424B3 1 mtn736.txt Rule 424(b)(3) Registration No. 333-132201 Pricing Supplement dated February 21, 2007 (To Prospectus dated March 7, 2006 and Prospectus Supplement dated March 7, 2006) TOYOTA MOTOR CREDIT CORPORATION Medium-Term Notes, Series B - Floating Rate 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: 89233PC61 Principal Amount (in Specified Currency): $75,000,000 Issue Price: 100% Trade Date: February 21, 2007 Original Issue Date: February 26, 2007 Stated Maturity Date: February 27, 2008 Initial Interest Rate: See "Additional Terms of the Notes" Interest Payment Period: Quarterly Interest Payment Dates: May 29, 2007, August 27, 2007, November 27, 2007 and at Maturity Net Proceeds to Issuer: $74,992,500 Agents' Discount or Commission: 0.01% Agents: HSBC Securities (USA) Inc. J.P. Morgan Securities Inc. Agents' Capacity: [ ] Agent [X] Principal Calculation Agent: Deutsche Bank Trust Company Americas Interest Calculation: [X] Regular Floating Rate Note [ ] Inverse Floating Rate Note Fixed Interest Rate: [ ] Floating Rate/Fixed Rate Note Fixed Interest Rate: Fixed Rate Commencement Date: [ ] Other Floating Rate Note (see attached) Interest Rate Basis: [ ] CD Rate [ ] CMS Rate [ ] CMT Rate [ ] Commercial Paper Rate [ ] Eleventh District Cost of Funds Rate [ ] Federal Funds Rate [ ] LIBOR Reuters/Page: [ ] LIBOR Telerate/Page: [ ] Prime Rate [X] Treasury Rate [ ] Other (see attached) If CMT: Designated CMT Maturity Index: __ Year(s) Designated CMT Telerate Page: [ ] 7051 [ ] 7052 If 7052: [ ] Week [ ] Month Spread (+/-): +0.30% Spread Multiplier: Not Applicable Index Maturity: 3 months Index Currency: U.S. dollars Maximum Interest Rate: Not Applicable Minimum Interest Rate: Not Applicable Initial Interest Reset Date: See "Additional Terms of the Notes" Interest Rate Reset Period: Weekly Interest Reset Dates: See "Additional Terms of the Notes" Day Count Convention: [ ] 30/360 [ ] Actual/360 [X] Actual/Actual Business Day Convention [ ] Following [X] Modified Following Redemption: Not Applicable Redemption Date(s): Notice of Redemption: 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: $1,000 and $1,000 increments thereafter Form of Note: [X] Book-entry only [ ] Certificated ADDITIONAL TERMS OF THE NOTES The Initial Interest Rate for the Notes will be equal to the sum of (i) the Treasury Rate having an Index Maturity of three months as determined (as provided in the Prospectus Supplement) in the February 20, 2007 Treasury Bill auction, plus (ii) 0.30%. The per annum Interest Rate payable on the Notes on each Interest Payment Date will be calculated in accordance with the following formula: (TR / N) + 0.30% Where: "TR" means the sum of the Weekly Treasury Rates determined with respect to a Calculation Period. "Weekly Treasury Rate" means the Treasury Rate having an Index Maturity of three months determined weekly as provided in the Prospectus Supplement. "N" means the number of times with respect to a Calculation Period the Weekly Treasury Rate is determined. "Calculation Period" means the period from and including the previous Interest Payment Date (except for the Calculation Period related to the first Interest Payment Date, which shall be from and including the Original Issue Date) to but excluding the related Interest Payment Date. Notwithstanding anything contained in this Pricing Supplement or the Prospectus Supplement to the contrary, the Interest Rate to be used for the two Business Days immediately prior to each Interest Payment Date (including the Stated Maturity Date) will be the Interest Rate in effect on the second Business Day preceding such Interest Payment Date (including the Stated Maturity Date). The Interest Reset Dates shall be on the Tuesday of each week (except as otherwise specified in the Prospectus Supplement). The Initial Interest Reset Date is February 27, 2007. Plan of Distribution Under the terms of and subject to the conditions of a terms agreement under the Third Amended and Restated Distribution Agreement dated March 7, 2006 between TMCC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.("HSBC"), J.P. Morgan Securities Inc. ("JPMorgan"), Morgan Stanley & Co. Incorporated and Toyota Financial Services Securities USA Corporation (the "Distribution Agreement"), HSBC, acting as principal, has agreed to purchase $25,000,000 in principal amount of Notes, JPMorgan, acting as principal, has agreed to purchase $50,000,000 in principal amount of Notes, and TMCC has agreed to sell the Notes at 99.99% of their principal amount. HSBC and JPMorgan may each resell the Notes to one or more investors or to one or more broker-dealers (acting as principal for the purposes of resale) at a price equal to 100% of their principal amount. Under the terms and conditions of the Distribution Agreement, the obligations of HSBC and JPMorgan to purchase the Notes are several and not joint, and in the event of a default by any of HSBC or JPMorgan, TMCC will issue the Notes to the other dealer and the size of the offering will be correspondingly reduced. Under the terms and conditions of the Distribution Agreement, each of HSBC and JPMorgan is committed to take and pay for its own full allocation of the Notes offered hereby if any of such allocation are taken.