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Toyota Motor Credit (32AU)

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Thursday 10 January, 2008

Toyota Motor Credit

Issue of Debt

Toyota Motor Credit Corp
10 January 2008

FINAL TERMS



                        TOYOTA MOTOR CREDIT CORPORATION





                                €40,000,000,000
                        Euro Medium Term Note Programme

                                 established by
      Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,
      Toyota Finance Australia Limited and Toyota Motor Credit Corporation





                                Series No.  445



     ISK 10,000,000,000.00 13.0 per cent.  Fixed Rate Notes due March 2009





                           __________________________



                         Issue price: 100.657 per cent.

                           __________________________











                               ABN AMRO Bank N.V.
                      Royal Bank of Canada Europe Limited

                           The Toronto-Dominion Bank

                                  UBS Limited













              The date of these Final Terms is 10th January, 2008


                                  Final Terms

                            Dated 10th January, 2008

                        TOYOTA MOTOR CREDIT CORPORATION

      ISK 10,000,000,000.00 13.0 per cent. Fixed Rate Notes due March 2009

                           under the €40,000,000,000

                        Euro Medium Term Note Programme
                                 established by
      Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,
      Toyota Finance Australia Limited and Toyota Motor Credit Corporation

                           PART A - CONTRACTUAL TERMS

The Prospectus dated 28th September, 2007 referred to below (as completed by
these Final Terms) has been prepared on the basis that, except as provided in
sub-paragraph (ii) below, any offer of Notes in any Member State of the European
Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each,
a 'Relevant Member State') will be made pursuant to an exemption under the
Prospectus Directive, as implemented in that Relevant Member State, from the
requirement to publish a prospectus for offers of the Notes.  Accordingly, any
person making or intending to make an offer of the Notes may only do so in:

(i)         circumstances in which no obligation arises for the Issuer or any
Dealer or Manager to publish a prospectus pursuant to Article 3 of the
Prospectus Directive or supplement a prospectus pursuant to Article 16 of the
Prospectus Directive, in each case in relation to such offer; or

(ii)        those Public Offer Jurisdictions mentioned in Paragraph 10 of Part B
below, provided such person is one of the persons mentioned in Paragraph 10 of
Part B below and that such offer is made during the Offer Period specified for
such purposes therein.

Neither the Issuer nor any Dealer or Manager has authorised, nor do they
authorise, the making of any offer of Notes in any other circumstances.

Terms used herein shall be deemed to be defined as such for the purposes of the
Conditions set forth under 'Terms and Conditions of the Notes' in the Prospectus
dated 28th September, 2007 and the Supplementary Prospectus dated 8th November,
2007, the Supplementary Prospectus dated 9th November, 2007 and the
Supplementary Prospectus dated 4th December, 2007 which together constitute a
base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/
EC) (the 'Prospectus Directive'). This document constitutes the Final Terms of
the Notes described herein for the purposes of Article 5.4 of the Prospectus
Directive and must be read in conjunction with such Prospectus as so
supplemented, including all documents incorporated by reference therein.  Full
information on the Issuer and the offer of the Notes is only available on the
basis of the combination of these Final Terms and the Prospectus as so
supplemented. The Prospectus and the Supplementary Prospectuses are available
for viewing and copies may be obtained from the principal office in London,
England of The Bank of New York, the issuing and principal paying agent for the
Notes, at One Canada Square, London E14 5AL and at www.londonstockexchange.com.
1.    (i)      Issuer:                         Toyota Motor Credit Corporation (the 'Issuer')
      (ii)     Credit Support Providers:       Toyota Motor Corporation
                                               Toyota Financial Services Corporation
2.    Series Number:                           445
3.    Specified Currency (or Currencies in the Icelandic Krona ('ISK')
      case of Dual Currency Notes):


4.    Aggregate Nominal Amount of Notes:
      Series:                                  ISK 10,000,000,000.00
5.    Issue Price:                             100.657 per cent. of the Aggregate Nominal Amount
                                               of Notes
6.    (i)      Specified Denominations:        ISK 100,000
      (ii)     Calculation Amount:             ISK 100,000
7.    (i)      Issue Date:                     23rd January, 2008
      (ii)     Interest Commencement Date:     Issue Date
8.    Maturity Date:                           23rd March, 2009
9.    Interest Basis:                          13.0 per cent. Fixed Rate
                                               (further particulars specified below)
10.   Redemption/Payment Basis:                Redemption at par
11.   Change of Interest Basis or Redemption/  Not Applicable
      Payment Basis:
12.   Investor Put/Issuer Call Options:        Not Applicable
13.   (i)      Status of the Notes:            Senior
      (ii)     Nature of the Credit Support:   See 'Relationship of TFS and the Issuers with the
                                               Parent' in the Prospectus dated 28th  September,
                                               2007
      (iii)    Date of approval for issuance   See  'General Information-Authorisation' section
               of Notes obtained:              of  the Prospectus dated 28th September, 2007 for
                                               the relevant board approval dates for the
                                               Programme
14.   Method of distribution:                  Syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15.   Fixed Rate Note Provisions               Applicable
      (i)      Fixed Rate of Interest:         13.0 per cent. per annum payable annually in
                                               arrear on each Interest Payment Date
      (ii)     Interest Payment Date(s):       23rd March in each year, commencing with a short
                                               first coupon payable on 23rd March, 2008, adjusted
                                               in accordance with the Following Business Day
                                               Convention, with the Applicable Business Centres
                                               for the definition of 'Business Day' being London,
                                               New York and Reykjavik with no adjustment for
                                               period end dates.
      (iii)    Fixed Coupon Amount:            ISK 13,000.00 per Calculation Amount payable
               (Applicable to Notes in         annually
               definitive form)
      (iv)     Broken Amount(s):               ISK 2,131 per Calculation Amount payable on the
               (Applicable to Notes in         Interest Payment Date falling on 23rd March, 2008
               definitive form)
      (v)      Fixed Day Count Fraction:       Actual/Actual (ICMA)
      (vi)     Determination Date(s):          23rd March in each year
      (vii)    Other terms relating to the     Not Applicable
               method of calculating interest
               for Fixed Rate Notes:
16.   Floating Rate Note Provisions            Not Applicable
17.   Zero Coupon Note Provisions              Not Applicable
18.   Index Linked Interest Note/other         Not Applicable
      variable-linked interest Note Provisions
19.   Dual Currency Note Provisions            Not Applicable
PROVISIONS RELATING TO REDEMPTION
20.   Issuer Call Option                       Not Applicable
21.   Investor Put Option                      Not Applicable
22.   Final Redemption Amount of each Note     Par
      In cases where the Final Redemption      Not Applicable
      Amount is Index Linked or other
      variable-linked:
23.   Early Redemption Amount:
      Early Redemption Amount of each Note     Par
      payable on redemption for taxation
      reasons or on event of default and/or
      the method of calculating the same (if
      required or if different from that set
      out in the Conditions):
GENERAL PROVISIONS APPLICABLE TO THE NOTES
24.   Form of Notes:                           Bearer Notes:
                                               A Temporary Global Note in bearer form without
                                               Coupons will be deposited with a common depositary
                                               or, as the case may be, a common safekeeper for
                                               Clearstream Banking, societe anonyme ('
                                               Clearstream, Luxembourg') and Euroclear Bank S.A./
                                               N.V. ('Euroclear') on or about the Issue Date. The
                                               Temporary Global Note is exchangeable for a
                                               Permanent Global Note in bearer form not earlier
                                               than the date that is 40 days following completion
                                               of the distribution of the Notes and upon
                                               certification of non-U.S. beneficial ownership.
                                               A Permanent Global Note is exchangeable in whole,
                                               but not in part, for security printed definitive
                                               Notes (a) at the request of the Issuer; (b) upon
                                               the Noteholders instructing Euroclear,
                                               Clearstream, Luxembourg or any other agreed
                                               clearing system in which such Permanent Global
                                               Note is being held to give at least 60 days'
                                               written notice to the Agent, subject to the
                                               payment of costs in connection with the printing
                                               and distribution of definitive Notes; and/or (c)
                                               (free of charge) upon the occurrence of an
                                               Exchange Event (as described in 'Form of the Notes
                                               ' in the Prospectus dated 28th September, 2007).
25.   New Global Note:                         No
26.   Applicable Business Centre(s) or other   Not Applicable
      special provisions relating to Payment
      Dates:
27.   Talons for future Coupons or Receipts to No
      be attached to definitive Notes (and
      dates on which such Talons mature):
28.   Details relating to Partly Paid Notes:   Not Applicable
      amount of each payment comprising the
      Issue Price and date on which each
      payment is to be made and consequences
      (if any) of failure to pay, including
      any right of the Issuer to forfeit the
      Notes and interest due on late payment:
29.   Details relating to Instalment Notes:    Not Applicable
30.   Whether the Notes will be subject to     No
      redenomination or exchange into euros:
31.   Further issues and consolidation         The Issuer may from time to time, without the
      provisions:                              consent of the holders of Notes, Receipts or
                                               Coupons of this Series, create and issue further
                                               Notes of this Series having the same terms and
                                               conditions as the Notes (or the same terms and
                                               conditions save for the Issue Date, the amount and
                                               date of the first payment of interest thereon and/
                                               or the Issue Price) so that the same shall be
                                               consolidated and form a single Series with the
                                               outstanding Notes and references in the Conditions
                                               to the 'Notes' shall be construed accordingly
32.   Other final terms or special conditions: Negative Pledge covenant set out in Condition 3 is
                                               Not Applicable
DISTRIBUTION
33.   (i)      If syndicated, names and        ABN AMRO Bank N.V.
               addresses of Managers and       250 Bishopsgate
               underwriting commitments:       London EC2M 4AA
                                               Underwriting Commitment: ISK 2,500,000,000
                                               Royal Bank of Canada Europe Limited
                                               71 Queen Victoria Street
                                               London EC4V 4DE
                                               Underwriting Commitment: ISK 2,500,000,000
                                               The Toronto-Dominion Bank

                                               Triton Court
                                               14/18 Finsbury Square
                                               London  EC2A 1DB
                                               Underwriting Commitment: ISK 2,500,000,000
                                               UBS Limited
                                               1 Finsbury Avenue
                                               London  EC2M 2PP
                                               Underwriting Commitment: ISK 2,500,000,000
      (ii)     Date of Syndicate Purchase      10th January, 2008
               Agreement:
      (iii)    Stabilising Manager (if any):   Not Applicable
34.   If non-syndicated, name and address of   Not Applicable
      relevant Dealer/Purchaser:
35.   Total commission and concession:         1.00 per cent. of the Aggregate Nominal Amount of
                                               Notes
36.   U.S. Selling Restrictions:               Reg. S Compliance Category 2; TEFRA D
37.   Non-exempt Offer:                        Applicable - see Paragraph 10 of Part B below
38.   Additional selling restrictions          Selling restrictions, including those applicable
                                               to the United States, United Kingdom, the European
                                               Economic Area, Japan, The Netherlands, Canada,
                                               Australia and Switzerland are set out in the
                                               Prospectus dated 28th September, 2007, Appendix 2
                                               of the Amended and Restated Programme Agreement
                                               dated 28th September, 2007 and the Syndicate
                                               Purchase Agreement dated 10th January, 2008, among
                                               the Managers and the Issuer

                                               Iceland:

                                               Each Manager has represented and agreed that it
                                               will not offer Notes to the public in Iceland,
                                               except in compliance with the Icelandic Act on
                                               Securities Transactions (No. 33/2003) as amended
                                               (the 'Act') and any applicable laws or regulations
                                               in Iceland.
PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for issue and admission to trading on the
London Stock Exchange's Gilt Edged and Fixed Interest Market of the Notes described herein
pursuant to the €40,000,000,000 Euro Medium Term Note Programme of Toyota Motor Finance
(Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited and Toyota Motor
Credit Corporation.



RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.


Signed on behalf of the Issuer:
Toyota Motor Credit Corporation



By ...........................................

Name:
Title:


cc: The Bank of New York



                           PART B - OTHER INFORMATION
   1.      LISTING
                                              Application has been made by the Issuer (or on
                                              its behalf) for the Notes to be admitted to
                                              trading on the London Stock Exchange's Gilt Edged
                                              and Fixed Interest Market with effect from the
                                              Issue Date
   2.      RATINGS
            Programme Ratings:                For information on Programme Ratings see 'General
                                              Information-Credit Ratings' in the Prospectus
                                              dated 28th September, 2007
   3.      INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER

   Save as discussed in 'Subscription and Sale' in the Prospectus dated 28th September, 2007,
   so far as the Issuer is aware, no person involved in the offer of the Notes has an interest
   material to the offer.
   4.      REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
         (i)      Reasons for the offer: As set out in 'Use of Proceeds' in the Prospectus
                                         dated 28th September, 2007
         (ii)     Estimated net          ISK 9,965,700,000 (before deduction of estimated
proceeds:                                expenses)
         (iii)    Estimated total        ISK 500,000 for legal, filing and miscellaneous
expenses:                                administrative expenses
5.      Fixed Rate Notes only - YIELD
         Indication of yield:            12.458 per cent. per annum

                                         The yield is the internal rate of return of the cash
                                         flows over the duration of the Notes assuming an Issue
                                         Price of 100.657 per cent. and a Final Redemption
                                         Amount of 100.00 per cent.

                                         As set out above, the yield is calculated at the Issue
                                         Date on the basis of the Issue Price. It is not an
                                         indication of future yield
6.      Floating Rate Notes only - HISTORIC INTEREST RATES
Not Applicable
7.      Index Linked or other variable-linked Notes only - PERFORMANCE OF INDEX/FORMULA/OTHER
VARIABLE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER
INFORMATION CONCERNING THE UNDERLYING AND POST ISSUANCE INFORMATION
Not Applicable
8.      Dual Currency Notes only - PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT
ON VALUE OF INVESTMENT
Not Applicable
9.      OPERATIONAL INFORMATION
         (i)      ISIN Code:             XS0340379220
         (ii)     Common Code:           034037922
         (iii)  Any clearing system(s)   Not Applicable
other than Euroclear Bank S.A./N.V. and
Clearstream Banking, societe anonyme and
the relevant identification number(s):
         (iv) Delivery:                  Delivery against payment
         (v)   Names and addresses of    Not Applicable
additional Paying Agent(s) (if any):
         (vi)  Notes to be held in a     No
manner which would allow Eurosystem
eligibility:
10.    TERMS AND CONDITIONS OF THE PUBLIC OFFER
The UK Listing Authority has provided the competent authorities in, inter alia, each of
Austria, Belgium, Finland, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain
and Sweden (together with the United Kingdom, the 'Public Offer Jurisdictions') with a
certificate of approval attesting that the Prospectus has been drawn up in accordance with the
Prospectus Directive. Copies of these Final Terms will be provided to the competent authorities
in the Public Offer Jurisdictions (save for the Austrian competent authority which has
confirmed that it does not require such a copy).

The Issuer has agreed to allow the use of these Final Terms and the Prospectus by each of the
Managers and any placers (authorised by any of the Managers) involved in the offer (the '
Placers') in connection with possible offers of the Notes to the public in the Public Offer
Jurisdictions during the Offer Period.

Investors (as defined in the final paragraph on the first page of the Prospectus) intending to
acquire or acquiring the Notes from any Offeror (as defined in the final paragraph on the first
page of the Prospectus) should, as indicated in the legend, make appropriate enquiries as to
whether that Offeror is acting in association with the Issuer. Whether or not the Offeror is
described as acting in association with the Issuer, the Issuer's only relationship is with the
Managers and the Issuer has no relationship with or obligation to, nor shall it have any
relationship with or obligation to, an Investor, save as may arise under any applicable law or
regulation.

The Issuer is only offering to and selling to the Managers pursuant to and in accordance with
the terms of the Syndicate Purchase Agreement. All sales to persons other than the Managers
will be made by the Managers or persons to whom they sell, and/or otherwise make arrangements
with, including the Placers. The Issuer shall not be liable for any offers and/or sales of
Notes to, or purchases of Notes by, Investors at any time (including during the Offer Period)
(other than in respect of offers and sales to, and purchases of Notes by, the Managers and only
then pursuant to the Syndicate Purchase Agreement) which are made by Managers or Placers or any
other Offeror in accordance with the arrangements in place between any such Manager, Placer or
other Offeror and its customers.  Any person selling Notes at any time during the Offer Period
may not be a financial intermediary of the Issuer; any person selling Notes at any time after
the Offer Period is not a financial intermediary of the Issuer.

Each of the Managers has acknowledged and agreed, and any Placer will be required by the
Managers to acknowledge and agree, that for the purpose of offer(s) of the Notes the Issuer has
passported the Prospectus into each of the Public Offer Jurisdictions and will not passport the
Prospectus into any other European Economic Area Member State; accordingly, the Notes may only
be publicly offered in Public Offer Jurisdictions during the Offer Period or offered to
qualified investors (as defined in the Prospectus Directive) or otherwise in compliance with
Article 3(2) of the Prospectus Directive in any other European Economic Area Member State
pursuant to and in accordance with the Prospectus and the Final Terms (without modification or
supplement); and that all offers of Notes by it will be made only in accordance with the
selling restrictions set forth in the Prospectus and the provisions of these Final Terms and in
compliance with all applicable laws and regulations, provided that no such offer of Notes shall
require the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the
Prospectus Directive (or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive) or to take any other action in any jurisdiction other than as described above.
        (i)       Offer Period:             From the date following the publication of these
                                            Final Terms being 10th January, 2008 to 23rd
                                            January, 2008, provided that the offer period will
                                            not commence in Germany until such time as the
                                            advertisement recommended by the competent
                                            authority in Germany has been duly published.
        (ii)      Offer Price:              The Issuer has offered and will sell the Notes to
                                            the Managers (and no one else) at the Issue Price
                                            of 100.657 per cent. less a total commission and
                                            concession of 1.00 per cent. of the Aggregate
                                            Nominal Amount of Notes.  Managers and Placers will
                                            offer and sell the Notes to their customers in
                                            accordance with arrangements in place between each
                                            such Manager and its customers (including Placers)
                                            or each such Placer and its customers by reference
                                            to the Issue Price and market conditions prevailing
                                            at the time.
        (iii)     Conditions to which the   Offers of the Notes are conditional on their issue
                  offer is subject:         and are subject to such conditions as are set out
                                            in the Syndicate Purchase Agreement. As between
                                            Managers and their customers (including Placers) or
                                            between Placers and their customers, offers of the
                                            Notes are further subject to such conditions as may
                                            be agreed between them and/or as is specified in
                                            the arrangements in place between them.
        (iv)      Description of the        A prospective Noteholder will purchase the Notes in
                  application process:      accordance with the arrangements in place between
                                            the relevant Manager and its customers or the
                                            relevant Placer and its customers, relating to the
                                            purchase of securities generally.  Noteholders
                                            (other than Managers) will not enter into any
                                            contractual arrangements directly with the Issuer
                                            in connection with the offer or purchase of the
                                            Notes.
        (v)       Description of            Not Applicable
                  possibility to reduce
                  subscriptions and the
                  manner for refunding
                  excess amount paid by
                  applicants:
        (vi)      Details of the minimum    There are no pre-identified allotment criteria. The
                  and/or maximum amount of  Managers and the Placers will adopt allotment and/
                  application (whether in   or application criteria in accordance with
                  number of Notes or        customary market practices and applicable laws and
                  aggregate amount to       regulations and/or as otherwise agreed between
                  invest):                  them.
        (vii)     Method and time limits    The Notes will be sold by the Issuer to the
                  for paying up the Notes   Managers on a delivery versus payment basis on the
                  and for delivery of the   Issue Date.  Prospective Noteholders will be
                  Notes:                    notified by the relevant Manager or Placer of their
                                            allocations of Notes and the settlement
                                            arrangements in respect thereof.
        (viii)    Manner and date in which  Not Applicable
                  results of the offer are
                  to be made public:
        (ix)      Procedure for exercise of Not Applicable
                  any right of pre-emption,
                  negotiability of
                  subscription rights and
                  treatment of subscription
                  rights not exercised:
        (x)       Details of any tranche(s) Not Applicable
                  reserved for certain
                  countries:
        (xi)      Process for notification  Prospective Noteholders will be notified by the
                  to applicants of the      relevant Manager or Placer in accordance with the
                  amount allotted and       arrangements in place between such Managers or
                  indication whether        Placers and its customers. Any dealings in the
                  dealing may begin before  Notes which take place will be at the risk of
                  notification is made:     prospective Noteholders.
        (xii)     Amount of any expenses    Not Applicable
                  and taxes specifically
                  charged to the
                  Noteholders:
        (xiii)    Name(s) and address(es),  None known to the Issuer
                  to the extent known to
                  the Issuer, of the
                  Placers in the various
                  countries where the offer
                  takes place:






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