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Pricing Supplement dated May 16, 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: $10,000,000 Trade Date: May 16, 1996
Issue Price: 100% Original Issue Date: May 21, 1996
Interest Rate: 7.40% Net Proceeds to Issuer: $10,000,000
Interest Payment Dates: November 21 Principal's Discount or
and May 21, commencing November 21, 1996 Commission: 0.0%
Stated Maturity Date: May 21, 2003
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from May 21, 1996 to May 21, 2003
[ ] 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 21, 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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Chase Securities 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 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 Appointment
Agreement dated as of May 16, 1996 (the "Agreement"), between TMCC and Chase
Securities Inc., Chase Securities Inc., acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at 100.00% of their principal
amount. Chase Securities 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 Chase Securities Inc.
Under the terms and conditions of the Agreement, Chase Securities Inc
is committed to take and pay for all of the Notes offered hereby if any are
taken.
Affiliates of Chase Securities Inc. have in the past and may in the
future engage in general financing and banking transactions with TMCC and its
affiliates.
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 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 is
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. Although there is a possibility that the Notes will
not be outstanding until the Stated Maturity Date, the general rule under the
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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.
