<PAGE>
                               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):  May 16, 1995
                                                         ------------ 




                      TOYOTA MOTOR CREDIT CORPORATION
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)





     California                     1-9961                    95-3775816
- -------------------             ----------------           -------------------
  (State or other                 (Commission                (IRS Employer
   jurisdiction of                File Number)             Identification No.)
   incorporation)





       19001 South Western Avenue
         Torrance, California                                       90509
- ----------------------------------------                       ---------------
(Address of principal executive offices)                          (Zip Code)   





      Registrant's telephone number, including area code:     (310) 787-1310
                                                             -----------------





                                      -1-


<PAGE>

Item 5.  Other Events.
         -------------

On May 16, 1995,  the U.S. Trade Representative  announced for public  comment
proposed  sanctions  on   specified  vehicles  imported   from  Japan.     The
specifications include all current models in  the Lexus line of vehicles.  The
sanctions would  impose 100%  tariffs  on the  targeted vehicles.   The  final
determination  regarding imposition of the sanctions is expected to be made in
late June.   The U.S. Trade  Representative stated that, if  the United States
enacts the sanctions,  it intends to have them apply  retroactively to include
vehicles imported on or after May 20, 1995.

Approximately 25% of Toyota Motor Credit Corporation's (the "Company") earning
assets as  of March  31, 1995  consisted of retail  installment contracts  and
leases  on Lexus  vehicles and  wholesale financing,  real estate  and working
capital loans to Lexus dealers.   Approximately 25% of the Company's financing
revenues, net of operating lease  depreciation for the six months ended  March
31, 1995 pertained to these assets.

The United States and Japan are expected to continue discussions  in an effort
to  reach a satisfactory compromise regarding trade issues before the targeted
date for  imposition of  trade sanctions.  If, however, sanctions  are imposed
in their current  form, the sale and lease of Lexus  vehicles in the U.S. will
be  substantially curtailed,  resulting in  a  reduction in  the level  of the
Company's finance and  insurance operations.  Although sanctions  could result
in defaults by Lexus dealers under real estate and  working capital loans made
to them by  the Company, such loans constitute  less than 1% of  the Company's
total earning  assets as of March  31, 1995.  Management  is uncertain whether
the imposition of sanctions will adversely affect the realizable values of the
aggregate residual  values of the  leases on Lexus  vehicles reflected in  the
Company's financial statements.  Management anticipates that the sanctions, if
imposed,  could result  in  a material  decrease  in the  Company's  financing
revenue and operating profits.
























                                      -2-


<PAGE>

                                 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:  May 18, 1995                       By     /S/ WOLFGANG JAHN 
                                            -------------------------------
                                                     WOLFGANG JAHN
                                                 Group Vice President
                                                  and General Manager
                                             (principal executive officer)





































                                      -3-
[{"type": "8-K", "sequence": "1", "description": "CURRENT REPORT ON FORM 8-K", "secsgml_size_bytes": 4659}]
{"company-data": {"conformed-name": "TOYOTA MOTOR CREDIT CORP", "cik": "0000834071", "assigned-sic": "6141", "irs-number": "953775816", "state-of-incorporation": "CA", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09961", "film-number": "95540820"}, "business-address": {"street1": "19001 S WESTERN AVE", "city": "TORRANCE", "state": "CA", "zip": "90509-2958", "phone": "3107153700"}, "mail-address": {"street1": "19001 S WESTERN AVE", "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):  May 16, 1995
                                                         ------------ 

                      TOYOTA MOTOR CREDIT CORPORATION
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)

     California                     1-9961                    95-3775816
- -------------------             ----------------           -------------------
  (State or other                 (Commission                (IRS Employer
   jurisdiction of                File Number)             Identification No.)
   incorporation)

       19001 South Western Avenue
         Torrance, California                                       90509
- ----------------------------------------                       ---------------
(Address of principal executive offices)                          (Zip Code)   

      Registrant's telephone number, including area code:     (310) 787-1310
                                                             -----------------

                                      -1-
Item 5.  Other Events.
         -------------

On May 16, 1995,  the U.S. Trade Representative  announced for public  comment
proposed  sanctions  on   specified  vehicles  imported   from  Japan.     The
specifications include all current models in  the Lexus line of vehicles.  The
sanctions would  impose 100%  tariffs  on the  targeted vehicles.   The  final
determination  regarding imposition of the sanctions is expected to be made in
late June.   The U.S. Trade  Representative stated that, if  the United States
enacts the sanctions,  it intends to have them apply  retroactively to include
vehicles imported on or after May 20, 1995.

Approximately 25% of Toyota Motor Credit Corporation's (the "Company") earning
assets as  of March  31, 1995  consisted of retail  installment contracts  and
leases  on Lexus  vehicles and  wholesale financing,  real estate  and working
capital loans to Lexus dealers.   Approximately 25% of the Company's financing
revenues, net of operating lease  depreciation for the six months ended  March
31, 1995 pertained to these assets.

The United States and Japan are expected to continue discussions  in an effort
to  reach a satisfactory compromise regarding trade issues before the targeted
date for  imposition of  trade sanctions.  If, however, sanctions  are imposed
in their current  form, the sale and lease of Lexus  vehicles in the U.S. will
be  substantially curtailed,  resulting in  a  reduction in  the level  of the
Company's finance and  insurance operations.  Although sanctions  could result
in defaults by Lexus dealers under real estate and  working capital loans made
to them by  the Company, such loans constitute  less than 1% of  the Company's
total earning  assets as of March  31, 1995.  Management  is uncertain whether
the imposition of sanctions will adversely affect the realizable values of the
aggregate residual  values of the  leases on Lexus  vehicles reflected in  the
Company's financial statements.  Management anticipates that the sanctions, if
imposed,  could result  in  a material  decrease  in the  Company's  financing
revenue and operating profits.

                                      -2-
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:  May 18, 1995                       By     /S/ WOLFGANG JAHN 
                                            -------------------------------
                                                     WOLFGANG JAHN
                                                 Group Vice President
                                                  and General Manager
                                             (principal executive officer)

                                      -3-