Pricing Supplement dated June 29, 1994 
(To Prospectus dated March 9, 1994 and                        Rule 424 (b)(3)         
Prospectus Supplement dated March 9, 1994)                    File No. 33-52359   

                            TOYOTA MOTOR CREDIT CORPORATION

                              Medium-Term Note - Indexed
______________________________________________________________________________________

Face Amount:  $5,000,000                       Trade Date:  June 29, 1994 
Issue Price:  100%                             Original Issue Date: July 13, 1994
Interest Rate: 14.00%                          Net Proceeds to Issuer:  $4,992,500
Interest Payment Date: January 13, 1995 and    Agent's Discount or Commission: 0.15%
                      July 13, 1995
Stated Maturity Date:  July 13, 1995 
______________________________________________________________________________________

Calculation Agent:  Merrill Lynch Capital Services, Inc.  

Day Count Convention:
     [x]  30/360 for the period from July 13, 1994 to July 13, 1995 
     [ ]  Actual/Actual for the period from       to
     [ ]  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
                              ___________________________



                                  Merrill Lynch & Co.


                             ADDITIONAL TERMS OF THE NOTES

     As described below, up to 100% of the principal amount of the Notes
has been placed at risk from movements in the exchange rate for U.S.
dollars in exchange for Japanese yen.  Accordingly, if the exchange
rate moves in a direction adverse to the holders of the Notes, the
holders may, in fact, receive less than 100% of the principal amount of
the Notes at maturity.

Principal Payment at Maturity

     Principal (the "Indexed Principal Amount") payable on the Notes
offered by this Pricing Supplement (the "Notes") will be payable in
U.S. dollars on the date of Maturity in an amount determined in
accordance with the following formula:

     Face Amount x [1 + (3 x [(Fx - 99.14) / Fx])]

provided, however, that the payment in respect of the Indexed Principal
Amount shall in no event be less than zero.

     The holders of the Notes may exercise an option (the "Lock Option")
to lock in the exchange rate component of the above formula (i.e.,
"Fx") as such component is determined on the related Determination
Date. Once the Lock Option has been exercised, the election is binding
and irrevocable.  The Lock Option may only be exercised in the minimum
denomination of $5,000,000 Face Amount, and may only be exercised
through notice "confirmed in writing," delivered to the Calculation
Agent, on behalf of all the holders of the Notes. The notice to
exercise the Lock Option must be delivered to the Calculation Agent on
a New York Business Day that is subsequent to September 13, 1994 but is
at least two New York Business Days prior to the Stated Maturity Date
(such delivery date being the "Notice Date").  The Lock Option will be
effective as of the Notice Date. The Notice Date must be a New York
Business Day and must be no later than the Stated Maturity Date.

     For purposes of the Notes, the following terms shall have the
following meanings:

     If the Lock Option is not exercised, "Fx" means the spot exchange
     rate for U.S. dollars in exchange for Japanese yen (expressed in
     terms of Japanese yen per U.S. dollar) as displayed on Reuters Page
     "1FED" beside the caption "YEN" (or such other page as may replace
     such page on such service for the purpose of displaying the spot
     exchange rate) as of 10 A.M., New York time on the Determination
     Date.  If no rate appears on such page as of such time by 3 P.M.,
     New York time on such Determination Date, Fx on such Determination
     Date will be determined as follows.  The Calculation Agent will
     request each of five Reference Dealers to provide the Calculation
     Agent with its spot bid quotation for the purchase of U.S. dollars
     in exchange for Japanese yen as of 10 A.M., New York time on the
     Determination Date.  Fx will be the arithmetic mean of the quotes
     remaining after disregarding the highest and lowest quotes (or if


     any quotes are equal, one of such quotes) and rounded to the second
     decimal place, rounding up if the third decimal place, without
     regard to rounding, is five or higher and otherwise truncating
     after the second decimal place. In the event the Calculation Agent
     is unable to obtain quotations from at least five Reference
     Dealers, Fx will be determined by the Calculation Agent by such
     method as the Calculation Agent determines, in good faith, in its
     sole discretion.

     If the Lock Option is exercised, "Fx" means the forward bid rate
     (for settlement on the Stated Maturity Date) on the Determination
     Date at which a Reference Dealer would purchase U.S. dollars in
     exchange for Japanese yen (expressed in terms of Japanese yen per
     U.S. dollar) determined as follows.  The Calculation Agent will
     request each of five Reference Dealers to provide the Calculation
     Agent with its forward bid quotation (for settlement on the Stated
     Maturity Date) for the purchase of U.S. dollars in exchange for
     Japanese yen as of 10 A.M., New York time on the Determination
     Date.  Fx will be the arithmetic mean of the quotes remaining after
     disregarding the highest and lowest quotes (or if any quotes are
     equal, one of such quotes) and rounded to the second decimal place,
     rounding up if the third decimal place, without regard to rounding,
     is five or higher and otherwise truncating after the second decimal
     place. In the event the Calculation Agent is unable to obtain
     quotations from at least five Reference Dealers, Fx will be
     determined by the Calculation Agent by such method as the
     Calculation Agent determines, in good faith, in its sole
     discretion.

     "Calculation Agent" means Merrill Lynch Capital Services, Inc.  In
     the absence of manifest error, the determination by the Calculation
     Agent of the Indexed Principal Amount payable under the Notes shall
     be final and binding on TMCC and the holders of the Notes.

     "Determination Date" means the second New York Business Day prior
     to the date of Maturity; provided, however, in the event that the
     holders of the Notes have elected to exercise the Lock Option, the
     "Determination Date" shall mean the Notice Date.

     "New York Business Day" means any day, other than a Saturday or
     Sunday, that is a day on which commercial banks are generally open
     for business (including dealings in foreign exchange and foreign
     currency) in New York, New York.

     "Reference Dealer" means any major bank or banking or investment
     banking corporation in New York City selected in good faith by the
     Calculation Agent which will provide quotations on Fx or the
     yen/dollar exchange rate.


Historical Exchange Rates

          The first table below sets forth the spot exchange rate for
U.S. dollars in exchange for Japanese yen (expressed in terms of
Japanese yen per U.S. dollar) on the ending dates of the indicated
calendar quarters, as reported by Bloomberg Capital Markets L.P.  The
second table below sets forth the daily spot exchange rate for U.S.
dollars in exchange for Japanese yen (expressed in terms of Japanese
yen per U.S. dollar) on each of the indicated dates, as reported by
Bloomberg Capital Markets L.P.  On July 11, 1994, the spot exchange
rate for U.S. dollars in exchange for Japanese yen as reported by
Bloomberg Capital Markets L.P. was 97.60. The fluctuations in this rate
that have occurred in the past are not necessarily indicative of
fluctuations that may occur over the term of the Notes, which may be
greater or less than those that have occurred in the past.  The
principal amount payable at Maturity is unfavorably affected by
decreases in the exchange rate.  



                       Historical U.S. Dollar/Yen Exchange Rate

          Year/Quarter End                                       Rate 

                                                             
          1994:     2nd Q                                        98.44
                    1st Q                                       102.75

          1993:     4th Q                                       111.85
                    3rd Q                                       106.30
                    2nd Q                                       107.30
                    1st Q                                       114.88

          1992:     4th Q                                       124.86
                    3rd Q                                       120.07
                    2nd Q                                       125.87
                    1st Q                                       132.92

          1991:     4th Q                                       124.90
                    3rd Q                                       132.85
                    2nd Q                                       137.90
                    1st Q                                       140.60

          1990:     4th Q                                       135.75
                    3rd Q                                       138.27
                    2nd Q                                       152.35
                    1st Q                                       157.82

          1989:     4th Q                                       143.80
                    3rd Q                                       139.60
                    2nd Q                                       144.00
                    1st Q                                       132.77

          1988:     4th Q                                       125.05
                    3rd Q                                       133.90
                    2nd Q                                       133.53
                    1st Q                                       124.10


Certain U.S. Tax Considerations

          The following is a summary of the principal United States
federal income tax consequences of ownership of the Notes.  The summary
concerns initial 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, U. S. Holders whose functional currency is other
than the United States 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 United States 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 Taxation" in the Prospectus
Supplement.

          General.  There are no regulations (except the 1986 Proposed
Regulations described below), published rulings or judicial decisions
involving the characterization, for United States federal income tax
purposes, of securities with terms substantially the same as the Notes. 
Although the matter is not entirely free from doubt and the Notes may
be subject to different characterizations by the Internal Revenue
Service (the "IRS"), this discussion assumes that the Notes will be
treated as debt in their entirety.  The Company intends to treat the
Notes as debt obligations of the Company for United States federal
income tax purposes and when required, intends to file information
returns with the IRS in accordance with such treatment in the absence
of any change or clarification in the law, by regulation or otherwise,
requiring a different characterization.  If the Notes are not in fact
treated as debt obligations of the Company for United States federal
income tax purposes, then the United States federal income tax
treatment of the purchase, ownership and disposition of the Notes could
differ from that discussed below.  

          U.S. Holders.  Under general principles of current United
States federal income tax law, payments of interest on a debt
instrument generally will be taxable to a U.S. Holder as ordinary
interest income at the time such payments are accrued or are received
in accordance with the U.S. Holder's regular method of tax accounting. 
In addition, under Section 988 of the Internal Revenue Code of 1986, as
amended (the "Code") and the regulations promulgated thereunder, in the


case of a debt instrument that provides for payments the amounts of
which are determined by reference to the value of one or more
nonfunctional currencies (generally, a currency other than the U.S.
dollar), any gain or loss realized with respect to such debt instrument
by reason of changes in foreign currency exchange rates generally must
be treated as foreign currency gain or loss and must be treated as
ordinary income or ordinary loss, as the case may be, to the extent
such foreign currency gain or loss does not exceed the total gain or
loss realized on such debt instrument.  Although Code Section 988 and
the regulations promulgated thereunder do not specifically address the
proper treatment of instruments such as the Notes and therefore the
matter is not free from doubt, under the foregoing principles, the
amounts payable with respect to a Note at the 14.00% Interest Rate (the
"Interest Payments") should be includible in income by a U.S. Holder as
ordinary interest at the time the Interest Payments are accrued or
received (in accordance with the U.S. Holder's regular method of tax
accounting).

          Under these same principles, upon retirement of a Note, the
excess of the Indexed Principal Amount over the Face Amount (the
"Supplemental Face Amount"), if any, should be treated as contingent
interest and generally should be includible in income by a U.S. Holder
as ordinary interest on the date that the Indexed Principal Amount is
accrued (i.e., determined) or when such amount is received (in
accordance with the U.S. Holder's regular method of tax accounting). 
However, any portion of the Supplemental Face Amount that is
attributable to changes in foreign currency exchange rates occurring
between the Original Issue Date and the date on which the Indexed
Principal Amount is determined (the "Determination Date") should
constitute foreign currency gain under Section 988 of the Code and
should be treated as ordinary income (other than ordinary interest
income).  If upon maturity the Indexed Principal Amount is equal to or
less than the Face Amount, then, under general principles of current
United States federal income tax law, a Note should be treated as
retired on the date of Maturity for an amount equal to the Indexed
Principal Amount.  A U.S. Holder generally would recognize a short-term
capital loss under such circumstances in an amount equal to the excess
of the U.S. Holder's tax basis in the Note (i.e., the Face Amount) over
the Indexed Principal Amount.  However, any portion of such loss that
is attributable to changes in foreign currency exchange rates occurring
between the Original Issue Date and the Determination Date should
constitute foreign currency loss under Section 988 of the Code and
should be treated as ordinary loss.  Upon the sale or exchange of a
Note prior to the date of Maturity, a U.S. Holder should recognize
taxable gain or loss equal to the difference between the amount
realized upon such sale or exchange (other than amounts representing
accrued and unpaid interest) and the Face Amount (i.e., the U.S.
Holder's tax basis in the Note).  Such gain or loss should be short-
term capital gain or loss.  Nevertheless, any such gain or loss
realized upon the sale or exchange of a Note prior to the date of
Maturity by reason of changes in foreign currency exchange rates
occurring between the Original Issue Date and the date of such sale or
exchange should constitute foreign currency gain or loss under Section


988 of the Code and should be treated as ordinary income or loss, as
the case may be.

          In 1986, the Treasury Department issued proposed regulations
(the "1986 Proposed Regulations") under the original issue discount
provisions of the Code concerning contingent payment debt obligations. 
If the 1986 Proposed Regulations are ultimately adopted in their
current form, such regulations could apply to the Notes and, if
applied, would cause the timing and character of income, gain or loss
recognized on a Note to differ from the timing and character of income,
gain or loss recognized on a Note discussed above.

          The 1986 Proposed Regulations set forth a special set of rules
applicable to debt instruments that fail to provide for total
noncontingent payments at least equal to their issue price.  Under
these rules, where the total noncontingent payments on a debt
instrument are less than its issue price, the debt instrument will be
treated as having contingent interest and principal and payments on the
debt instrument will be taxed as described below regardless of whether
such payments are designated as "principal" or "interest."  Applying
these rules, the Interest Payments are treated as a return of
principal.  Then, if the sum of the Interest Payments and the Indexed
Principal Amount (the "Total Redemption Amount") equals or exceeds the
Face Amount, the Notes would be treated as having been retired on the
date of Maturity for an amount equal to the Face Amount.  The excess of
the Total Redemption Amount over the Face Amount (the "Excess Amount"),
if any, would be treated as ordinary interest and would be includible
in income by a U.S. Holder on the Determination Date, regardless of the
U.S. Holder's regular method of tax accounting.  In addition, under
this set of rules, any portion of the Excess Amount that is
attributable to changes in foreign currency exchange rates occurring
between the Original Issue Date and the Determination Date should be
treated as foreign currency gain under Code Section 988.  Under these
rules, if the Total Redemption Amount is less than the Face Amount,
then a U.S. Holder should recognize a short-term capital loss in an
amount equal to the excess of the Face Amount over the Total Redemption
Amount.  However, any portion of such loss that is attributable to
changes in foreign currency exchange rates occurring between the
Original Issue Date and the Determination Date should constitute
foreign currency loss under Section 988 of the Code and should be
treated as ordinary loss.

          Moreover, applying the 1986 Proposed Regulations, in the event
that the Lock Option is exercised six months or more prior to the
Stated Maturity Date, an amount equal to the excess of the Indexed
Principal Amount over the present value (determined by using a discount
rate equal to the short-term applicable federal rate in effect on the
Original Issue Date) of the Indexed Principal Amount (the "Discounted
Indexed Principal Amount") should be treated as original issue discount
and a U.S. Holder should be required to include such discount into
income under a constant yield method over the remaining term of the
Note.  Furthermore, the Discounted Indexed Principal Amount would be
treated as ordinary interest includible in income on the date that the


Indexed Principal Amount became fixed to the extent of the amount of
interest which would have accrued with respect to the Note as of such
date if the Note had provided for stated interest equal to the short-
term applicable federal rate in effect as of the Original Issue Date.
In addition, under such circumstances, if the sum of the Interest
Payments and the remaining portion of the Discounted Indexed Principal
Amount (i.e., that portion of the Discounted Indexed Principal Amount
that is not treated as ordinary interest pursuant to the foregoing
rule) exceeds the Face Amount, then such excess should be includible in
income by a U.S. Holder as ordinary interest on the date that the
Indexed Principal Amount became fixed (regardless of the U.S. Holder's
regular method of tax accounting) and the Note would be treated as
having been retired on the date of Maturity for an amount equal to the
Face Amount.  Any portion of such excess which is attributable to
changes in foreign currency exchange rates occurring between the
Original Issue Date and the Determination Date should be treated as
foreign currency gain under Section 988.  If, however, the sum of the
Interest Payments and the remaining portion of the Discounted Indexed
Principal Amount is less than or equal to the Face Amount, the Note
would be treated as having been retired on the date of Maturity for an
amount equal to the sum of the Interest Payments and the remaining
portion of the Discounted Indexed Principal Amount, and the U.S. Holder
should recognize a short-term capital loss in the amount equal to the
excess of the Face Amount over such amount. Any portion of such loss
attributable to changes in foreign currency exchange rates occurring
between the Original Issue Date and the Determination Date should be
treated as ordinary loss.  

     There is no assurance that the 1986 Proposed Regulations will be
adopted or, if adopted, adopted in their current form to apply to
short-term obligations or to debt instruments providing for one or more
payments the amount of which are determined by reference to a foreign
currency (such as the Notes). On January 19, 1993, the Treasury
Department issued proposed regulations (the "1993 Proposed
Regulations"), concerning contingent payment debt obligations, which
would have replaced the 1986 Proposed Regulations and would have
provided for a set of rules with respect to the timing and character of
income and loss recognition on contingent payment debt obligations that
differ from the rules contained in the 1986 Proposed Regulations with
respect to the timing and character of income and loss recognition. 
The 1993 Proposed Regulations, which would have applied to debt
instruments issued 60 days or more after the date the 1993 Proposed
Regulations became final, generally provided for several alternative
timing methods which would have required annual interest accruals to
reflect either a market yield for the debt instrument, determined as of
the issue date, or a reasonable estimate of the performance of
contingencies.  The amount of interest deemed to accrue in a taxable
year pursuant to such methods would have been currently includible in
income by a U.S. Holder, with subsequent adjustments to the extent that
the estimate of income was incorrect.  In addition, under the 1993
Proposed Regulations, any gain realized on the sale, exchange or
retirement of a contingent payment debt obligation generally would have
been treated entirely as ordinary interest income and any loss realized


on the sale, exchange or retirement of a contingent payment debt
obligation generally would have been treated entirely as a capital
loss.  However, on January 22, 1993, the United States Government's
Office of Management and Budget announced that certain proposed
regulations which had not yet been published in the Federal Register,
including the 1993 Proposed Regulations, had been withdrawn.  In
addition, it is unclear to what extent, if any, the 1993 Proposed
Regulations would have applied to debt instruments providing for one or
more payments determined, in whole or in part, by reference to the
value of foreign currency.  Accordingly, it is unclear whether the 1993
Proposed Regulations will be re-proposed or, if re-proposed, what
effect, if any, such regulations would have on the Notes.  It should
also be noted that proposed Treasury regulations are not binding upon
either the IRS or taxpayers prior to becoming effective as temporary or
final regulations.  Prospective investors in the Notes are urged to
consult their own tax advisors regarding the application of the 1986
Proposed Regulations, if any, and the effect of possible changes to the
1986 Proposed Regulations.