Exhibit 99.1
                               Earnings Release

                    Toyota Motor Credit Corporation Reports
                             First Quarter results

TORRANCE, Calif. August 5, 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 first
quarter 2004.




                                      Three Months Ended
                                        (in millions)
                                   -------------------------
	                             6/30/03         6/30/02
                                   ---------       ---------
                                             


   Net income                      $      50       $     (29)

   Impact of application
   of SFAS 133, as amended
   (net of income tax)                    21             124
                                   ---------       ---------
   Net income excluding impact
   of application of SFAS 133,
   as amended
   (net of income tax)             $      71       $      95
                                   =========       =========



Net income has been presented for the three months ended June 30, 2003
and 2002,in accordance with generally accepted accounting principles
in the United States ("GAAP"), and also on a basis excluding the impact
of adjustments calculated in accordance with Statement of Financial
Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities," and related amendments
("SFAS 133, as amended"). Management believes that providing a summary
of net income excluding the effects of SFAS 133, as amended, 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 a variety of derivative instruments to manage interest
rate and foreign exchange exposures arising from the relationship between
the Company's funding programs and earning asset portfolio.  The Company
does not use derivative instruments for trading purposes.


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In accordance with SFAS No. 133, as amended, 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. Under GAAP, the effect of market
interest rate movements on the Company's related earning assets is not
included in the Company's financial results.  Management believes that
including in the Company's financial results the effect of market interest
rate movements on its portfolio-based derivative instruments and the
ineffective portion of the Company's fair value hedges in accordance with
SFAS No. 133, as amended, 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 on a basis that includes,
as well as excludes, the impact of the application of SFAS 133, as amended.

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 the Company, and extended
service contracts through Toyota Motor Insurance Services.  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.
















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