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Pricing Supplement dated October 5, 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: $150,000,000 Trade Date: October 5, 1999
Issue Price: See "Plan of Distribution" Original Issue Date: October 12, 1999
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $150,000,000
Terms of the Notes - Interest" Principal's Discount
Interest Payment Period: Quarterly or Commission: 0.0%
Stated Maturity Date: October 12, 2000
________________________________________________________________________________
Calculation Agent: Bankers Trust Company
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 [X] Prime Rate
[ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate
[ ] LIBOR [ ] Treasury Rate [ ] Other (see attached)
If LIBOR, Designated LIBOR Page: [ ] Reuters Page:
[ ] Telerate Page: 3750
Initial Interest Reset Date: October 13, 1999 Spread (+/-): -2.69%
Interest Rate Reset Period: Daily Spread Multiplier: N/A
Interest Reset Dates: Each Business Day Maximum Interest Rate: N/A
Interest Payment Dates: January 12, April 12, Minimum Interest Rate: N/A
July 12 and October 12 Index Maturity: N/A
Index Currency: U.S. dollars
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from October 12, 1999 to October 12, 2000
[ ] 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
Effective 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 Initial Interest Rate for the Medium-Term Notes offered by this
Pricing Supplement (the "Notes") will be equal to the Prime Rate on October 8,
1999 minus 2.69%. Notwithstanding anything to the contrary contained in the
Prospectus Supplement, the Interest Determination Date with respect to the
Notes will be the first Business Day immediately preceding each Interest Reset
Date.
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% 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
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.
