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 and the related 
consolidated statements of income and of cash flows of Toyota Motor Credit 
Corporation (a wholly owned subsidiary of Toyota Motor Sales, U.S.A., Inc.) and
its subsidiaries as of and for the three-month and six-month periods ended 
March 31, 1999.  This financial information is 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 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 financial information for it to be in 
conformity with generally accepted accounting principles.

We previously audited in accordance with generally accepted auditing standards,
the consolidated balance sheet as of September 30, 1998, 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 
October 30, 1998 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 September 30, 1998, 
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
May 14, 1999