Pricing Supplement dated January 7, 2005 		     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, Series B - Step-Up Fixed Rate
________________________________________________________________________________

Principal Amount:  $75,000,000		   Trade Date: January 7, 2005
Issue Price: See "Additional Terms  	   Original Issue Date: January 24, 2005
  of the Notes - Plan of Distribution"
Interest Rate: See "Additional Terms 	   Net Proceeds to Issuer:  $75,000,000
  of the Notes - Interest"
Interest Payment Dates: Each January 	   Principal's Discount or Commission:
  25 and July 25, commencing 		     See "Additional Terms of the
  July 25, 2005				      Notes - Plan of Distribution"
Stated Maturity Date: July 25, 2017

________________________________________________________________________________


Day Count Convention:
   [X]  30/360 for the period from January 24, 2005 to July 25, 2017
   [ ]  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:  January 25, 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



			___________________________
		     Morgan Stanley & Co. Incorporated




			ADDITIONAL TERMS OF THE NOTES

Redemption

           The Notes are subject to redemption by TMCC, in whole, 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.

Interest

           The Interest Rate on the Notes will be equal to 4.125% per annum
from and including the Original Issue Date to but excluding January 25, 2009.
On January 25, 2009, the Interest Rate on the Notes will be reset to 5.50% per
annum from and including January 25, 2009 to but excluding January 25, 2013. On
January 25, 2013, the Interest Rate on the Notes will be reset to 7.50% per
annum from and including January 25, 2013 to but excluding the Stated Maturity
Date. The dates January 25, 2009 and January 25, 2013 are each referred to as a
"Step-Up Date."

Description of the Global Note

		The Company has elected to allow Beneficial Owners to hold
their interest in the Global Note representing the Notes held by The Depository
Trust Company through Clearstream Banking, societe anonyme, Luxembourg or
Euroclear Bank S.A./N.V., as operator of the Euroclear system, if they are
participants in those systems, or indirectly through organizations that are
participants in those systems. See "Description of the Notes - Book-Entry Notes
- - Description of the Global Notes" in the Prospectus Supplement.

Plan of Distribution

          Under the terms of and subject to the conditions of a terms agreement
under a Distribution Agreement dated April 2, 2004 between TMCC and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc.,
Credit Suisse First Boston LLC, J.P. Morgan Securities Inc. and Morgan Stanley
& Co. Incorporated ("Morgan Stanley") (the "Agreement"), Morgan Stanley, acting
as principal, has agreed to purchase and TMCC has agreed to sell the Notes at
100% of their principal amount. Morgan Stanley 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 Morgan Stanley.  In connection with the
sale of the Notes, Morgan Stanley may be deemed to have received compensation
from TMCC in the form of underwriting discounts.

            Under the terms and conditions of the Agreement, Morgan Stanley 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 the 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 U.S. 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.

            The amount payable with respect to a Note at the applicable
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.

            Market Discount and Bond Premium. We are not aware of any authority
indicating how market discount, if any, should be accrued with respect to debt
instruments such as the Notes that provide the issuer with unconditional
options that if exercised require payments to be made on the debt instruments
under an alternative schedule.  We believe that it may be reasonable for a U.S.
Holder to accrue any such market discount from the date of purchase until the
next Step-Up Date or the Stated Maturity Date, as applicable. Other approaches
may be equally or more reasonable, however, and the Internal Revenue Service
could take the position that market discount, if any, on a Note should be
accrued over shorter time periods.

            Bond premium, if any, on a Note will be amortized (in the case of
U.S. Holders that elect to amortize bond premium) in all events from the date
of purchase of the Note until the Stated Maturity Date.  If the Notes are
redeemed before the Stated Maturity Date, a U.S. Holder would be allowed to
deduct the excess of its adjusted acquisition price over the amount received on
redemption.

            Persons that purchase Notes at a price other than their original
issue price should consult their own tax advisors about the tax consequences of
their purchase.