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Pricing Supplement dated March 30, 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 Notes - Floating Rate
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Principal Amount: $100,000,000 Trade Date: March 30, 1995
Issue Price: 100% Original Issue Date: April 7, 1995
Initial Interest Rate: See "Additional
Terms of the Notes" Net Proceeds to Issuer: $99,980,000
Stated Maturity Date: April 8, 1996 Discount or Commission: 0.02%
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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 [X] Federal Funds Rate
[ ] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page:
Initial Interest Reset Date: April 10, 1995 Spread (+/-): +0.08%
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each Business Day Maximum Interest Rate: N/A
Interest Payment Dates: July 8, 1995, Minimum Interest Rate: N/A
October 8, 1995, January 8, 1996 and Index Maturity: N/A
April 8, 1996
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/360 for the period from 4/7/95 to 4/8/96
[ ] 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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J.P. Morgan Securities Inc.
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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 Federal Funds Rate on April 5, 1995 plus 0.08%.
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.
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 a discount of
0.02%, for resale from time to time to one or more investors in
one or more negotiated transactions or otherwise at a price or
prices to be determined at the time of resale.
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.
