8-K

Exhibit 99.1

Earnings Release

Toyota Motor Credit Corporation Reports
Fourth Quarter and Fiscal Year Results

TORRANCE, Calif. May 11, 2004 – Toyota Motor Credit Corporation (“TMCC”) and its consolidated subsidiaries (“the Company”), which is marketed under the brands of Toyota Financial Services (“TFS”) and Lexus Financial Services (“LFS”), announced earnings for the three-month period and fiscal year ended March 31, 2004.

	Three Months Ended March 31,					Fiscal Year Ended March 31,
	2004		2003			2004		2003
	(in millions)
Net income	$	132	$	42		$	601	$	110
Memo: The following amounts are included above
Derivative fair value adjustment (before tax)	$	46	$	(13	)	$	171	$	(335	)
Provision/(benefit) for income taxes on derivative fair value adjustment	$	19	$	(5	)	$	67	$	(133	)

Net income for the three months and fiscal year ended March 31, 2004 was $132 million and $601 million, respectively, an increase of $90 million and $491 million over the comparable periods in the prior year. During the three months and fiscal year ended March 31, 2004, the Company recognized a net unrealized gain (before tax) associated with derivative fair value adjustments of $46 million and $171 million, respectively, compared to a net unrealized loss (before tax) of $13 million and $335 million, respectively, for the comparable prior year periods.

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 TMCC, 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.

EX-99

UNITED STATESSECURITIES
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 11, 2004

TOYOTA MOTOR CREDIT CORPORATION

        (Exact name of registrant as specified in its charter)

California (State or other jurisdiction of incorporation or organization)	95-3775816 (I.R.S. Employer Identification No.)
19001 S. Western Avenue Torrance, California (Address of principal executive offices)	90509  (Zip Code)

        Registrant's telephone number, including area code: (310) 468-1310

Item 12. Disclosure of Results of Operations and Financial Condition

Attached hereto as Exhibit 99.1 is an earnings release that is incorporated herein by reference. This Form 8-K and the attached exhibit are provided under item 12 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

SIGNATURES

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 hereunto duly authorized.

	TOYOTA MOTOR CREDIT CORPORATION
Date: May 11, 2004	By:         /s/ John F. Stillo
	John F. Stillo Vice President and Chief Financial Officer