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Pricing Supplement dated December 9, 1999 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
________________________________________________________________________________
Principal Amount: $250,000,000 Trade Date: December 9, 1999
Issue Price: See "Plan of Distribution" Original Issue Date: December 14, 1999
Initial Interest Rate: See "Additional Net Proceeds to Issuer:$250,000,000
Terms of the Notes - Interest" Principal's Discount
Interest Payment Period: Quarterly or Commission: 0.0%
Stated Maturity Date: January 9, 2001
________________________________________________________________________________
Calculation Agent: Bankers Trust Company
Interest Calculation:
[ ] Regular Floating Rate Note [ ] Floating Rate/Fixed Rate Note
[ ] Inverse Floating Rate Note (Fixed Rate Commencement
(Fixed Interest Rate): Date):
[X] 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: April 9, 2000 Spread (+/-): -0.09%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: Each January 9, April 9, Maximum Interest Rate: N/A
July 9 and October 9
Interest Payment Dates: Each January 9, April 9, Minimum Interest Rate: N/A
July 9 and October 9, commencing April 9, 2000 Index Maturity: See
"Additional Terms of
the Notes - Interest"
Index Currency: U.S. dollars
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from December 14, 1999 to January 9, 2001
[ ] Other (see attached) to
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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Merrill Lynch & Co.
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FURTHER AUTHORIZATIONS
On September 13, 1999, in supplement to the $2,031,395,000 aggregate
principal amount(or the equivalent thereof in one or more foreign or composite
currencies) of its Medium-Term Notes which TMCC was authorized to offer as of
September 3, 1998, TMCC authorized the offer and issuance from time to time of
an additional $800,000,000 aggregate principal amount of its Medium-Term
Notes. Accordingly, notwithstanding anything to the contrary in the
Prospectus Supplement dated September 3, 1998 (the "Prospectus Supplement"),
the aggregate principal balance of Medium-Term Notes issued prior to the
Prospectus Supplement plus those which may be offered from time to time from
and after the date of the Prospectus Supplement may equal up to $9,800,000,000
(except that with respect to Medium-Term Notes sold at a discount to face, the
initial offering price will be used, and with respect to Medium-Term Notes
issued at a premium to face, the face amount shall be used).
ADDITIONAL TERMS OF THE NOTES
Interest
The Index Maturity for the initial Interest Calculation Period
(commencing on the Original Issue Date) will be four months. The Index
Maturity for all subsequent Interest Calculation Periods will be three months.
The Initial Interest Rate for the Medium-Term Notes offered by this
pricing supplement (the "Notes") will be 6.02125% (which is LIBOR determined
on December 10, 1999 minus 0.09%).
Plan of Distribution
Under the terms of and subject to the conditions of a terms
agreement under the First Amended and Restated Distribution Agreement dated
September 3, 1998 between TMCC and Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("Merrill"), Goldman, Sachs & Co., Lehman Brothers
Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and
Salomon Smith Barney Inc (the "Agreement"), Merrill, acting as principal, has
agreed to purchase and TMCC has agreed to sell the Notes at 100.00% 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 purposes of resale) at
varying prices related to prevailing market prices at the time of resale, as det
ermined 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.
