Pricing Supplement dated August 25, 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 - Fixed Rate

________________________________________________________________________________


Principal Amount:  $45,000,000		    Trade Date: August 25, 2005
Issue Price: 100%			    Original Issue Date: August 30, 2005
Interest Rate: 5.00% per annum		    Net Proceeds to Issuer:  $45,000,000
Interest Payment Dates: See "Additional	    Principal's Discount or
  Terms of the Notes - Interest"	        Commission:  0.0%
Stated Maturity Date: August 31, 2015


________________________________________________________________________________




Day Count Convention:
   [X]  30/360 for the period from August 30, 2005 to August 31, 2015
   [ ]  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:  August 30, 2007.  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



	              ___________________________

                         Merrill Lynch & Co.




	            ADDITIONAL TERMS OF THE NOTES

Further Authorizations

          Effective June 16, 2005, in supplement to the $7,000,000,000
aggregate principal amount (or the equivalent thereof in one or more foreign or
composite currencies) of its Medium-Term Notes which TMCC was authorized to
offer as of April 2, 2004, TMCC authorized the offer and issuance from time to
time of an additional $5,500,000,000 aggregate principal amount of its
Medium-Term Notes.

Interest

		Interest on the Medium-Term Notes offered by this pricing
supplement will be payable semi-annually on February 28 and August 30 of each
year, starting on February 28, 2006; provided, however, the last coupon period
will be a long period, and thus the Maturity Date will be the only Interest
Payment Date for the Notes after the February 28, 2015 Interest Payment Date.

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.

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
100% 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.