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Pricing Supplement dated September 27, 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 - Fixed Rate
______________________________________________________________________________________
Principal Amount: $15,000,000 Trade Date: September 27, 1994
Issue Price: 100% Original Issue Date: October 12, 1994
Interest Rate: See Addendum Net Proceeds to Issuer: $15,000,000
Interest Payment Dates: October 12 Principal's Discount or
and April 12 commencing April 12, 1995 Commission: 0.0%
Stated Maturity Date: October 12, 2001
______________________________________________________________________________________
Calculation Agent: Salomon Brothers Inc
Day Count Convention:
[x] 30/360 for the period from October 12, 1994 to October 12, 2001
[ ] Actual/365 for the period from to
[ ] Other (see attached) to
Redemption:
[ ] The Notes cannot be redeemed prior to the Stated Maturity Date.
[x] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date: October 12, 1995
Initial Redemption Percentage Price: 100%
Annual Redemption Percentage Reduction: Not applicable
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
___________________________
Salomon Brothers Inc
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ADDITIONAL TERMS OF THE NOTES
Interest
The Fixed Interest Rate applicable to the Medium-Term Notes
offered by this Pricing Supplement (the "Notes") shall be 7.375%
from the Original Issue Date to but excluding October 12, 1995.
Thereafter, on each anniversary of the Original Issue Date to but
excluding the next succeeding anniversary of the Original Issue
Date, the Fixed Interest Rate shall be as set forth in the
following table:
Anniversary of Original
Issue Date Interest Rate
October 12, 1995 7.500%
October 12, 1996 7.625%
October 12, 1997 7.750%
October 12, 1998 8.000%
October 12, 1999 8.500%
October 12, 2000 9.000%
Redemption
The Notes are subject to redemption by TMCC, in whole or
from time to time in part in increments of $1000, on the Initial
Redemption Date stated above and on each Interest Payment Date
thereafter subject to not less than 30 nor more than 60 days'
prior notice. If less than all the Notes are to be redeemed, the
particular Notes to be redeemed shall be selected by the Trustee,
by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of portions of
the principal amount of the Notes.
Plan of Distribution
Under the terms of and subject to the conditions of an
agreement dated as of September 28, 1993, (the "Agreement"),
between TMCC and Salomon Brothers Inc, Salomon Brothers Inc,
acting as principal, has agreed to purchase and TMCC has agreed
to sell the Notes at 100% of their principal amount. Salomon
Brothers Inc may resell the Notes to one or more investors or to
one or more broker-dealers (acting as principal for the purpose
of resale) at varying prices related to prevailing market prices
at the time of resale, as determined by Salomon Brothers Inc, or
if so agreed, at a fixed public offering price. After the
initial public offering of the Notes, the public offering price
may be changed.
Under the terms and conditions of the Agreement, Salomon
Brothers Inc is committed to take and pay for all of the Notes
offered hereby if any are taken.
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Certain U.S. Tax Considerations
The following is a summary of the principal U.S. federal income
tax consequences of ownership of the Notes. The summary concerns
U.S. Holders (as defined in the Prospectus Supplement) who hold
the Notes as capital assets and does not deal with special
classes of holders such as dealers in securities or currencies,
persons who hold the Notes as a hedge against currency risks or
who hedge any currency risks of holding the Notes, tax-exempt
investors, or U. S. Holders whose functional currency is other
than the U.S. dollar or persons who acquire, or for income tax
purposes are deemed to have acquired, the Notes in an exchange,
or for property other than cash. The discussion below is based
upon the Internal Revenue Code of 1986, as amended, and final,
temporary and proposed United States Treasury Regulations.
Persons considering the purchase of the Notes should consult with
and rely solely upon their own tax advisors concerning the
application of U.S. federal income tax laws to their particular
situations as well as any consequences arising under the laws of
any other domestic or foreign taxing jurisdiction.
Except where otherwise indicated below, this summary
supplements and, to the extent inconsistent, replaces the
discussion under the caption "United States Taxation" in the
Prospectus Supplement.
U.S. Holders. Although there is a possibility that the
Notes will be outstanding until the Stated Maturity Date, the
general rule under the regulations regarding OID is that in
determining the yield and maturity of a debt instrument that
provides an issuer with an unconditional option or options,
exercisable on one or more dates during the term of the debt
instrument, that if exercised require payments to be made on the
debt instrument under an alternative schedule, the issuer will be
deemed to exercise such option or combination of options in a
manner that minimizes the yield on the debt instrument. Under
the foregoing rules, the Notes are treated as if they will be
redeemed on the Initial Redemption Date and as not having any
OID. Thereafter, if the Company does not redeem on the Initial
Redemption Date or any subsequent redemption date, solely for
purposes of determining the accrual of OID, the Notes are treated
as being reissued on each redemption date which falls on an
anniversary of the Original Issue Date for an additional one-year
term at their adjusted issue price. Under the foregoing
principles, the amount payable with respect to a Note at the
Fixed Interest Rate should be includible in income by a U.S.
Holder as ordinary interest at the time the interest payments are
accrued or are received in accordance with such U.S. Holder's
regular method of tax accounting.
