<PAGE>
            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
                                     -----------------
          OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE 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                                 95-3775816
----------------------------------------            -----------------------
   (State or other jurisdiction of                     (I.R.S. Employer
    incorporation or organization)                    Identification No.)

        19001 S. Western Avenue
          Torrance, California                               90509
----------------------------------------            -----------------------
(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code       (310) 787-1310
                                                    -----------------------


          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
                                                                 ---    ---

          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.


                                     -1-

<PAGE>

                                                        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
                                             -------------------------------
                                                      (Registrant)



Date:   February 17, 1998             By         /S/ GEORGE BORST
                                             -------------------------------
                                                     George Borst
                                               Senior Vice President and
                                                    General Manager
                                             (Principal Executive Officer)



Date:   February 17, 1998             By         /S/ GREGORY WILLIS
                                             -------------------------------
                                                     Gregory Willis
                                                     Vice President 
                                               Finance and Administration
                                             (Principal Accounting Officer)


                                     -2-

<PAGE>

Earning Assets
--------------

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
                                            ------------   -------------   ------------
                                                       (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
                                                 -------         -------        -------
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)
                                                 -------         -------        -------
Total net earning assets.................        $19,605         $18,709        $18,824
                                                 =======         =======        =======

</TABLE>

<TABLE>
<CAPTION>
                                                  Three Months Ended
                                                     December 31,             
                                                   1997        1996      
                                                  -------    -------   
<S>                                               <C>        <C>
Total contract volume:
   Vehicle lease.............................      62,000     56,000
   Vehicle retail............................      52,000     53,000
                                                  -------    -------
Total........................................     114,000    109,000
                                                  =======    =======

TMS sponsored contract volume:
   Vehicle lease.............................      11,000     19,000
   Vehicle retail............................       4,000      2,000
                                                  -------    -------
Total........................................      15,000     21,000
                                                  =======    =======

Retail volume:
   New volume................................      30,000     32,000
   Used volume...............................      22,000     21,000
                                                  -------    -------
Total........................................      52,000     53,000
                                                  =======    =======

Finance penetration (excluding fleet):
   Vehicle lease.............................       22.4%      21.8%
   Vehicle retail............................       10.6%      12.7%
                                                    -----      -----          
Total........................................       33.0%      34.5%          
                                                    =====      =====      
</TABLE>


                                     -3-

<PAGE>

Liquidity and Capital Resources
--------------------------------

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 
                    -------------     -------------      -------------        
<S>                 <C>               <C>                <C>         
MTNs..............  $5.9 billion      $4.1 billion       $10.0 billion
Eurobonds.........   1.0 billion       2.0 billion         3.0 billion
                    ------------      ------------       -------------
                    $6.9 billion      $6.1 billion       $13.0 billion
                    ============      ============       =============
</TABLE>


                                   -4-