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Pricing Supplement dated February 26, 1997 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 - Floating Rate/Fixed Rate
________________________________________________________________________________
Principal Amount: $10,000,000 Trade Date: February 26, 1997
Issue Price: 100% Original Issue Date: March 14, 1997
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $10,000,000
Terms of the Notes" Principal's Discount
Interest Payment Period: See "Additional or Commission: 0.0%
Terms of the Notes"
Stated Maturity Date: March 14, 2007
________________________________________________________________________________
Calculation Agent: Bankers Trust Company
Interest Calculation:
[ ] Regular Floating Rate Note [X] Floating Rate/Fixed Rate Note
[ ] Inverse Floating Rate Note (Fixed Rate Commencement
(Fixed Interest Rate): Date): September 14, 1999
[ ] Other Floating Rate Note (Fixed Interest Rate): 8%
(see attached)
Interest Rate Basis: [ ] CD Rate [ ] Commercial Paper Rate [ ] Prime Rate
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate
[X] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[x] Telerate Page: 3750
Initial Interest Reset Date: June 14, 1997 Spread (+/-): +0.67%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
through September 14, 1999
Interest Reset Dates: June 14, September 14, Maximum Interest Rate: N/A
December 14 and March 14, commencing June 14,
1997 to and including September 14, 1999 (the Fixed
Rate Commencement Date)
Interest Payment Dates: June 14, September 14, Minimum Interest Rate: N/A
December 14 and March 14, commencing Index Maturity: 3 month
June 14, 1997 to and including September 14, Index Currency: U.S.
1999; thereafter each September 14 dollars
until Maturity and the Stated Maturity Date
Day Count Convention:
[X] 30/360 for the period from 9/14/99 to 3/14/2007
[X] Actual/360 for the period from 3/14/97 to but excluding 9/14/1999
[ ] 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 as set forth
under "Additional Terms of the Notes - Redemption".
Initial Redemption Date: September 14, 1999
Initial Redemption Percentage: 100%
Annual Redemption Percentage Reduction: N/A
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
The Initial Interest Rate for The Medium-Term Notes offered by this
pricing supplement will be equal to LIBOR determined on March 12, 1997
plus 0.67%.
Interest Payment Periods will be quarterly through September 13,
1999 and annually thereafter, except that the last Interest Payment
Period will be the period from and including September 14, 2006 through
but excluding the Stated Maturity Date.
Notwithstanding anything else to the contrary set forth in the
Prospectus and the Prospectus Supplement: (i) if any Interest Reset
Date or any Interest Payment Date occurring prior to (but not
including) September 14, 1999 would otherwise be a day that is not a
New York and London Business Day, such Interest Reset Date or Interest
Payment Date, as applicable, will be postponed to the next succeeding
day that is a New York and London Business Day, except that if such New
York and London Business Day falls in the next succeeding calendar
month, such Interest Reset Date or Interest Payment Date, as
applicable, will be the immediately preceding New York and London
Business Day; (ii) if any Interest Payment Date occurring on or after
September 14, 1999 would otherwise be a day that is not a New York
Business Day, such Interest Payment Date will be postponed to the next
succeeding day that is a New York Business Day and the related payment
of interest shall be made on such next succeeding New York Business Day
as if made on the Interest Payment Date, and no interest will accrue on
the amount so payable from and after such Interest Payment Date; and
(iii) the Interest Reset Date occurring on September 14, 1999 (i.e.,
the date on which the Notes will begin to accrue interest at a fixed
rather than a floating rate) shall not be changed whether or not such
day is a New York Business Day or a New York and London Business Day.
For purposes of this pricing supplement, (A) a "New York and London
Business Day" shall mean a day that is both (x) any day other than a
Saturday or Sunday, or any other day on which banks in the City of New
York are generally authorized or obligated by law or executive order to
close; and (y) any day on which dealings in deposits in U.S. dollars
are transacted in the London interbank market; and (B) a "New York
Business Day" shall mean a day other than a Saturday or Sunday, or any
other day on which banks in the City of New York are generally
authorized or obligated by law or executive order to close.
Redemption
The Notes are subject to redemption by TMCC, in whole but not in
part, on the Initial Redemption Date stated above, and on every
December 14, March 14, June 14 and September 14 thereafter, subject to
not less than 20 nor more than 60 days' prior notice.
Plan of Distribution
Under the terms of and subject to the conditions of an 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
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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 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 provide for a floating rate of
interest set at a variable rate based on LIBOR until September 14, 1999
and then bear interest at a fixed rate of 8% until the Stated Maturity
Date. However, TMCC may redeem the Notes on September 14, 1999 and on
any December 14, March 14, June 14 and September 14 thereafter until
Maturity. The general rule under the regulations regarding the
determination of OID on a debt obligation 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
combinations 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 be redeemed by TMCC on the Initial Redemption Date,
September 14, 1999.
The stated interest on the Notes, set at LIBOR plus .67%, is
deemed to be a qualified floating rate for federal income tax purposes,
and all stated interest is 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
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the interest payments are accrued or are received in accordance with
such U.S. Holder s regular method of accounting for tax purposes.
If contrary to the presumption in the regulations, TMCC does
not redeem the Notes on the Initial Redemption Date, then solely for
the purposes of accruing OID, the Notes will be treated as having been
reissued at their face amount as of such date bearing a new fixed
interest rate of 8%.
