User Name TOAD

We recently purchased toad. What is the password for the user TOAD?

Toad does not install anything in the database by default, so if you have a Toad schema setup, then someone within your organization created it manually or installed it when using specific functionality (e.g. Team Coding, Code Analysis, etc.) that requires it. You would need to get the pwd from whoever setup that up originally in your organization, or you might want to check with your DBA.