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Pricing Supplement dated August 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 Notes - Floating Rate
______________________________________________________________________________________
Principal Amount: $50,000,000 Trade Date: August 25, 1994
Issue Price: 100% Original Issue Date: August 30, 1994
Initial Interest Rate: See "Additional
Terms of the Notes" Net Proceeds to Issuer: $49,972,250
Stated Maturity Date: August 30, 1996 Discount or Commission: 0.0555%
______________________________________________________________________________________
Calculation Agent: Merrill Lynch Capital Services, 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):
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate
[ ] Eleventh District Cost of Funds Rate [X] Federal Funds Rate
[ ] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: August 25, 1994 Spread (+/-): +0.24%
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each Business Day
Maximum Interest Rate: N/A
Interest Payment Dates: The last Business Day Minimum Interest Rate: N/A
of November, February, May and August Index Maturity: N/A
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/360 for the period from 8/30/94 to 8/30/96
[ ] 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
___________________________
Merrill Lynch & Co. ADDITIONAL TERMS OF THE NOTES
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Interest
The Initial Interest Rate for the Medium-Term Notes
offered by this Pricing Supplement (the "Notes") will be equal to
the Federal Funds Rate on August 29, 1994 plus 0.24%. The
Interest Determination Date with respect to the Notes will be the
Business Day preceding each Interest Reset Date.
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 Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill"), Merrill, acting as principal,
has agreed to purchase and TMCC has agreed to sell the Notes at
99.9445% of the principal amount thereof. Merrill 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 Merrill.
Under the terms and conditions of the Agreement,
Merrill is committed to take and pay for all of the Notes offered
hereby if any are taken.
