<PAGE>
                                                                EXHIBIT 20(a)

Report of Independent Accountants on Compliance with
Specified Retail Receivable Servicing Standards


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

We have examined management's assertion about Toyota Motor Credit Corporation's
(the "Company's") compliance with the servicing standards related to retail
receivables identified in Exhibit I (collectively, the "specified servicing
standards") as set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of and for
the year ended September 30, 1999 included in the accompanying management
assertion. Management is responsible for the Company's compliance with the
specified servicing standards.  Our responsibility is to express an opinion
based on management's assertion about the entity's compliance on our
examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
specified servicing standards and performing such other procedures as we
considered necessary in the circumstances.  We believe that our examination
provides a reasonable basis for our opinion.  Our examination does not provide
a legal determination on the Company's compliance with the minimum servicing
standards.

In our opinion, management's assertion that the Company complied with the
aforementioned specified servicing standards as of and for the year ended
September 30, 1999 is fairly stated, in all material respects.


/S/ PRICE WATERHOUSE LLP


Los Angeles, California
October 29, 1999

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               EXHIBIT I TO REPORT OF INDEPENDENT ACCOUNTANTS

               Specified Retail Receivable Servicing Standards
               -----------------------------------------------

I.    ADVANCES

Funds of the servicing entity shall be advanced in accordance with the
servicing agreement.


II.   RETAIL FINANCE RECEIVABLE PAYMENTS

      1.  Retail finance receivable payments shall be deposited into the
servicer's bank accounts within two business days of receipt.

      2.  Retail finance receivable payments made in accordance with the
borrower's loan documents shall be posted to the applicable borrower
records within two business days of receipt.

      3.  Retail finance receivable payments shall be allocated to principal,
interest, insurance, taxes and other items in accordance with the
borrower's loan documents.

      4.  Retail finance receivable payments identified as loan payoffs shall
be allocated in accordance with the borrower's loan documents.


III.  DISBURSEMENTS

      1.  Disbursements made via wire transfer on behalf of a borrower or
investor shall be made only by authorized personnel.

      2.  Disbursements made on behalf of a borrower or investor shall be
posted on a timely basis to the borrower's or investor's records
maintained by the servicing entity.

      3.  Amounts remitted to investors per the investor reports shall agree
with cancelled checks, or other form of payment, or bank statements.


IV.   BORROWER LOAN ACCOUNTING

The servicing entity's borrower loan records shall agree with, or
reconcile to, the records of borrowers with respect to the unpaid
principal balance on a monthly basis.


V.    DELINQUENCIES

Records documenting collection efforts shall be maintained during the
period a loan is in default and shall be updated at least monthly.  Such
records shall describe the entity's activities in monitoring delinquent
loans including, for example, phone calls, letters and payments
rescheduling plan in cases where the delinquency is deemed temporary
(e.g. illness or unemployment).

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                   MANAGEMENT ASSERTION AS TO COMPLIANCE







October 29, 1999





To Whom It May Concern:

As of and for the period ended September 30, 1999, Toyota Motor Credit
Corporation has complied in all material respects with the servicing standards
related to retail receivables identified in Exhibit I set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers.






   /S/ NOBUKAZU TSURUMI                       /S/ GEORGE E. BORST
---------------------------------       ---------------------------------
       Nobukazu Tsurumi                           George E. Borst
    Group Vice President                       Senior Vice President
       and Treasurer                            and General Manager



   /S/ LLOYD MISTELE
---------------------------------
       Lloyd Mistele
  Vice President, Treasury