EXHIBIT 15.1







                     Report of Independent Accountants
                     ---------------------------------



To the Board of Directors and Shareholder of
Toyota Motor Credit Corporation


We have reviewed the accompanying consolidated balance sheet of Toyota Motor
Credit Corporation (a wholly owned subsidiary of Toyota Motor Sales, U.S.A.,
Inc.) and its subsidiaries as of March 31, 2000 and March 31, 1999, and the
related consolidated statements of income and shareholder's equity for each of
the three-month and six-month periods ended March 31, 2000 and March 31, 1999
and the consolidated statement of cash flows for the six-month periods ended
March 31, 2000 and March 31, 1999.    These financial statements are the
responsibility of the Company's management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters.  It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the accompanying consolidated interim financial statements
for them to be in conformity with generally accepted accounting principles.

We previously audited in accordance with generally accepted auditing
standards, the consolidated balance sheet as of September 30, 1999, and the
related consolidated statements of income and of shareholder's equity and of
cash flows for the year then ended (not presented herein), and in our report
dated October 29, 1999 we expressed an unqualified opinion on those
consolidated financial statements.  In our opinion, the information set forth
in the accompanying consolidated balance sheet information as of September 30,
1999, is fairly stated in all material respects in relation to the
consolidated balance sheet from which it has been derived.







/S/ PRICEWATERHOUSECOOPERS LLP
Los Angeles, California
May 12, 2000