424B3 1 mtn491a.txt Pricing Supplement dated January 8, 2003 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: January 8, 2003 Issue Price: See "Plan of Distribution" Original Issue Date: January 14, 2003 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: January 14, 2005 ________________________________________________________________________________ Calculation Agent: Deutsche Bank Trust Company Americas 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: April 14, 2003 Spread (+/-): N/A Interest Rate Reset Period: Quarterly Spread Multiplier: N/A Interest Reset Dates: January 14, April 14, Maximum Interest Rate: N/A July 14, October 14 Interest Payment Dates: January 14, April 14, Minimum Interest Rate: N/A July 14, October 14, commencing Index Maturity: 3 month April 14, 2003 Index Currency: U.S. dollars Day Count Convention: [ ] 30/360 for the period from to [X] Actual/360 for the period from January 14, 2003 to January 14, 2005 [ ] 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
___________________________ J.P. Morgan Securities Inc. 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 January 10, 2003. 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. ("JP Morgan"), 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"), JP Morgan, acting as principal, has agreed to purchase and TMCC has agreed to sell the Notes at 99.921% of their principal amount. JP Morgan 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 JP Morgan. Under the terms and conditions of the Agreement, JP Morgan is committed to take and pay for all of the Notes offered hereby if any are taken.