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Pricing Supplement dated January 14, 1994 Rule 424(b)(3)
(To Prospectus dated September 1, 1992 and File No. 33-50674
Prospectus Supplements dated September 1, 1992
and January 3, 1994)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Note - Floating Rate
________________________________________________________________________________
Principal Amount: $25,650,000 Trade Date: January 14, 1994
Issue Price: 100% Original Issue Date: January 28, 1994
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $25,650,000
Terms of the Notes" Discount or Commission: 0.0%
Interest Payment Period: Quarterly
Stated Maturity Date: October 28, 1994
________________________________________________________________________________
Calculation Agent: Bankers Trust Company
Interest Calculation:
[ ] Regular Floating Rate Note [ ] Floating Rate/Fixed Rate Note
[ ] Inverse Floating Rate Note (Fixed Rate Commencement
(Fixed Interest Rate): Date):
[X] Other Floating Rate Note (Fixed Interest Rate):
(see attached)
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds
[ ] LIBOR [ ] Treasury Rate [X] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: January 28, 1994 Spread (+/-): N/A
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each day, to but Maximum Interest Rate:N/A
excluding the date of Maturity Minimum Interest Rate: 0%
Interest Payment Dates: April 28, 1994, Index Maturity: 3 months
July 28, 1994 and October 28, 1994 Index Currency: U.S.
dollars
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from 1/28/94 to 10/28/94
[ ] 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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Lehman Brothers
Additional Terms of the Notes
Interest Rate
The rate of interest with respect to the Medium-Term Notes
offered by this Pricing Supplement (the "Notes") will be calculated in
accordance with the following formula:
4.25% x (N/T)
where N = The actual number of days in the relevant Interest Period
(as defined below) for which LIBOR (as defined below) is
(i) greater than or equal to 3.125% and less than or equal
to 3.75% (for the period from January 28, 1994 to but
excluding July 28, 1994); and (ii) greater than or equal to
3.125% and less than or equal to 4.00% (for the period from
January 28, 1994 to October 28, 1994).
T = The total number of days in the period from and including
the next preceding Interest Payment Date in respect of
which interest has been paid (or from and including the
Original Issue Date with respect to the first Interest
Payment Date) to but excluding the related Interest Payment
Date (such period, an "Interest Period").
For purposes of these Notes, the following terms shall have the
following meanings:
"LIBOR" means LIBOR with an Index Maturity of three months, as
quoted on Telerate Page 3750 on the LIBOR Interest Determination Date.
"LIBOR Interest Determination Date" shall mean two London Business
Days prior to each Interest Reset Date.
Notwithstanding anything in the Prospectus or the Prospectus
Supplements to the contrary, interest payments on the Notes will equal
the amount of interest accrued from and including the next preceding
Interest Payment Date in respect of which interest has been paid (or
from and including the date of issue, if no interest has been paid with
respect to the Notes), to but excluding the related Interest Payment
Date.
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Interest Rate Risks
Effectively, a holder of a Note will not receive any interest
with respect to any day on which LIBOR is outside the applicable
interest rate range. If LIBOR is within the applicable interest rate
range on any day, such holder will effectively receive interest with
respect to such day equal to a per annum rate of 4.25%, calculated on
the basis of a 360-day year. If LIBOR is outside the applicable
interest rate range for each day the Notes are outstanding, holders
will not receive any interest with respect to the Notes.
LIBOR is determined only on London Business Days; the rate for
any day is the rate determined on the second preceding London Business
Day. For example, if LIBOR on a Thursday that is a London Business Day
is outside the applicable interest rate range, the holder of a Note
will effectively receive no interest with respect to the following
Saturday (assuming Friday was also a London Business Day) and will also
effectively receive no interest with respect to the following Sunday
and Monday and each consecutive day thereafter that is not a London
Business Day. Conversely, if LIBOR on such Thursday were within the
applicable interest rate range, interest would be payable with respect
to the following Saturday as well as each consecutive day following
such Saturday that is not a London Business Day. This will magnify the
impact the rate of LIBOR on any London Business Day two days before a
non-London Business Day will have on the interest payable on the Notes.
Plan of Distribution
Lehman Brothers, acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at a price equal to 100% of the
issue price. Lehman Brothers 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 Lehman Brothers.
Lehman Brothers is committed to take and pay for all of the
Notes offered hereby if any are taken.
