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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>October 19, 2004</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>
<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;&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 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>
<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;&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>
<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;&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>
</TABLE>



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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 2.02 Results of
Operations and Financial Condition. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Toyota Motor Credit Corporation (the
&#147;Company&#148;) is in the process of preparing a restatement of: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
its audited consolidated financial statements as of March 31, 2004 and 2003 and for each
of the years in the three year period ended March 31, 2004, and </FONT></TD>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
its unaudited consolidated financial statements for the three and six month periods ended
September 30, 2003, as of December 31, 2003 and for the three and nine month periods ended
December 31, 2003 and 2002, and as of June 30, 2004 and for the three months ended June
30, 2004 and 2003. </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company intends to file
amendments to its Quarterly Report on Form 10-Q for the period ended
December&nbsp;31,&nbsp;2003, its Annual Report on Form 10-K for the fiscal year ended
March&nbsp;31,&nbsp;2004 and its Quarterly Report on Form 10-Q for the period ended
June&nbsp;30,&nbsp;2004 that will include restated financial statements and amendments to
related disclosures for the fiscal periods covered by those reports. The Company&#146;s
Quarterly Report on Form 10-Q for the period ended September 30, 2004 to be filed with the
Securities and Exchange Commission will include restated financial statements and
amendments to related disclosures for the three and six month periods ended September 30,
2003. Item&nbsp;4.02 contains additional information about adjustments to the financial
results of the Company, and is incorporated herein by reference. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 4.02 Non-Reliance on
Previously Issued Financial Statements or a Related Audit Report or Completed Interim
Review.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As part of the Company&#146;s ongoing
review of its accounting policies in the second quarter of fiscal 2005, management
determined that the Company&#146;s accounting methodology relating primarily to its
recognition of certain incremental direct costs and fees was not in compliance with
generally accepted accounting principles in the United States (&#147;GAAP&#148;). These
costs and fees relate primarily to those incurred in connection with the acquisition of
finance and lease contracts. For example, certain incremental direct costs and fees were
expensed when incurred rather than amortized over the life of the related contracts. The
methods used resulted in an understatement of revenue and an overstatement of expenses,
causing an understatement of net income in prior quarterly and annual fiscal periods. As a
result, the Company has determined that certain adjustments are necessary to the
Company&#146;s consolidated financial statements for the periods described above in Item
2.02, which is incorporated herein by reference, and investors should look to the revised
financial statements when they become available. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October&nbsp;19, 2004, the
Company&#146;s Audit Committee agreed with management&#146;s recommendation that the
consolidated financial statements of the Company for the periods described above in Item
2.02 should be restated in order to reflect the appropriate methods of recognizing certain
incremental direct costs and fees. The Audit Committee has discussed this conclusion with
the Company&#146;s independent registered public accounting firm. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The adjustments are expected to
result in differences in the timing of revenue recognition but are not expected to affect
previously reported cash flow. The Company anticipates that these adjustments will result
in an increase in net financing revenues and net income and a decrease in operating and
administrative expenses on the consolidated income statements, and an increase in net
finance receivables, deferred taxes and retained earnings on the consolidated balance
sheets. Because the Company has not yet completed its internal review and no conclusions
have been reached, the Company is not currently in a position to quantify the impact of
the anticipated restatement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In light of the expected restatement,
the Company believes that a material weakness existed in its internal controls related to
the design and review of revenue recognition policies particularly in the area of
incremental direct costs and fees and in the structure and design of related financial
information systems. The Company intends to devote significant resources to revising its
policies, procedures, and financial information systems in this area to comply with the
methods required by GAAP to ensure accurate measurement of estimates and recording of
amounts associated with these transactions at acquisition and over the life of the
contracts. </FONT></P>


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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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<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>99.1 </FONT></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT face="Times New Roman, Times, Serif" size=2>Press Release dated October 25, 2004.</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: October 25, 2004</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>99.1 </FONT></TD>
<TD WIDTH="50%" ALIGN="LEFT"><FONT face="Times New Roman, Times, Serif" size=2>Press Release dated October 25, 2004.</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": "041093924"}, "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):
October 19, 2004
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 2.02 Results of
Operations and Financial Condition.
Toyota Motor Credit Corporation (the
"Company") is in the process of preparing a restatement of:
o
its audited consolidated financial statements as of March 31, 2004 and 2003 and for each
of the years in the three year period ended March 31, 2004, and
o
its unaudited consolidated financial statements for the three and six month periods ended
September 30, 2003, as of December 31, 2003 and for the three and nine month periods ended
December 31, 2003 and 2002, and as of June 30, 2004 and for the three months ended June
30, 2004 and 2003.
The Company intends to file
amendments to its Quarterly Report on Form 10-Q for the period ended
December 31, 2003, its Annual Report on Form 10-K for the fiscal year ended
March 31, 2004 and its Quarterly Report on Form 10-Q for the period ended
June 30, 2004 that will include restated financial statements and amendments to
related disclosures for the fiscal periods covered by those reports. The Company's
Quarterly Report on Form 10-Q for the period ended September 30, 2004 to be filed with the
Securities and Exchange Commission will include restated financial statements and
amendments to related disclosures for the three and six month periods ended September 30,
2003. Item 4.02 contains additional information about adjustments to the financial
results of the Company, and is incorporated herein by reference.
Item 4.02 Non-Reliance on
Previously Issued Financial Statements or a Related Audit Report or Completed Interim
Review.
As part of the Company's ongoing
review of its accounting policies in the second quarter of fiscal 2005, management
determined that the Company's accounting methodology relating primarily to its
recognition of certain incremental direct costs and fees was not in compliance with
generally accepted accounting principles in the United States ("GAAP"). These
costs and fees relate primarily to those incurred in connection with the acquisition of
finance and lease contracts. For example, certain incremental direct costs and fees were
expensed when incurred rather than amortized over the life of the related contracts. The
methods used resulted in an understatement of revenue and an overstatement of expenses,
causing an understatement of net income in prior quarterly and annual fiscal periods. As a
result, the Company has determined that certain adjustments are necessary to the
Company's consolidated financial statements for the periods described above in Item
2.02, which is incorporated herein by reference, and investors should look to the revised
financial statements when they become available.
On October 19, 2004, the
Company's Audit Committee agreed with management's recommendation that the
consolidated financial statements of the Company for the periods described above in Item
2.02 should be restated in order to reflect the appropriate methods of recognizing certain
incremental direct costs and fees. The Audit Committee has discussed this conclusion with
the Company's independent registered public accounting firm.
The adjustments are expected to
result in differences in the timing of revenue recognition but are not expected to affect
previously reported cash flow. The Company anticipates that these adjustments will result
in an increase in net financing revenues and net income and a decrease in operating and
administrative expenses on the consolidated income statements, and an increase in net
finance receivables, deferred taxes and retained earnings on the consolidated balance
sheets. Because the Company has not yet completed its internal review and no conclusions
have been reached, the Company is not currently in a position to quantify the impact of
the anticipated restatement.
In light of the expected restatement,
the Company believes that a material weakness existed in its internal controls related to
the design and review of revenue recognition policies particularly in the area of
incremental direct costs and fees and in the structure and design of related financial
information systems. The Company intends to devote significant resources to revising its
policies, procedures, and financial information systems in this area to comply with the
methods required by GAAP to ensure accurate measurement of estimates and recording of
amounts associated with these transactions at acquisition and over the life of the
contracts.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No.
Description
99.1
Press Release dated October 25, 2004.
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: October 25, 2004
By:
/s/ JOHN F. STILLO
John F. Stillo
Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release dated October 25, 2004.