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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>
      <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
        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>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        8-K</strong></font></div>
      <div><br></div>
      <div><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><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-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>September
        28, 2007</u></strong></font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>TOYOTA
        MOTOR CREDIT CORPORATION</strong></font></div>
      <div><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;">&#160;(Exact
        name of registrant as specified in its charter)</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="31%">
                <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;"><strong>California</strong></font></div>
              </td>
              <td valign="top" width="14%">
                <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;"><strong>1-9961</strong></font></div>
              </td>
              <td valign="top" width="30%">
                <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;"><strong>95-3775816</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
              <td valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="31%">
                <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;">(State
                  or Other Jurisdiction of Incorporation)</font></div>
              </td>
              <td valign="top" width="14%">
                <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;">(Commission
                  File Number)</font></div>
              </td>
              <td valign="top" width="30%">
                <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;">(IRS
                  Employer Identification No.)</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%">
                <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;"><strong>19001
                  S. Western Avenue</strong></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;"><strong>Torrance,
                  California 90501</strong></font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%">
                <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;">(Address
                  of principal executive offices, including zip code)</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%">
                <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;"><strong>(310)
                  468-1310</strong></font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%">
                <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;">(Registrant's
                  telephone number, including area code)</font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%">
                <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;"><strong>Not
                  Applicable</strong></font></div>
              </td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="75%">
                <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;">(Former
                  Name or Former Address, if Changed Since Last
                  Report)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><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>
      <div><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Written
        communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div><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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting
        material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="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;</font></div>
              </td>
              <td>
                <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>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="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;]</font></div>
              </td>
              <td>
                <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>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </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;"><strong>Item
        1.01&#160;&#160;Entry into a Material Definitive Agreement</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        September 28, 2007, Toyota Motor Credit Corporation (&#8220;TMCC&#8221;) renewed its Euro
        Medium Term Note Program (the &#8220;EMTN Program&#8221;).&#160;&#160;TMCC&#8217;s affiliates,
        Toyota Motor Finance (Netherlands) B.V. (&#8220;TMF&#8221;), Toyota Credit Canada Inc.
        (&#8220;TCCI&#8221;) and Toyota Finance Australia Limited (&#8220;TFA&#8221; and, together with TMCC,
        TMF and TCCI, the &#8220;Issuers&#8221;) joined the EMTN Program as
        issuers.&#160;&#160;Under the EMTN Program, the Issuers may issue unsecured
        notes (&#8220;Notes&#8221;) with such terms, including currency, rate and maturity, as
        agreed by the relevant Issuer and the purchasers of such Notes at the time
        of
        sale.&#160;&#160;The EMTN Program was renewed for a period of one
        year.&#160;&#160;In connection with the renewal, the aggregate principal amount
        of Notes authorized under the EMTN Program to be outstanding from time to
        time
        was increased from $30 billion to &#8364;40 billion.&#160;&#160;The authorized amount
        will be shared among all Issuers.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Notes
        are
        issued pursuant to the terms of the Agency Agreement, dated September 28,
        2007,
        by and among TMCC, TMF, TCCI, TFA, The Bank of New York and The Bank of New
        York
        (Luxembourg) S.A. (the &#8220;Agency Agreement&#8221;).&#160;&#160;The Agency Agreement
        contains customary terms and conditions.&#160;&#160;A copy of the Agency
        Agreement is filed as Exhibit 4.1 to this Form 8-K and is incorporated herein
        by
        reference.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Notes
        issued under the EMTN Program by TMCC pursuant to Regulation S under the
        Securities Act of 1933, as amended (the &#8220;Act&#8221;), are not registered under the
        Act, and may not be offered or sold within the United States or to, or for
        the
        account or benefit of, U.S. persons absent registration or an applicable
        exemption from registration requirements under the Act.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
        of
        September 28, 2007, there is approximately &#8364;22.3 billion (or its equivalent in
        other currencies) in principal amount of Notes outstanding under the EMTN
        Program, leaving approximately &#8364;17.7 billion available for issuance under the
        EMTN Program by the Issuers on a collective basis.</font></div>
      <div><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;"><strong>Item
        2.03&#160;&#160;Creation of&#160;&#160;a Direct Financial Obligation or an
        Obligation under an Off-Balance Sheet Arrangement of a
        Registrant</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">See
        the
        descriptions of the EMTN Program and the Agency Agreement in Item 1.01
        above.</font></div>
      <div><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;"><strong>Item
        9.01&#160;&#160;Financial Statements and Exhibits.</strong></font></div>
      <div><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;"><strong>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</strong></font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
                <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;">Exhibit
                  No.</font></div>
              </td>
              <td valign="top" width="51%" style="BORDER-BOTTOM: black 2px solid">
                <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;">Description</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="17%">
                <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;">4.1</font></div>
              </td>
              <td align="left" valign="top" width="51%">
                <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;">Agency
                  Agreement, dated September 28, 2007, among TMCC, Toyota Motor Finance
                  (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia
                  Limited, The Bank of New York and The Bank of New York (Luxembourg)
                  S.A.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <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;"><strong>SIGNATURES</strong></font></div>
      <div><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;">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>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">TOYOTA
        MOTOR CREDIT CORPORATION</font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date:
        September 28,
        2007&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By:&#160;<u>____________________</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Thomas
        A.
        Kiel</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Vice
        President and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Chief
        Accounting Officer</font></div>
      <div><br></div><br>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <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;"><strong>EXHIBIT
        INDEX</strong></font></div>
      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
                <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;">Exhibit
                  No.</font></div>
              </td>
              <td valign="top" width="51%" style="BORDER-BOTTOM: black 2px solid">
                <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;">Description</font></div>
              </td>
            </tr>
            <tr>
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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;">4.1</font></div>
              </td>
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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;">Agency
                  Agreement, dated September 28, 2007, among TMCC, Toyota Motor Finance
                  (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia
                  Limited, The Bank of New York and The Bank of New York (Luxembourg)
                  S.A.</font></div>
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agencyagreement.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):
September
        28, 2007
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, including zip code)
(310)
                  468-1310
(Registrant's
                  telephone number, including area code)
Not
                  Applicable
(Former
                  Name or Former Address, if Changed Since Last
                  Report)
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
        1.01  Entry into a Material Definitive Agreement
On
        September 28, 2007, Toyota Motor Credit Corporation ("TMCC") renewed its Euro
        Medium Term Note Program (the "EMTN Program").  TMCC's affiliates,
        Toyota Motor Finance (Netherlands) B.V. ("TMF"), Toyota Credit Canada Inc.
        ("TCCI") and Toyota Finance Australia Limited ("TFA" and, together with TMCC,
        TMF and TCCI, the "Issuers") joined the EMTN Program as
        issuers.  Under the EMTN Program, the Issuers may issue unsecured
        notes ("Notes") with such terms, including currency, rate and maturity, as
        agreed by the relevant Issuer and the purchasers of such Notes at the time
        of
        sale.  The EMTN Program was renewed for a period of one
        year.  In connection with the renewal, the aggregate principal amount
        of Notes authorized under the EMTN Program to be outstanding from time to
        time
        was increased from $30 billion to €40 billion.  The authorized amount
        will be shared among all Issuers.
Notes
        are
        issued pursuant to the terms of the Agency Agreement, dated September 28,
        2007,
        by and among TMCC, TMF, TCCI, TFA, The Bank of New York and The Bank of New
        York
        (Luxembourg) S.A. (the "Agency Agreement").  The Agency Agreement
        contains customary terms and conditions.  A copy of the Agency
        Agreement is filed as Exhibit 4.1 to this Form 8-K and is incorporated herein
        by
        reference.
Notes
        issued under the EMTN Program by TMCC pursuant to Regulation S under the
        Securities Act of 1933, as amended (the "Act"), are not registered under the
        Act, and may not be offered or sold within the United States or to, or for
        the
        account or benefit of, U.S. persons absent registration or an applicable
        exemption from registration requirements under the Act.
As
        of
        September 28, 2007, there is approximately €22.3 billion (or its equivalent in
        other currencies) in principal amount of Notes outstanding under the EMTN
        Program, leaving approximately €17.7 billion available for issuance under the
        EMTN Program by the Issuers on a collective basis.
Item
        2.03  Creation of  a Direct Financial Obligation or an
        Obligation under an Off-Balance Sheet Arrangement of a
        Registrant
See
        the
        descriptions of the EMTN Program and the Agency Agreement in Item 1.01
        above.
Item
        9.01  Financial Statements and Exhibits.
(d)           Exhibits.
Exhibit
                  No.
Description
4.1
Agency
                  Agreement, dated September 28, 2007, among TMCC, Toyota Motor Finance
                  (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia
                  Limited, The Bank of New York and The Bank of New York (Luxembourg)
                  S.A.
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:
        September 28,
        2007                                                                    By:
____________________
Thomas
        A.
        Kiel
Vice
        President and
Chief
        Accounting Officer
EXHIBIT
        INDEX
Exhibit
                  No.
Description
4.1
Agency
                  Agreement, dated September 28, 2007, among TMCC, Toyota Motor Finance
                  (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia
                  Limited, The Bank of New York and The Bank of New York (Luxembourg)
                  S.A.