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Pricing Supplement dated June 6, 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: $50,000,000 Trade Date: June 6, 1994
Issue Price: 100% Original Issue Date: June 13, 1994
Initial Interest Rate: See "Additional
Terms of the Notes" Net Proceeds to Issuer: $49,990,500
Stated Maturity Date: June 13, 1996 Discount or Commission: 0.019%
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Calculation Agent: Goldman, Sachs & Co.
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 (+/-): +0.01%
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: September 13, Minimum Interest Rate: N/A
December 13, March 13 and June 13 Index Maturity: 6 months
commencing September 13, 1994
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/365 for the period from 6/13/94 to 6/13/96
[ ] 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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Goldman, Sachs & Co.
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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 sum of (i) the Treasury Rate having an Index Maturity of six
months as determined in the June 6, 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)", plus (ii) 0.01%. 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).
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 Goldman, Sachs & Co.,
Goldman, Sachs & Co., acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at a discount of 0.019%.
Goldman, Sachs & Co. 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 Goldman, Sachs & Co.
Under the terms and conditions of the Agreement,
Goldman, Sachs & Co. is committed to take and pay for all of the
Notes offered hereby if any are taken.
