Exhibit 99
                               Earnings Release

                    Toyota Motor Credit Corporation Reports
                             Third Quarter results

TORRANCE, Calif. February 12, 2003 -- Toyota Motor Credit Corporation ("the
Company"), which is marketed under the brands of Toyota Financial Services
("TFS") and Lexus Financial Services ("LFS"), announced earnings for the
third quarter 2002.




                           Three Months Ended               Nine Months Ended
                              (in millions)                   (in millions)
                      ----------------------------    ----------------------------
                      12/31/02  12/31/01  % Change    12/31/02  12/31/01  % Change
                      --------  --------  --------    --------  --------  --------
                                                        


Net Income            $     93  $     62       50%    $     68  $    133       49%

Derivative
Adjustment
(net of income tax)        (11)      (21)     (48%)        191        12     1492%
                      --------  --------  --------    --------  --------  --------
Net Income
Excluding
Derivative
Adjustment
(net of income tax)   $     82  $     41      100%    $    259  $    145       79%
                      ========  ========  ========    ========  ========  ========




Net income has been presented for the three and nine month periods ended
December 31, 2002 and 2001 in accordance with generally accepted
accounting principles in the United States ("GAAP"), and also on a basis
which excludes the effects of derivative fair value adjustments
calculated in accordance with Statement of Financial Accounting
Standards Statements 133, Accounting for Derivative Activities and Hedging
Activities, and Statement of Financial Accounting Standards Statements 138,
Accounting for Certain Derivative Instruments and Certain Hedging Activities
- - an Amendment of SFAS 133 ("Derivative Adjustment"). Management believes
that providing a calculation of net income excluding the effect of the
Derivative Adjustment provides useful information to investors for the
reasons explained below, and a more balanced representation of the
Company's operating results.  Management uses this measure when analyzing
its core operating results.

The Company uses derivative instruments to help mitigate exposure to
interest rate and currency fluctuations related to its debt portfolio, and
to manage the relationship between the yield on earning assets and the
cost to fund these assets. The Company does not use any of these
instruments for trading purposes.

In accordance with GAAP, the effect of interest rate movements on
portfolio-based derivative instruments and the ineffective portion of the
Company's fair value hedge relationships must be included in the Company's
financial results.  However, the effect of interest rate movements on the
Company's related earning assets is not included in the Company's financial
results under current GAAP rules. Management believes that including in the
Company's financial results the effect of interest rate movements on its
portfolio-based derivative instruments and fair value hedges in accordance
with GAAP, while not including any corresponding valuation adjustment related
to earning assets, does not provide a complete picture of the economics of the
Company's business and its operating performance. Therefore, the Company
reports financial results, including the Derivative Adjustment in accordance
with GAAP, as well as excluding the Derivative Adjustment.

TFS and LFS are the finance and insurance brands for Toyota and Lexus
respectively in the United States.  They primarily offer retail auto
financing and leasing, and wholesale auto financing through Toyota Motor
Credit Corporation, and extended service contracts through Toyota Motor
Insurance Services ("TMIS").  The Company is part of a worldwide network of
comprehensive financial services offered by Toyota Financial Services
Corporation, a wholly owned subsidiary of Toyota Motor Corporation.