<TABLE>
<S> <C>
Pricing Supplement dated June 14, 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 Notes - Floating Rate
______________________________________________________________________________________
Principal Amount: $50,000,000 Trade Date: June 14, 1994
Issue Price: 100% Original Issue Date: June 16, 1994
Initial Interest Rate: See "Additional
Terms of the Notes" Net Proceeds to Issuer: $50,000,000
Stated Maturity Date: June 14, 1996 Discount or Commission: 0.00%
______________________________________________________________________________________
Calculation Agent: Morgan Guaranty 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):
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate
[ ] LIBOR [x] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: See "Additional Spread (+/-): +0.00%
Terms of the Notes"
Interest Rate Reset Period: Weekly Spread Multiplier: N/A
Interest Reset Dates: See "Additional Terms of
the Notes" Maximum Interest Rate: N/A
Interest Payment Dates: December 16, 1994, Minimum Interest Rate: N/A
June 16, 1995, December 16, 1995 and Index Maturity: 6 months
June 14, 1996
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/Actual for the period from 6/16/94 to 6/14/96
[ ] 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
</TABLE>
___________________________
J.P. Morgan Securities Inc.
<PAGE>
ADDITIONAL TERMS OF THE NOTES
Interest
The Initial Interest Rate for the Medium-Term Notes
offered by this Pricing Supplement (the "Notes") will be equal to
the Treasury Rate having an Index Maturity of six months as
determined in the June 13, 1994 Treasury bill auction, as such
rate is published in H.15(519) under the heading "U.S. Government
Securities-Treasury Bills-auction average (investments)". The per
annum Interest Rate payable on the Notes offered by this Pricing
Supplement (the "Notes") for each Interest Payment Date will be
calculated in accordance with the following formula:
TR/N
For purposes of this Pricing Supplement, the following
terms have the following meanings:
"TR" means the sum of the Weekly Treasury Rates determined
with respect to a Calculation Period.
"Weekly Treasury Rate" means the Treasury Rate having an
Index Maturity of six months determined weekly as provided
in the Prospectus Supplement dated March 9, 1994.
"N" means the number of times with respect to a Calculation
Period the Weekly Treasury Rate is determined.
"Calculation Period" means the period beginning on the next
preceding Interest Payment Date in respect of which interest
has been paid to but excluding the related Interest Payment
Date; provided, however, that the first Calculation Period
relating to the first Interest Payment Date shall begin on
June 14, 1994 and shall include the Weekly Treasury Rate
determined by reference to the June 13, 1994 Treasury Bill
auction. Interest shall not begin to accrue on the Notes
until June 16, 1994, the Original Issue Date.
Notwithstanding anything contained in the Prospectus
Supplement to the contrary, the Interest Rate to be used for the
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 preceding such Interest Payment
Dates and the Date of Maturity. The Interest Reset Date
(including the Initial Interest Reset Date) shall be on the
Tuesday of each week (except as otherwise specified in the
Prospectus Supplement dated March 9, 1994).
<PAGE>
Plan of Distribution
Under the terms of and subject to the conditions of a
Distribution Agreement dated as of October 17, 1991, as amended,
(the "Agreement"), between TMCC and J.P. Morgan Securities Inc.
("JP Morgan"), JP Morgan, acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at 100% of the
principal amount thereof. JP Morgan proposes to offer the Notes
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 JP
Morgan.
Under the terms and conditions of the Agreement, JP
Morgan is committed to take and pay for all of the Notes offered
hereby if any are taken.
