Pricing Supplement dated May 24, 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 - Floating Rate
________________________________________________________________________________

Principal Amount: $150,000,000		    Trade Date: May 24, 2005
Issue Price: See "Plan of Distribution"	    Original Issue Date: May 27, 2005
Initial Interest Rate:  See "Additional     Net Proceeds to Issuer: $149,985,000
    Terms of the Notes -- Interest"	    Principal's Discount
Interest Payment Period: Quarterly	 	or Commission: 0.01%
Stated Maturity Date: June 23, 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 [X] Prime Rate
           [ ]  Eleventh District Cost of Funds Rate	[ ]  Federal Funds Rate
           [ ]  LIBOR	  [ ]  Treasury Rate	   [ ]  Other (see attached)
                           If LIBOR, Designated LIBOR Page:  [ ]  Reuters Page:
                                                       [ ]  Telerate Page: 3750

   Initial Interest Reset Date: May 31, 2005	   Spread (+/-): -2.94%
   Interest Rate Reset Period: Daily		   Spread Multiplier:  N/A
   Interest Reset Dates: Each Business Day	   Maximum Interest Rate: N/A
   Interest Payment Dates: August 23, 2005,        Minimum Interest Rate:  N/A
      November 23, 2005, February 23, 2006,	   Index Maturity: Daily
      May 23, 2006 and at Maturity		   Index Currency:  U.S. dollars

Day Count Convention:
   [ ]  30/360 for the period from       to
   [X]  Actual/360 for the period from May 27, 2005 to June 23, 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 the Prime Rate on May 27, 2005 minus 2.94%.
Notwithstanding anything contained in the Prospectus Supplement to the
contrary, (i) the Interest Determination Date with respect to the Notes will
be the same Business Day as the related Interest Reset Date; and (ii) the
Interest Rate to be used for the two Business Days immediately prior to each
Interest Payment Date (including the date of Maturity) will be the Interest
Rate in effect on the second Business Day preceding such Interest Payment
Dates.


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 ("Merrill"), Citigroup
Global Markets Inc., Credit Suisse First Boston LLC, J.P. Morgan Securities
Inc. and Morgan Stanley & Co. Incorporated (the "Agreement"), Merrill, acting
as principal, has agreed to purchase and TMCC has agreed to sell the Notes at
99.99% 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 a price equal to 100% of their principal amount.

            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.