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Pricing Supplement dated November 19, 1996 Rule 424(b)(3)
(To Prospectus dated March 9, 1994 File No. 33-52359
and Prospectus Supplement
dated March 9, 1994)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Note - Fixed Rate
________________________________________________________________________________
Principal Amount: $10,000,000 Trade Date: October 30, 1996
Issue Price: 100% Original Issue Date: November 19, 1996
Interest Rate: 6.25% Net Proceeds to Issuer: $10,000,000
Interest Payment Dates: May 19 and Principal's Discount or
November 19 of each year, commencing Commission: 0.0%
May 19, 1997
Stated Maturity Date: November 19, 2001
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from November 19, 1996 to November 19, 2001
[ ] 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: November 19, 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
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Bear, Stearns & Co. Inc.
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ADDITIONAL TERMS OF THE NOTES
Redemption
The Notes are subject to redemption by TMCC, in whole but
not in part, at any time on any interest payment date on or after
the Initial Redemption Date stated above subject to not less than
25 days' prior notice.
Plan of Distribution
Under the terms of and subject to the conditions of an
Appointment Agreement and an Appointment Agreement Confirmation,
each dated as of October 30, 1996 (collectively, the
"Agreement"), between TMCC and Bear, Stearns & Co. Inc., Bear
Stearns & Co. Inc., acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at 100.00% of their
principal amount. Bear, Stearns & Co. Inc. may resell the Notes
to one or more investors or to one or more broker-dealers (acting
as principal for the purposes of resale) at varying prices
related to prevailing market prices at the time of resale, as
determined by Bear, Stearns & Co. Inc.
Under the terms and conditions of the Agreement, Bear,
Stearns & Co. Inc. is committed to take and pay for all of the
Notes offered hereby if any are taken.
Affiliates of Bear, Stearns & Co. Inc. have in the past and
may in the future engage in general financing and banking
transactions with TMCC and its affiliates.
