Pricing Supplement dated May 9, 2002                              Rule 424(b)(3)
(To Prospectus dated April 3, 2002 and                        File No. 333-84692
Prospectus Supplement dated April 4, 2002)

                          TOYOTA MOTOR CREDIT CORPORATION

                          Medium-Term Note - Floating Rate
________________________________________________________________________________

Principal Amount:  $50,000,000               Trade Date: May 9, 2002
Issue Price: See "Plan of Distribution"      Original Issue Date: May 14, 2002
Initial Interest Rate:  See "Additional      Net Proceeds to Issuer: $49,960,500
  Terms of the Notes -- Interest"            Principal's Discount
Interest Payment Period: Quarterly             or Commission: 0.079%
Stated Maturity Date: May 14, 2004

________________________________________________________________________________

Calculation Agent: Deutsche Bank Trust
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 [ ]  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: August 14, 2002   Spread (+/-): +0.01%
     Interest Rate Reset Period: Quarterly          Spread Multiplier:  N/A
     Interest Reset Dates: February 14, May 14,     Maximum Interest Rate: N/A
        August 14, November 14
     Interest Payment Dates: February  14, May 14,  Minimum Interest Rate:  N/A
       August 14, November 14, commencing           Index Maturity: 3 month
       August 14, 2002                              Index Currency:  U.S. dollars

Day Count Convention:
     [ ]  30/360 for the period from       to
     [X]  Actual/360 for the period from May 14, 2002 to May 14, 2004
     [ ]  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: 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

Interest

          The Initial Interest Rate for the Medium-Term Notes offered by this
pricing supplement will be equal to three month LIBOR determined on May 10,
2002 plus 0.01%.


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, Amendment No. 2 thereto, dated August 24, 2001 and Amendment
No. 3 thereto, dated April 4, 2002 (as amended, the "Agreement"), SSB, acting
as principal, has agreed to purchase and TMCC has agreed to sell the Notes at
99.921% 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.