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Pricing Supplement dated January 7, 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
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Principal Amount: $75,000,000 Trade Date: January 7, 1994
Issue Price: 100% Original Issue Date: January 14, 1994
Initial Interest Rate: 3.65% Net Proceeds to Issuer: $74,955,000
Interest Payment Period: See "Additional Discount or Commission: 0.06%
Terms of the Notes"
Stated Maturity Date: January 12, 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
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate
[X] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[X] Telerate Page: 3750
Initial Interest Reset Date: January 14, 1995 Spread (+/-): -.0625%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: January 14, 1995, Maximum Interest Rate: N/A
April 14, 1995, July 14, 1995 Minimum Interest Rate: 0%
and October 14, 1995 Index Maturity: 3 months
Interest Payment Dates: July 14, 1994, Index Currency: U.S. dollars
January 14, 1995, April 14, 1995
July 14, 1995, October 14, 1995
and January 12, 1996
Day Count Convention:
[X] 30/360 for the period from 1/14/94 to and including 1/13/95
[X] Actual/360 for the period from 1/14/95 to 1/12/96
[ ] 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
Interest
From and including the Original Issue Date, to but excluding
January 14, 1995, interest shall accrue on the Notes at the rate
of 3.65% per annum and will be payable semiannually on July 14,
1994 and January 14, 1995. From and including January 14, 1995
to but excluding the date of Maturity, interest shall accrue on
the Notes at a rate equal to LIBOR - .0625% and will be payable
quarterly on April 14, 1995, July 14, 1995, October 14, 1995 and
January 12, 1996.
Plan of Distribution
Lehman Brothers, acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at a discount of
0.06%. 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.
