Toyota Motor Credit Reports Record Q2 Operating Net Income

	TORRANCE, Calif. - Toyota Motor Credit Corporation, which is marketed 
under the brands of Toyota Financial Services and Lexus Financial Services, 
announced Thursday fiscal second quarter operating net income of $73 
million, an increase of $49 million (204%) over the comparable prior year 
period.  For the six months ended September 30, 2001, operating net income 
was $118 million, an increase of $71 million (151%) over the same period in 
the prior year.  The strong financial performance is primarily attributable 
to asset and revenue growth and improvement in net interest margin, 
partially offset by higher credit and
disposition losses.  Operating net income excludes the effect of market 
value changes related to derivative hedging contracts.

	Finance volume of $4.4 billion was strong for the quarter, exceeding the 
comparable prior year period by $769 million (21%).  As of September 30, 
2001, managed net earning assets totaled $33.1 billion, an increase of $3.4 
billion (11%) from a year earlier.  "We are pleased with our performance 
through the
second quarter and are on track for a record year," said George Borst, 
President and CEO.  "We continue to improve our overall market share 
penetration of Toyota and Lexus financed sales to consumers as well as our 
penetration of wholesale financing for Toyota and Lexus dealers over the 
prior year."

	Net income including the effect of mark to market adjustments on 
derivative contracts for the three month and six month periods ending 
September 30, 2001 totaled $21 million and $71 million, respectively.  TMCC 
uses derivative contracts as part of its interest rate risk management 
program.  The mark to market adjustments are determined in accordance with 
Financial Accounting Standards Board Pronouncement Numbers 133 and 138.

	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 Toyota Motor 
Credit Company and extended service contracts through Toyota Motor 
Insurance Services (TMIS).
TFS/LFS currently employs over 2,600 associates nationwide, and has managed 
assets in excess of $33 billion.  It is part of a worldwide network of 
comprehensive financial services offered by Toyota Financial Services 
Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.

                            Toyota Motor Credit Corporation
                              Financial Highlights

     Condensed Financial Information ($ Millions)

                                             % Change   Six Months
                    Three Months Ended or at   Prior   Ended or at
                   9/30/01   6/30/01  9/30/00  Year  9/30/01 9/30/00 % Change
      Revenues:
       Net Financing
        Revenues      $234    $204     $148     58%    $438   $340      29%
       Other
        Revenues        72      58       72      0%     130     69      88%

      Expenses:
       Operating
        Costs &
        Other          147     134      125     18%     281    250      12%
      Provision
       for Credit
       Losses           51      50       46     11%     101     75      35%

      Operating
       Net Income      $73     $45      $24    204%    $118    $47     151%

      Net
       Income (1)      $21     $50      $24    -13%     $71    $47      51%

      Key Data ($ Millions)

      Contract Volume

       Retail       $2,918  $2,700   $2,071     41%  $5,618 $3,848      46%
       Lease         1,454   1,667    1,532     -5%   3,121  2,925       7%
        Total
         Volume     $4,372  $4,367   $3,603     21%  $8,739 $6,773      29%

      Credit Quality
       60+ Day
        Contractual
        Delinquency  0.26%   0.21%    0.20%           0.26%  0.20%
       Credit
        Loss
        Ratio        0.50%   0.52%    0.42%           0.51%  0.38%

      Balance Sheet
       Information
      Net Earning
       Assets (2) (3)
       Retail      $11,160  $9,315  $10,229      9%
       Lease        13,431  13,485   12,860      4%
       Floorplan
        & Other      3,950   4,244    3,043     30%
         Total     $28,541 $27,044  $26,132      9%

      Allowance
       for Credit
       Losses         $248    $231     $230
     % of Average
       Earning
       Assets        0.86%   0.85%    0.87%

      Total
       Assets      $32,079 $29,693  $28,036
      Notes
       and loans
       payable (4) $25,199 $22,200  $21,098
      Capital
       Stock          $915    $915     $915
      Retained
       Earnings     $1,648  $1,631   $1,539


      Managed Information

       Managed Net Earning
        Assets (2) (3)
         Retail    $15,496 $14,248  $12,080     28%
         Lease      13,668  13,984   14,593     -6%
         Floorplan
          & Other    3,950   4,244    3,043     30%
          Total    $33,114 $32,476  $29,716     11%


      (1)  After SFAS 133/138 mark to market adjustment (net of income tax 
effect) of $(52) million and $5 million for the three months ended 
September 30, 2001 and June 30, 2001, respectively and $(47) 
million           for the six months ended September 30, 2001.  SFAS 
133/138 did not apply to the three months and six months ended September 
30, 2000.

      (2)  Includes securitized retail and lease assets.

      (3)  Net of allowance for credit losses.

      (4)  Notes and Loans Payable at September 30, 2001 includes notes 
payable related to securitized finance receivables structured as 
collateralized borrowings.