<TABLE>
<S> <C>
Pricing Supplement dated May 15, 1996 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: $15,000,000 Trade Date: May 15, 1996
Issue Price: 100% Original Issue Date: May 29, 1996
Interest Rate: 7.25% Net Proceeds to Issuer: $15,000,000
Interest Payment Dates: See Addendum Principal's Discount or
Stated Maturity Date: May 29, 2007 Commission: 0.0%
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from May 29, 1996 to May 29, 2007
[ ] 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: May 29, 1997
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
</TABLE>
___________________________
Lehman Brothers
<PAGE>
ADDITIONAL TERMS OF THE NOTES
Interest
The Interest Payment Dates will be the 29th day of each month,
commencing June 29, 1996, except that the Interest Payment Date for the month
of February will be (i) the 28th day of the month (for each February that does
not occur in a leap year); and (ii) the 29th day of the month (for each
February that occurs in a leap year).
Redemption
The Notes are subject to redemption by TMCC, in whole but not in part,
on any Interest Payment Date on or after the Initial Redemption Date stated
above subject to not less than 30 nor more than 60 days' prior notice.
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 Lehman Brothers, Lehman Brothers, acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at 100% of their principal
amount. Lehman Brothers 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 Lehman Brothers. After the initial public offering of the Notes,
the public offering price may be changed by Lehman Brothers.
Under the terms and conditions of the Distribution Agreement,
Lehman Brothers 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.
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
<PAGE>
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.
