Pricing Supplement dated February 21, 2002                        Rule 424(b)(3)
(To Prospectus dated August 23, 2001 and                      File No. 333-66598
Prospectus Supplement dated August 24, 2001)

                         TOYOTA MOTOR CREDIT CORPORATION

                        Medium-Term Note - Floating Rate
________________________________________________________________________________

Principal Amount: $125,000,000           Trade Date: February 21, 2002
Issue Price: See "Plan of Distribution"  Original Issue Date: March 1, 2002
Initial Interest Rate:  See "Additional  Net Proceeds to Issuer: $124,890,062.50
 Terms of the Notes - Interest"             Principal's Discount
Interest Payment Period: Quarterly       or Commission: 0.08795%
Stated Maturity Date: March 1, 2005
________________________________________________________________________________

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 [ ] Prime 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: March 4, 2002       Spread (+/-): +0.23%
     Interest Rate Reset Period: Daily                Spread Multiplier:  N/A
     Interest Reset Dates: Each Business Day          Maximum Interest Rate: N/A
     Interest Payment Dates: March 1, June 1,         Minimum Interest Rate: N/A
        September 1 and December 1, commencing        Index Maturity: N/A
        June 1, 2002                                  Index Currency: N/A

Day Count Convention:
     [ ]  30/360 for the period from                    to
     [X]  Actual/360 for the period from March 1, 2002 to March 1, 2005
     [ ]  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: N/A
          Initial Redemption Percentage:    N/A
          Annual Redemption Percentage Reduction: N/A

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



                             ___________________________

                               Salomon Smith Barney



                           ADDITIONAL TERMS OF THE NOTES

Further Authorizations
          On November 30, 2001, in supplement to the $1,410,700,000 aggregate
principal amount(or the equivalent thereof in one or more foreign or composite
currencies) of its Medium-Term Notes which TMCC was authorized to offer as of
August 24, 2001, TMCC authorized the offer and issuance from time to time of
an additional $1,000,000,000 aggregate principal amount of its Medium-Term
Notes.  Accordingly, notwithstanding anything to the contrary in the Prospectus
Supplement dated August 24, 2001 (the "Prospectus Supplement"), the aggregate
principal balance of Medium-Term Notes issued prior to the Prospectus
Supplement plus those which may be offered from time to time from and after
the date of the Prospectus Supplement may equal up to $15,320,000,000 (except
that with respect to Medium-Term Notes sold at a discount to face, the initial
offering price will be used, and with respect to Medium-Term Notes issued at a
premium to face, the face amount shall be used)

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
February 28, 2002, plus 0.23%.  The Interest Rate with respect to each
subsequent Interest Reset Date will be equal to the Federal Funds Rate on the
related Interest Determination Date plus 0.23%.  Notwithstanding anything to
the contrary contained in the Prospectus Supplement, the Interest
Determination Date with respect to the Notes will be one Business Day
preceding each related Interest Reset Date.

Plan of Distribution
          Under the terms of and subject to the conditions of a terms
agreement under a First Amended and Restated Distribution Agreement dated
September 3, 1998 between TMCC and Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Credit Suisse First Boston Corporation, Goldman,
Sachs & Co., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated
and Salomon Smith Barney Inc. ("SSB"), as amended by Amendment No. 1 thereto,
dated January 12, 2000, and Amendment No. 2 thereto, dated August 24, 2001 (as
amended, the "Agreement"), SSB, acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at 99.91205% of their principal amount.
SSB may resell the Notes to one or more investors or to one or more
broker-dealers (acting as principal for the purposes of resale) at varying
prices related to prevailing market prices at the time of resale, as
determined by SSB.

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