UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2010

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 1-9961

TOYOTA MOTOR CREDIT CORPORATION(Exact name of registrant as specified in its charter)

California(State or other jurisdiction ofincorporation or organization)

95-3775816(I.R.S. Employer

Identification No.)

19001 S. Western AvenueTorrance, California

(Address of principal executive offices)

90501(Zip Code)

Registrant's telephone number, including area code: (310) 468-1310Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 ofthis chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit andpost such files).Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smallerreporting company in Rule 12b-2 of the Exchange Act.

Large accelerated filer __ Accelerated filer __

Non-accelerated filer Smaller reporting company __

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes __ No

As of July 31, 2010, the number of outstanding shares of capital stock, no par value per share, of the registrant was91,500, all of which shares were held by Toyota Financial Services Americas Corporation.

Reduced Disclosure Format

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and istherefore filing this Form with the reduced disclosure format.

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TOYOTA MOTOR CREDIT CORPORATIONFORM 10-Q

For the quarter ended June 30, 2010

INDEXPART I .................................................................................................................................................. 3

Item 1. Financial Statements .................................................................................................................... 3Consolidated Statement of Income.......................................................................................................... 3Consolidated Balance Sheet.................................................................................................................... 4Consolidated Statement of Shareholders Equity .................................................................................... 5Consolidated Statement of Cash Flows................................................................................................... 6Notes to Consolidated Financial Statements .......................................................................................... 7

Item 2. Managements Discussion and Analysis................................................................................... 46Item 3. Quantitative and Qualitative Disclosures About Market Risk .................................................. 74Item 4. Controls and Procedures ........................................................................................................... 74

PART II............................................................................................................................................... 75Item 1. Legal Proceedings ..................................................................................................................... 75Item 1A. Risk Factors............................................................................................................................. 76Item 2. Unregistered Sales of Equity Securities and Use of Proceeds .................................................. 76Item 3. Defaults Upon Senior Securities ............................................................................................... 76Item 4. (Removed and Reserved) .......................................................................................................... 76Item 5. Other Information ..................................................................................................................... 76Item 6. Exhibits ..................................................................................................................................... 76Signatures ................................................................................................................................................ 77Exhibit Index ........................................................................................................................................... 78

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TOYOTA MOTOR CREDIT CORPORATIONCONSOLIDATED STATEMENT OF INCOME

(Unaudited)

Three months ended June 30,

(Dollars in millions) 2010 2009Financing revenues:

Operating lease $1,200 $1,196Retail 730 781Dealer 94 93

Total financing revenues 2,024 2,070

Depreciation on operating leases 811 893Interest expense 491 499

Net financing revenues 722 678

Insurance earned premiums and contract revenues 123 110Investment and other income, net 35 58Net financing revenues and other revenues 880 846

Expenses:Provision for credit losses (289) 328Operating and administrative 184 177Insurance losses and loss adjustment expenses 58 57

Total expenses (47) 562

Income before income taxes 927 284Provision for income taxes 357 108

Net income $570 $176

See Accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATIONCONSOLIDATED BALANCE SHEET

(Unaudited)

(Dollars in millions) June 30, 2010 March 31, 2010

ASSETS

Cash and cash equivalents $4,839 $4,343Restricted cash 359 173Investments in marketable securities 2,660 2,521Finance receivables, net 56,692 55,087Investments in operating leases, net 17,773 17,151Other assets 2,160 1,918Total assets $84,483 $81,193

LIABILITIES AND SHAREHOLDER'S EQUITY

Debt $70,968 $69,179Deferred income taxes 3,645 3,290Other liabilities 4,032 3,451Total liabilities 78,645 75,920

Commitments and contingencies (See Note 13)

Shareholder's equity:Capital stock, no par value and $10,000 par value (100,000 shares

authorized; 91,500 issued and outstanding) at June 30, and March 31,2010, respectively 915 915

Additional paid-in-capital 1 1Accumulated other comprehensive income 99 104Retained earnings 4,823 4,253Total shareholder's equity 5,838 5,273Total liabilities and shareholder's equity $84,483 $81,193

The following table presents the assets of consolidated variable interest entities that can only be used tosettle obligations of the consolidated variable interest entities and the liabilities of those entities for whichcreditors (or beneficial interest holders) do not have recourse to our general credit. These assets andliabilities are included in the consolidated balance sheet above.

(Dollars in millions) June 30, 2010ASSETSFinance receivables, net $6,783Total assets $6,783

LIABILITIESDebt $6,356Other liabilities 1Total liabilities $6,357

See Accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATIONCONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY

(Unaudited)

(Dollars in millions)Capitalstock

Additionalpaid-in capital

Accumulatedother

comprehensive(loss) income

Retainedearnings Total

BALANCE AT MARCH 31, 2009 $915 $1 ($63) $3,240 $4,093

Net income for the three months endedJune 30, 2009 - - - 176 176

Net unrealized gain on available-for-salemarketable securities, net of taxprovision of $37 million - - 61 - 61

Reclassification adjustment for net lossincluded in net income, net of tax benefitof $2 million - - 4 - 4

Total comprehensive income - - 65 176 241

BALANCE AT JUNE 30, 2009 $915 $1 $2 $3,416 $4,334

BALANCE AT MARCH 31, 2010 $915 $1 $104 $4,253 $5,273

Net income for the three months endedJune 30, 2010 - - - 570 570

Net unrealized gain on available-for-salemarketable securities, net of tax provisionof $1 million - - 3 - 3

Reclassification adjustment for net gainincluded in net income, net of taxprovision of $5 million - - (8) - (8)

Total comprehensive income - - (5) 570 565

BALANCE AT JUNE 30, 2010 $915 $1 $99 $4,823 $5,838

See Accompanying Notes to Consolidated Financial Statements.

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TOYOTA MOTOR CREDIT CORPORATIONCONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)Three months ended June 30,

(Dollars in millions) 2010 2009Cash flows from operating activities:

Net income $570 $176Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 841 925Recognition of deferred income (300) (248)Provision for credit losses (289) 328Amortization of deferred origination costs 72 90Fair value adjustme