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

Amended Pricing Supplement dated April 30, 2007
(amends the Pricing Supplement dated April 18, 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 Curve Steepening 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: 89233PE36

Principal Amount (in Specified Currency): $80,000,000
Issue Price: 100%
Trade Date: April 18, 2007
Original Issue Date: May 2, 2007
Stated Maturity Date: May 4, 2022

Initial Interest Rate: 10.0%
Interest Rate: See "Additional Terms of the Notes"
Interest Payment Period: Quarterly
Interest Payment Dates: The 4th of February, May, August and November
of each year, commencing August 4, 2007

Net Proceeds to Issuer: 100%
Agent's Discount or Commission: 0.0%
Agent: Merrill Lynch, Pierce, Fenner & Smith Incorporated
Agent's Capacity: Principal

Calculation Agent: Merrill Lynch Capital Services

Day Count Convention: 30/360
Business Day Convention: Following (no adjustment for interest period
end dates)

Redemption: TMCC has the right to redeem the Notes in whole but not in
part at par on the Redemption Dates and subject to the Notice of
Redemption
Redemption Dates: The 4th of February, May, August and November of
each year, commencing May 4, 2009
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: $66,231,812.08
Yield to Maturity: Contingent
Initial Accrual Period: May 2, 2007 to but excluding May 3, 2007

Specified Currency: U.S. dollars
Minimum Denominations: $1,000
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 May 4, 2009
at the Initial Interest Rate. The Notes will bear interest from and
including the Interest Payment Date on May 4, 2009 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") at a rate equal to the greater of (i) 0.0% and (ii) a rate
calculated in accordance with the following formula:

50 x (30-Year CMS Rate minus 10-Year CMS Rate)

Where:

"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 as of 11:00 a.m., New York City time on the
applicable Interest Determination Date; 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; and

"10-Year CMS Rate" is the rate for U.S. dollar swaps with a
constant maturity of 10 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 as of 11:00 a.m., New York City time on the
applicable Interest Determination Date; 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 10-Year CMS Rate will be determined by
the Calculation Agent in good faith and in a commercially
reasonable manner.

       "Interest Determination Date" means the second New York Business
Day (as that term is defined in the Prospectus Supplement) preceding
the first day of each applicable Interest Calculation Period.

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 10-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 the 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 0.0%.

       The 30-Year CMS Rate and the 10-Year CMS Rate are floating rates.
During the Floating Rate Interest Period, the Notes will bear interest
with respect to any Interest Calculation Period based on a multiple of
the difference between the 30-Year CMS Rate and the 10-Year CMS Rate,
as determined on the related Interest Determination Date. The Notes
will bear interest at a rate of 0.0% per annum with respect to any
Interest Calculation Period with respect to which the 10-Year CMS Rate
is greater than or equal to the 30-Year CMS Rate, as determined on the
related Interest Determination Date.

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 with respect to any Interest Calculation Period based on a
multiple of the difference between the 30-Year CMS Rate and the 10-
Year CMS Rate, as determined on the related Interest Determination
Date. The Notes will bear interest at a rate of 0.0% per annum with
respect to any Interest Calculation Period with respect to which the
10-Year CMS Rate is greater than or equal to the 30-Year CMS Rate, as
determined on the related Interest Determination Date. As a result, if
on any Interest Determination Date the difference between the 30-Year
CMS Rate and the 10-Year CMS Rate is small, or the 10-Year CMS Rate is
greater than or equal to the 30-Year CMS Rate, the effective yield on
the Notes with respect to the related Interest Calculation Period
during the Floating Rate Interest Period will be less than what would
be payable on conventional, floating-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 30-Year CMS Rate and the 10-Year CMS Rate, 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 30-Year CMS Rate
and the 10-Year CMS Rate. For example, a decrease in the 30-Year CMS
Rate rates combined with either an increase or no change in the 10-
Year CMS Rate rates could cause a decrease in the market value of
the Notes. Conversely, although an increase in the 30-Year CMS Rate
relative to the 10-Year CMS Rate could cause an increase in the
market value of the Notes, it would also increase the likelihood of
the Notes being redeemed. The 30-Year CMS Rate and the 10-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 30-Year CMS Rate and 10-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 Floating Rate Interest Period.

The Historical Performance Of The 30-Year CMS Rate and the 10-
Year CMS Rate Is Not An Indication Of The Future Performance Of
The 30-Year CMS Rate and the 10-Year CMS Rate.

       The historical performance of the 30-Year CMS Rate and the 10-
Year CMS Rate should not be taken as an indication of the future
performance of the 30-Year CMS Rate and the 10-Year CMS Rate during
the term of the Notes. During the Floating Rate Interest Period,
changes in the 30-Year CMS Rate and the 10-Year CMS Rate rates will
affect the trading price of the Notes, but it is impossible to predict
whether the 30-Year CMS Rate or the 10-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

        August 4, 2007 				 $    25.56
        November 4, 2007 			 $    25.00
        February 4, 2008			 $    25.00
        May 4, 2008 				 $    25.00
        August 4, 2008 				 $    25.00
        November 4, 2008 			 $    25.00
        February 4, 2009			 $    25.00
        May 4, 2009 				 $    25.00
        August 4, 2009 				 $    24.20
        November 4, 2009 			 $    22.50
        February 4, 2010			 $    20.85
        May 4, 2010 				 $    19.15
        August 4, 2010 				 $    17.58
        November 4, 2010 			 $    16.16
        February 4, 2011			 $    14.88
        May 4, 2011 				 $    13.67
        August 4, 2011 				 $    12.46
        November 4, 2011 			 $    11.31
        February 4, 2012			 $    10.82
        May 4, 2012 				 $    10.82
        August 4, 2012 				 $    10.82
        November 4, 2012 			 $    10.82
        February 4, 2013			 $    10.82
        May 4, 2013 				 $    10.82
        August 4, 2013 				 $    10.82
        November 4, 2013 			 $    10.82
        February 4, 2014			 $    10.82
        May 4, 2014 				 $    10.82
        August 4, 2014 				 $    10.82
        November 4, 2014 			 $    10.82
        February 4, 2015			 $    10.82
        May 4, 2015 				 $    10.82
        August 4, 2015 				 $    10.82
        November 4, 2015 			 $    10.82
        February 4, 2016			 $    10.82
        May 4, 2016 				 $    10.82
        August 4, 2016 				 $    10.82
        November 4, 2016 			 $    10.82
        February 4, 2017			 $    10.82
        May 4, 2017 				 $    10.82
        August 4, 2017 				 $    10.82
        November 4, 2017 			 $    10.82
        February 4, 2018			 $    10.82
        May 4, 2018 				 $    10.82
        August 4, 2018 				 $    10.82
        November 4, 2018 			 $    10.82
        February 4, 2019			 $    10.82
        May 4, 2019 				 $    10.82
        August 4, 2019 				 $    10.82
        November 4, 2019 			 $    10.82
        February 4, 2020			 $    10.82
        May 4, 2020 				 $    10.82
        August 4, 2020 				 $    10.82
        November 4, 2020 			 $    10.82
        February 4, 2021			 $    10.82
        May 4, 2021 				 $    10.82
        August 4, 2021 				 $    10.82
        November 4, 2021 			 $    10.82
        February 4, 2022			 $    10.82
        May 4, 2022 				 $  1010.82

       This projected payment schedule represents an estimated yield
(required to equal the "comparable yield") on the Notes equal to 6.00%
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 interest on the
Note that is 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 each daily accrual period will equal the product of this
estimated yield (properly adjusted for the daily accrual period) and
the Note's adjusted issue price (as defined below) at the beginning of
the daily 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

        2007 		 	 $ 39.18
        2008			 $ 57.01
        2009			 $ 54.43
        2010			 $ 52.54
        2011			 $ 51.96
        2012 		 	 $ 52.32
        2013			 $ 52.86
        2014			 $ 53.45
        2015			 $ 54.07
        2016			 $ 54.72
        2017			 $ 55.42
        2018			 $ 56.16
        2019			 $ 56.94
        2020			 $ 57.77
        2021			 $ 58.65
        2022			 $ 20.44

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."

PLAN OF DISTRIBUTION
       Under the terms and subject to the conditions of a Terms
Agreement dated as of April 18, 2007 between TMCC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (such agreement,
the "Terms Agreement") under the Third Amended and Restated
Distribution Agreement dated as of March 7, 2006 among TMCC and
Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Morgan
Stanley & Co. Incorporated and Toyota Financial Services Securities
USA Corporation (such agreement, together with the Terms Agreement,
the "Distribution Agreement"), Merrill Lynch, acting as principal, has
agreed to purchase all of the Notes at 100% of the Principal Amount.
Under the terms and subject to the conditions of the Distribution
Agreement, Merrill Lynch is committed to take and pay for all of the
Notes, if any are taken.

       Under the terms and subject to the conditions of the Distribution
Agreement, Merrill Lynch has agreed to comply with the following
selling restrictions: (i) it will comply with all applicable laws and
regulations known by it, or that should have reasonably been known by
it, in each jurisdiction in which it purchases, offers or sells the
Notes or possesses or distributes the Prospectus or Prospectus
Supplement, any applicable permitted free writing prospectus or any
other offering material and will obtain any consent, approval or
permission required by it for the purchase, offer or sale by it of the
Notes under the laws and regulations in force in any jurisdiction to
which it is subject or in which it makes such purchases, offers or
sales and TMCC shall have no responsibility therefor, and (ii) it will
not offer, sell or deliver any of the Notes directly or indirectly, or
distribute any such offering material in or from any jurisdiction
except under circumstances which will result in compliance with
applicable laws and regulations and which will not impose any
obligation on TMCC.