Revised Pricing Supplement dated August 30, 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 Notes - Floating Rate
______________________________________________________________________________________

Principal Amount:  $100,000,000                 Trade Date:  August 25, 1994
Issue Price:  100%                             Original Issue Date:  August 30, 1994
Initial Interest Rate:  See "Additional
                      Terms of the Notes"      Net Proceeds to Issuer:  $99,944,500
Stated Maturity Date:  August 30, 1996         Discount or Commission:  0.0555%
______________________________________________________________________________________

Calculation Agent:  Merrill Lynch Capital Services, Inc.

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):

     Interest Rate Basis:  [ ]  CD Rate    [ ]  Commercial Paper Rate
               [ ]  Eleventh District Cost of Funds Rate    [X]  Federal Funds Rate
               [ ]  LIBOR     [ ]  Treasury Rate       [ ]  Other (see attached)
                         If LIBOR, Designated LIBOR Page:  [ ]  Reuters Page:
                                                           [ ]  Telerate Page:

     Initial Interest Reset Date: August 30, 1994      Spread (+/-):  +0.24%

     Interest Rate Reset Period:  Daily                Spread Multiplier:  N/A
     Interest Reset Dates: Each Business Day
                                                       Maximum Interest Rate:  N/A
     Interest Payment Dates:  The last Business Day    Minimum Interest Rate:  N/A
      of November, February, May and August            Index Maturity:  N/A


Day Count Convention:
     [ ]  30/360 for the period from                  to
     [x]  Actual/360 for the period from      8/30/94 to 8/30/96
     [ ]  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

                              ___________________________
                                  Merrill Lynch & Co.                         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 Federal Funds Rate on August 29, 1994 plus 0.24%.  The
Interest Determination Date with respect to the Notes will be the
Business Day preceding each Interest Reset Date.  

Plan of Distribution

            Under the terms of and subject to the conditions of a
Distribution Agreement dated as of October 17, 1991, as amended,
(the "Agreement"), between TMCC and Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill"), Merrill, acting as principal,
has agreed to purchase and TMCC has agreed to sell the Notes at
99.9445% of the principal amount thereof.  Merrill proposes to
offer the Notes 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 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.