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 and its subsidiaries as of June 30, 2002 and
2001, and the related consolidated statements of income for each of the
three-month periods ended June 30, 2002 and 2001 and the consolidated
statements of shareholder's equity and of cash flows for the three-
month periods ended June 30, 2002 and 2001.  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, 2002, and the related consolidated statements of
income, of shareholder's equity, and of cash flows for the period then
ended (not presented herein), and in our report dated April 10, 2002 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,
2002, 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 14, 2002