424B3 1 dp09318_424b3a1.htm
 
Rule 424(b)(3)
Registration No. 333-132201

Amendment No. 1 dated March 28, 2008 to
Pricing Supplement dated March 25, 2008
(To Prospectus dated March 7, 2006
and Prospectus Supplement dated March 7, 2006)

TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Notes, Series B – Original Issue Discount
Zero Coupon Notes Due March 28, 2038

Capitalized terms used in this Pricing Supplement that are defined in the Prospectus Supplement shall have the meanings assigned to them in the Prospectus Supplement.

CUSIP: 89233PU79

Principal Amount (in Specified Currency): $124,485,467 (TMCC may increase the Principal Amount prior to the Original Issue Date but is not required to do so.)
Issue Price: 24.0991987% of Principal Amount
Trade Date: March 25, 2008
Original Issue Date: March 28, 2008
Stated Maturity Date: March 28, 2038

Interest Rate: Not Applicable.  TMCC will not pay interest on the Notes on a periodic basis; however, the original issue discount will accrete on the notes as described below.
Interest Payment Dates: Not Applicable

Net Proceeds to Issuer: $30,000,000
Agent’s Discount or Commission:  0.00%.  The Agent or its affiliate will enter into swap transactions with the Issuer to hedge the Issuer’s obligations under the Notes.
Agent: Goldman, Sachs & Co.
Agent’s Capacity: Principal

Day Count Convention:  30/360
Business Day Convention: Following, unadjusted

Redemption: Not Applicable
Redemption Dates: Not Applicable
Notice of Redemption: Not Applicable

Repayment: Not Applicable
Optional Repayment Date(s): Not Applicable
Repayment Price: Not Applicable

Original Issue Discount: Yes
Total Amount of Original Issue Discount: $94,485,467
Accretion Rate: 4.80% per annum, compounded semi-annually on March 28th and September 28th of each year during the term of the Notes.



Specified Currency: U.S. dollars
Minimum Denominations: $100,000 and $1 increments thereafter
Form of Note: Book-entry only

ADDITIONAL TERMS OF THE NOTES

Redemption

The Notes are not subject to redemption at the option of any holder prior to maturity and nor will TMCC be able to call the Notes for redemption at any time during the term of the Notes.

Event of Default

If an Event of Default with respect to the Notes shall occur and be continuing, the Notes may be declared due and payable in an amount equal to their Accreted Value (as defined below) as of the date of payment of such amount, in the manner and with the effect provided in the Indenture. Upon payment of such amount, all of TMCC’s payment obligations in respect of the Notes shall terminate.

The principal amount of the Notes Outstanding under the Indenture (for purposes of, among other things, directing the Trustee to take or refrain from taking any action under the Indenture or to waive any default thereunder) as of any date of determination shall be the Accreted Value of the Notes as of such date.

Calculation of Accreted Value

Original issue discount (“OID”) will accrue on the Notes at the Accretion Rate, based on a 360-day year of twelve 30-day months, compounding on each March 28 and September 28. The “Accreted Value” of the Notes on any compounding date (each such date, an “Accreted Value Calculation Date”) shall be equal to the product of (i) the Principal Amount and (ii) the accretion factor for such date as set forth in the accretion value schedule below (the “Accretion Factor”). The “Accreted Value” of the Notes on any date between two consecutive Accreted Value Calculation Dates (an “Interim Date”) shall be equal to the sum of (x) the Accreted Value on the first such Accreted Value Calculation Date and (y) the product of (A) 1/180th of the difference between the Accreted Values on the second and the first such Accreted Value Calculation Dates and (B) the number of days (based on a 360-day year of twelve 30-day months) from and including the earlier of the two Accreted Value Calculation Dates to, but excluding, the Interim Date.

Accretion Value Schedule
 
  Accreted Value
Calculation Date
  
Accretion Factor
  
Accreted Value for
all Notes in the
Aggregate
 
28-Mar-2008
     24.0991987 %  
$
 30,000,000  
 
28-Sep-2008
     24.6775794 %  
$
 30,720,000  
 
28-Mar-2009
     25.2698413 %  
$
 31,457,280  
 
28-Sep-2009
     25.8763178 %  
$
 32,212,255  
 
28-Mar-2010
     26.4973493 %  
$
 32,985,349  
 
28-Sep-2010
     27.1332854 %  
$
 33,776,997  
 
28-Mar-2011
     27.7844843 %  
$
 34,587,645  
 
28-Sep-2011
     28.4513123 %  
$
 35,417,749  
 
28-Mar-2012
     29.1341438 %  
$
 36,267,775  
 
28-Sep-2012
     29.8333628 %  
$
 37,138,201  
 
28-Mar-2013
     30.5493636 %  
$
  38,029,518  
 
 
PS-2
 
 
28-Sep-2013
    
31.2825480
%
  
$
38,942,226
  
 
28-Mar-2014
    
32.0333296
%
  
$
39,876,840
  
 
28-Sep-2014
    
32.8021294
%
  
$
40,833,884
  
 
28-Mar-2015
    
33.5893804
%
  
$
41,813,897
  
 
28-Sep-2015
    
34.3955259
%
  
$
42,817,431
  
 
28-Mar-2016
    
35.2210182
%
  
$
43,845,049
  
 
28-Sep-2016
    
36.0663225
%
  
$
44,897,330
  
 
28-Mar-2017
    
36.9319143
%
  
$
45,974,866
  
 
28-Sep-2017
    
37.8182804
%
  
$
47,078,263
  
 
28-Mar-2018
    
38.7259189
%
  
$
48,208,141
  
 
28-Sep-2018
    
39.6553415
%
  
$
49,365,137
  
 
28-Mar-2019
    
40.6070694
%
  
$
50,549,900
  
 
28-Sep-2019
    
41.5816394
%
  
$
51,763,098
  
 
28-Mar-2020
    
42.5795985
%
  
$
53,005,412
  
 
28-Sep-2020
    
43.6015089
%
  
$
54,277,542
  
 
28-Mar-2021
    
44.6479451
%
  
$
55,580,203
  
 
28-Sep-2021
    
45.7194959
%
  
$
56,914,128
  
 
28-Mar-2022
    
46.8167638
%
  
$
58,280,067
  
 
28-Sep-2022
    
47.9403656
%
  
$
59,678,788
  
 
28-Mar-2023
    
49.0909344
%
  
$
61,111,079
  
 
28-Sep-2023
    
50.2691170
%
  
$
62,577,745
  
 
28-Mar-2024
    
51.4755759
%
  
$
64,079,611
  
 
28-Sep-2024
    
52.7109900
%
  
$
65,617,522
  
 
28-Mar-2025
    
53.9760533
%
  
$
67,192,342
  
 
28-Sep-2025
    
55.2714784
%
  
$
68,804,958
  
 
28-Mar-2026
    
56.5979939
%
  
$
70,456,277
  
 
28-Sep-2026
    
57.9563460
%
  
$
72,147,228
  
 
28-Mar-2027
    
59.3472987
%
  
$
73,878,762
  
 
28-Sep-2027
    
60.7716337
%
  
$
75,651,852
  
 
28-Mar-2028
    
62.2301525
%
  
$
77,467,496
  
 
28-Sep-2028
    
63.7236763
%
  
$
79,326,716
  
 
28-Mar-2029
    
65.2530444
%
  
$
81,230,557
  
 
28-Sep-2029
    
66.8191179
%
  
$
83,180,091
  
 
28-Mar-2030
    
68.4227766
%
  
$
85,176,413
  
 
28-Sep-2030
    
70.0649233
%
  
$
87,220,647
  
 
28-Mar-2031
    
71.7464811
%
  
$
89,313,942
  
 
28-Sep-2031
    
73.4683969
%
  
$
91,457,477
  
 
28-Mar-2032
    
75.2316389
%
  
$
93,652,457
  
 
28-Sep-2032
    
77.0371974
%
  
$
95,900,115
  
 
28-Mar-2033
    
78.8860904
%
  
$
98,201,718
  
 
28-Sep-2033
    
80.7793564
%
  
$
100,558,559
  
 
28-Mar-2034
    
82.7180614
%
  
$
102,971,965
  
 
28-Sep-2034
    
84.7032947
%
  
$
105,443,292
  
 
28-Mar-2035
    
86.7361738
%
  
$
107,973,931
  
 
28-Sep-2035
    
88.8178417
%
  
$
110,565,305
  
 
28-Mar-2036
    
90.9494704
%
  
$
113,218,873
  
 
28-Sep-2036
    
93.1322578
%
  
$
115,936,126
  
 
28-Mar-2037
    
95.3674319
%
  
$
118,718,593
  
 
28-Sep-2037
    
97.6562501
%
  
$
121,567,839
  
 
28-Mar-2038
    
100.0000000
%
  
$
124,485,467
  
 
PS-3

RISK FACTORS

Investing in the Notes involves a number of risks. In addition to the risks described in “Risk Factors” on page S-3 of the Prospectus Supplement, the Notes are subject to other special considerations. An investment in the Notes entails certain risks to a greater degree than an investment in conventional fixed-rate debt securities that pay interest periodically. While the Notes, if held to maturity, will provide return of their principal amount, their market value could be adversely affected by changes in prevailing interest rates. This effect on the market value of the Notes could be magnified in a rising interest rate environment due to their relatively long remaining term to maturity. In such an environment, the market value of the Notes generally will fall, which could result in the realization of significant losses to investors whose circumstances do not permit them to hold the Notes until maturity. Investors should have the financial status and, either alone or with a financial advisor, the knowledge and experience in financial and business matters sufficient to evaluate the merits and to bear the risks of investing in the Notes in light of each investor’s particular circumstances, and should consider whether their circumstances permit them to hold the Notes until maturity or otherwise to bear the risks of illiquidity and changes in interest rates.

PLAN OF DISTRIBUTION

Under the terms of and subject to the conditions of an Appointment Agreement dated March 25, 2008 and an Appointment Agreement Confirmation dated March 25, 2008 (collectively, the “Appointment Agreement”) between TMCC and Goldman, Sachs & Co., Goldman, Sachs & Co., acting as principal, has agreed to purchase and TMCC has agreed to sell the notes identified herein.  Under the terms and conditions set forth in the Third Amended and Restated Distribution Agreement dated March 7, 2006, between TMCC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and Toyota Financial Services Securities USA Corporation, as amended from time to time, incorporated by reference in the Appointment Agreement, Goldman, Sachs & Co. is committed to take and pay for all of the Notes offered hereby, if any are taken.
 
 
 
 
 
PS-4