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Pricing Supplement dated August 31, 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: $100,000,000 Trade Date: August 31, 1999
Issue Price: See "Plan of Distribution" Original Issue Date: September 7, 1999
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $100,000,000
Terms of the Notes" Principal's Discount
Interest Payment Period: Quarterly or Commission: 0.00%
Stated Maturity Date: September 7, 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 [ ] 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 7, 1999 Spread (+/-): 0.00%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: December 7, March 7, Maximum Interest Rate: N/A
June 7 and September 7
Interest Payment Dates: December 7, March 7, Minimum Interest Rate: N/A
June 7 and September 7, commencing Index Maturity: 3 month
December 7, 1999 Index Currency: U.S. dollars
Day Count Convention:
[ ] 30/360 for the period from to
[X] Actual/360 for the period from September 7, 1999 to September 7, 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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Bear, Stearns & Co. Inc.
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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 5.52750%, which is LIBOR determined on September 3,
1999.
Plan of Distribution
Under the terms of and subject to the conditions of an Appointment
Agreement dated August 27, 1999 and an Appointment Agreement Confirmation
dated August 31, 1999 (collectively, the "Agreement"), between TMCC and Bear,
Stearns & Co. Inc. ("Bear, Stearns"), Bear, Stearns, acting as principal, has
agreed to purchase and TMCC has agreed to sell the Notes at 100.00% of their
principal amount. Bear, Stearns may resell the Notes to one or more investors
or to one or more broker-dealers (acting as principal for the purpose of
resale) at varying prices related to prevailing market prices at the time of
resale, as determined by Bear, Stearns.
Under the terms and conditions of the Agreement, Bear, Stearns is
committed to take and pay for all of the Notes offered hereby if any are
taken.
Affiliates of Bear, Stearns have in the past and may in the future
engage in general financing and banking transactions with TMCC and its
affiliates.
