Pricing Supplement dated August 24, 2004 		     Rule 424(b)(3)
(To Prospectus dated April 2, 2004 and			File No. 333-113680
Prospectus Supplement dated April 2, 2004)

			TOYOTA MOTOR CREDIT CORPORATION

			 Medium-Term Note - Fixed Rate

________________________________________________________________________________

Principal Amount:  $115,000,000		  Trade Date: August 24, 2004
Issue Price: See "Additional Terms        Original Issue Date: September 3, 2004
  of the Notes - Plan of Distribution"
Interest Rate: 5.48% per annum		  Net Proceeds to Issuer:  $115,000,000
Interest Payment Dates: Each March 3 	  Principal's Discount or
  and September 3, commencing 		     Commission:  0.0%
  March 3, 2005
Stated Maturity Date: September 3, 2019

________________________________________________________________________________



Day Count Convention:
   [X]  30/360 for the period from September 3, 2004 to September 3, 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:  September 3, 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




				___________________________

			    Nomura Securities International, 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 $100,000, 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.

Minimum Denomination

	The Notes shall have a minimum denomination of $100,000.

Plan of Distribution

	Under the terms of and subject to the conditions of an Appointment
Agreement dated April 8, 2004 and an Appointment Agreement Confirmation dated
August 24, 2004 (collectively, the "Agreement") between TMCC and Nomura
Securities International, Inc. ("Nomura"), Nomura, acting as principal, has
agreed to purchase and TMCC has agreed to sell the Notes at 100% of their
principal amount. Nomura 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 Nomura.

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