently not in a position to quantify
precisely the impact of the error on its financial
statements.&#160;&#160;However, at this time, the Company expects that the
error, which relates to non-cash items, will result in an increase in interest
expense, an increase in debt and a reduction in deferred income taxes and
retained earnings.&#160; The Company currently estimates that the cumulative
amount of the error will be in the range of approximately $120 million to $155
million on an after-tax basis.&#160;&#160;Of such amount, the Company currently
estimates that the net loss for the fiscal year ended March 31, 2008 would
increase by approximately $70 million.</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 is in discussions with its advisors to seek their guidance
regarding&#160;this matter.&#160;&#160;The Company expects to provide additional
information no later than the filing of its next quarterly report on Form 10-Q
for the quarter ended June 30, 2008.</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">Pursuant
to General Instruction B.2. of Form 8-K, the information furnished hereunder
shall be deemed &#8220;filed&#8221;, not &#8220;furnished&#8221;, and shall be incorporated by reference
into the Company&#8217;s Form S-3 filed with the U.S. Securities and Exchange
Commission on March 3, 2006 (File No. 333-132201).</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">Forward-Looking
Statements Disclaimer Legend</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 above
information contains forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995.&#160;&#160;These
statements are based on management&#8217;s current expectations and are subject to
risks, uncertainties and changes in circumstances that could cause actual
results to differ materially from those projected, anticipated or
implied.&#160;&#160;For information concerning these risks and uncertainties,
see the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended March 31,
2008.&#160;&#160;The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.</font></div><br>
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-</font></div>
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    </div><br>
    <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="center"><font style="DISPLAY: inline; 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; TEXT-INDENT: 0pt"><br></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>
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              <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;
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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 15, 2008</font></div>
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      JOHN F. STILLO</font></font></font></font></div>
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form8k_07152008.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 15,
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
7.01 Regulation FD Disclosure.
Toyota
Motor Credit Corporation (the "Company") 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 fiscal
2005.  The Company had previously identified a significant 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.
The
Company believes at this time that the error will not affect the Company's cash
flows from operating activities or cash position when corrected and thus will
not affect the Company's ability to repay its outstanding debt obligations as
they become due.  Because the Company has not yet completed its
internal review, the Company is currently not in a position to quantify
precisely the impact of the error on its financial
statements.  However, at this time, the Company expects that the
error, which relates to non-cash items, will result in an increase in interest
expense, an increase in debt and a reduction in deferred income taxes and
retained earnings.  The Company currently estimates that the cumulative
amount of the error will be in the range of approximately $120 million to $155
million on an after-tax basis.  Of such amount, the Company currently
estimates that the net loss for the fiscal year ended March 31, 2008 would
increase by approximately $70 million.
The
Company is in discussions with its advisors to seek their guidance
regarding this matter.  The Company expects to provide additional
information no later than the filing of its next quarterly report on Form 10-Q
for the quarter ended June 30, 2008.
Pursuant
to General Instruction B.2. of Form 8-K, the information furnished hereunder
shall be deemed "filed", not "furnished", and shall be incorporated by reference
into the Company's Form S-3 filed with the U.S. Securities and Exchange
Commission on March 3, 2006 (File No. 333-132201).
Forward-Looking
Statements Disclaimer Legend
The above
information contains forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995.  These
statements are based on management's current expectations and are subject to
risks, uncertainties and changes in circumstances that could cause actual
results to differ materially from those projected, anticipated or
implied.  For information concerning these risks and uncertainties,
see the Company's Annual Report on Form 10-K for the fiscal year ended March 31,
2008.  The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
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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 15, 2008
By:
/S/
      JOHN F. STILLO
John F. Stillo
Group Vice President
      and
Chief
      Financial Officer
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