Dated January 22, 2007
Filed Pursuant to Rule 433
Registration Statement No. 333-132201

TOYOTA MOTOR CREDIT CORPORATION
15NC1: CMS Curve Linked Accrual Notes (the "Notes")

General

Issuer: Toyota Motor Credit Corporation

Issuer Rating: Aaa/AAA

Agent: Morgan Stanley & Co. Incorporated

CUSIP: 89233PB88

Principal Amount: US $10,000,000 (may be increased prior to Original Issue Date)

Trade Date: January 22, 2007

Original Issue Date: February 1, 2007

Stated Maturity Date: February 1, 2022

Issue Price: 100%

Net Proceeds to Issuer: 100%

Agent's Discount or
Commission: 0.00%

Reoffer Price: Par

Business Days: New York

Minimum Denominations: $50,000 and $1,000 increments thereafter

Settlement: DTC

Form of Note: Book-entry only

Calculation Agent: Deutsche Bank Trust Company Americas

Specified Currency: U.S. Dollars

Redemption:
	The Notes are subject to redemption by the Issuer, in whole, at Par, on
February 1, 2008 and on each Interest Payment Date thereafter with 10
calendar days notice

Interest

Reference Index:
30CMS - 2CMS; where

"2CMS" is the 2-Year Constant Maturity Swap rate, as published by the
Federal Reserve Board in the Federal Reserve Statistical Release H.15 and
reported on Reuters ISDAFIX1 or any successor page thereto at 11:00 a.m.
New York time.

"30CMS" is the 30-Year Constant Maturity Swap rate, as published by the
Federal Reserve Board in the Federal Reserve Statistical Release H.15 and
reported on Reuters ISDAFIX1 or any successor page thereto at 11:00 a.m.
New York time.

Interest Rate:
	Year 1:   8.00%
	Year 2-Maturity:   8.00% * (N/M); where,

"N" is the total number of calendar days in the applicable Interest Calculation
Period that the Reference Index sets greater than or equal to 0.00%; and

"M" is the total number of calendar days in the applicable Interest Calculation
Period.

For the purpose of calculating the value of "N", for each calendar day in an
Interest Calculation Period that is not a U.S. Government Securities Business
Day, the Reference Index will revert to the setting on the previous U.S.
Government Securities Business Day.

Interest Payment Dates:
Quarterly, on each February 1, May 1, August 1, and November 1,
commencing with a first interest payment on May 1, 2007.

Interest Calculation Period:
The quarterly period from and including the Issue Date (in the case of the first
Interest Payment Date) or previous Interest Payment Date, as applicable, to but
excluding the next Interest Payment Date.

Minimum Interest Rate: 0.00%

U.S. Government
Securities Business Day:
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.

Day Count Convention: Actual / Actual

Business Day Convention: Following

Period End Dates: Unadjusted

Rate Cut-off:
Years 2-Maturity:   The Reference Index for a particular Interest Calculation
Period will be set five U.S. Government Securities Business Days prior to the
related Interest Payment Date using the Reference Index level on such fifth
U.S. Government Securities Business Day and will remain in effect until the
related Interest Payment Date.


Risk Factors
       Investing in the Notes involves a number of risks, including risks
associated with an investment in ordinary fixed rate notes.  An investment in
CMS Curve Accrual Notes such as the Notes entails significant risks not
associated with similar investments in a conventional debt security, including,
but not limited to, fluctuations in 2CMS and 30CMS, and other events that are
difficult to predict and beyond the Issuer's control.  Accordingly, prospective
investors should consult their financial and legal advisors as to the risks
entailed by an investment in the Notes 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%.
       Beginning February 1, 2008, no interest will accrue on the Notes with
respect to any calendar day on which 2CMS is greater than 30CMS.  For every
calendar day on which 2CMS is greater than 30CMS, the effective interest rate
for the applicable Interest Calculation Period will be reduced, and if 2CMS
remains greater than 30CMS with respect to an entire Interest Calculation
Period, the effective interest rate for that Interest Calculation Period will
be 0.0%.

The Yield On The Notes May Be Lower Than The Yield On A Standard Debt Security
Of Comparable Maturity.
       Beginning February 1, 2008, the Notes will bear interest at a rate of
0.0% per annum with respect to any calendar day on which 2CMS is greater than
30CMS.  As a result, if 2CMS remains greater than 30CMS for a substantial number
of calendar days during an Interest Calculation Period, the effective yield on
the Notes for such Interest Calculation Period may be less than what would be
payable on conventional, fixed-rate redeemable notes of the Issuer of comparable
maturity.

Beginning February 1, 2008, the Reference Index For The Fifth U.S. Government
Securities Business Day Preceding The End Of An Interest Calculation Period Will
Be The Rate For The Remainder Of That Interest Calculation
Period.
       Because the Reference Index determined on or otherwise applicable to the
fifth U.S. Government Securities Business Day preceding the end of an Interest
Calculation Period will be the Reference Index for the remainder of the
Interest Calculation Period, if the Reference Index with respect to that U.S.
Government Securities Business Day is not greater than or equal to 0.0% (i.e.
2CMS is greater than 30CMS), no interest will be paid on the Notes with respect
to the remaining calendar days in that Interest Calculation Period, even if the
Reference Index on any of the subsequent remaining calendar days were actually
greater than or equal to 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.  Some of these factors include:
          *	Changes in the levels of 2CMS and 30 CMS.
          *	Volatility of 2CMS and 30 CMS.
          *	Changes in U.S. interest and swap rates.

The Historical Performance Of 2CMS and 30CMS Are Not An Indication Of Their
Future Performance.
       Historical performance of 2CMS and 30CMS should not be taken as an
indication of the future performance during the term of the Notes.  Changes in
the levels of 2CMS and 30CMS will affect the trading price of the Notes, but it
is impossible to predict whether such levels will rise or fall.

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 the registration statement and the 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 1-800-584-6387.

Any disclaimer or other notice that may appear below is not applicable to this
communication and should be disregarded.  Such disclaimer or notice was
automatically generated as a result of this communication being sent by
Bloomberg or another email system.