Pricing Supplement dated May 22, 2002                             Rule 424(b)(3)
(To Prospectus dated April 3, 2002 and	                      File No. 333-84629
Prospectus Supplement dated April 4, 2002)


	                TOYOTA MOTOR CREDIT CORPORATION

	           Medium-Term Note - Fixed Rate/Floating Rate

________________________________________________________________________________

Principal Amount: $200,000			Trade Date:  5/22/02
Issue Price: 100% 				Original Issue Date: 5/23/02
Interest Rate: 6.23% 				Net Proceeds to Issuer: $200,000
Interest Payment Dates: each May 23 and 	Principal's Discount
 November 23, commencing November 23, 2002	   or Commission: 0.0%
Stated Maturity Date: May 23, 2012

________________________________________________________________________________

Day Count Convention:
[X]  30/360 for the period from May 23, 2002 to May 23, 2012 (See "Other
     Terms" below.)
[ ]  Actual/365 for the period from   	        to
[ ]  Other (see attached)

Redemption:
[X]  The Note cannot be redeemed prior to the Stated Maturity Date.
[ ]  The Note 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:
[ ]  The Note cannot be repaid prior to the Stated Maturity Date.
[X]  The Note can be repaid prior to the Stated Maturity Date at the option
     of the Holder of the Note.
     Optional Repayment Date(s): See "Additional Terms of the Note -
     Repayment Option"
     Repayment Price: See "Additional Terms of the Note - Repayment Option"

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

Other Terms:  The Holder of the Note has an option to convert the Note into a
              Floating Rate Note. Upon conversion, certain of the terms of the
              Note summarized above will be changed. See "Additional Terms of the
              Note - Conversion to Floating Rate Note."



                           ___________________________

	                       Merrill Lynch & Co.



	                  ADDITIONAL TERMS OF THE NOTE

Repayment Option

    The Note will be repayable by TMCC at the option of the
Holder thereof in whole but not in part at a repayment price equal
to the Market Price (as defined below), together with unpaid
interest accrued thereon to but excluding the date of repayment.

    The Holder, the Beneficial Owner of the Note or the
Participant through which the Beneficial Owner owns its interest
shall have the right on any Business Day (as defined below) to
request orally or in writing that TMCC provide a quote for the
Market Price of the Note for that day. TMCC shall provide a
written quote to the person or entity requesting the quote within
one Business Day of TMCC's receipt of the request. The Holder
shall have three Business Days after delivery of the quote to
exercise its right to require TMCC to repay the Note at the Market
Price contained in the quote by delivering written notice of such
exercise to the Trustee. The Trustee shall provide written notice
of such exercise to TMCC within one Business Day after receiving
same from the Holder. The repayment shall occur on a Business Day
specified by TMCC which shall be not more than three Business Days
after delivery of the notice to TMCC. The Holder shall have no
obligation to exercise the repayment option after receipt of the
quote. However, exercise of the repayment option will be
irrevocable.

     The Note will be a Book-Entry Note represented by one Global
Security. So long as the Depository or its nominee is the
registered owner of the Global Security, the Depository or its
nominee, as the case may be, will be the sole Holder of the Book-
Entry Note represented by the Global Security and only the
Depository may exercise the repayment option in respect of the
Global Security representing the Book-Entry Note. However, the
Beneficial Owner and the participant through which it owns its
interest shall have the right to request a Market Price quote. To
exercise the repayment option, the Depository must notify the
Trustee in writing as outlined above. Accordingly, the Beneficial
Owner of the Global Security that desires to have the Book-Entry
Note represented by such Global Security repaid must instruct the
participant through which it owns its interest to direct the
Depository to exercise the repayment option on its behalf. To
ensure that the Depository receives notice from a participant in
time to deliver notice to the Trustee on a particular day, the
Beneficial Owner must so instruct the participant through which it
owns its interest before such participant's deadline for accepting
instructions for that day. Different firms may have different



deadlines for accepting instructions from their customers.
Accordingly, the Beneficial Owner should consult the participant
through which it owns its interest for the deadline for such
participant. All instructions given to a participant from the
Beneficial Owner of the Global Security relating to the option to
elect repayment shall be irrevocable. In addition, at the time such
instructions are given, the Beneficial Owner shall cause the
participant through which it owns its interest to transfer the
Beneficial Owner's interest in the Global Security representing the
related Book-Entry Note on the Depository's records to the Trustee.
The requirement for physical delivery of a Book-Entry Note in
connection with a demand for repayment will be deemed satisfied
when the ownership rights in the Global Security representing such
Book-Entry Note are transferred by the direct participant on the
Depository's records.

    The Beneficial Owner of the Global Security shall not be
entitled to receive physical delivery of a Certificated Note,
except in the limited circumstances described under "Description of
the  Notes -- Book-Entry Notes" in the Prospectus Supplement. In
such circumstances, the Holder of a Certificated Note shall
exercise the repayment option by delivering the Note, together with
the form thereon entitled "Option to Elect Repayment" duly
completed, to the Trustee at its office maintained for such
purpose, currently the corporate trust office of the Trustee
located at 100 Plaza One, Jersey City, New Jersey 07311 within the
time specified above. Exercise of such repayment option by the
Holder of a Note will be irrevocable.

    All notices from or to the Holder, the Trustee or TMCC in
connection with the repayment of the Note may be delivered in
electronic form or by facsimile. Oral or written requests for
Market Price quotes should be directed to the TMCC Treasury
Department.

    For purposes of this Note, the following terms shall have the
following meanings:

    "Market Price" shall mean the market price for the Note as
determined by TMCC in its sole discretion, reasonably exercised.

    "Business Day" shall mean any day other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which
commercial banks are authorized or required by law, regulation or
executive order to close in the City of New York.



    "Beneficial Owner", "participant" and "direct participant"
shall have the meanings set forth in the Prospectus Supplement
under "Description of the Notes -- Book-Entry Notes".

Conversion to Floating Rate Note

    The Holder shall have the right to convert the interest rate
on the Note from a Fixed Rate of 6.23% to a floating rate of LIBOR
(Telerate Page 3750) plus 0.15%. The principal amount of the Note
shall remain the same. The Index Currency shall be U.S. dollars and
the Index Maturity shall be three months. If the Note is converted,
the initial floating rate Interest Rate shall be determined on the
second London Banking Day (as defined below) preceding the
Conversion Date (as defined below). After conversion, the Interest
Payment Dates shall be changed from semiannual to quarterly
payments and shall occur on each February 23, May 23, August 23 and
November 23 of each year commencing on the first such date
following the Conversion Date. The Interest Reset Dates shall be
the same as the Interest Payment Dates. The Day Count Convention
shall be changed to Actual/360 for the period from and including
the Conversion Date to Maturity. Merrill Lynch Capital Services,
Inc. will be the Calculation Agent for the Note. The exercise of
the option to convert the Note into a Floating Rate Note will be
irrevocable. The Holder shall have no further option to convert the
Note into a Fixed Rate Note. For purposes of this Note, "London
Banking Day" shall mean a day other than a Saturday or Sunday on
which commercial banks are open for business, including dealings in
U.S. dollars, in London.

    The Holder shall exercise the option to convert the Note into
a Floating Rate Note by delivering written notice of exercise to
the Trustee. The Trustee shall provide a copy of the notice to
TMCC. If the Trustee receives notice on or between the first and
sixth day of a calendar month, the "Conversion Date" shall be the
23rd day of the calendar month in which the notice is received. If
the Trustee receives notice on or after the seventh day of a
calendar month, the "Conversion Date" shall be the 23rd day of the
calendar month following the month in which the notice is received.
Interest shall accrue on the Note at the Fixed Rate to but
excluding the Conversion Date. Interest shall begin to accrue at
the Floating Rate on the Conversion Date to but excluding Maturity.

    Only the Depository may exercise the option to convert the
Note into a Floating Rate Note as long as the Note is held as a
Global Security representing the Book-Entry Note. To exercise the
conversion option, the Depository must notify the Trustee in
writing as outlined above. Accordingly, the Beneficial Owner of the
Global Security that desires to have the Book-Entry Note



represented by such Global Security converted into a Floating Rate
Note must instruct the participant through which it owns its
interest to direct the Depository to exercise the conversion option
on its behalf. To ensure that the Depository receives notice from a
participant in time to deliver notice to the Trustee on a
particular day, the Beneficial Owner must so instruct the
participant through which it owns its interest before such
participant's deadline for accepting instructions for that day.
Different firms may have different deadlines for accepting
instructions from their customers. Accordingly, the Beneficial
Owner should consult the participant through which it owns its
interest for the deadline for such participant. All instructions
given to a participant from the Beneficial Owner of the Global
Security relating to the option to elect conversion shall be
irrevocable.

     The Beneficial Owner of the Global Security shall not be
entitled to receive physical delivery of a Certificated Note,
except in the limited circumstances described under "Description of
the Notes -- Book-Entry Notes" in the Prospectus Supplement. In
such circumstances, the Holder of a Certificated Note shall
exercise the conversion option by delivering written notice to the
Trustee at its office maintained for such purpose, currently the
corporate trust office of the Trustee located at 100 Plaza One,
Jersey City, New Jersey  07311 within the times specified above.
Exercise of such conversion option by the Holder of a Note will be
irrevocable.

     All notices from or to the Holder, the Trustee or TMCC in
connection with the conversion of the Note may be delivered in
electronic form or by facsimile.

Minimum Denomination

     The Note shall have a minimum denomination of $200,000.

Plan of Distribution

     Under the terms of and subject to the conditions of a terms
agreement under the First Amended and Restated Distribution
Agreement dated September 3, 1998 between TMCC and Merrill Lynch &
Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated
("Merrill"), Credit Suisse First Boston Corporation, Goldman, Sachs
& Co., J.P. Morgan Securities Inc., Morgan Stanley & Co.
Incorporated and Salomon Smith Barney Inc., 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"), Merrill, acting as principal,



has agreed to purchase and TMCC has agreed to sell the Note at 100%
of the principal amount thereof. Merrill proposes to offer the Note
at an public offering price of 100% of the principal amount
thereof.

     Under the terms and conditions of the Agreement, Merrill is
committed to take and pay for the entire Note offered hereby.

Certain U.S. Tax Considerations

    The following is a summary of the principal U.S. federal
income tax consequences of ownership of the Note. The summary
concerns a U.S. Holder (as defined in the Prospectus Supplement)
who holds the Note as a capital asset and does not deal with
special classes of holders such as dealers in securities or
currencies, persons who hold the Note as a hedge against currency
risks or who hedge any currency risks of holding the Note, tax-
exempt investors, or a U.S. Holder 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 Note 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 Note 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. Holder

    Amounts payable with respect to the Note at the Fixed Rate,
and if the right to convert is exercised, at the floating rate will
be includible in income by a U.S. Holder as ordinary interest at
the time the interest payments are accrued or received in
accordance with such U.S. Holder's regular method of tax
accounting. An exercise by the Holder of the right to convert to a
floating rate should not be treated as a sale or exchange of the
Note, but an exercise by the Holder of the right to repayment will
trigger gain or loss measured by the difference between the
Holder's tax basis and the Market Price received on repayment.


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