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Pricing Supplement dated April 22, 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
______________________________________________________________________________________
Principal Amount: $15,000,000 Trade Date: April 22, 1994
Issue Price: 100% Original Issue Date: May 5, 1994
Initial Interest Rate: 8.00% Net Proceeds to Issuer: $14,947,500
Interest Payment Period: Semiannual Discount or Commission: 0.35%
Stated Maturity Date: See "Additional
Terms of the Notes"
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Calculation Agent: Morgan Stanley & Co. Incorporated
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 Rate
[ ] LIBOR [ ] Treasury Rate [X] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: May 5, 1995 Spread (+/-): N/A
Interest Rate Reset Period: Annual Spread Multiplier: N/A
Interest Reset Date: May 5, 1995, Maximum Interest Rate: N/A
Interest Payment Dates: November 5, 1994 Minimum Interest Rate: N/A
and May 5, 1995 Index Maturity:
Index Currency:
Day Count Convention:
[X] 30/360 for the period from 5/5/94 to and including 5/5/95
[ ] Actual/360 for the period from to
[ ] 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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Morgan Stanley & Co. Incorporated
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ADDITIONAL TERMS OF THE NOTES
Interest
From and including the Original Issue Date, to but excluding
May 5, 1995, interest shall accrue on the Notes at the rate of
8.00% per annum and will be payable semiannually on November 5,
1994 and May 5, 1995. From and including May 5, 1995, the Notes
shall not accrue interest.
Principal
The Notes shall be due and payable on the Scheduled Maturity
Date, unless LIBOR on the Determination Date applicable to the
Scheduled Maturity Date is greater than 6.50%. If LIBOR on such
Determination Date is greater than 6.50%, the Notes shall be due
and payable on the first Extended Maturity Date with respect to
which LIBOR on the related Determination Date is less than or
equal to 6.50%. If the Notes are not due and payable on the
Scheduled Maturity Date or any Extended Maturity Date, they shall
be due and payable on the Final Maturity Date.
For purposes of these Notes, the following terms shall have
the following meanings:
"LIBOR" means LIBOR Telerate, page 3750, as defined in the
Prospectus Supplement dated March 9, 1994, for which the
Index Currency is U.S. dollars and the Index Maturity is 3
months; provided that the references therein to "LIBOR
Interest Determination Date" shall be deemed to refer to
"Determination Date" as defined herein.
"Scheduled Maturity Date" means May 5, 1995.
"Extended Maturity Date" means November 5, 1995, May 5, 1996
and November 5, 1996.
"Final Maturity Date" means May 5, 1997.
"Determination Date" for any Scheduled, Extended or Final
Maturity Date means the second London Business Day preceding
such Maturity Date.
Plan of Distribution
Under the terms of and subject to the conditions of an
agreement dated December 16, 1993 (the "Agreement"), Morgan
Stanley & Co. Incorporated ("Morgan Stanley"), acting as
principal, has agreed to purchase and TMCC has agreed to sell the
Notes at a discount of 0.35%. Morgan Stanley proposes to offer
the Notes directly to purchasers at an initial public offering
price of 100% of the principal amount thereof. After the Notes
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are released for sale to the public, the offering price may from
time to time be varied by Morgan Stanley.
Under the terms and conditions of the Agreement, Morgan
Stanley is committed to take and pay for all of the Notes offered
hereby if any are taken.
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. 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 not be repaid until the Final Maturity Date, the
general rule under the regulations regarding original issue
discount is that the yield and maturity of a debt instrument
subject to contingencies are determined assuming payments will be
made according to the instrument's stated payment schedule,
unless it is more likely than not that the stated payment
schedule will not occur. It cannot be concluded, based on all
the facts and circumstances as of the Original Issue Date, that
it is more likely than not that the Notes will not be due and
payable on the Scheduled Maturity Date. Therefore, although the
matter is not free from doubt, under the foregoing principles,
the amount payable with respect to a Note at the 8% interest rate
until the Scheduled Maturity Date should be includible in income
by a U.S. Holder as ordinary interest at the time the interest
payments are accrued or are received before the Scheduled
Maturity Date in accordance with such U.S. Holder's regular
method of tax accounting.
The Company intends to treat the Notes in accordance
with the foregoing principles, and when required, intends to file
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information returns with the IRS in accordance with the foregoing
determinations. Under the consistency rule set forth in United
States Treasury Regulation Section 1.1272-1(c)(4), U.S. Holders
who wish to take a different position with respect to the
determination of the yield and maturity of a Note for U.S.
federal income tax purposes must make an explicit statement to
that effect attached to a timely filed U.S. federal income tax
return.
