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

Pricing Supplement dated January 4, 2007
(To Prospectus dated March 7, 2006
and Prospectus Supplement dated March 7, 2006)

TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Notes, Series B - CMS Linked 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: 89233PA55

Principal Amount (in Specified Currency): $10,000,000
Issue Price: 100%
Trade Date: January 4, 2007
Original Issue Date: January 18, 2007
Stated Maturity Date: January 18, 2022

Initial Interest Rate: 8.00%
Interest Rate: See "Additional Terms of the Notes"
Interest Payment Dates: Quarterly, on each January 18, April 18,
July 18 and October 18, commencing April 18, 2007

Net Proceeds to Issuer: 100%
Agent's Discount or Commission: 0.0%
Agent: Morgan Stanley & Co. Incorporated
Agent's Capacity: Principal

Calculation Agent: Deutsche Bank Trust Company Americas

Day Count Convention: Actual/Actual
Business Day Convention: Following (with no adjustment to period
end dates)

Redemption: The Notes are subject to redemption by TMCC, in
whole, at par on the Redemption Dates and subject to the
Notice of Redemption stated below.
Redemption Dates: Each Interest Payment Date, commencing January
18, 2008.
Notice of Redemption: The redemption of the Notes is subject to
not less than 10 calendar days' prior notice

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

Original Issue Discount: No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:

Specified Currency: U.S. dollars
Minimum Denominations: $50,000 and $1,000 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 to but excluding the Interest Payment Date on January
18, 2008 at the Initial Interest Rate. The Notes will bear
interest from and including the Interest Payment Date on January
18, 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:

(8.00%) x (N / M)

Where:

"N" is the total number of calendar days in the applicable
Interest Calculation Period on which the difference between
the 30-Year CMS Rate and the 2-Year CMS Rate (the "Spread")
sets greater than or equal to 0.0%; provided however, that
the Spread determined on the fifth U.S. Government
Securities Business Day (as defined below) prior to each
Interest Payment Date (or Maturity, as applicable) shall
apply to such U.S. Government Securities Business Day and
each of the remaining calendar days in the related Interest
Calculation Period; and

"M" is the total number of calendar days in the applicable
Interest Calculation Period.
No interest will accrue on the Notes with respect to any calendar
day on which the Spread is determined or deemed to be less than
0.0%. For each calendar day in an Interest Calculation Period
that is not a U.S. Government Securities Business Day, the Spread
for that calendar day will be the Spread determined on the
immediately preceding U.S. Government Securities Business Day.
       "30-Year CMS Rate" is the rate for U.S. dollar swaps with a
constant maturity of 30 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 Interest Calculation 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 30-Year CMS Rate
will be determined by the Calculation Agent in good faith and in
a commercially reasonable manner.

      "2-Year CMS Rate" is the rate for U.S. dollar swaps with a
constant maturity of 2 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 Interest Calculation 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 2-Year CMS Rate
will be determined by the Calculation Agent in good faith and in
a commercially reasonable manner.

      "U.S. Government Securities Business Day" (hereinafter,
"Business Day") means any day except for a Saturday, Sunday or a
day on which the Bond Market Association recommends that the
fixed income departments of its members be closed for the entire
day for purposes of trading in U.S. government securities.

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 30-Year CMS Rate and the 2-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 CMS linked 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 Interest Rate Period Is Uncertain And Could Be
0.0%.

      The 30-Year CMS Rate and 2-Year CMS Rate are floating rates.
During the Floating Interest Rate Period, no interest will accrue
on the Notes with respect to any calendar day on which the Spread
is determined or deemed to be less than 0.0%. For every calendar
day on which the Spread is determined or deemed to be less than
0.0%, the effective interest rate for the applicable Interest
Calculation Period will be reduced, and if the Spread remains at
less than 0.0% with respect to an entire Interest Calculation
Period, the effective interest rate for that Interest Calculation
Period will be 0.0%.

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

      During the Floating Interest Rate Period, the Notes will
bear interest at a rate of 0.0% per annum with respect to any
calendar day on which the Spread is determined or deemed to be
less than 0.0%. As a result, if the Spread remains at less than
0.0% for a substantial number of calendar days during an Interest
Calculation Period, the effective yield on the Notes for such
Interest Calculation Period will be less than what would be
payable on conventional, fixed-rate redeemable notes of TMCC of
comparable maturity.

The Applicable Spread With Respect To The Fifth Business Day
Preceding The End Of An Interest Calculation Period Will
Apply For The Remainder Of That Interest Calculation Period.

      Because during the Floating Interest Rate Period the Spread
determined on the fifth Business Day preceding each Interest
Payment Date (or Maturity, as applicable) applies to each of the
remaining calendar days in the related Interest Calculation
Period, if the Spread with respect to that Business Day sets at
less than 0.0%, no interest will be paid on the Notes with
respect to the remaining calendar days in that Interest
Calculation Period, even if the Spread on any of the subsequent
remaining calendar days were actually to set at or above 0.0%.

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 might be affected by changes in
the 30-Year CMS Rate and 2-Year CMS Rate. For example, a
decrease in the 30-Year CMS Rate combined with either an
increase or no change in the 2-Year CMS Rate could cause a
decrease in the market value of the Notes because no interest
will be payable on the Notes with respect to any calendar day
on which the Spread is determined or deemed to be less than
0.0%. Conversely, an increase in the 30-Year CMS Rate relative
to the 2-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 30-Year CMS Rate and 2-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. If the volatility of 30-Year CMS Rate
and 2-Year CMS Rate 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 term of the Notes than if it occurs
earlier in the term of the Notes.

The Historical Performance Of The 30-Year CMS Rate and 2-
Year CMS Rate Is Not An Indication Of The Future Performance
Of The 30-Year CMS Rate and 2-Year CMS Rate.

      The historical performance of the 30-Year CMS Rate and 2-
Year CMS Rate should not be taken as an indication of the future
performance of the 30-Year CMS Rate and 2-Year CMS Rate during
the term of the Notes. Changes in the 30-Year CMS Rate and 2-Year
CMS Rate will affect the trading price of the Notes, but it is
impossible to predict whether the 30-Year CMS Rate or 2-Year CMS
Rate will rise or fall.