Stmnt re Change in Subsidiary

Toyota Motor Corporation
7 July 2000


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
    Representative            Hideto Ozaki, President and C.E.O.

(4) Date of Incorporation     July 7, 2000

(5) Share Capital             58.5 billion yen

                                                                   Ratio in the
                                                                   aggregate of
                      Name        Address           Number of      the issued
                                                    Shares         shares

(6) Major Shareholder Toyota      1 Toyota-cho,     1,170,000           100%
                      Motor       Toyota City,      Shares
                      Corporation Aichi Prefecture
                      ('TMC')

(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

                      Capital          All of the issued share will be owned by 
                     Relationship     the filing company

(8) Relationship                       7 Directors and 3 Corporate Auditors are
    with Filing       Human            from TMC.  Out of them, 5 Directors and 
    Company           Relationship     2 Corporate Auditors are serving
                                       concurrently as the Officers of TMC.

(9) Number of
    Employees         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 18 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.

    Moveover, 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 7, 2000            Registration of incorporation

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.