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Pricing Supplement dated April 16, 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 - Fixed Rate
________________________________________________________________________________
Principal Amount: $10,000,000 Trade Date: April 16, 1997
Issue Price: See Additional Terms of Original Issue Date: April 23, 1997
the Notes - Plan of Distribution"
Interest Rate: 7.23% per annum Net Proceeds to Issuer: $9,830,000
Interest Payment Dates: Monthly on the Principal's Discount or
23rd of each month, commencing May 23, 1997 Commission: 1.70%
Stated Maturity Date: April 23, 2007
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from April 23, 1997 to April 23, 2007
[ ] 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: April 23, 2000. See, "Additional Terms of the
Notes"
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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Merrill Lynch & Co.
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ADDITIONAL TERMS OF THE NOTES
Redemption
The Notes are subject to redemption by TMCC, in whole but not in
part, on the Initial Redemption Date and on any Interest Payment Date
occurring in April or October thereafter 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
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 98.30% of their
principal amount. Merrill 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 Merrill.
Under the terms and conditions of the Distribution
Agreement, Merrill 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 the principal 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.
Except where otherwise indicated below, this summary
supplements and, to the extent inconsistent, replaces the discussion
under the caption "United States Taxation" in the Prospectus
Supplement.
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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 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.
