FWP 1 dp04365_fwp.htm

Filed pursuant to Rule 433
Registration Number 333-132201

Offering Summary
(Related to the Pricing Supplement Subject to Completion, Dated January 4, 2007)

Toyota Motor Credit Corporation

100% Principal-Protected Notes Linked to a Basket of Commodities Due 2010
Medium-Term Notes, Series B

Toyota Motor Credit Corporation (“TMCC”) has filed a registration statement (including a prospectus, a prospectus supplement and a preliminary pricing supplement) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus, the prospectus supplement and the preliminary pricing supplement (File No. 333-132201) and the other documents TMCC has filed with the SEC for more complete information about TMCC and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus, the prospectus supplement and the preliminary pricing supplement by calling Wachovia toll-free at 888-215-4145.

Investment Products   Not FDIC Insured   May Lose Value   No Bank Guarantee

Wachovia Securities

January 4, 2007





Principal-Protected Notes Linked to
a Basket of Commodities Due 2010

This Offering Summary represents a summary of the terms and conditions of the Notes.

HOW THE NOTES WORK

     The 100% Principal-Protected Notes Linked to a Basket of Commodities Due 2010 (the “Notes”) are hybrid investments that combine characteristics of commodity and fixed income instruments. Similar to a fixed income investment, these Notes offer investors the safety of 100% principal protection if held to Maturity. However, instead of paying a periodic fixed or floating rate of interest, the return on these Notes is paid at Maturity and, as specified in greater detail below, is based on the percentage change over the term of the Notes of an equally weighted basket of the following seven commodities: West Texas Intermediate light sweet crude oil (“WTI crude oil”) (Bloomberg symbol CL1), natural gas (Bloomberg symbol NG1), gold (Bloomberg symbol GOLDLNPM), aluminum (Bloomberg symbol LOAHDY), copper (Bloomberg symbol LOCADY), corn (Bloomberg symbol C 1) and wheat (Bloomberg symbol W 1) (each a “Component Commodity,” and collectively, the “Component Commodities”). This type of investment allows investors to participate in the appreciation potential of the Component Commodities without risking their initial investment. The Notes do not offer current income, which means that you will not receive any periodic interest or other payments on the Notes prior to Maturity.

     The Notes are commodity linked securities issued by TMCC that have a maturity of approximately three and a half years. At Maturity, you will receive, for each Note you then hold, an amount in cash equal to the sum of the Principal Amount of the Notes plus a Return Amount, which will be determined as follows: If the Basket Return, which represents the percentage change, if any, of an equally weighted basket of the Component Commodities (the “Basket”) from the Pricing Date to the Valuation Date, is not positive, there will be no Return Amount. If the Basket Return is positive, the Return Amount will be equal to the Principal Amount multiplied by •% (the “Participation Rate”) (such percentage to be greater than 100% and to be determined on the Pricing Date) of the Basket Return. Because the Notes are principal protected, the payment you receive at Maturity will not be less than 100% of the Principal Amount you hold in the Notes, even though the amount payable to you at Maturity is dependent on the Basket Return.

     These Notes may be an appropriate investment for the following types of investors:

  • Investors looking for exposure to commodity investments on a principal-protected basis but who are willing to forego current income.

  • Investors expecting an appreciation of the cash price of the Component Commodities at a rate better than a fixed income instrument of comparable rating and term during the next three and a half years.

  • Investors who seek to add a commodity linked investment to their portfolio for diversification purposes.

     These Notes are not a suitable investment for investors who require regular fixed income payments since no payments will be made prior to Maturity.

     The Notes are a series of unsecured senior debt securities issued by TMCC. The Notes will rank equally with all other unsecured and unsubordinated debt of TMCC.

     Capitalized terms used in this Offering Summary are defined in “Preliminary Terms” on the following page.

2





PRELIMINARY TERMS

Issuer:   Toyota Motor Credit Corporation (“TMCC”)
     
Rating of the Issuer’s Senior Debt:   Aaa (Stable Outlook) /AAA (Stable Outlook) (Moody’s/S&P)
     

Principal Protection:

Ranking:

  

100% if held on the Stated Maturity Date

The Notes will be unsecured general obligations of TMCC and will rank equally with its other unsecured and unsubordinated indebtedness from time to time outstanding
     

Security:

  

100% Principal-Protected Notes Linked to a Basket of Commodities Due 2010
     
Pricing Date:   January        , 2007
     

Issue Date:

Valuation Date:

  

Five business days after the Pricing Date

With respect to a Component Commodity, the date that is ten Business Days prior to the Stated Maturity Date, unless such day is not a trading day, in which case the Valuation Date will be postponed until the next trading day; provided that in no event will the Valuation Date be postponed by more than 10 Business Days. If the Valuation Date is postponed, then the Maturity Date of the Notes will be postponed by an equal number of trading days.
     

Stated Maturity Date:

Basket:

  

Approximately three and a half years after the Issue Date

Equally weighted basket of the following seven commodities: WTI crude oil, natural gas, gold, aluminum, copper, corn and wheat. For weighting purposes, a barrel of WTI crude oil, an MMBtu of natural gas, a troy ounce of gold, a ton of aluminum, a ton of copper, a bushel of corn and a bushel of wheat are weighted equally in the Basket.
     

Interest:

Issue Price:

Payment at Maturity:

  

None on a current basis

100.0% of the Principal Amount

For each $1,000 note, $1,000 plus a Return Amount, if any
     
Return Amount:   The Principal Amount multiplied by •% (such percentage to be greater than 100% and to be determined on the Pricing Date) of the Basket Return; provided that the Return Amount may not be negative
     

Basket Return:

 
     

Initial Price:

  

The initial price of a Component Commodity is the U.S. dollar closing price per applicable unit of such Component Commodity on the relevant exchange or market on the Pricing Date as quoted on Bloomberg Financial Products (“Bloomberg”)
     

Final Price:

  

The final price of a Component Commodity is the U.S. dollar closing price per applicable unit of such Component Commodity on the relevant exchange or market on the Valuation Date as quoted on Bloomberg

3





Closing Price:

  

The closing price of WTI crude oil is the U.S. dollar closing price per barrel of WTI crude oil on the New York Mercantile Exchange (“NYMEX”) of the first nearby futures contract.

The closing price of natural gas is the U.S. dollar closing price per MMBtu of natural gas on the NYMEX of the Henry Hub Natural Gas futures contract in respect of the first nearby month.

The closing price of gold is the afternoon U.S. dollar fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (the “LBMA”) authorized to effect such delivery.

The closing price of aluminum is the U.S. dollar closing cash price per ton of high grade primary aluminum on the London Metals Exchange (the “LME”).

The closing price of copper is the U.S. dollar closing cash price per ton of copper – Grade A on the LME.

The closing price of corn is the U.S. dollar closing price per bushel of #2 Yellow Corn on the Chicago Board of Trade (the “CBOT”) of the first nearby futures contract.

The closing price of wheat is the U.S. dollar closing price per bushel of #2 Hard Red Winter Wheat on the CBOT of the first nearby futures contract.
     

Denominations:

Calculation Agent:

  

Minimum denominations and increments of US$1,000

Wachovia Bank, National Association

4





BENEFITS OF THE NOTES

Appreciation Potential

     The Return Amount payable at Maturity is based on the percentage change of the Basket from the Pricing Date to the Valuation Date, enabling you to participate in the potential increase in the value of the Basket during the term of the Notes without directly investing in the Component Commodities comprising the Basket.

Capital Preservation

     On the Stated Maturity Date, TMCC will pay you at least $1,000 per each $1,000 in Principal Amount of the Notes you then hold regardless of the performance of the Basket.

Relative Stability

     The Notes may be a less volatile investment than a direct investment in the Component Commodities comprising the Basket because the Notes provide principal protection at Maturity regardless of the performance of the Basket.

KEY RISK FACTORS FOR THE NOTES

The Notes May Not Pay More Than the Principal Amount at Maturity, and the Principal Amount is Protected Only If a Holder Holds Its Notes to Maturity

     If the Basket Return is not positive over the term of the Notes, TMCC will pay only $1,000 for each $1,000 in Principal Amount of Notes held at Maturity.

     A holder of the Notes will receive at least the Principal Amount of the Notes if it holds the Notes to Maturity, subject to the ability of TMCC to pay its obligations. If a holder sells its Notes in the secondary market prior to Maturity, it will not receive principal protection on the portion of the Notes sold.

Many Interrelated Factors Affect the Trading of the Notes and the Effect of Any One Factor May Offset or Magnify the Effect of Another

     The trading value of the Notes will be affected by factors that interrelate in complex ways. The effect of one factor may offset the increase in the trading value of the Notes caused by another factor and the effect of one factor may exacerbate the decrease in the trading value of the Notes caused by another factor. For example, an increase in United States interest rates may offset some or all of any increase in the trading value of the Notes attributable to another factor, such as an increase in the prices of the Component Commodities. The following factors, among other factors, may affect the trading value of the notes:

  • the prices of the Component Commodities

  • changes in the levels of interest rates

  • changes in the volatility of the Component Commodities

  • the time remaining to the Stated Maturity Date of the Notes and the decrease in the “time premium” associated with the Notes

  • changes in the credit ratings of TMCC

  • changes in correlation among the prices of the Component Commodities

5





The Basket Is Not Diversified and May Be Subject to Greater Volatility Than a Broadly Diversified Basket, Which May Adversely Affect the Market Price of the Notes

     Because the Notes are linked to the Basket which reflects the strike price on futures contracts and settlement prices on seven different exchange-traded physical commodities, the Basket will be less diversified than other funds or investment portfolios that invest in a broad range of commodities and, therefore, could experience greater volatility. An investment in the Notes may therefore carry risks similar to a concentrated investment in a limited number of commodities.

Secondary Market, if Any, May Not be Liquid

     The Notes will not be listed on any exchange. There is currently no secondary market for the Notes. Wachovia Capital Markets, LLC currently intends, but is not obligated, to make a market in the Notes. Even if a secondary market does develop, it may not be liquid and may not continue for the term of the Notes.

Resale Value of the Notes May Be Lower Than Your Initial Investment

     Due to, among other things, changes in the prices of the Component Commodities, interest rates and TMCC’s perceived creditworthiness, the Notes may trade at prices below their initial issue price. You could receive substantially less than the amount of your investment if you sell your Notes prior to Maturity.

TMCC Credit Risk

     The Notes are subject to the credit risk of TMCC for all payments due on the Notes.

The Notes Will Be Treated as Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes

     For U.S. federal income tax purposes, the Notes will be treated as “contingent payment debt instruments.” As a result, regardless of your method of accounting, you generally will be required to recognize interest income in each year on a constant yield to maturity basis at the “comparable yield,” as determined by us, although we will not make any payments with respect to the Notes until Maturity. Generally, gain recognized on a sale or exchange of a Note (including at Maturity) will be treated as ordinary income while any loss will be treated as an ordinary loss to the extent of all previous inclusions with respect to the Notes, with the balance treated as capital loss. Losses may be subject to certain limitations and special reporting requirements. Investors are urged to consult their own tax advisors regarding all aspects of the U.S. federal income tax consequences of investing in the Notes as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

6





BASKET

     The Basket is an equally weighted basket of the following seven commodities: WTI crude oil, natural gas, gold, aluminum, copper, corn and wheat. For weighting purposes, a barrel of WTI crude oil, an MMBtu of natural gas, a troy ounce of gold, a ton of aluminum, a ton of copper, a bushel of corn and a bushel of wheat are weighted equally in the Basket.

Historical Final Prices of the Component Commodities

     The Basket was created solely for purposes of the offering of the Notes and will be used solely to determine the Basket Return and related Return Amount for the Notes. The Basket Return does not reflect all markets for the Component Commodities. Closing prices of the Component Commodities have fluctuated in the past and may, in the future, experience significant fluctuations. TMCC cannot make any assurance that the future market prices of the Component Commodities will result in holders of the Notes receiving a payment at Maturity greater than the Principal Amount of their Notes on the Stated Maturity Date. TMCC does not make any representation to holders of the Notes as to the performance of the Basket or the Component Commodities.

     The following tables set forth the high, low and quarter-end closing prices of the Component Commodities for each quarter from January 1, 2002 through December 31, 2006, as quoted on Bloomberg. On January 2, 2007, the closing prices of WTI crude oil, natural gas, gold, aluminum, copper, corn and wheat were $61.05, $6.299, $639.75, $2,830.00, $6,201.00, $390.25 and $501.00, respectively. Past movements of the Component Commodities are not indicative of future closing prices. TMCC has not independently verified the closing prices set forth in the tables below. The actual prices of the Component Commodities at or near the Valuation Date may bear little relation to the historical prices shown below.

7





Quarterly High, Low and Quarter-End Closing Price of WTI Crude Oil (USD/barrel)

    High   Low   Quarter-End
2002                  
Quarter                  
   First   $ 26.31   $ 17.97   $ 26.31
   Second     29.36     23.47     26.86
   Third     30.77     26.07     30.45
   Fourth     32.72     25.19     31.20
                   
2003                  
Quarter                  
   First     37.83     26.91     31.04
   Second     32.36     25.24     30.19
   Third     32.39     26.96     29.20
   Fourth     33.71     28.47     32.52
                   
2004                  
Quarter                  
   First     38.18     32.48     35.76
   Second     42.33     34.27     37.05
   Third     49.90     38.39     49.64
   Fourth     55.17     40.71     43.45
                   
2005                  
Quarter                  
   First     56.72     42.12     55.40
   Second     60.54     46.80     56.50
   Third     69.81     56.72     66.24
   Fourth     65.47     56.14     61.05
                   
2006                  
Quarter                  
   First     68.35     57.65     66.63
   Second     75.17     66.23     73.93
   Third     77.03     60.46     62.91
   Fourth     63.72     55.81     61.05

8





Quarterly High, Low and Quarter-End Closing Price of Natural Gas (USD/MMBtu)

    High   Low   Quarter-End
2002                        
Quarter                        
         First   $ 3.472     $ 1.908     $ 3.283  
         Second     3.855       3.057       3.245  
         Third     4.138       2.660       4.138  
         Fourth     5.341       3.724       4.789  
                         
2003                        
Quarter                        
         First     9.577       4.935       5.060  
         Second     6.521       4.919       5.411  
         Third     5.520       4.430       4.830  
         Fourth     7.221       4.459       6.189  
                         
2004                        
Quarter                        
         First     7.287       5.077       5.933  
         Second     6.705       5.509       6.155  
         Third     6.911       4.570       6.795  
         Fourth     8.752       6.149       6.149  
                         
2005                        
Quarter                        
         First     7.653       5.790       7.653  
         Second     7.749       6.123       6.981  
         Third     14.196       7.171       13.921  
         Fourth     15.378       11.022       11.225  
2006                        
Quarter                        
         First     10.630       6.547       7.210  
         Second     8.192       5.887       6.104  
         Third     8.211       4.201       5.620  
         Fourth     8.871       5.620       6.299  

9





Quarterly High, Low and Quarter-End Closing Price of Gold (USD/troy ounce)

    High   Low   Quarter-End
2002                  
Quarter                  
         First   $ 304.30   $ 277.75   $  301.40
         Second     327.05     297.75     318.50
         Third     326.30     302.25     323.70
         Fourth     349.30     310.75     347.20
                   
2003                  
Quarter                  
         First     382.10     329.45     334.85
         Second     371.40     319.90     346.00
         Third     390.70     342.50     388.00
         Fourth     416.25     370.25     416.25
                   
2004                  
Quarter                  
         First     425.50     390.50     423.70
         Second     427.25     375.00     395.80
         Third     415.65     387.30     415.65
         Fourth     454.20     411.25     435.60
                   
2005                  
Quarter                  
         First     443.70     411.10     427.50
         Second     440.55     414.45     437.10
         Third     473.25     418.35     473.25
         Fourth     536.50     456.50     513.00
                   
2006                  
Quarter                  
         First     584.00     524.75     582.00
         Second     725.00     567.00     613.50
         Third     663.25     573.60     599.25
         Fourth     648.75     560.75     632.00

10





Quarterly High, Low and Quarter-End Closing Price of Aluminum (USD/ton)

    High   Low   Quarter-End
2002                  
Quarter                  
   First   $ 1,438.00   $ 1,313.00   $ 1,386.00
   Second     1,398.00     1,318.00     1,364.50
   Third     1,370.00     1,279.00     1,280.50
   Fourth     1,399.00     1,275.50     1,344.50
                   
2003                  
Quarter                  
   First     1,459.00     1,340.50     1,350.00
   Second     1,440.50     1,314.50     1,389.00
   Third     1,505.00     1,378.00     1,407.50
   Fourth     1,582.00     1,415.00     1,592.50
                   
2004                  
Quarter                  
   First     1,754.00     1,578.50     1,688.50
   Second     1,826.00     1,575.00     1,698.50
   Third     1,823.00     1,647.00     1,823.00
   Fourth     1,964.00     1,748.00     1,964.00
                   
2005                  
Quarter                  
   First     2,031.50     1,809.00     1,973.00
   Second     1,991.00     1,694.00     1,716.00
   Third     1,909.00     1,675.00     1,857.00
   Fourth     2,289.00     1,831.00     2,285.00
                   
2006                  
Quarter                  
   First     2,634.00     2,267.00     2,512.50
   Second     3,275.00     2,397.50     2,550.50
   Third     2,614.00     2,367.50     2,572.00
   Fourth     2,886.00     2,480.00     2,850.00

11





Quarterly High, Low and Quarter-End Closing Price of Copper (USD/ton)

    High   Low   Quarter-End
2002                  
Quarter                  
   First   $ 1,650.50   $ 1,421.00   $ 1,623.00
   Second     1,689.50     1,551.00     1,654.00
   Third     1,667.50     1,434.50     1,434.50
   Fourth     1,649.50     1,429.00     1,536.00
                   
2003                  
Quarter                  
   First     1,728.00     1,536.00     1,587.50
   Second     1,711.50     1,564.00     1,644.00
   Third     1,824.50     1,638.00     1,794.00
   Fourth     2,293.00     1,790.50     2,321.00
                   
2004                  
Quarter                  
   First     3,105.50     2,337.00     3,067.50
   Second     3,170.00     2,554.00     2,664.50
   Third     3,140.00     2,700.00     3,140.00
   Fourth     3,287.00     2,835.00     3,279.50
                   
2005                  
Quarter                  
   First     3,424.50     3,072.00     3,408.00
   Second     3,670.00     3,113.00     3,597.00
   Third     3,978.00     3,444.00     3,949.00
   Fourth     4,650.00     3,905.00     4,584.50
                   
2006                  
Quarter                  
   First     5,527.50     4,537.00     5,527.50
   Second     8,788.00     5,561.00     7,501.00
   Third     8,233.00     7,230.00     7,601.00
   Fourth     7,740.00     6,290.00     6,290.00

12





Quarterly High, Low and Quarter-End Closing Price of Corn (USD/bushel)

    High   Low   Quarter-End
2002                  
Quarter                  
   First   $ 214.75   $ 198.75   $ 202.50
   Second     226.00     192.50     225.50
   Third     281.00     214.25     251.50
   Fourth     260.00     232.00     235.75
                   
2003                  
Quarter                  
   First     245.25     227.75     236.50
   Second     256.00     228.50     228.50
   Third     242.50     205.50     220.25
   Fourth     254.75     213.75     246.00
                   
2004                  
Quarter                  
   First     320.00     250.00     320.00
   Second     330.50     257.50     257.50
   Third     257.50     205.25     205.50
   Fourth     207.50     191.50     204.75
                   
2005                  
Quarter                  
   First     228.50     194.75     213.00
   Second     235.50     195.25     212.25
   Third     260.00     195.00     205.50
   Fourth     216.25     186.25     215.75
                   
2006                  
Quarter                  
   First     236.00     205.00     236.00
   Second     263.00     223.00     235.50
   Third     264.25     219.00     262.50
   Fourth     390.25     264.00     390.25

13





Quarterly High, Low and Quarter-End Closing Price of Wheat (USD/bushel)

    High   Low   Quarter-End
2002                  
Quarter                  
   First   $ 308.25   $ 267.25   $ 285.00
   Second     307.00     256.00     307.00
   Third     416.00     313.00     396.50
   Fourth     415.75     325.00     325.00
                   
2003                  
Quarter                  
   First     337.00     279.25     286.75
   Second     338.75     275.50     301.75
   Third     383.50     298.25     360.25
   Fourth     405.75     325.50     377.00
                   
2004                  
Quarter                  
   First     422.75     355.00     408.00
   Second     416.50     337.50     338.00
   Third     341.00     299.50     306.75
   Fourth     322.25     283.50     307.50
                   
2005                  
Quarter                  
   First     368.00     287.75     331.00
   Second     339.50     296.50     321.50
   Third     352.25     301.50     346.25
   Fourth     348.75     293.00     339.25
                   
2006                  
Quarter                  
   First     376.00     322.50     347.75
   Second     426.25     342.00     371.50
   Third     445.50     359.75     443.00
   Fourth     542.50     439.50     501.00

14





     The following graphs set forth the daily closing cash prices of the Component Commodities from January 2002 through December 2006. The historical closing cash prices of the Component Commodities should not be taken as an indication of future closing cash prices or the value of the Notes. TMCC obtained the closing cash prices used to compile the graph from Bloomberg, without independent verification.

15





16





17





18





EXAMPLES OF HYPOTHETICAL PAYMENT AT MATURITY

     The table below presents examples of the Payment at Maturity of the Notes on a hypothetical investment of $1,000 in Principal Amount of the Notes under various scenarios based on various hypothetical Final Prices for each Component Commodity. The table is based on the following assumptions:

  • Principal Amount: $1,000

  • Initial Price of each Component Commodity on the Pricing Date:
  WTI Crude Oil:   $ 61.05  
  Natural Gas:   $ 6.299
  Gold:   $ 639.750
  Aluminum:   $ 2,830.00  
  Copper:   $ 6,201.00  
  Corn:   $ 390.25  
  Wheat:   $ 501.00  
  • The Notes are purchased at their initial sale to the public and held to Maturity.

  • Participation Rate: 110%

  • Payment at Maturity will be at least $1,000 per $1,000 in Principal Amount of the Notes.

     The following table is for purposes of illustration only and would provide different results if different assumptions were applied. The actual Payment at Maturity will depend on the actual Initial Price and Final Price of each Component Commodity as well as the actual Participation Rate.

Hypothetical Final Price              
Hypothetical
Basket Return		 110 % of
Hypothetical
Basket Return		 Hypothetical
Return Amount
(per $1,000 Notes)
WTI Crude
Oil		   Natural
Gas		   Gold   Aluminum   Copper   Corn   Wheat      
$ 48.84   $ 5.039   $ 511.80   $ 2,264.00   $ 4,960.80   $ 312.20   $ 400.80   (20.0 %)   (22.0 %)   $ 0.00
  67.16     5.669     767.70     3,396.00     8,061.30     195.13     501.00   0.0     0.0       0.00
  73.26     5.039     831.68     3,254.50     8,061.30     292.69     651.30   10.0     11.0       110.00
  70.21     8.504     799.69     3,254.50     8,371.35     448.79     676.35   25.0     27.5       275.00
  48.84     9.449     959.63     4,245.00     9,301.50     585.38     751.50   40.0     44.0       440.00

     The actual prices of the Component Commodities on the Pricing Date and the Valuation Date may bear little relation to the hypothetical prices shown above.

19





UNITED STATES FEDERAL INCOME TAXATION

     The Notes will be treated as “contingent payment debt instruments” for U.S. federal income tax purposes, as described in the section of the preliminary pricing supplement related to this offering called “United States Federal Income Taxation.” Under this treatment, a U.S. taxable investor will generally be subject to annual income tax based on the comparable yield (as defined in the pricing supplement) even though there will be no payments on the Notes prior to Maturity. In addition, any gain recognized by U.S. taxable investors on the sale or exchange of the Notes (including a redemption of the Notes at Maturity) generally will be treated as ordinary income. Please read carefully the section of the preliminary pricing supplement related to this offering called “United States Federal Income Taxation.”

     Non-U.S. investors should read the section of the preliminary pricing supplement related to this offering called “United States Federal Income Taxation—Tax Consequences to Non-U.S. Holders.”

     Holders are urged to consult with their own tax advisors regarding all aspects of the U.S. federal income tax consequences of investing in the Notes as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

CREDIT RATINGS

     As of January 1, 2007, the ratings and outlook established by Moody’s Investment Service, Inc. and Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., for TMCC’s senior debt were “Aaa” and “Outlook Stable,” and “AAA” and “Outlook Stable,” respectively. Credit ratings are not recommendations to buy, sell or hold securities and are subject to revision or withdrawal at any time by the assigning nationally recognized statistical rating organization (“NRSRO”). Real or anticipated changes in the credit ratings will generally affect the market value of your Notes. The credit ratings, however, do not reflect the potential impact of risks related to structure, market or other factors discussed above on the value of your Notes. Each NRSRO may have different criteria for evaluating risk, and therefore ratings should be evaluated independently for each NRSRO.

ADDITIONAL CONSIDERATIONS

     If the closing cash price for any Component Commodity is not available on the relevant Bloomberg page specified in the preliminary pricing supplement related to this offering, or on any substitute page thereto, the Calculation Agent may determine the closing cash price for each such Component Commodity in accordance with the procedures set forth in the preliminary pricing supplement related to this offering. You should refer to the section “ADDITIONAL TERMS OF THE NOTES” in the preliminary pricing supplement related to this offering for more information.

     Client accounts over which Wachovia Capital Markets, LLC or its affiliates have investment discretion or otherwise act as fiduciary are not permitted to purchase the Notes, either directly or indirectly. This includes employee benefit plans that are subject to ERISA, individual retirement accounts and every other client account over which Wachovia Capital Markets, LLC or its affiliates have investment discretion or act as fiduciary.

20