Pricing Supplement dated June 2, 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: $100,000,000			     Trade Date: June 2, 2003
Issue Price: See "Plan of Distribution"		     Original Issue Date: June 5, 2003
Initial Interest Rate:  See "Additional 		     Net Proceeds to Issuer: $99,910,600
     Terms of the Notes -- Interest"		     Principal's Discount
Interest Payment Period: Quarterly	 		 or Commission: 0.0894%
Stated Maturity Date: June 5, 2006
________________________________________________________________________________

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: September 5, 2003	Spread (+/-): +0.03%
   Interest Rate Reset Period: Quarterly		Spread Multiplier:  N/A
   Interest Reset Dates: March 5, June 5,		Maximum Interest Rate: N/A
          September 5, December 5
   Interest Payment Dates: March 5, June 5, 	Minimum Interest Rate:  N/A
          September 5, December 5, commencing         Index Maturity: 3 month
          September 5, 2003			Index Currency:  U.S. dollars

Day Count Convention:
  [ ]  30/360 for the period from       to
  [X]  Actual/360 for the period from June 5, 2003 to June 5, 2006
  [ ]  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



		___________________________
		Merrill Lynch & Co.

		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 June 3, 2003 plus 0.03%.


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 ("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 Notes at 99.9106% of their
principal amount. Merrill 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 Merrill.

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