<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 3, 1996
                                                        -----------    




                      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
                                                              --------------


<PAGE>

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

Toyota Motor Credit Corporation's  (the "Company's") net income for  the three
months and six months  ended  March 31, 1996 was $36  million and $77 million,
respectively, as compared to $45 million and $89 million  for the same periods
in fiscal 1995.

Total assets were $17.6 billion, $16.2  billion and $16.4 billion at March 31,
1996, September  30, 1995 and March 31, 1995, respectively.  Total net earning
assets  (consisting  of  investments  in  operating  leases,  net  and finance
receivables,  net)  were $16.9  billion, $15.4  billion  and $15.0  billion at
March 31, 1996, September 30,  1995 and March  31, 1995, respectively.   Total
notes and loans payable, including the effect of foreign currency translations
at  spot rates  in  effect at  the  balance sheet  date,  were $13.9  billion,
$12.7 billion and  $13.2 billion  at March  31, 1996,  September 30,  1995 and
March 31, 1995, respectively.   Total shareholder's  equity was $1.8  billion,
$1.7  billion and  $1.6 billion  at  March 31,  1996, September  30, 1995  and
March 31, 1995, respectively.

Financial results for the three months and six months ended March 31, 1996 and
1995 follow:
<TABLE>
<CAPTION>
                                              Three Months Ended    Six Months Ended
                                                   March 31,            March 31,
                                              ------------------    ----------------
                                               1996        1995      1996      1995
                                              ------      ------    ------    ------
                                                             (Unaudited)
<S>                                           <C>         <C>       <C>       <C>
Financing Revenues:

   Leasing.................................   $  593      $  465    $1,150    $  894
   Retail financing........................      103         107       204       216
   Wholesale and other dealer financing....       28          29        58        55
                                              ------      ------    ------    ------

Total financing revenues...................      724         601     1,412     1,165

   Depreciation on operating leases........      394         298       764       575
   Interest expense........................      196         175       389       336
                                              ------      ------    ------    ------
                            
Net financing revenues.....................      134         128       259       254
          
Other revenues.............................       29          26        58        51
                                              ------      ------    ------    ------

Net Financing Revenues and Other Revenues..      163         154       317       305
                                              ------      ------    ------    ------

Expenses:

   Operating and administrative............       74          64       139       124
   Provision for credit losses.............       29          15        50        33
                                              ------      ------    ------    ------

Total Expenses............................       103          79       189       157
                                              ------      ------    ------    ------

Income before income taxes.................       60          75       128       148

Provision for income taxes.................       24          30        51        59
                                              ------      ------    ------    ------

Net Income.................................   $   36      $   45    $   77    $   89
                                              ======      ======    ======    ======
</TABLE>


<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 thereunto duly authorized.



                                               TOYOTA MOTOR CREDIT CORPORATION
                                               -------------------------------
                                                        (Registrant)



Date:  May 3, 1996                         By       /S/ WOLFGANG JAHN
                                               -------------------------------
                                                        WOLFGANG JAHN
                                                  Senior Vice President and
                                                       General Manager
                                                (principal executive officer)
[{"type": "8-K", "sequence": "1", "description": "CURRENT REPORT ON FORM 8-K", "secsgml_size_bytes": 6265}]
{"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": "96556009"}, "business-address": {"street1": "19001 S WESTERN AVE", "street2": "PO BOX 2958 FN12", "city": "TORRANCE", "state": "CA", "zip": "90509-2958", "phone": "3107873848"}, "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 3, 1996
                                                        -----------    

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

Toyota Motor Credit Corporation's  (the "Company's") net income for  the three
months and six months  ended  March 31, 1996 was $36  million and $77 million,
respectively, as compared to $45 million and $89 million  for the same periods
in fiscal 1995.

Total assets were $17.6 billion, $16.2  billion and $16.4 billion at March 31,
1996, September  30, 1995 and March 31, 1995, respectively.  Total net earning
assets  (consisting  of  investments  in  operating  leases,  net  and finance
receivables,  net)  were $16.9  billion, $15.4  billion  and $15.0  billion at
March 31, 1996, September 30,  1995 and March  31, 1995, respectively.   Total
notes and loans payable, including the effect of foreign currency translations
at  spot rates  in  effect at  the  balance sheet  date,  were $13.9  billion,
$12.7 billion and  $13.2 billion  at March  31, 1996,  September 30,  1995 and
March 31, 1995, respectively.   Total shareholder's  equity was $1.8  billion,
$1.7  billion and  $1.6 billion  at  March 31,  1996, September  30, 1995  and
March 31, 1995, respectively.

Financial results for the three months and six months ended March 31, 1996 and
1995 follow:
Three Months Ended    Six Months Ended
                                                   March 31,            March 31,
                                              ------------------    ----------------
                                               1996        1995      1996      1995
                                              ------      ------    ------    ------
                                                             (Unaudited)
Financing Revenues:

   Leasing.................................   $  593      $  465    $1,150    $  894
   Retail financing........................      103         107       204       216
   Wholesale and other dealer financing....       28          29        58        55
                                              ------      ------    ------    ------

Total financing revenues...................      724         601     1,412     1,165

   Depreciation on operating leases........      394         298       764       575
   Interest expense........................      196         175       389       336
                                              ------      ------    ------    ------
                            
Net financing revenues.....................      134         128       259       254
          
Other revenues.............................       29          26        58        51
                                              ------      ------    ------    ------

Net Financing Revenues and Other Revenues..      163         154       317       305
                                              ------      ------    ------    ------

Expenses:

   Operating and administrative............       74          64       139       124
   Provision for credit losses.............       29          15        50        33
                                              ------      ------    ------    ------

Total Expenses............................       103          79       189       157
                                              ------      ------    ------    ------

Income before income taxes.................       60          75       128       148

Provision for income taxes.................       24          30        51        59
                                              ------      ------    ------    ------

Net Income.................................   $   36      $   45    $   77    $   89
                                              ======      ======    ======    ======
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 thereunto duly authorized.

                                               TOYOTA MOTOR CREDIT CORPORATION
                                               -------------------------------
                                                        (Registrant)

Date:  May 3, 1996                         By       /S/ WOLFGANG JAHN
                                               -------------------------------
                                                        WOLFGANG JAHN
                                                  Senior Vice President and
                                                       General Manager
                                                (principal executive officer)