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Pricing Supplement dated March 7, 1995 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: $35,000,000 Trade Date: March 7, 1995
Issue Price: 100% Original Issue Date: March 17, 1995
Initial Interest Rate: 6.00% Net Proceeds to Issuer: $35,000,000
Interest Payment Period: Quarterly Discount or Commission: 0.0%
Stated Maturity Date: March 17, 1997
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Calculation Agent: Banque Paribas
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 [ ] Prime 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: June 17, 1995 Spread (+/-): -0.25%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: June 17, September 17, Maximum Interest Rate: See
December 17 and March 17 "Additional Terms of
Interest Payment Dates: June 17, September 17, the Notes"
December 17 and March 17, commencing Minimum Interest Rate: N/A
June 17, 1995 Index Currency: U.S. dollars
Index Maturity: 3 months
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from 3/17/95 to 3/17/97
[ ] 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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Paribas Capital Markets
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ADDITIONAL TERMS OF THE NOTES
Interest
Interest will accrue on the Notes at a rate equal to LIBOR -0.25%;
provided, however, that the interest rate applicable for any quarterly
period shall not exceed (i) the interest rate applicable for the
preceding quarterly period plus (ii) 0.20%.
If any Interest Reset Date would otherwise be a day that is not a
New York Business Day, such Interest Reset Date will be postponed to
the next succeeding day that is a New York Business Day. If any
Interest Payment Date would otherwise be a day that is not a New York
Business Day, such Interest Payment Date will be the next succeeding
day that is a New York Business Day.
If any Interest Payment Date or the date of Maturity falls on a
day that is not a New York Business Day, the related payment of
principal or interest will be made on the next succeeding New York
Business Day as if made on the date such payment was due, and no
interest will accrue on the amount so payable for the period from and
after such Interest Payment Date or Maturity, as the case may be.
The Interest Determination Date with respect to the Notes will be
the second Business Day preceding each Interest Reset Date.
For purposes of this Pricing Supplement, (i) "New York Business
Day" means any day other than a Saturday or Sunday or any other day on
which banks in the City of New York are generally authorized or
obligated by law or executive order to close; (ii) "London Business
Day" means any day on which deposits in U.S. dollars are transacted in
the London interbank market; and (iii) "Business Day" means any day
that is both a New York Business Day and a London Business Day.
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 tax consequences to 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,
persons who acquire, or for income tax purposes are deemed to have
acquired, the Notes in an exchange or for property other than cash.
The discussion below is based upon the Internal Revenue Code of 1986,
as amended, and final, temporary and proposed U.S. 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 Federal Taxation" in the Prospectus Supplements.
U.S. Holders. The Notes, which are Floating Rate Notes, are
treated as variable rate debt instruments for income tax purposes.
Although there is a limitation placed on the amount the stated interest
on the Notes may increase in each quarterly period, the stated interest
on the Notes, set at a variable rate based on LIBOR -0.25%, is deemed
to be a qualified floating rate for federal income tax purposes.
Therefore, all stated interest on the Notes is deemed to be qualified
stated interest and will be taxable to U.S. Holders as ordinary
interest income at the time it is accrued or received, depending on the
U.S. Holder's method of accounting for tax purposes.
Plan of Distribution
Paribas Corporation, acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at 100% of the principal amount
thereof. Paribas Corporation proposes to offer the Notes directly to
purchasers 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 Paribas
Corporation.
Under the terms and conditions of the Distribution Agreement,
Paribas Corporation is committed to take and pay for all of the Notes
offered hereby if any are taken.
