EXHIBIT 15.1







                     Report of Independent Accountants
                     ---------------------------------



To the Board of Directors and Shareholder of
Toyota Motor Credit Corporation

We have reviewed the accompanying consolidated balance sheet of Toyota Motor
Credit Corporation and its subsidiaries as of June 30, 2003, and the related
consolidated statements of income for each of the three-month periods ended
June 30, 2003 and 2002 and the consolidated statements of shareholder's
equity and of cash flows for the three-month periods ended June 30, 2003 and
2002.  These financial statements are the responsibility of the Company's
management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters.  It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the accompanying consolidated interim financial statements
for them to be in conformity with accounting principles generally accepted in
the United States of America.

We previously audited in accordance with auditing standards generally
accepted in the United States of America, the consolidated balance sheet as
of March 31, 2003, and the related consolidated statements of income, of
shareholder's equity, and of cash flows for the period then ended (not
presented herein), and in our report dated April 8, 2003 we expressed an
unqualified opinion on those consolidated financial statements.  In our
opinion, the information set forth in the accompanying consolidated balance
sheet information as of March 31, 2003, is fairly stated in all material
respects in relation to the consolidated balance sheet from which it has been
derived.




/S/ PRICEWATERHOUSECOOPERS LLP
Los Angeles, California
August 14, 2003