Pricing Supplement dated November 4, 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 - Fixed Rate

______________________________________________________________________________________


Principal Amount:  $50,000,000                 Trade Date:  November 4, 1994
Issue Price:  107.954%                         Original Issue Date:  November 8, 1994
Interest Rate:  15.00%                         Net Proceeds to Issuer:  $53,977,000
Interest Payment Dates:  May 8, 1995 and       Discount or Commission:  0.0%
                 November 1, 1995               
Stated Maturity Date:  November 1, 1995


______________________________________________________________________________________




Day Count Convention:
     [x]  30/360 for the period from November 8, 1994 to November 1, 1995
     [ ]  Actual/365 for the period from             to
     [ ]  Other (see attached)                                                         
                                                                                       
                                                                                       
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:  Not applicable
          Initial Redemption Percentage:  Not applicable
          Annual Redemption Percentage Reduction:  Not applicable

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



                              ___________________________
                           Morgan Stanley & Co. Incorporated




                         ADDITIONAL TERMS OF THE NOTES

Plan of Distribution

      Under the terms of and subject to the conditions of an
agreement dated December 16, 1993 (the "Agreement") between TMCC
and Morgan Stanley & Co. Incorporated ("Morgan Stanley"), Morgan
Stanley, acting as principal, has agreed to purchase and TMCC has
agreed to sell the Notes at 107.954% of their principal amount.
Morgan Stanley may resell the Notes to one or more investors or
to one or more broker-dealers (acting as principal for the
purpose of resale) at varying prices related to prevailing market
prices at the time of resale, as determined by Morgan Stanley, or
if so agreed, at a fixed public offering price.  After the
initial public offering of the Notes, the public offering price
may be changed.

      Under the terms and conditions of the Agreement, Morgan
Stanley 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 the principal U.S. 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 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.

            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.

      U.S. Holders. Since the Notes have a fixed maturity of less
than one year, U.S. Holders recognize income on the Notes under
the rules described under the heading "Short-Term Notes" in the
Prospectus Supplement.  Thus, the 15% coupon interest payments
are not treated as qualified stated interest, but are added to a
Note's stated redemption price at maturity to determine a Note's

acquisition discount (the excess of a Note's stated redemption
price at maturity over a taxpayer's basis in the Note) which
certain taxpayers must, and other may elect to, accrue for tax
purposes.