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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 Notes - Floating Rate
________________________________________________________________________________
Principal Amount: $100,000,000 Trade Date: September 19, 1996
Issue Price: See "Additional Terms of Original Issue Date: September 26, 1996
the Notes"
Initial Interest Rate: See Additional Net Proceeds to Issuer: $99,980,000
Terms of the Notes Discount or Commission: 0.02%
Stated Maturity Date: September 26, 1997
________________________________________________________________________________
Calculation Agent: Bankers 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: September 26, 1996 Spread (+/-): +0.16%
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each Business Day Maximum Interest Rate: 6.25%
Interest Payment Dates: December 26, 1996, Minimum Interest Rate: N/A
March 26, 1997, and June 26, 1997 Index Maturity: N/A
Day Count Convention:
[ ] 30/360 for the period from to
[x] Actual/360 for the period from September 26, 1996 to September 26, 1997
[ ] 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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Morgan Stanley & Co. Incorporated <PAGE>
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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 September 25, 1996 plus 0.16%. The
Interest Rate with respect to each subsequent Interest Reset Date
will be equal to the Federal Funds Rate on the related Interest
Determination Date plus 0.16%. Notwithstanding anything contained
in the Prospectus or the Prospectus Supplement to the contrary,
(i) 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 Date or the
date of Maturity, as the case may be; and (ii) otherwise the
Interest Determination Date with respect to the Notes will be the
first Business Day preceding each Interest Reset Date.
Plan of Distribution
Under the terms of and subject to the conditions of an
agreement dated December 16, 1993 (the "Agreement") between TMCC
and Morgan Stanley & Co. Incorporated ("Morgan Stanley") and an
Appointment Agreement Confirmation dated September 19, 1996,
Morgan Stanley, acting as principal, has agreed to purchase and
TMCC has agreed to sell the Notes at 99.98% of their principal
amount. Morgan Stanley 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
Morgan Stanley.
Under the terms and conditions of the Agreement, Morgan
Stanley 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 certain 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
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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.
Certain other tax consequences of ownership of the
Notes are discussed in the accompanying Prospectus Supplement
under the caption "United States Taxation". Except where
otherwise indicated below, this summary supplements and, to the
extent inconsistent, replaces such discussion under the caption
"United States Taxation" in the Prospectus Supplement.
U.S. Holders. The Notes, which are Floating Rate Notes,
are treated as variable rate debt instruments for income tax
purposes. The stated interest on the Notes, set at a variable
rate based on the Federal Funds Rate, plus .16%, is deemed to be
a qualified floating rate for federal income tax purposes,
notwithstanding the maximum interest rate cap of 6.25%.
Therefore, all stated interest on the Notes is deemed to be
qualified stated interest. Thus the amount payable with respect
to a Note at the Floating 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.
