Statement re Change in Subsid

Toyota Motor Corporation
18 April 2000

NEW TMC SUBSIDIARY TO MANAGE GLOBAL FINANCE COMPANIES

Tokyo-Tokyo Motor Corporation (TMC) announces that it plans to establish in July
a 100% TMC-owned subsidiary for overseeing the management of Toyota finance
companies worldwide.  A chief aim of Toyota Financial Services Corporation (TFS)
will be to strengthen the overall competitiveness of Toyota financial business
and streamline related decision-making processes.

Concurrently, TMC will set up Toyota Financial Services Securities Corporation
(Toyota FS Securities) as a TFS subsidiary to enhance services for customers
such as holders of the New Toyota Card*1, scheduled to be issued from April
2001.

About TFS

In implementing its 'customer always comes first' philosophy, TMC is
continuously conducting R&D concerning the latest technologies in various fields
to offer attractive products and services that meet the needs of customers
around the world with an aim at expanding and advancing its business.

Toyota finance companies currently offer wide-reaching automobile finance
services to roughly 3 million customers in 16 countries around the world.  TMC
hopes to expand this network to 30 countries or more to provide an even greater
number of customers with high quality financial services.

Domestically, TMC intends to offer New Toyota Card holders convenient and
reliable 'one stop' financial services that it hopes will be appealing to a wide
spectrum of customers.

TFS is being established to help bring these aims to quick realization through
increasing the competitiveness and profitability of Toyota financial services by
coordinating efforts for more highly focused management and more efficient
planning and risk evaluation.

*1 Tentative name

Outline of TFS

Company Name           Toyota Financial Services Corporation
Establishment          July 2000 (scheduled)
Head Office            Toyota Motor Corporation, Nagoya Building-Nagoya,
                       Aichi Prefecture
Amount of Investment   Approx. 117 billion yen
                       (58.5 billion yen in capital stock and 58.5 billion yen 
                       in additional paid in capital)
Form of investment     110.7 billion yen in contribution in kind of finance 
                       subsidiaries' stocks, 6.3 billion yen in cash
No. of employees       About 30
No. of finance
subsidiaries 
overseen               16 (See below information for details)

About Toyota FS Securities

Toyota FS Securities was conceived to provide optimum customer service to
holders of the New Toyota Card and will mainly serve cash management accounts
for settling credit card payments.

Toyota FS Securities also plans to sell investment trusts to customers, such as
New Toyota Card holders when the card debuts in April 2001.

Outline of Toyota FS Securities

Company name          Toyota Financial Services Securities Corporation
Establishment         July 2000 (scheduled)
Head office           Toyota Motor Corporation, Nagoya Building-Nagoya, Aichi
                      Prefecture
Amount of investment  100 million yen; scheduled to be increased to 3 billion 
                      yen by startup
Stockholder           TFS 100%
No. of employees      About 15

For Reference:  About the New Toyota Card

With the aim of enhancing the automobile ownership experience, the New Toyota
Card is intended to serve as an advanced major credit card by engaging in the
development of IC card use and offering customers special Internet shopping and
other privileges.  It aims to become an attractive alternative by featuring a
fully enhanced 'cash back' system and providing special road services and other
new car-owned-related services, hopefully leading to greater Toyota vehicle
sales.  Moreover, in addition to the insurance and various types of loan
services, the new card, through the establishment of the new securities company,
will provide a full line of services, including investment management and
special accounts for card use settlement.

Contact:  Koki Konishi/Paul Nolasco [phone]/9161

Finance Companies to be Overseen
by Toyota Financial Services Corporation (16 companies)

1.  Automobile Financing Companies (15 countries; 13 companies, 4 branches)

Region            Country                  Company

The Americas     The United States     Toyota Motor Credit Corporation
(4 countries;                          Toyota Credit de Puerto Rico Corporation
5 companies)     Canada                Toyota Credit Canada Inc.
                 Brazil                Banco Toyota do Brazil S.A.
                 Argentina             Toyota Credit Argentina S.A.

                 The United Kingdom    Toyota Motor Finance (UK) PLC
                                       Toyota Financial Services (UK) PLC
Europe           Germany               Toyota Kreditbank GmbH
(7 countries;    France                Toyota Kreditbank GmbH (Branch)
4 companies,     Sweden                Toyota Kreditbank GmbH (Branch)
4 branches)      Norway                Toyota Kreditbank GmbH (Branch)
                 Italy                 Toyota Motor Finance (UK) PLC (Branch)
                 Poland                Toyota Bank Polska S.A.

Asia/Oceania     Australia             Toyota Finance Australia Ltd
(3 countries;    New Zealand           Toyota Finance New Zealand Ltd
3 companies)     Thailand              Toyota Leasing (Thailand) Co. Ltd

Japan            Japan                 Toyota Finance Corporation


2.  Securities Company

Toyota Financial Services Securities Corporation (to be established in July
2000)

3.  Others

Toyota Motor Finance (Netherlands) B.V.
Toyota Accounting Service Co.

              Report on General Conditions of Change in Subsidiary
                                                   Filed on April 18, 2000

To:  President & Chief Executive Officer of the Tokyo Stock Exchange

                                Company Name:  Toyota Motor Corporation
                                Name and Title of the Representative:
                                         Fujio Cho, President
                                Name and Title of Contact Person:
                                         Tsunehiro Matsuno
                                         General Manager of
                                         Financial Reporting Department
                                         Accounting Division
                                Telephone Number:  0565 28 2121
                                (Code Number:  7203, First Section of the 
                                 Tokyo Stock Exchange)

1.  General Conditions of Changed Subsidiary

1.  Trade Name               Toyota Financial Services Corporation
2.  Location of Head Office  23-22, Izumi 1-chome, Higashi-ku, Nagoya,
                             Aichi Prefecture
3.  Name and Title of the    To be determined
    Representative
4.  Date of Incorporation    July 2000 (Scheduled)
5.  Share Capital            Approx. 58.5 billion yen
6.  Major Shareholder
      Name                   Toyota Motor Corporation
      Address                1 Toyota-cho, Toyota City, Aichi Prefecture
      Number of Shares       To be determined
      Ratio in the 
       aggregate of the
       issued shares         100%
7.  Kind of Business         A holding company whose purpose is to control and
                             manage the business activities of its financial
                             subsidiaries inside and outside Japan
8.  Relationship with
    Filing Company
    - Capital Relationship   All of the issued shares will be owned by the 
                             filing company
    - Human Relationship     To be determined
9.  Number of Employees      Approx. 30 (as of July 2000)
10  Results of Management
    and Financial Condition  Not applicable due to being a newly established
                             company

2.  Conditions of the Number of Shares Held

    To be established as a 100% subsidiary of the filing company

3.  General Conditions of Acquisition

    Not applicable due to being a newly established company.

4.  Method of Acquisition

    Contribution in kind of shares of stocks in filing company's finance 
    subsidiaries and cash investment.

5.  Reason for Acquisition

    The filing company aims to expand and advance its business by continuously
    conducting R&D concerning the latest technologies in various fields to      
   offer attractive products and services to customers.

    In the financial fields, the filing company currently offers wide-reaching  
   automobile finance services to roughly 3 million customers in 16 countries   
  around the world.  The filing company hopes to expand this network to 30      
 countries or more to provide an even greater number of customers with high-    
quality sales financial services.

    Moreover, domestically, the filing company intends to offer New Toyota Card
    (tentative name) holders convenient and reliable 'one stop' financial       
   services that it hopes will be used by a wide range of customers.  In order  
  to realize these plans, and to increase the competitiveness of the            
 financial business and the speed of decision making, the filing company        
will establish Toyota Financial Services Corporation, which will oversee       
the management of financial subsidiaries worldwide.

6.  Schedule of Acquisition

    April 18, 2000             Resolved at a meeting of the board of directors
    July 2000 (Scheduled)      Acquisition of shares of stock

7.  Prospect of Results after the Change in Subsidiary and the Effect on
    Consolidated Results by the Change in Subsidiary

    Toyota Financial Services Corporation is scheduled to become a consolidated 
   subsidiary of the filing company.  The effect on the consolidated accounts   
  of the filing company is, however, considered to be insignificant as the      
 ratio of the amount of sales and interests, etc. of Toyota Financial           
Services Corporation to the sales and interests, etc. of the filing company    
is small.

8.  Other Important Agreements, Etc.
    
    Not applicable.