Rule 424(b)(3)
Registration No. 333-132201

Pricing Supplement dated July 26, 2006
(To Prospectus dated March 7, 2006
and Prospectus Supplement dated March 7, 2006)

TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Notes, Series B - Municipal Index Notes

Capitalized terms used in this Pricing Supplement that are
defined in the Prospectus Supplement shall have the meanings
assigned to them in the Prospectus Supplement.

CUSIP: 89233PYV2

Principal Amount (in Specified Currency): $30,000,000
Issue Price: 100%
Trade Date: July 26, 2006
Original Issue Date: August 9, 2006
Stated Maturity Date: August 9, 2016

Interest Rate: See "Additional Terms of the Notes"
Interest Payment Dates: Each February 9 and August 9, commencing
February 9, 2007
Minimum Interest Rate: 0.0%

Net Proceeds to Issuer: $30,000,000
Agent's Discount or Commission: 0.0%
Agent: Deutsche Bank Securities Inc.
Agent's Capacity: Principal

Calculation Agent: Deutsche Bank Securities Inc.

Day Count Convention: 30/360
Business Day Convention: Following

Redemption: Not Applicable
Redemption Dates:
Notice of Redemption:

Repayment: Not Applicable
Optional Repayment Date(s):
Repayment Price:

Original Issue Discount: No
Total Amount of OID: None
Yield to Maturity:
Initial Accrual Period:

Specified Currency: U.S. dollars
Minimum Denominations: $10,000 and $5,000 increments thereafter
Form of Note: Book-entry only


ADDITIONAL TERMS OF THE NOTES

Interest

      The Notes will bear interest from and including the Original
Issue Date and each Interest Payment Date, as applicable, to but
excluding the following Interest Payment Date or Maturity, as
applicable (each an "Interest Calculation Period") at an Interest
Rate calculated in accordance with the following formula:

8.5% + {[(Avg 1m LIBOR x 0.65) - (Avg BMA Index)] x 8}

Where:

"Avg 1m LIBOR" means the non-compounded weekly weighted
average of the U.S. dollar LIBOR rates with an index
maturity of 1 month ("1-month LIBOR") as determined on each
Wednesday in the applicable Interest Calculation Period
(except that if any such Wednesday is not a Business Day, 1-
month LIBOR for the related week will be determined on the
next succeeding Business Day); and

"Avg BMA Index" means the non-compounded weekly weighted
average of the U.S. dollar-denominated Bond Market
Association Municipal Swap Index (the "Index") rates in
effect during the applicable Interest Calculation Period;

provided, that the Interest Rate shall not be less than the
Minimum Interest Rate, which is 0.0%.  Weekly weighted
averages will be calculated with respect to each Interest
Calculation Period by multiplying the applicable rate by the
number of days such rate is in effect, determining the sum
of such products and dividing the sum by the number of days
in such Interest Calculation Period; provided, that all such
calculations will be made in accordance with the Day Count
Convention.

      Notwithstanding anything contained in this pricing
supplement or the Prospectus Supplement to the contrary, the
Interest Rate with respect to each Interest Payment Date or
Maturity, as applicable, will be determined two Business Days
immediately prior to such Interest Payment Date or Maturity, as
applicable.

      1-month LIBOR will be determined with reference to Telerate
Page 3750 as of 11:00 A.M. London time on each applicable
determination date. If 1-month LIBOR cannot be determined as
described in the prior sentence, 1-month LIBOR will be calculated
by the Calculation Agent as the arithmetic mean of at least two
quotations obtained by the Calculation Agent after requesting the
principal London offices of each of four major reference banks in
the London interbank market, which may include the Calculation
Agent and its affiliates, as selected by the Calculation Agent,
to provide the Calculation Agent with its offered quotation for
deposits in U.S. dollars for 1 month to prime banks in the London
interbank market at approximately 11:00 A.M., London time, on
such determination date and in a principal amount that is
representative for a single transaction in U.S. dollars in that
market at that time. If at least two such quotations are
provided, 1-month LIBOR determined on the applicable
determination date will be the arithmetic mean of the quotations.
If fewer than two quotations are provided, 1-month LIBOR
determined on the applicable determination date will be the rate
calculated by the Calculation Agent as the arithmetic mean of the
rates quoted at approximately 11:00 A.M. in London on such
determination date by three major banks, which may include the
Calculation Agent and its affiliates, in London selected by the
Calculation Agent for loans in U.S. dollars to leading European
banks, having an index maturity of 1 month and in a principal
amount that is representative for a single transaction in U.S.
dollars in that market at that time. If the banks so selected by
the Calculation Agent are not quoting as described in the prior
sentence, 1-month LIBOR for the applicable determination date
will be 1-month LIBOR in effect on such determination date.

      Index rates will be determined with reference to Bloomberg
screen MUNIPSA INDEX . If the Index rate cannot be determined
as described in the prior sentence, the Index rate will be
determined with reference to the website maintained by the Bond
Market Association at www.bondmarkets.com.

      Notwithstanding anything to the contrary in the Prospectus
Supplement, "Business Day" with respect to the Notes means a day
that is both (i) a London Banking Day, and (ii) a New York
Business Day (as such terms are defined in the Prospectus
Supplement).

Discontinuation or Revision of the Index

      If publication of the Index is discontinued or the
Calculation Agent cannot determine the level of the Index on any
applicable determination date, the Calculation Agent will deem
the Index rate on such determination date (subject to any
applicable licensing requirements) to be the level of the S&P
Weekly High Grade Index (formerly the J.J. Kenny Index) published
by Standard & Poor's Securities Evaluations Inc. for a maturity
of 3 months on such determination date. If the Calculation Agent
cannot determine the level of the S&P Weekly High Grade Index as
described in the prior sentence, the Calculation Agent will in
its sole discretion determine an Index rate using a computation
methodology that the Calculation Agent determines will as closely
as reasonably possible replicate the Index.

      If the Index is subsequently revised or amended after its
publication, such revision or amendment will not be effective for
purposes of any calculation with respect to the Notes except in
the event of manifest error.

      All determinations to be made by the Calculation Agent with
respect to Index rates may be made by the Calculation Agent in
its sole discretion. The Calculation Agent's determination of any
Interest Rate, and its calculation of the amount of interest for
any Interest Calculation Period, will be final and binding on all
parties in the absence of manifest error.

      The Notes are not sponsored, endorsed, or promoted by The
Bond Market Association, which is the sponsor of the Index. The
Index sponsor makes no representation whatsoever, whether express
or implied, and hereby expressly disclaims all warranties
(including, without limitation, those of merchantability or
fitness for a particular purpose or use), with respect to the
Index or any data included therein or relating thereto, and in
particular disclaims any warranty either as to the quality,
accuracy and/or completeness of the Index or any data included
therein, the results obtained from the use of the Index and/or
the composition of the Index at any particular time on any
particular date or otherwise. The Index sponsor shall not be
liable (whether in negligence or otherwise) to the parties or any
other person for any error in the Index, and the Index sponsor is
under no obligation to advise the parties or any person of any
error therein. The Index sponsor makes no representation
whatsoever, whether express or implied, as to the advisability of
purchasing or selling the Notes, the ability of the Index to
track relevant markets' performances, or otherwise relating to
the Index or any transaction or product with respect thereto, or
of assuming any risks in connection therewith. The Index sponsor
has no obligation to take the needs of any party into
consideration in determining, composing or calculating the Index.
No party purchasing or selling the Notes shall have any liability
to any party for any act or failure to act by the Index sponsor
in connection with the determination, adjustment or maintenance
of the Index.

THE INDEX

      TMCC has derived all information regarding the Index
contained herein, including its make-up, method of calculation
and changes in its components, from publicly available
information without independent verification. The Index sponsor
owns the copyright and all rights to the Index. The Index sponsor
has no obligation to continue to publish, and may discontinue
publication of, the Index. The consequences of the Index sponsor
discontinuing or modifying the Index are described above under
"Additional Terms of the Notes -- Discontinuation or Revision of
the Index." TMCC does not make any representation that the
publicly available information about the Index is accurate or
complete. The Index is determined, comprised and calculated by
the Index sponsor without regard to the Notes.

      The Index is a 7-day high-grade market index comprised of
tax-exempt variable rate demand obligations ("VRDOs") that are
included in the database maintained by Municipal Market Data
("MMD"), a Thompson Financial Services Company. The Index is
based upon weekly yield evaluations at par of tax-exempt state
and local government bonds, utilizing criteria established by The
Bond Market Association. The Index has been in existence since
1991 and is the most common index for U.S. municipal swaps and
derivatives.

      Under present criteria, in order to qualify for inclusion in
the Index, each component VRDO must:

*	have a weekly reset, effective on Wednesday;

*	be tax-exempt for federal income tax purposes and not
subject to Alternative Minimum Tax;

*	have an outstanding amount of $10 million or more;

*	have the highest available short-term rating (i.e., be
rated "VMIG1" by Moody's Investors Service, Inc. or
"A-1+" by Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies); and

*	pay interest on a monthly basis, calculated on an
actual/actual basis.

      The Index is calculated on a weekly basis, and released to
subscribers on each Thursday. In calculating the Index, (i) the
standard deviation of the rates of the component VRDOs is
calculated and any rate falling outside of +/- 1.0 standard
deviations is not included in the Index, and (ii) an averaging
method is used to ensure that no participating remarketing agent
represents more than 15% of the Index.

      For a history of Index rates for the most recent 5-year
period, see www.bondmarkets.com/story.asp?id=324.

RISK FACTORS

      Investing in the Notes involves a number of risks, including
risks associated with an investment in ordinary floating rate
notes. In addition to the risks described in "Risk Factors" on
page S-3 of the Prospectus Supplement, the Notes are subject to
other special considerations. Prospective investors should
consult their financial and legal advisors as to the risks
entailed by an investment in and the suitability of the Notes in
light of their particular circumstances.

The Amount Of Interest Payable On The Notes Is Uncertain And
Could Be 0.0%.

      The amount of interest payable on the Notes on each Interest
Payment Date (or Maturity, as applicable) depends on the spread
between 1-month LIBOR and the Index. If 1-month LIBOR is
relatively low and the Index is relatively high during an
Interest Calculation Period, the amount of interest that TMCC
will pay on the related Interest Payment Date (or Maturity, as
applicable) will be relatively low and could be zero. Moreover,
the formula for calculating interest on the Notes incorporates
leverage to magnify potential gains and losses resulting from the
spread between 1-month LIBOR and the Index; therefore the
likelihood is greater that the Notes will pay little or no
interest than would be the case if the formula did not
incorporate leverage.

The Yield On The Notes May Be Lower Than The Yield On A
Standard Debt Security Of Comparable Maturity.

      The amount of interest payable on the Notes on each Interest
Payment Date (or Maturity, as applicable) depends on the spread
between 1-month LIBOR and the Index. As a result, if 1-month
LIBOR is relatively low and the Index is relatively high during
an Interest Calculation Period, the effective yield on the Notes
for such Interest Calculation Period could be less than what
would be payable on conventional, fixed-rate, non-redeemable
notes of TMCC of comparable maturity.

Secondary Trading May Be Limited.

      The Notes will not be listed on an organized securities
exchange. There may be little or no secondary market for the
Notes. Even if there is a secondary market, it may not provide
enough liquidity to allow a holder to trade or sell Notes easily.

The Price At Which The Notes May Be Resold Prior To Maturity
May Be Substantially Less Than The Amount For Which They
Were Originally Purchased.

      Many economic and market factors will influence the value of
the Notes. TMCC expects that, generally, the level of 1-month
LIBOR and of the Index, and interest rates on any day, will
affect the value of the Notes more than any other single factor.
However, holders should not expect the value of the Notes in the
secondary market to vary in proportion to changes in the spread
between 1-month LIBOR and the Index. The value of the Notes will
be affected by a number of other factors that may either offset
or magnify each other, including:

*	the actual and expected volatility of, and the spread
between, 1-month LIBOR and the Index;

*	changes in U.S. tax law;

*	the general level of interest rates;

*	the liquidity of the Notes at the time;

*	prevailing swap rates in the market for securities of
similar tenor;

*	the time remaining to the Stated Maturity Date; and

*	economic, financial and political events in one or more
jurisdictions, including factors affecting interest
rates generally.

The impact of one of these factors, such as an increase in
interest rates, may offset some or all of any change in the
market value of the Notes attributable to another factor, such as
a favorable change in the spread between 1-month LIBOR and the
Index.

      In general, assuming all relevant factors are held constant,
TMCC expects that the effect on the market value of the Notes of
a given change in most of the factors listed above will be less
if it occurs later in the term of the Notes than if it occurs
earlier in the term of the Notes.

The Bond Market Association May Adjust The Index In A Way
That Affects Its Level, And The Bond Market Association Has
No Obligation To Consider The Interests Of Holders Of The
Notes.

      The Bond Market Association is responsible for calculating
and maintaining the Index. The Bond Market Association may make
methodological or other changes that could change the level of
the Index, and may alter, discontinue or suspend calculation or
dissemination of the Index. Any of these actions could adversely
affect the value of the Notes. The Bond Market Association has no
obligation to consider the interests of holders of the Notes in
calculating or revising the Index.

The Historical Performance Of 1-Month LIBOR And Of The Index
Is Not An Indication Of Their Future Performance.

      The historical performance of 1-month LIBOR and the Index
should not be taken as an indication of the future performance of
1-month LIBOR and the Index during the term of the Notes. Changes
in the level of 1-month LIBOR and the Index will affect the
trading price of the Notes, but it is impossible to predict
whether the level of 1-month LIBOR or the Index will rise or
fall.

Trading By Deutsche Bank Securities Inc. Or Its Affiliates
In The VRDOs Included In The Index May Affect The Return On
The Notes

      Deutsche Bank Securities Inc. and certain of its affiliates
may, from time to time, trade in some or all of the VRDOs
included in the Index on a spot and forward basis and other
contracts and products in or related to such VRDOs. Also,
Deutsche Bank Securities Inc. or any of its affiliates may issue
or underwrite other financial instruments with returns indexed to
the prices of the VRDOs included in the Index or such VRDOs and
related derivatives. These trading and underwriting activities
could affect the level of the Index in a manner that would be
adverse to the holders' investment in the Notes. With respect to
any such activities, neither Deutsche Bank Securities Inc. nor
any of its affiliates has any obligation to take the needs of any
buyers, sellers or holders of the Notes into consideration at any
time.