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, 2003, and the
related consolidated statements of income for each of the three-month and
nine-month periods ended December 31, 2003 and 2002 and the consolidated
statements of shareholder's equity and of cash flows for the nine-month
periods ended December 31, 2003 and 2002.  These interim 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, 2003, and the related consolidated statements of income, of shareholder's
equity, and of cash flows for the year then ended (not presented herein), and
in our report dated April 8, 2003 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,
2003, 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 13, 2004