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Pricing Supplement dated September 24, 1998 Rule 424(b)(3)
(To Prospectus dated September 3, 1998 and File No. 333-60913
Prospectus Supplement dated September 3, 1998)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Note - Floating Rate
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Principal Amount: $40,000,000 Trade Date: September 24, 1998
Issue Price: 100% Original Issue Date: September 29, 1998
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $40,000,000
Terms of the Notes" Principal's Discount
Interest Payment Period: Quarterly or Commission: 0.0%
Stated Maturity Date: September 29, 1999
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Calculation Agent: Goldman, Sachs & Co.
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):
(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: December 29, 1998 Spread (+/-): -.03%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: December 29, Maximum Interest Rate: N/A
March 29, June 29 and September 29
Interest Payment Dates: December 29, Minimum Interest Rate: N/A
March 29, June 29 and September 29, commencing Index Maturity: 3 month
December 29, 1998 Index Currency: U.S. dollars
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from September 29, 1998 to September 29, 1999
[ ] 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: N/A
Initial Redemption Percentage: N/A
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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Goldman, Sachs & Co.
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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 September 25, 1998
minus 0.03%.
Plan of Distribution
Under the terms of and subject to the conditions of a First Amended
and Restated Distribution Agreement dated September 3, 1998 between TMCC and
Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Goldman, Sachs & Co., Lehman Brothers Inc., J.P. Morgan Securities Inc.,
Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc. (the
"Agreement"), Goldman, Sachs & Co., acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at 100.00% of their principal
amount. Goldman, Sachs & Co. 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 Goldman, Sachs & Co.
Under the terms and conditions of the Agreement, Goldman, Sachs &
Co. is committed to take and pay for all of the Notes offered hereby if any
are taken.
