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Pricing Supplement dated January 22, 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: $5,000,000 Trade Date: January 22, 1997
Issue Price: See "Plan of Distribution" Original Issue Date: January 24, 1997
Interest Rate: 6.30% Net Proceeds to Issuer: $4,999,000
Interest Payment Dates: each May 15 and, Principal's Discount
November 15, commencing May 15, 1997, or Commission: 0.02%
Stated Maturity Date: January 25, 1999
______________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from January 24, 1997 to January 25, 1999
[ ] Actual/365 for the period from to
[ ] Other (see attached)
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: Not applicable
Initial Redemption Percentage: Not applicable
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
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
99.98% of the principal amount thereof. Merrill 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 Merrill.
Under the terms and conditions of the Agreement, Merrill is
committed to take and pay for all of the Notes offered hereby if
any are taken.
TMCC may apply for listing of the Notes on the New York
Stock Exchange. However, there is no assurance that an
application for listing will be made or that any trading market
for the Notes will develop.
