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Pricing Supplement dated September 26, 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: $50,000,000 Trade Date: September 20, 1996
Issue Price: See "Additional Terms of Original Issue Date: September 26, 1996
the Notes." Net Proceeds to Issuer: $54,320,000
Interest Rate: 15% Discount or Commission 0.15%
Interest Payment Dates: March 26, 1997
Stated Maturity Date: September 26, 1997
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from September 26, 1996 to September 26, 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
108.64% of the principal amount thereof. The distribution of the
Notes by Merrill may be effected from time to time in one or more
negotiated transactions, or otherwise, at varying prices to be
determined, in each case, at the time of sale.
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.
