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Pricing Supplement dated February 23, 2000 Rule 424(b)(3)
(To Prospectus dated January 12, 2000 and File No. 333-89659
Prospectus Supplement dated January 12, 2000)
TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Note - Floating Rate
______________________________________________________________________________
Principal Amount: $25,000,000 Trade Date: February 23, 2000
Issue Price: 100% Original Issue Date: March 8, 2000
Initial Interest Rate: See "Additional Net Proceeds to Issuer: $25,000,000
Terms of the Notes" Principal's Discount
Interest Payment Period: Quarterly or Commission: 0.0%
Stated Maturity Date: March 8, 2010
______________________________________________________________________________
Calculation Agent: Bankers Trust
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: June 8, 2000 Spread (+/-): +0.85%
Interest Rate Reset Period: Quarterly Spread Multiplier: N/A
Interest Reset Dates: June 8, Maximum Interest Rate: 8.50%
September 8, December 8 and March 8
Interest Payment Dates: June 8, Minimum Interest Rate: N/A
September 8, December 8 and March 8, Index Maturity: 3 month
commencing June 8, 2000 Index Currency: U.S. dollars
Day Count Convention:
[X] 30/360 for the period from March 8, 2000 to March 8, 2010
[ ] Actual/360 for the period from to
[ ] Other (see attached)
Redemption:
[ ] The Notes cannot be redeemed prior to the Stated Maturity Date.
[X] The Notes may be redeemed prior to Stated Maturity Date.
Initial Redemption Date: March 8, 2002
Initial Redemption Percentage: 100%
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 three month LIBOR determined on March 6,
2000 plus 0.85%.
Redemption
The Notes are subject to redemption by TMCC, in whole but not in
part, only on the Initial Redemption Date stated above, subject to not less
than five Business Days' prior notice.
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., as amended by
that certain Amendment No. 1 thereto, dated January 12, 2000 (as amended, 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.
Certain U.S. Tax Considerations
The following is a summary of certain U.S. federal income tax
consequences of ownership of the Notes. The summary concerns U.S. Holders (as
defined in the Prospectus Supplement) who hold the Notes as capital assets and
does not deal with special classes of holders such as dealers in securities or
currencies, financial institutions, insurance companies, regulated investment
companies, persons who hold the Notes as a hedge against currency risks or who
hedge any currency risks of holding the Notes, tax-exempt investors, U.S.
expatriates or U. S. Holders whose functional currency is other than the U.S.
dollar or persons who acquire, or for income tax purposes are deemed to have
acquired, the Notes in an exchange, or for property other than cash. The
discussion below is based upon the Internal Revenue Code of 1986, as amended,
and final, temporary and proposed United States Treasury Regulations. Persons
considering the purchase of the Notes should consult with and rely solely upon
their own tax advisors concerning the application of U.S. federal income tax
laws to their particular situations as well as any consequences arising under
the laws of any other domestic or foreign taxing jurisdiction.
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Certain other tax consequences of ownership of the Notes are
discussed in the accompanying Prospectus Supplement under the caption "United
States Taxation". Except where otherwise indicated below, this summary
supplements and, to the extent inconsistent, replaces such discussion under
the caption "United States Taxation" in the Prospectus Supplement.
U.S. Holders. The Notes, which are Floating Rate Notes, are treated
as variable rate debt instruments for income tax purposes. The stated interest
on the Notes, set at a variable rate based on LIBOR plus 0.85%, is deemed to
be a qualified floating rate for federal income tax purposes, notwithstanding
the maximum interest rate cap of 8.50%. Therefore, all stated interest on the
Notes is deemed to be qualified stated interest.
Although there is a possibility that the Notes will not be
outstanding until the Stated Maturity Date, the general rule under the
regulations regarding OID is that in determining the yield and maturity of a
debt instrument that provides an issuer with an unconditional option or
options, exercisable on one or more dates during the term of the debt
instrument, that if exercised require payments to be made on the debt
instrument under an alternative schedule, the issuer will be deemed to
exercise such option or combination of options in a manner that minimizes the
yield on the debt instrument. Under the foregoing rules, the Notes are treated
as if they will not be redeemed by TMCC, and thus as if they were to remain
outstanding until the Stated Maturity Date.
Under the foregoing principles, the amount payable with respect to a
Note at the Floating Interest Rate should be includible in income by a U.S.
Holder as ordinary interest at the time the interest payments are accrued or
are received in accordance with such U.S. Holder's regular method of tax
accounting.
