Pricing Supplement dated May 16, 1994                                   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 - Floating Rate
______________________________________________________________________________________

Principal Amount:  $30,000,000                 Trade Date:  May 16, 1994
Issue Price:  100%                             Original Issue Date:  May 25, 1994
Initial Interest Rate:  4.70%                  Net Proceeds to Issuer: $30,000,000
Interest Payment Period:  Quarterly            Discount or Commission: 0.0% 
Stated Maturity Date:  November 25, 1996
______________________________________________________________________________________
Calculation Agent:  Banque Paribas

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:  November 25, 1995   Spread (+/-):  +0.125%
     Interest Rate Reset Period:  Quarterly            Spread Multiplier:  N/A
     Interest Reset Dates: November 25,February 25,    Maximum Interest Rate:  N/A
                    May 25 and August 25               Minimum Interest Rate:  N/A
     Interest Payment Dates:November 25, February 25,  Index Currency:  U.S. dollars
                    May 25 and August 25 
     Index Maturity:  3 months                          
                                                            
     Day Count Convention:
     [ ]  30/360 for the period from                   to 
     [X]  Actual/360 for the period from          5/25/94 to 11/25/96
     [ ]  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:
          Initial Redemption Percentage:    %
          Annual Redemption Percentage Reduction:     % until Redemption
          Percentage is 100% of the Principal Amount.

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


                              ___________________________
                                Paribas Capital Markets



                             ADDITIONAL TERMS OF THE NOTES

     If any Interest Reset Date would otherwise be a day that is not a
New York Business Day, such Interest Reset Date will be postponed to
the next succeeding day that is a New York Business Day.  If any
Interest Payment Date would otherwise be a day that is not a New York
Business Day, such Interest Payment Date will be the next succeeding
day that is a New York Business Day.  

     For purposes of this Pricing Supplement, "New York Business Day"
means any day other than a Saturday or Sunday or any other day on which
banks in The City of New York are generally authorized or obligated by
law or executive order to close.  

Certain U.S. Tax Considerations

     The following is a summary of the principal 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 tax consequences to special
classes of holders such as dealers in securities or currencies, persons
who hold the Notes as a hedge against currency risks or who hedge any
currency risks of holding the Notes, tax-exempt investors, or U.S.
Holders whose functional currency is other than the U.S. dollar.  The
discussion below is based upon the Internal Revenue Code of 1986, as
amended, and final, temporary and proposed U.S. 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.

     Except where otherwise indicated below, this summary supplements
and, to the extent inconsistent, replaces the discussion under the
caption "United States Federal Taxation" in the Prospectus Supplements.

     The Notes are treated as "variable rate debt instruments" under the
OID Regulations.  As discussed in the Prospectus Supplement under
"Floating Rate Notes," the OID Regulations provide special rules for
determining the amount and accrual of qualified stated interest and OID
on debt instruments such as the Notes.  Because the Notes provide for
stated interest at a single fixed rate and then at one qualified
floating rate, to determine the amount of OID, if any, on the Notes,
the OID Regulations first require that the fixed rate is to be
converted into a qualified floating rate (the "substituted qualified
floating rate"). The substituted qualified floating rate must be such
that the fair market value of the Notes as of the Original Issue Date
is approximately the same as the fair market value of an otherwise
identical debt instrument that provides for the substituted qualified
floating rate rather than the fixed rate.  Then, the Notes are
converted into "equivalent" fixed rate debt instruments by replacing
both the substituted qualified floating rate earlier determined and the
second qualified floating rate (i.e., LIBOR + .125) with the fixed
rates equal to the value of those floating rates as of the Original
Issue Date.  Once the Notes have been converted into "equivalent" fixed
rate debt instruments, the amount of OID and qualified stated interest,
if any, are determined for the "equivalent" fixed rate debt instruments
by applying the general OID rules to the "equivalent" fixed rate debt
instruments and the U.S. Holder of the Notes will account for such OID


and qualified stated interest as if the U.S.Holder held the
"equivalent" fixed rate debt instruments.  Each accrual period
thereafter, appropriate adjustments are made to the amount of qualified
stated interest or OID assumed to have been accrued or paid with
respect to the "equivalent" fixed rate debt instruments in the event
such amounts differ from the actual amount of interest accrued or paid
on the Notes during the accrual period.

     Holders must rely on their own tax and financial advisors in making
the determinations involved in calculating whether the Notes will be
treated as having OID.

Plan of Distribution

     Paribas Corporation, acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at 100% of the principal amount
thereof. Paribas Corporation proposes to offer the Notes directly to
purchasers at an initial public offering price of 100% of the principal
amount thereof. After the Notes are released for sale to the public,
the offering price may from time to time be varied by Paribas
Corporation. 

     Under the terms and conditions of the Distribution Agreement,
Paribas Corporation is committed to take and pay for all of the Notes
offered hereby if any are taken.