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Pricing Supplement dated April 7, 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: $50,000,000 Trade Date: April 7, 1994
Issue Price: 100% Original Issue Date: April 11, 1994
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $50,000,000
Terms of the Notes" Discount or Commission: 0.0%
Interest Payment Period: Quarterly
Stated Maturity Date: April 11, 1996
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Calculation Agent: Bankers Trust Company
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):
(see attached)
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate [X] Prime Rate
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate
[ ] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: April 12, 1994 Spread (+/-): -2.07%
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each Business Day Maximum Interest Rate: N/A
Interest Payment Dates: April 11, July 11, Minimum Interest Rate: N/A
October 11, and January 11 Index Maturity: N/A
Index Currency: U.S. dollars
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from 4/11/94 to 4/11/96
[ ] 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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Lehman Brothers
Additional Terms of the Notes
The Initial Interest Rate will be calculated by treating the
Original Issue Date as if it were an Interest Reset Date.
Notwithstanding anything contained in the Prospectus or the
Prospectus Supplement to the contrary, the Interest Determination Date
with respect to each Interest Reset Date shall be such Interest Reset
Date, except that the interest rate to be used beginning two Business
Days immediately prior to each Interest Payment Date (including the
date of Maturity) will be the interest rate in effect on the second
Business Day immediately preceding such Interest Payment Date or date
of Maturity, as the case may be.
Plan of Distribution
Lehman Brothers, acting as principal, has agreed to purchase and
TMCC has agreed to sell the Notes at 100% of the principal amount
thereof. 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.
Under the terms and conditions of the Distribution Agreement,
Lehman Brothers is committed to take and pay for all of the Notes
offered hereby if any are taken.
