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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 16, 1995
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TOYOTA MOTOR CREDIT CORPORATION
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(Exact name of registrant as specified in its charter)
California 1-9961 95-3775816
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
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Item 5. Other Events.
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On May 16, 1995, the U.S. Trade Representative announced for public comment
proposed sanctions on specified vehicles imported from Japan. The
specifications include all current models in the Lexus line of vehicles. The
sanctions would impose 100% tariffs on the targeted vehicles. The final
determination regarding imposition of the sanctions is expected to be made in
late June. The U.S. Trade Representative stated that, if the United States
enacts the sanctions, it intends to have them apply retroactively to include
vehicles imported on or after May 20, 1995.
Approximately 25% of Toyota Motor Credit Corporation's (the "Company") earning
assets as of March 31, 1995 consisted of retail installment contracts and
leases on Lexus vehicles and wholesale financing, real estate and working
capital loans to Lexus dealers. Approximately 25% of the Company's financing
revenues, net of operating lease depreciation for the six months ended March
31, 1995 pertained to these assets.
The United States and Japan are expected to continue discussions in an effort
to reach a satisfactory compromise regarding trade issues before the targeted
date for imposition of trade sanctions. If, however, sanctions are imposed
in their current form, the sale and lease of Lexus vehicles in the U.S. will
be substantially curtailed, resulting in a reduction in the level of the
Company's finance and insurance operations. Although sanctions could result
in defaults by Lexus dealers under real estate and working capital loans made
to them by the Company, such loans constitute less than 1% of the Company's
total earning assets as of March 31, 1995. Management is uncertain whether
the imposition of sanctions will adversely affect the realizable values of the
aggregate residual values of the leases on Lexus vehicles reflected in the
Company's financial statements. Management anticipates that the sanctions, if
imposed, could result in a material decrease in the Company's financing
revenue and operating profits.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TOYOTA MOTOR CREDIT CORPORATION
Date: May 18, 1995 By /S/ WOLFGANG JAHN
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WOLFGANG JAHN
Group Vice President
and General Manager
(principal executive officer)
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