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

Pricing Supplement dated October 13, 2006
(To Prospectus dated March 7, 2006
and Prospectus Supplement dated March 7, 2006)

TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Notes, Series B - CMS Spread Accrual 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: 89233PZR0

Principal Amount (in Specified Currency): $38,000,000
Issue Price: 100%
Trade Date: October 13, 2006
Original Issue Date: October 24, 2006
Stated Maturity Date: October 24, 2013

Initial Interest Rate: 8.0%
Interest Rate: See "Additional Terms of the Notes"
Interest Payment Dates: Each April 24 and October 24, commencing
April 24, 2007

Net Proceeds to Issuer: 100%
Agent's Discount or Commission: 0.0%
Agent: Credit Suisse Securities (USA) LLC
Agent's Capacity: Principal

Calculation Agent: Credit Suisse International

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

Redemption: TMCC has the right to redeem the Notes in whole at
par on the Redemption Dates and subject to the Notice of
Redemption
Redemption Dates: Each April 24 and October 24, commencing
October 24, 2008
Notice of Redemption: Not less than 10 calendar days prior to a
Redemption Date

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

Original Issue Discount: Yes
Total Projected Contingent OID: $ 15,215,200.00
Yield to Maturity: Contingent
Initial Accrual Period: October 24, 2006 to but excluding April
24, 2007

Specified Currency: U.S. dollars
Minimum Denominations: $10,000 and $1,000 multiples 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 to but excluding the Interest Payment Date on October
24, 2008 at the Initial Interest Rate. The Notes will bear an
interest rate from and including the Interest Payment Date on
October 24, 2008 and each Interest Payment Date thereafter to but
excluding the following Interest Payment Date (or Maturity, as
applicable) (each, an "Interest Calculation Period," and
collectively the "Floating Interest Rate Period") calculated in
accordance with the following formula:

(8.0%) x (n / N)

Where:

"n" means the total number of New York Business Days (as
defined in the Prospectus Supplement, hereinafter "Business
Days") in the period from and including the date that is
five Business Days prior to the beginning of the applicable
Interest Calculation Period to but excluding the date that
is five Business Days prior to the end of such Interest
Calculation Period (each, a "Reference Period") on which the
difference between the 3-Year CMS Rate and the 1-Year CMS
Rate (the "Spread") fixes equal to or greater than 0.10%
(the "Accrual Barrier"); and

"N" means the total number of Business Days in such
Reference Period.

No interest will accrue on the Notes with respect to any Business
Day on which the Spread fixes at less than the Accrual Barrier.

      "3-Year CMS Rate" is the rate for U.S. dollar swaps with a
constant maturity of 3 years, expressed as a percentage, as
published by the Federal Reserve Board in the Federal Reserve
Statistical Release H.15 and which appears on the Reuters Screen
ISDAFIX1 Page (rounded to the nearest third decimal place (one
thousandth of a percentage point)) as of 11:00 a.m., New York
City time on each day in the Reference Period; provided that if
such rate or a successor thereto is not provided, the method of
calculating such rate has been changed in a material way or
Reuters Screen ISDAFIX1 Page or an equivalent publication source
is not displayed, then the 3-Year CMS Rate will be determined by
the Calculation Agent in good faith and in a commercially
reasonable manner.

      "1-Year CMS Rate" is the rate for U.S. dollar swaps with a
constant maturity of 1 year, expressed as a percentage, as
published by the Federal Reserve Board in the Federal Reserve
Statistical Release H.15 and which appears on the Reuters Screen
ISDAFIX1 Page (rounded to the nearest third decimal place (one
thousandth of a percentage point)) as of 11:00 a.m., New York
City time on each day in the Reference Period; provided that if
such rate or a successor thereto is not provided, the method of
calculating such rate has been changed in a material way or
Reuters Screen ISDAFIX1 Page or an equivalent publication source
is not displayed, then the 1-Year CMS Rate will be determined by
the Calculation Agent in good faith and in a commercially
reasonable manner.

Plan of Distribution

      Under the terms of and subject to the conditions of an
Appointment Agreement dated October 13, 2006 and an Appointment
Agreement Confirmation dated October 13, 2006 (collectively, the
"Appointment Agreement") between TMCC and Credit Suisse
Securities (USA) LLC ("Credit Suisse"), Credit Suisse, acting as
principal, has agreed to purchase and TMCC has agreed to sell
$38,000,000 in principal amount of Notes.

RISK FACTORS

      Investing in the Notes involves a number of risks, including
risks associated with an investment in ordinary fixed 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. An investment in the Notes entails
significant risks not associated with similar investments in a
conventional debt security, including, but not limited to,
fluctuations in the 3-Year CMS Rate and the 1-Year CMS Rate, and
other events that are difficult to predict and beyond TMCC's
control. Accordingly, prospective investors should consult their
financial and legal advisors as to the risks entailed by an
investment in redeemable range-accrual notes and the suitability
of the Notes in light of their particular circumstances.

The Amount Of Interest Payable On The Notes During the
Floating Rate Interest Period Is Uncertain And Could Be
0.00%.

      The 3-Year CMS Rate and 1-Year CMS Rate are floating rates.
During the Floating Rate Interest Period, no interest will accrue
on the Notes with respect to any Business Day on which the Spread
fixes at less than the Accrual Barrier. For every Business Day on
which the Spread fixes at less than the Accrual Barrier, the
effective interest rate for the applicable Reference Period will
be reduced, and if the Spread remains at less than the Accrual
Barrier with respect to an entire Reference Period, the effective
interest rate for that Reference Period will be 0.00%.

During the Floating Rate Interest Period, The Yield On The
Notes May Be Lower Than The Yield On A Standard Debt
Security Of Comparable Maturity.

      During the Floating Rate Interest Period, the Notes will
bear interest at a rate of 0.00% per annum with respect to any
Business Day on which the Spread fixes at less than the Accrual
Barrier. As a result, if the Spread remains at less than the
Accrual Barrier for a substantial number of Business Days during
a Reference Period, the effective yield on the Notes for such
Reference Period will be less than what would be payable on
conventional, fixed-rate 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
Will Depend On A Number Of Factors And May Be Substantially
Less Than The Amount For Which They Were Originally
Purchased.

      TMCC believes that the value of the Notes in the secondary
market will be affected by supply of and demand for the Notes,
fluctuations in the Spread and a number of other factors. Some of
these factors are interrelated in complex ways. As a result, the
effect of any one factor might be offset or magnified by the
effect of another factor. The following paragraphs describe what
TMCC expects to be the impact on the market value of the Notes of
a change in a specific factor, assuming all other conditions
remain constant.

*	The market value of the Notes at any time during the Floating
Rate Interest Period might be affected by changes in the 3-
Year CMS Rate and 1-Year CMS Rate. For example, a decrease in
the 3-Year CMS Rate rates combined with either an increase or
no change in the 1-Year CMS Rate rates could cause a decrease
in the market value of the Notes because no interest will be
payable on the Notes with respect to any day on which the
Spread is less than the Accrual Barrier. Conversely, an
increase in the 3-Year CMS Rate relative to the 1-Year CMS
Rate could cause an increase in the market value of the Notes.
However, if the Spread increases or remains high, the
likelihood of the Notes being redeemed would increase. The 3-
Year CMS Rate and 1-Year CMS Rate themselves will be
influenced by complex and interrelated political, economic,
financial and other factors that can affect the money markets
generally and the mid-market semi-annual swap rates in
particular.

*	Volatility is the term used to describe the size and frequency
of market fluctuations. During the Floating Rate Interest
Period, if the volatility of 3-Year CMS Rate and 1-Year CMS
Rate rates increases, the market value of the Notes may
decrease.

The impact of one of the factors specified above may offset some
or all of any change in the market value of the Notes
attributable to another factor.

      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 Floating Rate Interest Period than if
it occurs earlier in the Floating Rate Interest Period.

The Historical Performance Of The 3-Year CMS Rate and 1-Year
CMS Rate Is Not An Indication Of The Future Performance Of
The 3-Year CMS Rate and 1-Year CMS Rate.

      The historical performance of the 3-Year CMS Rate and 1-Year
CMS Rate should not be taken as an indication of the future
performance of 3-Year CMS Rate and 1-Year CMS Rate during the
term of the Notes. During the Floating Rate Interest Period,
changes in the 3-Year CMS Rate and 1-Year CMS Rate rates will
affect the trading price of the Notes, but it is impossible to
predict whether the 3-Year CMS Rate or 1-Year CMS Rate will rise
or fall.

UNITED STATES FEDERAL INCOME TAXATION

      The following is a summary of certain U.S. federal income
tax consequences of ownership of the Notes. The summary primarily
concerns U.S. Holders (as defined in the Prospectus Supplement)
who purchase the Notes on the Original Issue Date at the Issue
Price and 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 (the "Code"), 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 Notes will be treated as contingent payment debt
instruments and accordingly will be treated as issued with OID.
In general, the timing and character of income, gain or loss
reported on a contingent payment debt instrument will
substantially differ from the timing and character of income,
gain or loss reported on a conventional noncontingent payment
debt instrument. Specifically, a U.S. Holder of a Note must
include future contingent interest payments in income as that
interest accrues based on the "comparable yield" of the Note and
differences between projected and actual payments on the Note.
Moreover, in general, any gain recognized by a U.S. Holder on the
sale, exchange, or retirement of a contingent payment debt
instrument is treated as ordinary interest income, and all or a
portion of any loss realized could be treated as ordinary loss as
opposed to capital loss (depending upon the circumstances).

      In particular, solely for U.S. federal income tax purposes,
the projected payment schedule for the Notes, as set forth in the
following table, will consist of a projected payment (each, a
"Projected Payment") on each Interest Payment Date and at
Maturity.



      					Projected Payment Per $1,000
	Interest Payment Date	         Principal Amount at Maturity

       April 24, 2007 				 $    40.00
       October 24, 2007 			 $    40.00
       April 24, 2008				 $    40.00
       October 24, 2008 			 $    40.00
       April 24, 2009				 $    15.04
       October 24, 2009 			 $    17.04
       April 24, 2010				 $    19.04
       October 24, 2010 			 $    21.04
       April 24, 2011				 $    23.04
       October 24, 2011 			 $    25.04
       April 24, 2012				 $    27.04
       October 24, 2012 			 $    29.04
       April 24, 2013				 $    31.04
       October 24, 2013 			 $ 1,033.04

       This projected payment schedule represents an estimated
yield (required to equal the "comparable yield") on the Notes
equal to approximately 5.790% per annum, compounded semiannually.
During the term of the Notes, a U.S. Holder of a Note will be
required to include in income as ordinary interest an amount
equal to the sum of the daily portions of interest on the Note
that are deemed to accrue at this estimated yield for each day
during the taxable year (or portion of the taxable year) on which
the U.S. Holder holds the Note. The amount of interest that will
be deemed to accrue in any accrual period (i.e., generally each
six-month period during which the Notes are outstanding) will
equal the product of this estimated yield (properly adjusted for
the length of the accrual period) and the Note's adjusted issue
price (as defined below) at the beginning of the accrual period.
The daily portions of interest will be determined by allocating
to each day in the accrual period the ratable portion of the
interest that is deemed to accrue during the accrual period. In
general, for these purposes a Note's adjusted issue price will
equal the Note's issue price, increased by the interest
previously accrued on the Note and decreased by the amount of any
noncontingent payment and the projected amount of any contingent
payment previously made on the Note. If the amount received on
the Note on any Interest Payment Date or at Maturity exceeds the
applicable Projected Payment, a U.S. Holder will generally be
required to include any such excess in income as additional
ordinary interest income on the applicable Interest Payment Date.
Alternatively, if the amount received on the Note on any Interest
Payment Date is less than the applicable Projected Payment, the
difference will generally be treated first as an offset to any
interest otherwise includible in income by the U.S. Holder with
respect to the Note for the taxable year in which such Interest
Payment Date occurs to the extent of the amount of that
includible interest. Further, a U.S. Holder will generally be
permitted to recognize and deduct, as an ordinary loss that is
not subject to the limitations applicable to miscellaneous
itemized deductions, any remaining portion of the difference that
is not treated as an interest offset pursuant to the foregoing
rules.

      Upon the sale or exchange of a Note prior to maturity, a
U.S. Holder will be required to recognize taxable gain or loss in
an amount equal to the difference, if any, between the amount
realized by the U.S. Holder upon that sale or exchange and the
U.S. Holder's adjusted tax basis in the Note as of the date of
disposition. A U.S. Holder's adjusted tax basis in a Note
generally will equal the U.S. Holder's initial investment in the
Note increased by any interest previously accrued on the Note by
the U.S. Holder, and decreased by the amount of any noncontingent
payment and the projected amount of any contingent payment
previously made on the Note. Any taxable gain will be treated as
ordinary interest income. Any taxable loss will be treated as
ordinary loss to the extent of the U.S. Holder's total interest
inclusions on the Note. Any remaining loss generally will be
treated as long-term or short-term capital loss (depending upon
the U.S. Holder's holding period for the Note).

      The projected payment schedule (including each Projected
Payment) has been determined solely for U.S. federal income tax
purposes, and is neither a prediction nor a guarantee of what the
actual payment on any Interest Payment Date will be, or that any
such amount will even exceed zero. The following table sets forth
the amount of interest that will be deemed to accrue with respect
to each Note during each year over the term of the Notes based
upon the projected payment schedule for the Notes.

      		Interest per $1,000 Principal
	 Year		Amount at Maturity

       2006			 $ 10.62
       2007 			 $ 57.34
       2008			 $ 56.01
       2009			 $ 55.84
       2010			 $ 57.04
       2011			 $ 57.83
       2012 			 $ 58.20
       2013			 $ 47.51

Foreign Holders

      A Foreign Holder (as defined in the Prospectus Supplement)
will not include in gross income for U.S. federal income tax
purposes, any amounts with respect to the Notes until the Foreign
Holder receives a payment on a Note at Maturity or with respect
to a sale or exchange of the Notes. The amount of any such
payment that exceeds the Foreign Holder's adjusted tax basis for
the Notes will be treated as ordinary interest income and will
not be subject to U.S. federal income or withholding tax if the
Foreign Holder satisfies the requirements for payments of
principal and interest (including OID) on a note set forth in the
accompanying Prospectus Supplement under the first bullet point
under the caption "United States Taxation -- Material United
States Tax Considerations for Foreign Purchasers."