Document:

<PAGE>

                                                                     EXHIBIT 4.9

                                                                  EXECUTION COPY

                          Class A-4 Confirmation to the
                              ISDA Master Agreement
                          dated as of January 25, 2001

Toyota Auto Receivables 2001-A Owner Trust
c/o U.S. Bank Trust National Association
111 East Wacker Drive, Suite 3000
Chicago, Illinois 60601

     Re:  Transaction Ref. No. 2 between Toyota Motor Credit Corporation
          ("Party A") and Toyota Auto Receivables 2001-A Owner Trust ("Party B")

Dear Sirs:

     The purpose of this letter agreement is to confirm the terms and conditions
of the Swap Transaction entered into between you and us on the Trade Date
specified below (the "Transaction"). This letter agreement constitutes a
"Confirmation" as referred to in the ISDA Master Agreement specified below.

     The definitions and provisions contained in the 1991 ISDA Definitions, as
supplemented by the 1998 Supplement, each published by the International Swaps
and Derivatives Association, Inc. (collectively, the "Definitions"), are
incorporated in this Confirmation. In the event of any inconsistency between
those Definitions and this Confirmation, this Confirmation will govern.

1.   This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement, dated as of January 25, 2001, as amended and supplemented from
time to time (the "Agreement"), between you and us. All provisions contained in
the Agreement govern this Confirmation except as expressly modified below.
Expressions used herein and not defined herein or in the Definitions shall bear
the meaning ascribed thereto in the Agreement.

2.   The terms of the particular Transaction to which this Confirmation relates
are as follows:

Party A:                            Toyota Motor Credit Corporation

Party B:                            Toyota Auto Receivables 2001-A Owner Trust

Trade Date:                         January 25, 2001

Effective Date:                     January 25, 2001

Termination Date:                   The earlier of (i) the Class A-4 Final
                                    Scheduled Payment Date (as defined in the
                                    Indenture) or (ii) the Payment Date (as
                                    defined in the Indenture) on which the
                                    principal balance of the Class A-4 Notes is
                                    reduced to zero, in either case subject to
                                    adjustment in accordance with the Following
                                    Business Day Convention.

                                       1
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Party A Floating Amounts:

     Party A Floating Rate
     Payer:                         Party A

     Party A Floating Rate
     Payer Notional Amount:         The Class A-4 Note Balance (as defined in
                                    the Indenture) on the first day of the
                                    applicable Calculation Period.

     Party A Floating Rate Payer
     Period End Dates:              The 15th day of each calendar month,
                                    commencing on February 15, 2001, up to and
                                    including the Termination Date, subject to
                                    adjustment in accordance with the Following
                                    Business Day Convention; provided that Party
                                    A and Party B agree that the initial
                                    Calculation Period will consist of 21 days
                                    for purposes of calculating the Party A
                                    Floating Amount.

     Party A Floating Rate Payer
     Payment Dates:                 The Business Day immediately preceding each
                                    Period End Date, or if Party B has agreed,
                                    the 15th day of each calendar month,
                                    commencing on February 15, 2001, up to and
                                    including the Termination Date, subject to
                                    adjustment in accordance with the Following
                                    Business Day Convention.

     Party A Floating Rate Option:  USD-LIBOR-BBA.

     Designated Maturity:           One month.

     Spread:                        Plus 0.11%

     Party A Floating Rate
     for the initial
     Calculation Period:            5.71375% (excluding the Spread)

     Party A Floating Rate
     Day Count Fraction:            Actual/360

     Reset Dates:                   The first day of each Calculation Period.

     Compounding:                   Inapplicable.

Party B Fixed Amounts:

                                       2
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     Party B Fixed Rate Payer:      Party B

     Party B Fixed Rate Payer
     Notional Amount:               The Class A-4 Note Balance on the first day
                                    of the applicable Calculation Period.

     Party B Fixed Rate Payer
     Period End Dates:              The 15th day of each calendar month,
                                    commencing on February 15, 2001, with no
                                    adjustment.

     Party B Fixed Rate Payer
     Payment Dates:                 The 15th day of each calendar month,
                                    commencing on February 15, 2001, up to and
                                    including the Termination Date, subject to
                                    adjustment in accordance with the Following
                                    Business Day Convention.

     Party B Fixed Rate:            5.580%

     Party B Fixed Rate
     Day Count Fraction:            30/360

     Fixed Rate Compounding:        Not applicable.

Business Days:                      "Business Day" as defined in the Indenture

Calculation Agent:                  Party A

3.   Account Details

Payments to Party A:

     Account for Payments in USD:   Bank of America, Concord,
                                    California
                                    ABA No. 121-000-358
                                    A/C No. 12351-07564
                                    A/C Toyota Motor Credit Corporation
Payments to Party B:

     Accounts for Payments in USD:  U.S. Bank National Association
                                    ABA #091000022
                                    A/C 180121167365 U.S. Bank Trust National
                                    Association
                                    A/C 47300425
                                    REF:  Toyota Auto Rec 2001-A

                                       3
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4.   Party A Documentation and Operations Officers

     Documentation:                 Robert Woodie
                                    Phone: 310-468-6175
                                    Fax: 310-468-5715

     Operations                     Robert Woodie
                                    Phone: 310-468-6175
                                    Fax:  310-468-5715

7.   Relationship between Parties:

     Each party will be deemed to represent to the other party on the date
on which it enters into the Agreement that (absent a written agreement between
the parties that expressly imposes affirmative obligations to the contrary):

     NON-RELIANCE. It is acting for its own account, and it has made its own
     independent decisions to enter into the Agreement and as to whether the
     Agreement is appropriate or proper for it based upon its own judgment and
     upon advice from such advisers as it has deemed necessary. It is not
     relying on any communication (written or oral) of the other party as
     investment advice or as a recommendation to enter into the Agreement; it
     being understood that information and explanations related to the terms and
     conditions of the Agreement shall not be considered investment advice or a
     recommendation to enter into the Agreement. No communication (written or
     oral) received from the other party shall be deemed to be an assurance or
     guarantee as to the expected results of the Agreement.

     ASSESSMENT AND UNDERSTANDING. It is capable of assessing the merits of and
     understanding (on its own behalf or through independent professional
     advice), and understands and accepts, the terms, conditions and risks of
     the Agreement. It is also capable of assuming, and assumes, the risks of
     the Agreement.

     STATUS OF PARTIES. The other party is not acting as a fiduciary for or as
     adviser to it in respect of the Agreement.

8.   Governing Law: New York

                                       4
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     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Class A-4 Confirmation enclosed for that
purpose and returning it to us.

                                       TOYOTA MOTOR CREDIT CORPORATION

                                       By: /s/ GEORGE E. BORST
                                           -------------------------------------
                                           Name:  George E. Borst
                                           Title: President and Chief Executive
                                                  Officer

                                       Confirmed as of the date first written:

                                       TOYOTA AUTO RECEIVABLES 2001-A
                                       OWNER TRUST

                                       By: U.S. BANK TRUST NATIONAL
                                           ASSOCIATION, as Owner Trustee

                                       By: /s/ MELISSA ROSAL
                                           -------------------------------------
                                           Name:  Melissa A. Rosal
                                           Title: Vice President

                                      S-1<PAGE>

                                                                   EXHIBIT 4.10

                          ASSIGNMENT OF SWAP AGREEMENT

         ASSIGNMENT OF SWAP AGREEMENT (the "Assignment") dated as of January 25,
2001, by and among TOYOTA AUTO RECEIVABLES 2001-A OWNER TRUST, a Delaware
business trust (the "Assignor" or the "Trust"), U.S. BANK NATIONAL ASSOCIATION,
a national banking association, not in its individual capacity but as Indenture
Trustee (the "Assignee") of the Toyota Auto Receivables 2001-A Owner Trust
pursuant to the Indenture, dated as of January 1, 2001 (the "Indenture"), by and
between the Trust and the Indenture Trustee, and TOYOTA MOTOR CREDIT
CORPORATION, as swap counterparty.

         All capitalized terms used herein without definition shall have the
meanings ascribed thereto in the Indenture.

                              W I T N E S S E T H:

         WHEREAS, the Trust has acquired a pool of new and used automobile and
light duty truck retail installment sales contracts originated by Toyota and
Lexus dealers (the "Receivables") and related property from Toyota Motor Credit
Receivables Corporation ("TMCRC"), a California corporation;

         WHEREAS, the Assignor is granting to the Assignee all of the Issuer's
right, title and interest in and to the Receivables and other interest to be
evidenced by certain asset backed notes (the "Notes") and Certificates issued by
the Trust;

         WHEREAS, the Trust and Toyota Motor Credit Corporation (the
"Counterparty") have entered and/or anticipate entering into one or more
transactions that are or will be governed by that certain ISDA Master Agreement,
dated as of January 25, 2001 ("Master Agreement"), which includes a schedule
(the "Schedule"), and the Class A-3 Confirmation to the ISDA Master Agreement,
dated as of January 25, 2001 (the "Class A-3 Confirmation") and the Class A-4
Confirmation to the ISDA Master Agreement, dated as of January 25, 2001 (the
"Class A-4 Confirmation," and together with the Master Agreement, Schedule and
the Class A-3 Confirmation, the "Swap Agreement");

         WHEREAS, Assignor desires to assign all of its rights, title and
interest in and to the Swap Agreement to Assignee; and

         NOW, THEREFORE, in order to induce Assignee to enter into the
Indenture, Assignor does hereby assign, transfer, grant and set over to Assignee
all of Assignor's right, title and interest in and to the Swap Agreement, as
more particularly provided herein, and subject to the terms and conditions more
fully set forth herein:

<PAGE>

         A.       Subject to the provisions of Paragraph E below, Assignor
                  hereby irrevocably authorizes and directs the Counterparty to
                  perform directly to, or as directed by, Assignee, and to remit
                  any and all payments due under the Swap Agreement to Assignee,
                  from and after the date hereof.

         B.       All notices, demands, requests, consents, approvals and other
                  instruments under this Assignment shall be in writing and
                  shall be sent and shall be deemed to have been actually or
                  properly given if and when given in accordance with the notice
                  provisions of the Notes.

         C.       Anything contained herein or in the Notes, the Indenture or
                  any other security documents to the contrary notwithstanding,
                  Assignee's recourse for the performance of all of the
                  obligations and liabilities of Assignor under this Assignment
                  shall be limited to the same extent as, and for the protection
                  of the same persons and entities described in, the Swap
                  Agreement.

         D.       Except as otherwise expressly provided, nothing contained
                  herein shall operate or be construed to impose any obligation
                  upon the Assignee with respect to the Swap Agreement.

         E.       1.       This Assignment and all rights hereunder assigned to
                           Assignee shall cease and terminate upon payment in
                           full by the Assignor of the principal amount of and
                           interest on the Notes and any that are then due and
                           payable.

                  2.       In addition, in the event that any portion of the
                           Swap Agreement is sold, assigned or otherwise
                           disposed of in connection with a redemption or
                           prepayment of the Class A-3 Notes and the Class A-4
                           Notes, such portion of the Swap Agreement shall be
                           released from this Assignment.

                                      -2-
<PAGE>

                  3.       In connection with any release of this Agreement
                           pursuant to this Paragraph E, Assignee shall execute
                           such documents as may be reasonably requested by
                           Assignor to acknowledge such release. Any documents
                           delivered to confirm such release shall be prepared
                           by counsel for Assignor at Assignor's reasonable
                           expense and shall expressly provide that such
                           confirmation is without recourse and without any
                           representation or warranty, express or implied
                           (except that Assignee shall represent that such
                           document has been and is duly authorized, that all
                           necessary consents to the execution and delivery
                           thereof have been obtained and that it has not
                           assigned or encumbered this Swap Agreement). If the
                           Swap Agreement is released in its entirety, Assignee,
                           at the request and sole cost and expense of Assignor
                           made at the time of any such release, will execute
                           and deliver to Assignor a proper instrument or
                           instruments acknowledging the satisfaction and
                           termination of this Assignment, and will duly assign
                           and transfer, without recourse and without any
                           representation or warranty, express or implied
                           (except that Assignee shall represent that such
                           termination and such assignment and transfer has been
                           and is duly authorized, that all necessary consents
                           to the execution and delivery thereof have been
                           obtained and that it has not assigned or encumbered
                           the Swap Agreement) the Swap Agreement and deliver so
                           much thereof as shall be in its possession and as has
                           not theretofore been sold or otherwise applied or
                           released pursuant to this Assignment, together with
                           any moneys at the time held by Assignee hereunder and
                           not applied to the payment of the secured obligations
                           of Assignor.

         F.       THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN
                  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         G.       This Assignment shall be binding upon and shall inure to the
                  benefit of the heirs, legal representatives, successors and
                  assigns of Assignor and Assignee.

                                      -3-
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.

                                      ASSIGNOR:

                                      TOYOTA AUTO RECEIVABLES 2001-A
                                      OWNER TRUST

                                      By:  U.S. Bank Trust National Association,
                                           not in its individual capacity but
                                           solely as Owner Trustee

                                      By:  /s/  MELISSA ROSAL
                                           -------------------------------------
                                           Name:  Melissa A. Rosal
                                           Title: Vice President

                                      ASSIGNEE:

                                      U.S. BANK NATIONAL ASSOCIATION,
                                      not in its individual capacity but
                                      solely as Indenture Trustee

                                      By:  /s/  MELISSA ROSAL
                                           -------------------------------------
                                           Name:  Melissa A. Rosal
                                           Title: Vice President

                                      COUNTERPARTY:

                                      TOYOTA MOTOR CREDIT CORPORATION

                                      By:  /s/ GEORGE E. BORST
                                           -------------------------------------
                                           Name:  George E. Borst
                                           Title: President and Chief Executive
                                                  Officer

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