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Pricing Supplement dated March 25, 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: $25,000,000 Trade Date: March 25, 1994
Issue Price: 100% Original Issue Date: April 4, 1994
Initial Interest Rate: 3.89205% Net Proceeds to Issuer: $25,000,000
Stated Maturity Date: May 23, 1996 Discount or Commission: 0.0%
Interest Payment Period: Quarterly
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Calculation Agent: Sumitomo Bank Capital Markets, Inc.
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: May 23, 1994 Spread (+/-): +.125%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: February 23, May 23, Maximum Interest Rate: N/A
August 23, November 23 Minimum Interest Rate: N/A
Interest Payment Dates: February 23, Index Maturity: 3 month
May 23, August 23, November 23, Index Currency: U.S. dollars
commencing May 23, 1994
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from 4/4/94 to and including 5/23/96
[ ] 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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Williams Financial Markets
a division of Jefferies
& Company, Inc.
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Plan of Distribution
Williams Financial Markets, a division of Jefferies & Company,
Inc. ("Williams"), acting as principal, has agreed to purchase and TMCC
has agreed to sell the Notes for resale from time to time to one or
more investors in one or more negotiated transactions or otherwise at a
price or prices to be determined at the time of resale.
Under the terms and conditions of the Distribution Agreement,
as supplemented by the terms of an Appointment Agreement between
Williams and TMCC, Williams is committed to take and pay for all of the
Notes offered hereby if any are taken.
