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Pricing Supplement dated January 13, 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 - Fixed Rate
______________________________________________________________________________________
Principal Amount: $100,000,000 Trade Date: January 13, 1995
Issue Price: 100% Original Issue Date: January 23, 1995
Interest Rate: 7.70% Net Proceeds to Issuer: $99,904,000
Interest Payment Dates: May 15, 1995, Discount or Commission: 0.096%
November 15, 1995, May 15, 1996, November 15,
1996 and January 23, 1997
Stated Maturity Date: January 23, 1997
______________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from January 23, 1995 to January 23, 1997
[ ] Actual/365 for the period from to
[ ] Other (see attached)
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: Not applicable
Initial Redemption Percentage: Not applicable
Annual Redemption Percentage Reduction: Not applicable
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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Merrill Lynch & Co.
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ADDITIONAL TERMS OF THE NOTES
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
99.904% 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.
