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The following is an excerpt from a 10-K SEC Filing, filed by TOYOTA MOTOR CREDIT CORP on 6/21/2004.

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                                                                    EXHIBIT 21.1

                        TOYOTA MOTOR CREDIT CORPORATION
                              LIST OF SUBSIDIARIES
                                                     State or Country of
Subsidiary                                           Incorporation/Formation
---------------------------------------------------- ---------------------------

Toyota Motor Insurance Services, Inc.                California
Toyota Motor Insurance Company                       Iowa
Toyota Motor Insurance Corporation of Vermont        Vermont
Toyota Motor Insurance Agency of Massachusetts, Inc. Massachusetts
Toyota Motor Credit Receivables Corporation          California
Toyota Leasing, Inc.                                 California
Toyota Auto Finance Receivables LLC                  Delaware
TCPR Holdings, Inc.                                  California
Toyota Credit de Puerto Rico Corp                    Commonwealth of Puerto Rico
Toyota Services de Mexico, S.A. de C.V. 1            Mexico
TFSM Servicios de Mexico, S.A. de C.V. 1             Mexico
Toyota Services de Venezuela, C.A. 1                 Venezuela

1 Ownership of these subsidiaries was transferred to TFSA effective as of April 1, 2004.