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 September 30, 2002 and 2001, and
the related consolidated statements of income for each of the three-month and
six-month periods ended September 30, 2002 and 2001 and the consolidated
statements of shareholder's equity and of cash flows for the six-month periods
ended September 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
November 14, 2002