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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 1-9961
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TOYOTA MOTOR CREDIT CORPORATION
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(Exact name of registrant as specified in its charter)
California 95-3775816
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
19001 S. 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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Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
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As of January 31, 1998, the number of outstanding shares of capital
stock, par value $10,000 per share, of the registrant was 91,500, all of which
shares were held by Toyota Motor Sales, U.S.A., Inc.
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SIGNATURES
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 thereunto duly authorized.
TOYOTA MOTOR CREDIT CORPORATION
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(Registrant)
Date: February 17, 1998 By /S/ GEORGE BORST
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George Borst
Senior Vice President and
General Manager
(Principal Executive Officer)
Date: February 17, 1998 By /S/ GREGORY WILLIS
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Gregory Willis
Vice President
Finance and Administration
(Principal Accounting Officer)
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Earning Assets
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The composition of TMCC's net earning assets (excluding retail receivables and
interests in lease finance receivables sold through securitization
transactions), as of the balance sheet dates reported herein and TMCC's
vehicle lease and retail contract volume and finance penetration for the three
months ended December 31, 1997 and December 31, 1996 are summarized below:
<TABLE>
<CAPTION>
December 31, September 30, December 31,
1997 1997 1996
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(Dollars in Millions)
<S> <C> <C> <C>
Vehicle lease
Investment in operating leases, net..... $9,883 $10,124 $10,878
Finance leases, net..................... 1,979 1,498 1,216
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Total vehicle leases..................... 11,862 11,622 12,094
Vehicle retail finance receivables, net.. 6,199 5,866 5,310
Vehicle wholesale and other receivables.. 1,768 1,434 1,634
Allowance for credit losses.............. (224) (213) (214)
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Total net earning assets................. $19,605 $18,709 $18,824
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<TABLE>
<CAPTION>
Three Months Ended
December 31,
1997 1996
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<S> <C> <C>
Total contract volume:
Vehicle lease............................. 62,000 56,000
Vehicle retail............................ 52,000 53,000
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Total........................................ 114,000 109,000
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TMS sponsored contract volume:
Vehicle lease............................. 11,000 19,000
Vehicle retail............................ 4,000 2,000
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Total........................................ 15,000 21,000
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Retail volume:
New volume................................ 30,000 32,000
Used volume............................... 22,000 21,000
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Total........................................ 52,000 53,000
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Finance penetration (excluding fleet):
Vehicle lease............................. 22.4% 21.8%
Vehicle retail............................ 10.6% 12.7%
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Total........................................ 33.0% 34.5%
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Liquidity and Capital Resources
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The Company requires, in the normal course of business, substantial funding to
support the level of its earning assets. Significant reliance is placed on
the Company's ability to obtain debt funding in the capital markets in
addition to funding provided by earning asset liquidations and cash provided
by operating activities as well as transactions through the Company's asset-
backed securities programs. Debt issuances have generally been in the form of
commercial paper, United States and Euro Medium Term Notes ("MTNs") and
Eurobonds. On occasion, this funding has been supplemented by loans and
equity contributions from TMS.
Commercial paper issuances are used to meet short-term funding needs.
Commercial paper outstanding under TMCC's commercial paper program ranged from
approximately $1.3 billion to $2.5 billion in the first quarter of fiscal
1998, with an average outstanding balance of $1.7 billion. For additional
liquidity purposes, TMCC maintains syndicated bank credit facilities with
certain banks which aggregated $2.0 billion at December 31, 1997. No loans
were outstanding under any of these bank credit facilities during the first
quarter of fiscal 1998. TMCC also maintains, along with TMS, uncommitted,
unsecured lines of credit with banks totaling $250 million. At December 31,
1997, TMCC had issued approximately $24 million in letters of credit,
primarily related to the Company's insurance operations.
Long-term funding requirements are met through the issuance of a variety of
debt securities underwritten in both the United States and international
capital markets. During the first quarter of fiscal 1998, TMCC issued
approximately $877 million of MTNs and Eurobonds all of which had original
maturities of one year or more.
The original maturities of all MTNs and Eurobonds outstanding at December 31,
1997 ranged from one to eleven years. At December 31, 1997, the amounts
outstanding under MTNs and Eurobonds, including the effect of foreign currency
translations at December 31, 1997 spot exchange rates, are as follows:
<TABLE>
<CAPTION>
Total
U.S. and
U.S. Foreign Foreign
Currency Currency Currency
Denominated Denominated Denominated
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<S> <C> <C> <C>
MTNs.............. $5.9 billion $4.1 billion $10.0 billion
Eurobonds......... 1.0 billion 2.0 billion 3.0 billion
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$6.9 billion $6.1 billion $13.0 billion
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