UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 3, 1996
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TOYOTA MOTOR CREDIT CORPORATION
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(Exact name of registrant as specified in its charter)
California 1-9961 95-3775816
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 787-1310
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Item 5. Other Events
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Toyota Motor Credit Corporation's (the "Company's") net income for the three
months and six months ended March 31, 1996 was $36 million and $77 million,
respectively, as compared to $45 million and $89 million for the same periods
in fiscal 1995.
Total assets were $17.6 billion, $16.2 billion and $16.4 billion at March 31,
1996, September 30, 1995 and March 31, 1995, respectively. Total net earning
assets (consisting of investments in operating leases, net and finance
receivables, net) were $16.9 billion, $15.4 billion and $15.0 billion at
March 31, 1996, September 30, 1995 and March 31, 1995, respectively. Total
notes and loans payable, including the effect of foreign currency translations
at spot rates in effect at the balance sheet date, were $13.9 billion,
$12.7 billion and $13.2 billion at March 31, 1996, September 30, 1995 and
March 31, 1995, respectively. Total shareholder's equity was $1.8 billion,
$1.7 billion and $1.6 billion at March 31, 1996, September 30, 1995 and
March 31, 1995, respectively.
Financial results for the three months and six months ended March 31, 1996 and
1995 follow:
Three Months Ended Six Months Ended
March 31, March 31,
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1996 1995 1996 1995
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(Unaudited)
Financing Revenues:
Leasing................................. $ 593 $ 465 $1,150 $ 894
Retail financing........................ 103 107 204 216
Wholesale and other dealer financing.... 28 29 58 55
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Total financing revenues................... 724 601 1,412 1,165
Depreciation on operating leases........ 394 298 764 575
Interest expense........................ 196 175 389 336
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Net financing revenues..................... 134 128 259 254
Other revenues............................. 29 26 58 51
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Net Financing Revenues and Other Revenues.. 163 154 317 305
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Expenses:
Operating and administrative............ 74 64 139 124
Provision for credit losses............. 29 15 50 33
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Total Expenses............................ 103 79 189 157
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Income before income taxes................. 60 75 128 148
Provision for income taxes................. 24 30 51 59
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Net Income................................. $ 36 $ 45 $ 77 $ 89
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TOYOTA MOTOR CREDIT CORPORATION
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(Registrant)
Date: May 3, 1996 By /S/ WOLFGANG JAHN
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WOLFGANG JAHN
Senior Vice President and
General Manager
(principal executive officer)