Pricing Supplement dated March 18, 2004 	            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 - Fixed Rate
________________________________________________________________________________

Principal Amount:  $160,000,000		   Trade Date: March 18, 2004
Issue Price: See "Additional Terms of the  Original Issue Date: March 25, 2004
    Notes - Plan of Distribution"
Interest Rate: 5.07% per annum		   Net Proceeds to Issuer:  $160,000,000
Interest Payment Dates: Each April 1 and   Principal's Discount or
  October 1, commencing October 1, 2004	      Commission:  0.0%
Stated Maturity Date: April 1, 2019
________________________________________________________________________________


Day Count Convention:
    [X]  30/360 for the period from March 25, 2004 to April 1, 2019
    [ ]  Actual/365 for the period from   	        to
    [ ]  Other (see attached)                       to

Redemption:
    [ ]	 The Notes cannot be redeemed prior to the Stated Maturity Date.
    [X]	 The Notes may be redeemed prior to Stated Maturity Date.
         Initial Redemption Date:  April 1, 2006.  See "Additional Terms of the
           	Notes - Redemption"
         Initial Redemption Percentage: 100%
         Annual Redemption Percentage Reduction: Not Applicable

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
Redemption

	The Notes are subject to redemption by TMCC, in whole or from time to
time in part in increments of $1000, on the Initial Redemption Date stated
above and on each Interest Payment Date thereafter subject to not less than
30 nor more than 60 days' prior notice.  If less than all the Notes are to be
redeemed, the particular Notes to be redeemed shall be selected by the
Trustee, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of portions of the
principal amount of the Notes.

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 100% 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.


Certain U.S. Tax Considerations

	The following is a summary of certain U.S. federal income tax
consequences of ownership of the Notes.  The summary concerns U.S. Holders (as
defined in the Prospectus Supplement) who hold the Notes as capital assets and
does not deal with special classes of holders such as dealers in securities or
currencies, financial institutions, insurance companies, regulated investment
companies, persons who hold the Notes as a "straddle" or a "hedge" against
currency risks or who hedge any currency risks of holding the Notes, tax-exempt
investors, U.S. expatriates or persons treated as residents of more than one
country, U.S. Holders 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 Notes in an exchange, or for property other than cash, and partnerships or
other entities classified as partnerships for U.S. federal income tax purposes
and persons holding notes through any such entities.

	The discussion below is based on existing provisions of the Internal
Revenue Code of 1986, as amended, judicial decisions and administrative rulings
and pronouncements, and existing and proposed Treasury Regulations, including
regulations concerning the treatment of debt instruments issued with original
issue discount ("OID"), all of which are subject to alternative construction or
to change possibly with retroactive effect.  Prospective investors are urged to
consult with and rely solely upon their own tax advisors regarding the United
States federal tax consequences of acquiring, holding and disposing of the
notes, as well as any tax consequences that may arise under the laws of any
foreign, state, local or other taxing jurisdiction.

	Certain other tax consequences of ownership of the Notes are discussed
in the accompanying Prospectus Supplement under the caption "United States
Taxation".  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. Holders.  Although there is a possibility that the Notes will not
be outstanding until the Stated Maturity Date, the general rule under the
regulations regarding OID is that in determining the yield and maturity of a
debt instrument that provides an issuer with an unconditional option or
options, exercisable on one or more dates during the term of the debt
instrument, that if exercised require payments to be made on the debt
instrument under an alternative schedule, the issuer will be deemed to exercise
such option or combination of options in a manner that minimizes the yield on
the debt instrument. Under the foregoing rules, the Notes will be treated as if
they will not be redeemed by TMCC, and thus as if they were to remain
outstanding until the Stated Maturity Date. Under the foregoing principles, the
amount payable with respect to a Note at the Fixed Interest Rate should be
includible in income by a U.S. Holder as ordinary interest at the time the
interest payments are accrued or are received in accordance with such U.S.
Holder's regular method of tax accounting.