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Pricing Supplement dated January 27, 1998 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: $100,000,000 Trade Date: January 27, 1998
Issue Price: See "Plan of Original Issue Date: January 29, 1998
Distribution" Net Proceeds to Issuer: $100,000,000
Interest Rate: 5.56% Principal's Discount
Interest Payment Dates: each July 29, or Commision: 0.00%
or January 29, commencing July 29, 1998
Stated Maturity Date: January 29, 1999
________________________________________________________________________________
Day Count Convention:
[x] 30/360 for the period from January 29, 1998 to January 29, 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 of
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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Morgan Stanley & Co. Incorporated
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ADDITIONAL TERMS OF THE NOTES
Plan of Distribution
Under the terms of and subject to the conditions of an
agreement dated December 16, 1993 (the "Agreement"), between TMCC
and Morgan Stanley & Co. Incorporated ("Morgan Stanley"), and an
Appointment Agreement Confirmation dated January 27, 1998, Morgan
Stanley, acting as principal, has agreed to purchase and TMCC has
agreed to sell the Notes at 100% of the principal amount thereof.
Morgan Stanley 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 Morgan
Stanley.
Under the terms and conditions of the Agreement, Morgan
Stanley is committed to take and pay for all of the Notes offered
hereby if any are taken.
