FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017...

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 27, 2018 TOYOTA MOTOR CREDIT CORPORATION (Exact Name of Registrant as Specified in its Charter) California 1-9961 95-3775816 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 6565 Headquarters Drive Plano, TX 75024 (Address of principal executive offices, including zip code) (469) 486-9300 (Registrant's telephone number, including area code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Transcript of FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017...

Page 1: FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017 J.D. Power IQS 13 Toyota/Lexus/Scion models Rank “Top Three” in their segments

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 27, 2018

TOYOTA MOTOR CREDIT CORPORATION

(Exact Name of Registrant as Specified in its Charter)

California 1-9961 95-3775816

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

6565 Headquarters Drive

Plano, TX 75024

(Address of principal executive offices, including zip code)

(469) 486-9300

(Registrant's telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Item 7.01 Regulation FD Disclosure. Toyota Motor Credit Corporation has prepared materials for investors and other business information. The materials are furnished (not filed) as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K pursuant to Regulation FD. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Investor presentation of Toyota Motor Credit Corporation (furnished pursuant to Regulation

FD)

99.2 Toyota Business Highlights (furnished pursuant to Regulation FD)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be

signed on its behalf by the undersigned hereunto duly authorized. TOYOTA MOTOR CREDIT CORPORATION Date: June 27, 2018 By: /s/ Katherine Adkins Katherine Adkins Group Vice President, General Counsel and Secretary

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Presentation Materials for Investors

June 2018

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Disclaimer • This presentation includes certain “forward-looking statements” within the meaning of

The U.S. Private Securities Litigation Reform Act of 1995.

• These statements are based on current expectations and currently available information.

• Actual results may differ materially from these expectations due to certain risks, uncertainties and other important factors, including the risk factors set forth in the most recent annual and periodic reports of Toyota Motor Corporation and Toyota Motor Credit Corporation.

• We do not undertake to update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements.

• This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any offer or sale of securities will be made only by means of a prospectus and related documentation.

• Investors and others should note that we announce material financial information using the investor relations section of our corporate website (http://www.toyotafinancial.com) and SEC filings. We use these channels, press releases, as well as social media to communicate with our investors, customers and the general public about our company, our services and other issues. While not all of the information that we post on social media is of a material nature, some information could be material. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the Toyota Motor Credit Corporation Twitter Feed (http://www.twitter.com/toyotafinancial). We may update our social media channels from time to time on the investor relations section of our corporate website.

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Disclaimer • This presentation includes certain “forward-looking statements” within the meaning of The U.S. Private Securities Litigation Reform

Act of 1995.

• These statements are based on current expectations and currently available information.

• Actual results may differ materially from these expectations due to certain risks, uncertainties and other important factors, including the risk factors set forth in the most recent annual and periodic reports of Toyota Motor Corporation and Toyota Motor Credit Corporation (“TMCC”).

• We do not undertake to update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements.

• This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to purchase or subscribe for securities of TMCC in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any offer or sale of securities by TMCC will be made only by means of a prospectus and related documentation.

• Investors and prospective investors in securities of TMCC are required to make their own independent investigation and appraisal of the business and financial condition of TMCC and the nature of its securities. This presentation does not constitute a recommendation regarding securities of TMCC. Any prospective purchaser of securities in TMCC is recommended to seek its own independent financial advice.

• This presentation is made to and directed only at (i) persons outside the United Kingdom, or (ii) qualified investors or investment professionals falling within Article 19(5) and Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (iii) high net worth individuals, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv) persons who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) as amended (such persons collectively being referred to as “Relevant Persons”). This presentation must not be acted or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this presentation relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

• This presentation is an advertisement and not a prospectus and investors should not subscribe for or purchase any securities of TMCC referred to in this presentation or otherwise except on the basis of information in the base prospectus of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited and Toyota Motor Credit Corporation dated 8 September 2017 as supplemented from time to time together with the applicable final terms which are or will be, as applicable, available on the website of the London Stock Exchange plc at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

• Investors and others should note that we announce material financial information using the investor relations section of our corporate website (http://www.toyotafinancial.com) and SEC filings. We use these channels, press releases, as well as social media to communicate with our investors, customers and the general public about our company, our services and other issues. While not all of the information that we post on social media is of a material nature, some information could be material. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the Toyota Motor Credit Corporation Twitter Feed (http://www.twitter.com/toyotafinancial). We may update our social media channels from time to time on the investor relations section of our corporate website.

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Toyota’s Global Businesses

Markets vehicles in over 170 countries/regions. 51 overseas manufacturing companies in

28 countries/regions.

OTHER BUSINESSES

AUTOMOTIVE Design, Manufacturing,

Distribution

Consumer Financing

Dealer Support & Financing

Banking

Securities Services

Ancillary Products & Services

Housing

Marine

Telecommunications

e-Business

Intelligent Transport Services

Biotechnology & Afforestation

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TMC Financial Highlights

Net Revenues Operating Income Net Income

Total Liquid Assets(1) Capital Expenditures R&D Expenditures

¥ in billions 1) Total Liquid Assets consist primarily of cash and cash equivalents, time deposits, marketable securities, and security investments (excluding equity investments), excluding in each

case those relating to financial services

Source: TMC FY2017 Earnings Release Presentation and FY2018 Earnings Release Presentation

¥28,403.1

¥27,597.1

¥29,379.5

FY2016 FY2017 FY2018

¥2,853.9

¥1,994.3

¥2,399.8

FY2016 FY2017 FY2018

¥2,312.6

¥1,831.1

¥2,493.9

FY2016 FY2017 FY2018

¥9,229.9 ¥9,199.5

¥9,372.1

FY2016 FY2017 FY2018

¥1,292.5

¥1,211.8

¥1,302.7

FY2016 FY2017 FY2018

¥1,055.6

¥1,037.5

¥1,064.2

FY2016 FY2017 FY2018

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Toyota Across the United States

6 Source: Toyota USA website

1 All data as of December 2017, except where noted. 2 Toyota vehicles and components assembled using U.S. and globally sourced parts. 3 Parts, materials and components (FY ending 3/17). Goods and Services (CY 2017). 4 2015 Center Automotive Research Study. Includes direct employees, contingent workers and dealer employees. 5 Includes U.S. and Puerto Rico. 6 Global estimate based on FY18 projections of Toyota Motor Corporation. 7 As of CY 2017. 8 2015 Center for Automotive Research Study. Includes direct, dealer and supplier employees and jobs created through their spending.

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Toyota Across the United States

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• Toyota Motor Sales, USA (TMS) sold 2.4 million vehicles in CY 2017

– Camry was the best-selling passenger car in America for the 16th consecutive year

• Industry-leading investment in next-generation technologies in power-train, safety and production

– TMS has one of the most fuel-efficient line-ups of any full-line OEM

– Nearly 3.5 million hybrids sold in the US and more than 12 million worldwide(1)

– 13 hybrid models(2) and 1 fuel cell vehicle across the North American line-up, and 34 hybrid models worldwide

– Mirai is Toyota’s first mass-produced hydrogen fuel cell vehicle

– Toyota Research Institute announced with R&D focus on artificial intelligence and robotics

• TMS is launching new or refreshed models in 2018. Recent and upcoming vehicle launches:

Toyota Motor North America

Source: Toyota Motor North America, Inc. Reports

(1) As of March 2018

(2) Includes cars and light trucks

- Avalon - Tundra TRD Pro - RAV4 - Corolla Hatchback

- 4Runner TRD Pro - Tacoma TRD Pro - Lexus LS - Lexus RXL

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Toyota Motor North America (2)

Quality, dependability, safety and product appeal remain high as reflected by numerous 3rd party accolades

2018 Kelley Blue Book Best Resale Value

Toyota No. 1 Brand Winner (3 out of top 5 Best Resale Values for

2017)

2018 Kelley Blue Book Best Overall Luxury Brand and Most

Trusted Luxury Brand Lexus Brand Winner

2018 IIHS Top Safety Pick+ Awards

2018 Toyota Camry 10 Toyota and Lexus models Top

Safety Pick

2018 J.D. Power and Associates Vehicle Dependability Survey

Lexus ranked No. 1 overall

2018 Fortune Toyota ranked one of the “World’s

Most Admired Companies” and named the No. 1 Motor Vehicle

company (4th year running)

2018 U.S. News Best Cars for Families

2018 Toyota Camry

2018 U.S. News Best Cars for the Money

Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350

2017 J.D. Power IQS 13 Toyota/Lexus/Scion models

Rank “Top Three” in their segments

2017 Forbes Toyota ranked No. 1 most valuable

automotive brand

2017

Consumer Reports Lexus & Toyota No. 1 brands

2017 NY International Auto Show Prius Prime received the World Green Car Award (Toyota held the title for a

second year, with the 2016 award going to the Mirai)

2016 NHTSA 5-Star Overall Safety

10 Toyota/Lexus/Scion models

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Toyota Motor North America (3)

Avalon RAV4 Corolla Hatch

ES UX LS

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Toyota Motor North America (4)

MaaS: e-Palette Autonomous: Platform 3.0

Fuel Cell: Mirai / Tri-Gen / Project Portal Heavy-Duty Truck

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Toyota Financial Services

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TFS Group Global Presence

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• Over 4.6 million active finance contracts(1)

• AA-(2)

/Aa3(2)

rated captive finance company by S&P/Moody’s

• Credit support agreement structure with TFSC/TMC(3)

Toyota Financial Services Corporation (TFSC)

Toyota Motor Credit Corporation (TMCC)

Toyota Motor Credit Corporation (TMCC)

Toyota Motor Corporation (TMC)

(1) As of April 2018. Source: Company Reports

(2) Outlook stable

(3) The Credit Support Agreements do not apply to securitization transactions

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TMCC Revenues

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TMCC Products and Services

Consumer Financing • Retail • Lease

Dealer Financing • Wholesale • Real Estate • Working Capital • Revolving Credit Lines

Insurance Products • Service Agreements • Prepaid Maintenance • Guaranteed Auto Protection • Excess Wear & Use • Tire & Wheel • Key Replacement Protection • Dealer Inventory Insurance

* Source: TMCC March 31, 2018 10-K. Reflects Operating Lease and Retail Financing revenues; Dealer Financing revenues; and Insurance earned premiums and contract revenues for the fiscal year ended March 31, 2018.

87%

5% 8%

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Extensive Field Organization

• Decentralized dealer and field support

• Centralized servicing and collections (circled)

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TMCC Earning Asset Composition

Source: TMCC March 31, 2016 10-K, March 31, 2017 10-K & March 31, 2018 10-K

Managed Assets (USD Billions)

24.9 30.2 34.0 33.2 33.0

0.2

1.2 2.5 4.9 5.7

39.6

38.4 35.7

37.8 40.4

9.5

11.5 14.1

12.9 11.9

15.8

15.6 15.8

17.8 17.3 $90.0

$96.9 $102.1

$106.6 $108.3

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Lease Sold Lease Retail Sold Retail Wholesale & Other

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TMCC Financial Performance

1) $ in millions

2) 60+ Days Delinquent, Allowance for Credit Losses, and Net Credit Losses: figures are as percentage of gross earning assets

3) Allowance for Credit Losses: the quotient of allowance for credit losses divided by the sum of gross finance receivables (net finance receivables less allowance for credit losses) plus gross investments in

operating leases (net investments in operating leases less allowance for credit losses)

4) Net Credit Losses: results for the fiscal years ended March 31, 2016, March 31, 2017, and March 31, 2018

Source: TMCC March 31, 2018 10-K

$9,403

$10,046

$10,717

FY2016 FY2017 FY2018

Total Financing Revenues(1)

$3,432

$2,639 $2,964

FY2016 FY2017 FY2018

Net Revenues(1)

$932

$267

$3,410

FY2016 FY2017 FY2018

Net Income(1)

0.26%

0.27%

0.30%

FY2016 FY2017 FY2018

60+ Days Delinquent(2)

0.52%

0.58%

0.55%

FY2016 FY2017 FY2018

Allowance for Credit Losses(2)(3)

0.38%

0.47%

0.39%

FY2016 FY2017 FY2018

Net Credit Losses(2)(4)

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TMCC Funding Programs

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• A-1+/P-1 rated direct commercial paper program

• $20.5 billion committed credit facilities(1)

• $8.7 billion short-term liquidity investment portfolio(2)

• Over $70 billion in readily salable consumer retail loan & lease assets

• Access to domestic and international capital markets

• Billions of additional capacity in global benchmark markets

• Extensive inter-company lending infrastructure

• Credit support agreements: TMCC TFSC TMC

Exceptional Liquidity

(1) As of March 31, 2018 (2) Average balance for the fiscal year ended March 31, 2018 Source: TMCC March 31, 2018 10-K

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• TMCC is committed to:

– Maintaining funding diversity and exceptional liquidity

– Issuing into strong demand with attractive deals

– Identifying & developing new markets and investor relationships

– Responding quickly to opportunities with best-in-class execution

– Managing our business and stakeholder relationships with a long-

term view

TMCC Funding Program Objectives

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Commercial Paper Programs Highlights

• A-1+/P-1 Direct Commercial Paper Programs

– 5 distinct USD commercial paper programs (TMCC, TCPR, TCCI, TFA,

and TMFNL)

– $15.0 billion multi-party committed credit facilities

– $5.5 billion bilateral committed credit facilities

– $27.1 billion USCP combined average outstanding for TMCC and

TCPR*

– Over 700 diverse institutional investors

• State and local municipalities

• Large corporations

• Pension and retirement funds

• Financial institutions

• Money managers and mutual fund companies

– Rates are posted daily on Bloomberg DOCP screen

*For the fiscal year ended March 31, 2018

Source: TMCC March 31, 2018 10-K and Company Reports 22

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Innovative Funding Platforms

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Diversity and Inclusion (D&I) Bonds

• Four issuances to date totaling $2.25B

• $1.25B offering in April 2016 set record for largest corporate D&I bond

• Delivers Tier 2 & Tier 3 investor

diversification

Green Bonds

• Proceeds exclusively finance loans and

leases for new hybrid and alternative-

fuel Toyota and Lexus vehicles

• Auto industry’s first ever green ABS

- Three offerings ($4.6B) to date

• TMCC’s first unsecured Euro green bond in November 2017 (€600mm)

November 2017

Toyota Motor Credit Corporation

€600mn 0.00% Green Notes due 2021

€600mn 0.625% Notes due 2024

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TMCC FY18 Funding Overview

$20.3B Term Debt Funded

FY2018

ABS

38%

Global

31%

MTN

9%

EMTN

7%

Uridashi

10%

Structured

5%

*Net of retained

Source: Company Reports

$12.5B Unsecured

$4.8B Public ABS *

$3.0B Private ABS *

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Diversification in Debt Offerings

TMCC Long Term Debt Outstanding (USD millions) *

*As of May 31, 2018

Source: Company Reports

By Deal Type By Currency

Global

MTN,

$30,600

Public /

Private

ABS,

$13,323

Other,

$10,935

EMTN /

Eurobonds,

$9,275

MTN,

$7,128

USD,

57,998

EUR, 7,918

AUD,

3,572

GBP, 1,087 Other, 687

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Funding Flexibility And Responsiveness

Source: Company Reports as of 31 May 2018

Diversification Across USD Curve(1)

(1) Unsecured U.S. MTN issuance, excluding Structured Notes and Retail Notes

Percentages may not add to 100% due to rounding

45%

27%

53%

20% 15%

20%

3%

2%

5%

5% 7%

20%

11%

9% 20%

14%

14%

28%

37%

22%

22%

37%

9%

26%

21% 22%

29%

13% 5%

4% 6% 14%

7% 6%

FY14 FY15 FY16 FY17 FY18 FYTD19

1yr 18mth 2yr 3yr 4yr 5yr 7yr 10yr

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Key Investment Highlights

• Financial strength supported by strong credit ratings

• Transparent business model with exceptional liquidity

• Rational funding programs with long-term perspective

– Diversification in bond offerings

– Focus on proactively meeting needs of market

– Strong emphasis placed on flexibility and responsiveness

• Industry-leading in:

– Liquidity management framework

– Balance sheet strength

– Business model resiliency

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TMCC Retail Loan Collateral & ABS Transactions

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Credit Decisioning & Collections

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Disciplined Underwriting

Consistent and conservative underwriting standards designed to limit delinquencies and credit losses

• Key mission is to support Toyota and Lexus brand and vehicle sales

• Continued focus on prime originations

• Proprietary credit scores that leverage TMCC’s extensive origination history

• Regular statistical validations of predictive power

Servicing Optimization

Optimization of collections strategy and staff supports loss mitigation while enabling portfolio growth

• Emphasis on early intervention

• Reinforcement of strong compliance management system

• Focus on analytics and technology to prioritize high risk accounts and manage loss severities

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Source: Company Reports as of April 30, 2018 30

Cumulative Net Losses by Vintage

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

1 5 9 13 17 21 25 29 33 37 41 45 49 53 57 61 65 69 73

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

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Receivables Principal Balance ($B)

Retail Managed Portfolio Performance

31

Contracts Outstanding (#mm)

Performance by Principal Balance Outstanding Performance by Contracts Outstanding

Source: Company Reports as of 30 April 2018

3.09

3.19

3.12

3.16

3.22 3.21

3.16 3.18

3.16

FY 10 11 12 13 14 15 16 17 18

$43 $45 $45 $47 $49 $50 $50 $51 $53

FY 10 11 12 13 14 15 16 17 18

0.0%

0.5%

1.0%

1.5%

2.0%

FY 10 11 12 13 14 15 16 17 18

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

FY 10 11 12 13 14 15 16 17 18

$51B $53BApr 2017 Apr 2018

3.17mm 3.16mmApr 2017 Apr 2018

0.49% 0.49% 0.45% 0.52% 0.35% 0.41%Apr 2017 Apr 2018 Apr 2017 Apr 2018 Apr 2017 Apr 2018

% 60+ Days Past Due Gross Charge Offs Net Losses

0.53% 0.56% 1.02% 1.12%Apr 2017 Apr 2018 Apr 2017 Apr 2018

% 60+ Days Past Due % Repossessed

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Origination Characteristics

APR Distribution

32

Weighted Average FICO

Weighted Average Original Term New vs. Used

Source: Company Reports as of March 31, 2018

726 720 726 734 736

CY2014 2015 2016 2017 2018

51% 46% 46% 42% 52%

19% 20% 24% 25%

15%

30% 34% 30% 32% 33%

CY2014 2015 2016 2017 2018

<2.0% 2.0%-3.99% >=4.0%

64 65 66 69 68

CY2014 2015 2016 2017 2018

76% 75% 74% 77% 78%

24% 25% 26% 23% 22%

CY2014 2015 2016 2017 2018

New Used

Page 36: FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017 J.D. Power IQS 13 Toyota/Lexus/Scion models Rank “Top Three” in their segments

ABS Deal Characteristics Average FICO

33

Average Principal Balance ($ 000s)

Original and Remaining Term (months) Receivables by Vehicle Type (%)

Source: Company Reports as of April 2018

748

761

2010-A 2011-B 2013-B 2015-A 2016-B 2017-B 2018-B $0

$5

$10

$15

$20

2010-A 2011-B 2013-B 2015-A 2016-B 2017-B 2018-B

62 61 66

40

46

51

22

15 14

2010-A 2011-B 2013-B 2015-A 2016-B 2017-B 2018-B

Original Term Remaining Term Seasoning

59% 49%

41% 52%

2010-A 2011-B 2013-B 2015-A 2016-B 2017-B 2018-B

Trucks and SUVs Sedans and Vans

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TAOT Cumulative Net Losses

34 Source: Company Reports as of 15 May 2018 payment date

2010, 2011, 2012 Series 2013, 2014, 2015 Series

2017 Series 2016 Series

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

1 5 9 13 17 21 25 29 33 37 41 45

TAOT 2010-A TAOT 2010-B TAOT 2010-C

TAOT 2011-A TAOT 2011-B TAOT 2012-A

TAOT 2012-B

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

1 5 9 13 17 21 25 29 33 37 41 45

TAOT 2013-A TAOT 2013-B TAOT 2014-A

TAOT 2014-B TAOT 2014-C TAOT 2015-A

TAOT 2015-B TAOT 2015-C

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

1 5 9 13 17 21 25 29 33 37 41 45

TAOT 2016-A TAOT 2016-B

TAOT 2016-C TAOT 2016-D

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

1 5 9 13 17 21 25 29 33 37 41 45

TAOT 2017-A TAOT 2017-B

TAOT 2017-C TAOT 2017-D

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35

Appendix

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36

TMC Consolidated Financials

Numbers may not sum to total due to rounding.

Source: TMC FY2017 and FY2018 Financial Summaries; FY2017 and FY2018 Earnings Release Presentations

(JPY billions) 2016 2017 2018

Net Revenues 28,403.1 27,597.1 29,379.5

Operating Income 2,853.9 1,994.3 2,399.8

Net Income 2,312.6 1,831.1 2,493.9

Consolidated Balance Sheet

(JPY billions) 2016 2017 2018

Current assets 18,209.5 17,833.6 18,152.6

Noncurrent finance receivables, net 8,642.9 9,012.2 9,481.6

Investment & other assets 10,834.6 11,707.1 12,406.3

Property, plant & equipment, net 9,740.4 10,197.1 10,267.6

Total Assets 47,427.5 48,750.1 50,308.2

Liabilities 29,339.4 30,081.2 30,386.1

Shareholders' equity 18,088.1 18,668.9 19,922.0

Total Liabilities & Shareholders' Equity 47,427.5 48,750.1 50,308.2

Fiscal Year Ended March 31,

Fiscal Year Ended March 31,

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37

TMCC Financial Performance

(1) Percentage of gross earning assets

(2) The quotient of allowance for credit losses divided by the sum of gross finance receivables (net finance receivables less allowance for credit losses) plus gross investments in operating leases

(net investments in operating leases less allowance for credit losses)

Source: TMCC March 31, 2018 10-K

Consolidated Income Statement

(USD millions) 2014 2015 2016 2017 2018

Total Financing Revenues 7,397 8,310 9,403 10,046 10,717

add: Other Income 702 832 1,080 1,200 1,139

less: Interest Expense 5,352 5,593 7,051 8,607 8,892

and Depreciation

Net Financing Revenues 2,747 3,549 3,432 2,639 2,964

and Other Revenues

Net Income 857 1,197 932 267 3,410

Credit Performance

2014 2015 2016 2017 2018

Over 60 Days Delinquent (1) 0.18% 0.21% 0.26% 0.27% 0.30%

Allowance for Credit Losses (1) (2) 0.50% 0.50% 0.52% 0.58% 0.55%

Net Credit Losses (1) 0.28% 0.29% 0.38% 0.47% 0.39%

Fiscal Year Ended March 31,

Fiscal Year Ended March 31,

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38

Credit Support Agreements • Securities* issued by TMCC (and various other TFSC subsidiaries) have the

benefit of a credit support agreement with TFSC

– TFSC will own 100% of TMCC

– TFSC will cause TMCC to maintain a tangible net worth of at least $100,000 as long as covered securities are outstanding

– If TMCC determines it will be unable to meet its payment obligations on any securities, TFSC will make sufficient funds available to TMCC to ensure that all such payment obligations are paid as due

– Agreement cannot be terminated until (1) repayment of all outstanding securities or (2) each rating agency requested by Toyota to provide a rating has confirmed no change in rating of all such securities

• TFSC in turn has the benefit of a credit support agreement with TMC

– Same key features as TFSC/TMCC credit support agreement

– TMC will cause TFSC to maintain a tangible net worth of at least JPY10mm as long as covered securities are outstanding

• TFSC’s and/or TMC's credit support obligations will rank pari passu with all other senior unsecured debt obligations

* “Securities” defined as outstanding bonds, debentures, notes and other investment securities and commercial paper, but

does not include asset-backed securities issued by TMCC’s securitization trusts.

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39

TMCC Retail Auto Loan Originations

(1) Percentages may not add to 100.0% due to rounding. *Data as of March 31, 2018

Origination Profile

39 Source: Company Reports

Original Summary Characteristics

by Vintage Origination Year:CY2014 2015 2016 2017 2018*

Number of Pool Assets 951,133 925,631 883,424 882,329 223,057

Original Pool Balance $24,516,581,298 $24,222,949,274 $23,944,624,507 $24,699,290,739 $6,412,775,230

Average Initial Loan Balance $25,776 $26,169 $27,104 $27,993 $28,749

Weighted Average Interest Rate 3.07% 3.35% 3.24% 3.22% 3.08%

Weighted Average Original Term 64 Months 65 Months 66 Months 69 Months 68 Months

Weighted Average FICO 726 720 726 734 736

Minimum FICO 381 383 383 383 395

Maximum FICO 887 886 900 900 900

Geographic Distribution of Receivables representing the 5

states with the greatest aggregate original principal

balance:

State 1 CA - 21.0% CA - 21.3% CA - 21.4% CA - 23.3% CA - 23.5%

State 2 TX - 14.0% TX - 15.7% TX - 15.5% TX - 14.4% TX - 16.0%

State 3 NY - 4.7% NY - 4.9% NY - 4.8% NY - 4.2% NY - 3.8%

State 4 NJ - 4.0% NJ - 3.8% NJ - 4.0% PA - 3.8% VA - 3.7%

State 5 IL - 4.2% IL - 3.8% IL - 3.8% NJ - 3.7% PA - 3.7%

Distribution of Receivables by Contract Rate:(1)

Less than 2.0% 50.8% 46.2% 46.0% 42.4% 52.2%

2.0% - 3.99% 19.4% 19.9% 23.7% 25.3% 15.3%

4.0% - 5.99% 13.5% 14.0% 13.6% 17.0% 16.5%

6.0% - 7.99% 7.7% 8.7% 7.6% 6.7% 7.7%

8.0% - 9.99% 3.6% 4.9% 4.2% 3.7% 3.3%

10.0% - 11.99% 1.7% 2.7% 2.3% 2.2% 2.0%

12.0% - 13.99% 0.7% 1.4% 1.2% 1.2% 1.1%

14.0% - 15.99% 0.6% 0.9% 0.7% 0.7% 0.7%

16.0% and greater 1.9% 1.2% 0.7% 0.8% 1.2%

Total 100.00% 100.00% 100.00% 100.00% 100.00%

Share of Original Assets:

Percentage of Non-Toyota/Non-Lexus 3.8% 4.0% 3.3% 3.0% 3.1%

Percentage of 72+ Month Term 11.1% 13.2% 13.4% 15.2% 10.7%

Percentage of Used Vehicles 23.7% 24.6% 25.7% 23.0% 21.9%

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40

TMCC Retail Loan Delinquency Experience (1)

(1) The historical delinquency data reported in this table includes all retail vehicle installment sales contracts purchased by TMCC, excluding those purchased by a subsidiary of TMCC operating in Puerto Rico. Includes contracts that have been sold but are still being serviced by TMCC. (2) Number of contracts outstanding at end of period. (3) The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.

Managed Portfolio Performance

Source: Company Reports

2018 2017 2018 2017 2016 2015 2014

Outstanding Contracts (2) 3,158,043 3,171,305 3,158,375 3,181,143 3,163,189 3,209,872 3,220,641

Number of Accounts Past Due

in the following categories

30 - 59 days 34,508 38,330 37,044 36,396 35,795 31,130 32,920

60 - 89 days 10,119 9,515 9,464 8,018 7,822 6,569 6,660

Over 89 days 7,635 7,408 8,063 7,633 6,776 5,616 5,799

Delinquencies as a Percentage

of Contracts Outstanding (3)

30 - 59 days 1.09% 1.21% 1.17% 1.14% 1.13% 0.97% 1.02%

60 - 89 days 0.32% 0.30% 0.30% 0.25% 0.25% 0.20% 0.21%

Over 89 days 0.24% 0.23% 0.26% 0.24% 0.21% 0.17% 0.18%

At April 30, At March 31,

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Performance – Retail Loan TMCC Managed Portfolio Net Loss and Repossession Experience (dollars in thousands) (1)

41 Source: Company Reports

(1) The net loss and repossession data reported in this table includes all retail installment sales contracts purchased by TMCC, excluding those purchased by a subsidiary of TMCC operating in Puerto Rico. Includes contracts that have been sold but are still being serviced by TMCC. (2) Principal Balance Outstanding includes payoff amount for simple interest contracts and net principal amount for actuarial contracts. Actuarial contracts do not comprise any of the Receivables. (3) Average of the principal balance or number of contracts outstanding as of the beginning and end of the indicated periods. (4) Includes bankruptcy-related repossessions but excludes bankruptcies. (5) Amount charged-off is the net remaining principal balance, including earned but not yet received finance charges, repossession expenses and unpaid extension fees, less any proceeds from the liquidation of the related vehicle. Also includes dealer reserve charge-offs. (6) Includes all recoveries from post-disposition monies received on previously charged-off contracts including any proceeds from the liquidation of the related vehicle after the related charge-off. Also includes recoveries for dealer reserve charge-offs and chargebacks.

2018 2017 2018 2017 2016 2015 2014

Principal Balance Outstanding (2) $52,975,529 $50,622,048 $52,760,041 $50,759,341 $49,716,914 $49,645,354 $48,761,164

Average Principal Balance Outstanding (3) $52,867,785 $50,690,695 $51,759,691 $50,238,127 $49,681,134 $49,203,259 $47,846,942

Number of Contracts Outstanding 3,158,043 3,171,305 3,158,375 3,181,143 3,163,189 3,209,872 3,220,641

Average Number of

Contracts Outstanding (3) 3,158,209 3,176,224 3,169,759 3,172,166 3,186,531 3,215,257 3,188,444

Number of Repossessions (4) 2,953 2,708 38,580 45,883 37,741 34,780 34,923

Number of Repossessions as a Percent of

the Number of Contracts Outstanding 1.12% 1.02% 1.22% 1.44% 1.19% 1.08% 1.08%

Number of Repossessions as a Percent of

the Average Number of Contracts

Outstanding 1.12% 1.02% 1.22% 1.45% 1.18% 1.08% 1.10%

Gross Charge-Offs (5) $22,937 $18,895 $351,634 $395,109 $322,814 $267,835 $257,586

Recoveries (6) $4,648 $4,039 $49,567 $49,474 $47,966 $59,931 $62,714

Net Losses $18,289 $14,856 $302,067 $345,635 $274,848 $207,904 $194,872

Net Losses as a Percentage of Principal

Balance Outstanding 0.41% 0.35% 0.57% 0.68% 0.55% 0.42% 0.40%

Net Losses as a Percentage of Average

Principal Balance Outstanding 0.42% 0.35% 0.58% 0.69% 0.55% 0.42% 0.41%

April 30,

For the Month Ended For the Fiscal Years Ended

March 31,

Page 45: FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017 J.D. Power IQS 13 Toyota/Lexus/Scion models Rank “Top Three” in their segments

ABS Deal Comparison

Toyota Auto Owner Trust (TAOT)*

*Abbreviated for presentation purposes (1) Percentages may not add to 100.00% due to rounding Source: Company Reports

42

Original Summary Characteristics by Prior Securitization: TAOT 2017-A TAOT 2017-B TAOT 2017-C TAOT 2017-D TAOT 2018-A TAOT 2018-B

Number of Pool Assets 93,151 106,118 102,754 106,107 105,677 94,829

Original Pool Balance $1,610,505,281.69 $1,884,009,090.55 $1,889,438,548.44 $1,903,254,413.53 $1,914,792,886.79 $1,767,851,358.52

Average Principal Balance $17,289.19 $17,753.91 $18,387.98 $17,937.12 $18,119.30 $18,642.52

Weighted Average Interest Rate 2.20% 2.17% 2.09% 2.12% 2.15% 2.15%

Weighted Average Original Term 63 64 64 65 65 66

Weighted Average Remaining Term 48 49 50 50 50 51

Weighted Average FICO 757 758 760 760 761 761

Minimum FICO 620 620 620 620 620 620

Maximum FICO 900 900 900 900 900 900

Geographic Distribution of Receivables representing the 5 states with the

greatest aggregate original principal balance:

State 1 CA - 24.1% CA - 23.6% CA - 23.9% CA - 25.8% CA - 24.4% CA - 24.5%

State 2 TX - 16.3% TX - 16.1% TX - 15.9% TX - 10.9% TX - 15.1% TX - 14.7%

State 3 IL - 4.5% IL - 4.7% IL - 4.6% IL - 4.7% IL - 4.4% IL - 4.6%

State 4 NJ - 4.1% PA - 4.0% NJ - 4.1% NJ - 4.4% PA - 4.2% PA - 4.3%

State 5 PA - 4.0% NY - 3.9% PA - 3.9% PA - 4.4% NJ - 4.0% NJ - 4.0%

Distribution of Receivables by Contract Rate: (1)

Less than 2.0% 57.96% 58.12% 58.96% 58.12% 56.67% 57.27%

2.0% - 3.99% 24.60% 25.23% 25.80% 26.47% 27.25% 26.44%

4.0% - 5.99% 10.16% 9.70% 9.06% 9.36% 10.25% 10.46%

6.0% - 7.99% 4.10% 3.89% 3.36% 3.22% 3.17% 3.17%

8.0% - 9.99% 2.05% 1.91% 1.88% 1.81% 1.66% 1.67%

10.0% - 11.99% 0.87% 0.88% 0.73% 0.74% 0.76% 0.76%

12.0% - 13.99% 0.20% 0.23% 0.16% 0.22% 0.20% 0.21%

14.0% - 15.99% 0.04% 0.03% 0.03% 0.03% 0.02% 0.02%

16.0% and greater 0.02% 0.01% 0.02% 0.01% 0.00% 0.01%

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Distribution of Receivables by Vehicle Type: (1)

Passenger Cars 45.50% 45.10% 44.49% 44.45% 43.83% 42.06%

Minivans 8.04% 7.50% 7.13% 7.42% 6.81% 6.44%

Light Duty Trucks 13.01% 12.40% 11.92% 11.64% 11.88% 12.64%

SUVs 33.44% 35.00% 36.46% 36.49% 37.48% 38.86%

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Distribution of Receivables by Make: (1)

Toyota and Scion 85.70% 84.72% 84.80% 86.02% 85.69% 87.20%

Lexus 14.30% 15.28% 15.20% 13.98% 14.31% 12.80%

Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Share of Original Assets:

Percentage with Original Scheduled Payments > 60 months 34.58% 38.87% 42.48% 45.27% 50.29% 54.10%

Percentage of Used Vehicles 21.40% 21.42% 21.47% 21.82% 21.39% 19.98%

Page 46: FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017 J.D. Power IQS 13 Toyota/Lexus/Scion models Rank “Top Three” in their segments
Page 47: FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017 J.D. Power IQS 13 Toyota/Lexus/Scion models Rank “Top Three” in their segments

• The U.S. automobile SAAR figure for May 2018 came in at 16.81M units, up from 16.70M units in May 2017.

• TMNA reported May 2018 sales of 215,321 units. With one more selling day in May 2018 compared to May 2017, sales were down 1.3% on a volume basis and down 5.1% on a daily selling rate (DSR) basis.

• Lexus posted May 2018 sales of 25,391 units, down 0.1% from May 2017 on a volume basis, and down 3.9% on a DSR basis.

• North American production as a percentage of U.S. sales for May 2018 was 68.9%, down from 71.9% in May 2017.

Source: Toyota, Bloomberg, Ward’s Automotive Group

TMNA monthly results include fleet sales volume

‡ “Other” consists of Central and South America, Oceania, Africa and the Middle East Source: TMC company filings.

TOYOTA MOTOR NORTH AMERICA (TMNA) INC.

MONTHLY RESULTS

TOYOTA MOTOR CORPORATION (TMC) FINANCIAL RESULTS

Toyota Business Highlights FY2018

May-17

May-18

May-17 May-18

CAMRY 32,547 29,965

RAV4 38,356 38,202

HIGHLANDER 18,115 21,312

COROLLA 32,937 29,578

TACOMA 17,654 21,380

Toyota U.S. May Vehicle Sales - Toyota Division Top 5 Models

May-17

May-18

May-17 May-18

RX 8,849 9,697

NX 5,009 4,975

ES 4,228 3,828

GX 1,851 2,018

IS 2,367 2,180

Toyota U.S. May Vehicle Sales - Lexus Division Top 5 Models

Production (units) FY2017 FY2018

Japan 4,109 4,286

North America 2,063 1,903

Europe 637 681

Asia 1,674 1,601

Other‡ 492 493

Sales (units) FY2017 FY2018

Japan 2,274 2,255

North America 2,837 2,806

Europe 925 968

Asia 1,588 1,543

Other‡ 1,347 1,392

Units in thousands

Yen in millions

TMC consolidated financial performance FY2017 FY2018

Net Revenues ¥27,597,193 ¥29,379,510

Operating Income 1,994,372 2,399,862

Net Income attributable to TMC 1,831,109 2,493,983

TMC Consolidated Balance Sheet

Current Assets ¥17,833,695 ¥18,152,656

Noncurrent finance receivables, net 9,012,222 9,481,618

Total Investments and other assets 11,707,160 12,406,302

Property, plant and equipment, net 10,197,109 10,267,673

Total Assets ¥48,750,186 ¥50,308,249

Liabilities ¥30,081,233 ¥30,386,173

Mezzanine equity 485,877 491,974

Shareholders' equity 18,183,076 19,430,102

Total Liabilities and Shareholders' Equity ¥48,750,186 ¥50,308,249

Operating Income (Loss) by geographic region Yen in billions

Japan ¥1,202 ¥1,660

North America 311 139

Europe (12) 75

Asia 435 433

Other‡ 59 113

Inter-segment elimination and/or unallocated amount (1) (20)

189,930 25,391

Toyota Division Lexus Division

Toyota North America (TMNA) Inc. May 2018 Vehicle Sales

0

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100

150

200

250

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U.S. Light Vehicle Seasonally Adjusted Annual Rate (SAAR) and Toyota Motor North America (TMNA) Inc. Sales

May 2013 - May 2018

Page 48: FORM 8-K TOYOTA MOTOR CREDIT CORPORATION...Toyota Avalon, Toyota Camry, Lexus ES, Lexus RX 350 2017 J.D. Power IQS 13 Toyota/Lexus/Scion models Rank “Top Three” in their segments

TOYOTA MOTOR CREDIT CORPORATION (TMCC)

FINANCIAL RESULTS

• Our consolidated net income was $3,410 million in fiscal 2018, compared to $267 million in fiscal 2017. The increase in net income for fiscal 2018 compared to fiscal 2017 was primarily due to a $2,771 million increase in the benefit for income taxes attributable to the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), which reduced our federal statutory tax rate. In addition, our net income for fiscal 2018 compared to fiscal 2017 was also favorably impacted by a $671 million increase in total financing revenues, and a $181 million decrease in provision for credit losses, partially offset by a $188 million increase in depreciation on operating leases, a $185 million decrease in realized gains, net on investments in marketable securities, and a $97 million increase in interest expense.

• We recorded a provision for credit losses of $401 million for fiscal 2018, compared to $582 million for fiscal 2017. The decrease in the provision for credit losses for fiscal 2018 was primarily driven by favorable credit loss experience as well as an increased focus on late stage collection activities.

• Our delinquencies increased to 0.30 percent for fiscal 2018 compared to 0.27 percent for fiscal 2017, due to shifts in payment behavior as consumer debt levels rise. Despite declines in our net-charge offs, default frequency, and average loss severity for fiscal 2018 as compared to fiscal 2017, we have experienced increasing trends in delinquencies, default frequency, and average loss severity over the last few years. Changes in the economy that impact the consumer such as increasing interest rates, and a rise in the unemployment rate as well as higher debt balances, coupled with

deterioration in actual and expected used vehicle values, could increase our credit losses. In addition, a decline in the effectiveness of our collection practices could also increase our credit losses.

1TMCC market share represents the percentage of total domestic TMNA sales of new Toyota and Lexus vehicles financed by us, excluding sales under dealer rental car and commercial fleet

programs and sales of a private Toyota distributor *TMCC consumer portfolio includes TMCC and its consolidated subsidiaries

SHORT-TERM FUNDING PROGRAMS • Toyota Motor Credit Corporation (TMCC) ‡, Toyota Credit de Puerto Rico Corp. (TCPR),

Toyota Credit Canada Inc. (TCCI)†, Toyota Finance Australia Limited (TFA)† and Toyota Motor Finance (Netherlands) B.V. (TMFNL)† maintain direct relationships with institutional commercial paper investors through TMCC’s Sales & Trading team, providing each access to a variety of domestic and global markets through five, distinct 3(a)(3) programs.

• TMCC‡ commercial paper outstanding under our commercial paper programs ranged from approximately $25.3 billion to $28.6 billion during fiscal 2018 with an average outstanding balance of $27.1 billion. As of March 31, 2018, our commercial paper had

a weighted average remaining maturity of 70 days. †TCCI, TFA, TMFNL and TMCC are subsidiaries of Toyota Financial Services Corporation, a wholly-owned subsidiary of

Toyota Motor Corporation ‡TMCC consolidated financial liabilities include TMCC and its consolidated subsidiaries, which includes TCPR

LET’S GO PLACES Toyota Racing drivers won both NASCAR races and the ARCA Racing Series event in Pocono, Pennsylvania, while Spencer Bayston captured USAC’s Indiana Midget Week title.

Forward looking statements are subject to risks and uncertainties that could cause actual results to fall short of current expectations. Toyota and its affiliates discuss these risks and uncertainties in filings they make with the Securities and Exchange Commission. This presentation does not

constitute an offer to purchase any securities. Any offer or sale of securities will be made only by means of a prospectus and related documentation.

The Sales & Trading team engages in direct dialogue with institutional investors delivering a variety of fixed income products to meet our clients’ investment objectives and risk tolerances. We focus on providing simple, personal, and proactive service in the execution of all trades.

Sales and Trading Contacts

Jeffrey DeSilva | Region Manager

(469) 486-6759

[email protected]

Norman Brem | Funding & Liquidity Analyst

(469) 486-6760

[email protected]

James Kim | Funding & Liquidity Analyst

(469) 486-5960

[email protected]

Nicholas Ro, CFA | National Manager

(469) 786-8961

[email protected]

Jason Kelley | Region Manager

(469) 486-5301

[email protected]

Andrew Huang, CFA | Funding & Liquidity Analyst

(469) 786-8219

[email protected]

Peter Pang | Funding & Liquidity Analyst

(469) 486-5244

[email protected]

61.9%

28.9%

86.5% 65.2%

20.4%

93.2%

0%20%40%60%80%

100%

New retailcontracts

Used retailcontracts

Lease contracts

TMCC - Percentage of Contracts Subvened

FY2017 FY2018

614

291

557 644

255

516

0

500

1000

New retailcontracts

Used retailcontracts

Leasecontractsu

nit

s in

th

ou

san

ds

TMCC - Vehicle Financing Volume

FY2017 FY2018

0.00%

0.25%

0.50%

FY2014 FY2015 FY2016 FY2017 FY2018

TMCC - Consumer Portfolio Credit Performance*

Net charge-offs as a percentage of average grossearning assetsAggregate balances for accounts 60 or more dayspast due as a percentage of gross earning assets

26.6 27.3

57.3 57.4

14.3 13.6

$0

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$20

$30

$40

$50

$60

$70

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$90

$100

$110

May-17 May-18

Am

ou

nt

($b

illio

ns)

TMCC Consolidated Financial Liabilities Comparison

Securednotes & loanspayable

Unsecurednotes & loanspayable

CommercialPaper

62.9%

61.6%

FY2017

FY2018

TMCC - Market Share1

FY2017 FY2018TMCC Financial Performance FY2017 FY2018Total financing revenues $10,046 $10,717Income before income taxes 409 781Net Income 267 3,410Debt-to-Equity Ratio 10.3x 7.6x

U.S. dollars in millions