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Pricing Supplement dated May 26, 1994 Rule 424(b)(3)
(To Prospectus dated March 9, 1994 and File No. 33-52359
Prospectus Supplement dated March 9, 1994)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Note - Floating Rate
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Principal Amount: $75,000,000 Trade Date: May 26, 1994
Issue Price: 100% Original Issue Date: June 3, 1994
Initial Interest Rate: See "Additional
Terms of the Notes" Net Proceeds to Issuer: $74,925,000
Stated Maturity Date: June 3, 1996 Discount or Commission: 0.10%
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Calculation Agent: UBS Securities Inc.
Interest Calculation:
[x] Regular Floating Rate Note [ ] Floating Rate/Fixed Rate Note
[ ] Inverse Floating Rate Note (Fixed Rate Commencement
(Fixed Interest Rate): Date):
[ ] Other Floating Rate Note (Fixed Interest Rate):
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate
[ ] LIBOR [x] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: See "Additional
Terms of the Notes" Spread (+/-): +0.17%
Interest Rate Reset Period: See "Additional Spread Multiplier: N/A
Terms of the Notes" Maximum Interest Rate: N/A
Interest Reset Dates: See "Additional Terms of Minimum Interest Rate: 0%
the Notes" Index Maturity: 3 months
Interest Payment Dates: June 3, September 3,
December 3 and March 3
commencing September 3,
1994
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/Actual for the period from 6/3/94 to 6/3/96
[ ] Other (see attached) to
Redemption:
[x] The Notes cannot be redeemed prior to the Stated Maturity Date.
[ ] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date:
Initial Redemption Percentage: %
Annual Redemption Percentage Reduction: % until Redemption
Percentage is 100% of the Principal Amount.
Repayment:
[x] The Notes cannot be repaid prior to the Stated Maturity Date.
[ ] The Notes can be repaid prior to the Stated Maturity Date at the option of
the holder of the Notes.
Optional Repayment Date(s):
Repayment Price: %
Currency:
Specified Currency: U.S. dollars
(If other than U.S. dollars, see attached)
Minimum Denominations:
(Applicable only if Specified Currency is other than U.S. dollars)
Original Issue Discount: [ ] Yes [x] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [x] Book-entry [ ] Certificated
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UBS Securities Inc.
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ADDITIONAL TERMS OF THE NOTES
Interest
The Interest Rate payable on the Notes offered by this
Pricing Supplement (the "Notes") for each Interest Payment Date
will be calculated in accordance with the following formula:
TR/N + 0.17%
For purposes of this Pricing Supplement, the following terms
have the following meanings:
"TR" means the sum of the Weekly Treasury Rates determined
with respect to a Calculation Period.
"Weekly Treasury Rate" means the Treasury Rate having an
Index Maturity of three months determined weekly as provided
in the Prospectus Supplement dated March 9, 1994.
"N" means the number of times with respect to a Calculation
Period the Weekly Treasury Rate is determined.
"Calculation Period" means the period beginning on the next
preceding Interest Payment Date in respect of which interest
has been paid to but excluding the related Interest Payment
Date; provided, however, that the first Calculation Period
relating to the first Interest Payment Date shall begin on
June 1, 1994 and shall include the Weekly Treasury Rate
determined by reference to the May 31, 1994 Treasury Bill
auction. Interest shall not begin to accrue on the Notes
until June 3, 1994, the Original Issue Date.
The Treasury Rate published in H.15 (519) under the heading
"U.S. Government Securities-Treasury Bills-auction average
(investment)" is also reported on Telerate Page 56.
Plan of Distribution
Under the terms of and subject to the conditions of an
agreement dated as of May 26, 1994, as supplemented by an
Appointment Agreement Confirmation dated May 26, 1994 (the
"Agreement"), between TMCC and UBS Securities Inc. ("UBS"), UBS,
acting as principal, has agreed to purchase and TMCC has agreed
to sell the Notes at 100% of the principal amount thereof. UBS
proposes to offer the Notes directly to purchasers at an initial
public offering price of 100% of the principal amount
thereof.After the Notes are released for sale to the public, the
offering price may from time to time be varied by UBS. UBS has
been appointed as an additional Agent as described in the
Prospectus Supplement with respect to the Notes offered hereby.
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Under the terms and conditions of the Agreement, UBS is
committed to take and pay for all of the Notes offered hereby if
any are taken.
In the ordinary course of their respective businesses,
affiliates of UBS Securities Inc. have engaged and may in the
future engage in commercial banking and investment banking
transactions with TMCC and its affiliates. UBS Securities Inc.
is the Calculation Agent with respect to the Notes.