Pricing Supplement dated September 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:  $200,000,000                Trade Date:  September 16, 1994
Issue Price:  100%                             Original Issue Date: September 23, 1994
Initial Interest Rate:  5.09375%               Net Proceeds to Issuer:  $199,881,600
Interest Payment Period:  Quarterly            Discount or Commission:  0.0592%
Stated Maturity Date:  September 23, 1996      
______________________________________________________________________________________

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
               [ ]  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 23, 1994   Spread (+/-):  -.03125%
     Interest Rate Reset Period:  Quarterly            Spread Multiplier:  N/A
     Interest Reset Dates:    March 23, June 23,       Maximum Interest Rate:  N/A
                September 23, and December 23          Minimum Interest Rate:  0%
                                                       Index Maturity:  3 months
     Interest Payment Dates:  March 23, June 23,       Index Currency:  U.S. dollars
               September 23 and December 23       
               
               
Day Count Convention:
     [ ]  30/360 for the period from                   to 
     [X]  Actual/360 for the period from      9/23/94 to and including 9/23/96
     [ ]  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

                              ___________________________
                                    Lehman Brothers                         ADDITIONAL TERMS OF THE NOTES



Plan of Distribution

             Lehman Brothers, acting as principal, has agreed to
purchase and TMCC has agreed to sell the Notes at a discount of
0.0592%. Lehman Brothers 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 Lehman Brothers.

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