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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>February 2, 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>
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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;<B>19001 S. 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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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.01 Regulation FD Disclosure. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Toyota Motor Credit Corporation (the
&#147;Company&#148;) has identified certain accounting errors primarily relating to its accounting for certain derivative transactions
 relating to notes
and loans payable as governed by Statement of Financial Accounting Standards No. 133, &#147;Accounting for Derivative Instruments and
Hedging Activities&#148; (&#147;FAS 133&#148;) and Statement of Financial Accounting Standards No. 52, &#147;Foreign Currency
Translation&#148; (&#147;FAS 52&#148;).
These FAS 133 and FAS 52 errors were discovered in connection with the Company&#146;s practice of reviewing its accounting policies on an
ongoing basis.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company is currently reviewing certain of its notes and loans payable and derivative transactions accounted for in accordance
with accounting policies established by the Company beginning in 2000 upon the Company&#146;s initial adoption of FAS 133 and continuing
through the current period.  FAS 133 is a complex standard and application of the standard has evolved over time; as a result the
Company is reconsidering its previous accounting treatment relating to these derivative instruments and the related notes and loans
payable. The FAS 133 and FAS 52 accounting policies under review primarily relate to basis adjustments made to the Company&#146;s notes
and loans payable as a result of its derivative hedging and the subsequent income statement amortization and recognition of these
adjustments. The Company uses derivative contracts to hedge foreign currency exposure on foreign denominated notes and loans payable
and to hedge its interest rate exposure. It does not use derivatives for trading purposes.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company has not yet determined whether a financial restatement will be appropriate.  The Company believes that the errors
primarily involve the timing of revenue and expense recognition and therefore, when corrected, will not affect the Company&#146;s
operating cash flows or cash position and thus will not affect the Company&#146;s ability to repay outstanding debt obligations as they
become due.  Because the Company has not completed its internal review, the Company is not currently in a position to quantify the
impact on its financial statements. However, at this time the Company does not believe that the errors, when corrected, will have a
significant effect on its financial condition. 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 December 31, 2004.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forward-Looking Statements Disclaimer Legend</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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&#146;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&#146;s Annual Report on Form 10-K, as amended, for the fiscal year
ended March 31, 2004.  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></P>


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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: February 2, 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>
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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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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):
February 2, 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 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") has identified certain accounting errors primarily relating to its accounting for certain derivative transactions
 relating to notes
and loans payable as governed by Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and
Hedging Activities" ("FAS 133") and Statement of Financial Accounting Standards No. 52, "Foreign Currency
Translation" ("FAS 52").
These FAS 133 and FAS 52 errors were discovered in connection with the Company's practice of reviewing its accounting policies on an
ongoing basis.
The Company is currently reviewing certain of its notes and loans payable and derivative transactions accounted for in accordance
with accounting policies established by the Company beginning in 2000 upon the Company's initial adoption of FAS 133 and continuing
through the current period.  FAS 133 is a complex standard and application of the standard has evolved over time; as a result the
Company is reconsidering its previous accounting treatment relating to these derivative instruments and the related notes and loans
payable. The FAS 133 and FAS 52 accounting policies under review primarily relate to basis adjustments made to the Company's notes
and loans payable as a result of its derivative hedging and the subsequent income statement amortization and recognition of these
adjustments. The Company uses derivative contracts to hedge foreign currency exposure on foreign denominated notes and loans payable
and to hedge its interest rate exposure. It does not use derivatives for trading purposes.
The Company has not yet determined whether a financial restatement will be appropriate.  The Company believes that the errors
primarily involve the timing of revenue and expense recognition and therefore, when corrected, will not affect the Company's
operating cash flows or cash position and thus will not affect the Company's ability to repay outstanding debt obligations as they
become due.  Because the Company has not completed its internal review, the Company is not currently in a position to quantify the
impact on its financial statements. However, at this time the Company does not believe that the errors, when corrected, will have a
significant effect on its financial condition. 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 December 31, 2004.
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, as amended, for the fiscal year
ended March 31, 2004.  The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
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: February 2, 2005
By:
/s/ JOHN F. STILLO
John F. Stillo
Vice President and
Chief Financial Officer