Pricing Supplement dated September 8, 1995                              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:  $200,000,000                Trade Date:  September 8, 1995 
Issue Price:  100%                             Original Issue Date: September 13, 1995
Initial Interest Rate:  5.75312%               Net Proceeds to Issuer:  $200,000,000
Stated Maturity Date:  September 13, 1996      Discount or Commission:  0.0%
______________________________________________________________________________________

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):

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

     Initial Interest Reset Date: October 18, 1995          Spread (+/-):  -0.10%
     Interest Rate Reset Period:  Monthly                   Spread Multiplier:  N/A
     Interest Reset Dates: The third Wednesday of each      Maximum Interest Rate: N/A
                              month                         Minimum Interest Rate: N/A 
     Interest Payment Dates:  The third Wednesday of        Index Maturity:  one month
      each month, commencing October 18, 1995 and the 
      Maturity Date

Day Count Convention:
     [ ]  30/360 for the period from                  to
     [x]  Actual/360 for the period from      9/13/95 to 9/13/96
     [ ]  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



                              ___________________________
                          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") and an
Appointment Agreement Confirmation dated September 8, 1995,
Morgan Stanley, acting as principal, has agreed to purchase and
TMCC has agreed to sell the Notes at 100% 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.