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Pricing Supplement dated January 26, 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: $20,000,000 Trade Date: January 26, 1995
Issue Price: See Addendum Original Issue Date: February 27, 1995
Interest Rate: 8.00% Net Proceeds to Issuer: $20,000,000
Interest Payment Dates: Monthly on the Principal's Discount or
27th of each month, commencing March 27, 1995 Commission: 0.0%
Stated Maturity Date: February 27, 2002
______________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from February 27, 1995 to February 27, 2002
[ ] Actual/365 for the period from to
[ ] Other (see attached) to
Redemption:
[ ] The Notes cannot be redeemed prior to the Stated Maturity Date.
[x] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date: February 27, 1996
Initial Redemption Percentage: 100%
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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Salomon Brothers Inc
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ADDITIONAL TERMS OF THE NOTES
Redemption
The Notes are subject to redemption by TMCC, in whole or
from time to time in part in increments of $1000, on the Initial
Redemption Date stated above and on each Interest Payment Date
thereafter subject to not less than 10 days' prior notice. If
less than all the Notes are to be redeemed, the particular Notes
to be redeemed shall be selected by the Trustee, by such method
as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of portions of the
principal amount of the Notes.
Plan of Distribution
Under the terms of and subject to the conditions of an
Appointment Agreement dated as of September 28, 1993 and the
terms of an Appointment Agreement Confirmation dated as of
January 26, 1995 (collectively, the "Agreement"), between TMCC
and Salomon Brothers Inc, Salomon Brothers Inc, acting as
principal, has agreed to purchase and TMCC has agreed to sell the
Notes at 100% of their principal amount. Salomon Brothers Inc may
resell the Notes to one or more investors or to one or more
broker-dealers (acting as principal for the purpose of resale) at
varying prices related to prevailing market prices at the time of
resale, as determined by Salomon Brothers Inc. After the initial
public offering of the Notes, the public offering price may be
changed.
Under the terms and conditions of the Agreement, Salomon
Brothers Inc is committed to take and pay for all of the Notes
offered hereby if any are taken.
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 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 or 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 United States 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 Taxation" in the
Prospectus Supplement.
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U.S. Holders. Although there is a possibility that the
Notes will not be outstanding until the Stated Maturity Date, the
general rule under the regulations regarding OID is that in
determining the yield and maturity of a debt instrument that
provides an issuer with an unconditional option or options,
exercisable on one or more dates during the term of the debt
instrument, that if exercised require payments to be made on the
debt instrument under an alternative schedule, the issuer will be
deemed to exercise such option or combination of options in a
manner that minimizes the yield on the debt instrument. Under
the foregoing rules, the Notes are treated as if they will not be
redeemed by TMCC, and thus as if they were to remain outstanding
until the Stated Maturity Date. Under the foregoing principles,
the amount payable with respect to a Note at the Fixed Interest
Rate should be includible in income by a U.S. Holder as ordinary
interest at the time the interest payments are accrued or are
received in accordance with such U.S. Holder's regular method of
tax accounting.
