Document:

<PAGE>
                                                                    EXHIBIT 4.10

                          Class A-4 Confirmation to the
                              ISDA Master Agreement
                            dated as of May 15, 2001

Toyota Auto Receivables 2001-B Owner Trust
c/o First Union Trust Company, National Association
One Rodney Square
920 King Street, Suite 102
Wilmington, Delaware  19801

         Re:      Transaction Ref. No. 3 between Toyota Motor Credit Corporation
                  ("Party A") and Toyota Auto Receivables 2001-B Owner Trust
                  ("Party B")

Ladies and Gentlemen:

         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 2000 ISDA
Definitions, as supplemented by the Annex to the 2000 ISDA Definitions, 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 May 15, 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:

<TABLE>
<S>                                         <C>
Party A:                                    Toyota Motor Credit Corporation

Party B:                                    Toyota Auto Receivables 2001-B Owner
                                            Trust

Trade Date:                                 May 15, 2001

Effective Date:                             May 15, 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

                                       1

<PAGE>

                                            adjustment in accordance with the
                                            Following Business Day Convention.

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 June 15,
                                            2001, up to and including the
                                            Termination Date, subject to
                                            adjustment in accordance with the
                                            Following Business Day Convention.

         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 June 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 0.100%

         Party A Floating Rate
         Day Count Fraction:                Actual/360

         Reset Dates:                       The first day of each Calculation
                                            Period.

         Compounding:                       Inapplicable.

Party B Fixed Amounts:

         Party B Fixed Rate Payer:          Party B

         Party B Fixed Rate Payer
         Notional Amount:                   The Class A-4 Note Balance

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                                            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 June 15, 2001, with no
                                            adjustment.

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

         Party B Fixed Rate:                5.360%

         Party B Fixed Rate
         Day Count Fraction:                30/360

         Fixed Rate Compounding:            Not applicable.

Business Days:                              Any day other than a Saturday, a
                                            Sunday or a day on which banking
                                            institutions or trust companies
                                            in New York, New York,
                                            Minneapolis, Minnesota,
                                            Wilmington, Delaware or San
                                            Francisco, California are
                                            authorized or obligated by law,
                                            regulation or executive order to
                                            remain closed.

Calculation Agent:                          Party A
</TABLE>

3.       Account Details

<TABLE>
<S>                                         <C>
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:               Wells Fargo Bank Minnesota, N.A.
                                            ABA:  091000019
                                            Acct:  0001038377
                                            Acct Name:  Wells Fargo Corporate
                                                        Trust
</TABLE>
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<PAGE>

4.   Party A Documentation and Operations Officers

<TABLE>
<S>                                                    <C>
                            Documentation:             Carolee Furukawa
                                                       Phone:  310-468-6806
                                                       Fax:  310-468-5715

                            Operations                 Carolee Furukawa
                                                       Phone:  310-468-6806
                                                       Fax:  310-468-5715
</TABLE>

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

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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-B
                                       OWNER TRUST

                                       By:  FIRST UNION TRUST COMPANY,
                                            NATIONAL ASSOCIATION, not in its
                                            individual capacity but solely as
                                            Owner Trustee

                                       By: /s/ Sterling C. Correia
                                          --------------------------------
                                          Name: Sterling C. Correia
                                          Title: Vice President

                                     S-1<PAGE>
                                                                    EXHIBIT 4.11

                          ASSIGNMENT OF SWAP AGREEMENT

         ASSIGNMENT OF SWAP AGREEMENT (the "Assignment") dated as of May 15,
2001, by and among TOYOTA AUTO RECEIVABLES 2001-B OWNER TRUST, a Delaware
business trust (the "Assignor" or the "Trust"), Wells Fargo Bank Minnesota,
National Association, not in its individual capacity but as Indenture Trustee
(the "Assignee") of the Toyota Auto Receivables 2001-B Owner Trust pursuant
to the Indenture, dated as of April 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 Auto
Finance Receivables LLC ("TAFR LLC"), 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 May 15, 2001 ("Master Agreement"), which includes a
schedule (the "Schedule"), and the Class A-2 Confirmation to the ISDA Master
Agreement, dated as of May 15, 2001 (the "Class A-2 Confirmation"), the Class
A-3 Confirmation to the ISDA Master Agreement, dated as of May 15, 2001 (the
"Class A-3 Confirmation") and the Class A-4 Confirmation to the ISDA Master
Agreement, dated as of May 15, 2001 (the "Class A-4 Confirmation," and
together with the Master Agreement, Schedule, the Class A-2 Confirmation 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-2 Notes, the Class A-3
                           Notes and the Class A-4 Notes, such portion of the
                           Swap Agreement shall be released from this
                           Assignment.

                  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

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                           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.

                 [Remainder of the page intentionally left blank.]

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<PAGE>

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

                                        ASSIGNOR:

                                        TOYOTA AUTO RECEIVABLES 2001-B
                                        OWNER TRUST

                                        By:  First Union Trust Company,
                                             National Association, not in its
                                             individual capacity but solely
                                             as Owner Trustee on behalf of
                                             the Issuer

                                        By:  /s/ Sterling C. Correia
                                             ---------------------------------
                                             Name: Sterling C. Correia
                                             Title: Vice President

                                        ASSIGNEE:

                                        WELLS FARGO BANK MINNESOTA, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Indenture Trustee

                                        By:  /s/ Marianna Stershic
                                             -----------------------------------
                                             Name: Marianna C. Stershic
                                             Title: Vice President

                                        COUNTERPARTY:

                                        TOYOTA MOTOR CREDIT CORPORATION

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

                                       S-1

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