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 sheets of Toyota Motor
Credit Corporation (a wholly owned subsidiary of Toyota Motor Sales, U.S.A.,
Inc.) and its subsidiaries as of June 30, 2000 and June 30, 1999, and the
related consolidated statements of income and shareholder's equity for each of
the three-month and nine-month periods ended June 30, 2000 and June 30, 1999
and the consolidated statement of cash flows for the nine-month periods ended
June 30, 2000 and June 30, 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 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 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
August 11, 2000