FILED PURSUANT TO RULE 433
DATED 03/22/06
REGISTRATION STATEMENT NO. 333-132201

TOYOTA MOTOR CREDIT CORPORATION
Final Terms - 7 Year NC 1 Year Inflation-Linked Notes

I.  7 Year NC 1 Year Inflation-Linked Note

Issuer: Toyota Motor Credit Corporation

Underwriter: Morgan Stanley & Co. Incorporated

CUSIP: 89233PXU5

Principal Amount: US $25 million

Issuer rating: Aaa/AAA

Initial Trade Date: March 22, 2006

Settlement Date: March 28, 2006

Maturity Date: April 1, 2013

Call Feature: The issuer has the right to call the Notes at Par on
April 1, 2007 and on each Coupon Payment Date thereafter with 10 Calendar
Days Notice

Underlying Inflation Index: CPI-U ("CPI"), the non-seasonally adjusted
US City Average All Items Consumer Price Index for All Urban Consumers
published monthly by the Bureau of Labor Statistics ("BLS") of the US
Department of Labor (unrevised), as published on Bloomberg page CPURNSA

Coupon:	March 28, 2006 - May 1, 2006: 5.50% (long first coupon)

Thereafter: Max{[((CPI(t)-CPI(t-12))/CPI(t-12)) + 2.00%], 0%},

where;
CPI(t) for each Reset Date is the value of CPI for the third calendar month
prior to such Reset Date as published and reported in the second calendar
month prior to such Reset Date; and CPI(t-12) for each Reset Date is the CPI
for the fifteenth calendar month prior to such Reset Date as published and
reported in the fourteenth calendar month prior to such Reset Date.

Minimum Coupon:	0.00%

Reset Dates: The 1st calendar day of each month over the term of the Notes,
beginning March 28, 2006 (long first coupon)

Calculations: Intermediate calculations rounded to five decimal places; coupon
rounded to three decimal places

Payment Dates: Monthly on the 1st day of each calendar month commencing
May 1, 2006, subject to adjustment in accordance with the Following Business
Day Convention (long first coupon)

Period End Dates: No Adjustment

Day Count Fraction: Actual/Actual

Business Days for Payment: New York

Proceeds to Issuer: 100.0%

Concession: 0.0%

Issue Price: 100.0%

Redemption Price: 100.0%

Minimum	Denominations: $1,000

Increments Thereafter: $1,000

Calculation Agent: Deutsche Bank Trust Company Americas

FallBack Provisions: If CPI is not reported on Bloomberg CPURNSA for a
particular month by 3:00 PM on a Reset Date, but has otherwise been published
by the BLS, the Calculation Agent will determine CPI as published by the BLS
for such month using such other source as it deems appropriate.

In calculating CPI(t) and CPI(t-12), the Calculation Agent will use the most
recently available value of the CPI determined as described above on the
applicable Reset Date, even if such value has been adjusted from a prior
reported value for the relevant month. However, if a value of CPI(t) and
CPI(t-12) used by the Calculation Agent on any Reset Date to determine the
Coupon on the Notes (an "Initial CPI") is subsequently revised by the BLS,
the Calculation Agent will continue to use the Initial CPI, and the Coupon
determined will not be revised.

If the CPI is rebased to a different year or period, the base reference period
for the Notes will continue to be the 1982-1984 reference period as long as
the 1982-1984 CPI continues to be published.

If, while the Notes are outstanding, the CPI is discontinued or substantially
altered, as determined in the sole discretion of the Calculation Agent,
the applicable substitute index for the Notes will be that chosen by the
Secretary of the Treasury for the Department of Treasury's Inflation-Linked
Treasuries as described at 62 Federal Register 846-874 (January 6, 1997) or,
if no such securities are outstanding, will be determined by the Calculation
Agent in accordance with general market practice at the time.

The issuer has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates.  Before you
invest, you should read the prospectus in that registration statement and
other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering.  You may get these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the offering will
arrange to send you the prospectus if you request it by calling toll-free
1-800-584-6387.

[Link to Prospectus Supplement and Prospectus]

				MORGAN STANLEY