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 and its subsidiaries as of December 31, 2001,
and the related consolidated statement of income for each of the three-
month and nine-month periods ended December 31, 2001 and 2000 and the
consolidated statements of shareholder's equity and of cash flows for
the nine-month periods ended December 31, 2001 and 2000.  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 accounting principles
generally accepted in the United States of America.

We previously audited in accordance with auditing standards generally
accepted in the United States of America, the consolidated balance
sheet as of March 31, 2001, and the related consolidated statements of
income, of shareholder's equity, and of cash flows for the transition
period then ended (not presented herein), and in our report dated
May 10, 2001 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
March 31, 2001, 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
February 8, 2002