EXHIBIT 15.2




August 12, 1997



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Ladies and Gentlemen:

We are aware that Toyota Motor Credit Corporation has incorporated by reference
our report dated August 12, 1997 (issued pursuant to the provisions of Statement
on Auditing Standards No. 71) in the Prospectus constituting part of its 
Registration Statement on Form S-3 (No. 33-52359).  We are also aware of our 
responsibility under the Securities Act of 1933.

Yours very truly,



/S/ PRICE WATERHOUSE LLP