Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-132201
Dated October 16, 2007

Final terms and conditions

Issuer:			Toyota Motor Credit Corporation

Lead Manager: 		Nomura Securities International, Inc.

Rating: 		Aaa/AAA

Currency: 		USD

Trade Date: 		October 16, 2007

Issue Date: 		October 31, 2007

Maturity Date:		October 31, 2027

Issue Price: 		100.00%

Redemption Price: 	100.00%

Nominal Amount: 	USD 10,000,000 (may be increased prior to
			Issue Date)

Denomination: 		USD 10,000 x USD 1,000

Coupon per Denomination:

			Year 1: Denomination x 9.00%
			Year 2 - Year 10: Denomination x 9.00% x n/N
			Year 11 - Year 15: Denomination x 10.00% x n/N
			Year 16 - Year 20: Denomination x 20.00% x n/N

Where:

"n" is the number of calendar days in the relevant Calculation
Period, as determined by the Calculation Agent, on which the
Reference Spread as observed on such calendar day fixes on or
above the Barrier for that Calculation Period.

"N" is the total number of calendar days in the corresponding
Interest Period to "n" above.

"Interest Period" is the period beginning on and including the
Issue Date and ending on but excluding the first Interest Payment
Date and each successive period beginning on and including an
Interest Payment Date and ending on but excluding the next
succeeding Interest Payment Date.

Reference Spread: 	(30-year CMS minus 10-year CMS)

Where,
"30-year CMS" means the USD Constant Maturity Swap ("CMS") Rate
(USD-ISDA-Swap Rate) with a Designated Maturity of 30 years as
quoted on a semi-annual, 30/360 basis vs. 3 month USD LIBOR as
observed in the first column (11:00 a.m. New York fixing) on
Reuters Page ISDAFIX1 by the Calculation Agent on each U.S.
Government Securities Business Day during the relevant Calculation
Period (ISDA Definitions amended accordingly).

"10-year CMS" means the USD CMS Rate (USD-ISDA-Swap Rate) with a
Designated Maturity of 10 years as quoted on a semi-annual, 30/360
basis vs. 3 month USD LIBOR as observed in the first column (11:00
a.m. New York fixing) on Reuters Page ISDAFIX1 by the Calculation
Agent on each U.S. Government Securities Business Day during the
relevant Calculation Period (ISDA Definitions amended
accordingly).

Reference Spread Observation:
The Calculation Agent shall observe the Reference Spread on each
calendar day in an Interest Period. Provided that:

(1)	Prior to the Rate Cut-off Date, the Reference Spread for a
calendar day, which is a non-U.S. Government Securities
Business Day, shall be deemed to be the Reference Spread as
observed on the previous day that was a U.S. Government
Securities Business Day.

(2)	The Reference Spread for the period after the Rate Cut-off
Date through to the end of such Interest Period shall be
deemed to be the Reference Spread as observed on the Rate
Cut-off Date for that Interest Period.

Rate Cut Off Date:
5 U.S. Government Securities Business Days prior to the Interest
Payment Date for the relevant Interest Period.

Barrier	: 			0.00%

Day Count Fraction:		30/360

Interest Payment Dates:		Semi-Annual

Business Day Convention:	Following, unadjusted

Business Days:
For Reference Rate Observations:  	U.S. Government Securities
					Business Days
For Payments: 			London and New York Business Days
For Call Notice Period: 	London and New York Business Days

Issuer Call:
Callable in whole, but not in part, at 100.00% on every Interest
Payment Date from and including October 31, 2008 to and including
April 30, 2027.

Call Notice Period:		10 calendar days

Calculation Agent:		Nomura Global Financial Products Inc.

Selling Restrictions:
See prospectus. No purchase, offer, sale, resale or delivery of
any Notes or distribution of any offering material relating to the
Notes may be made in or from any jurisdiction except in
circumstances which will result in compliance with any applicable
laws and regulations and which will not impose any obligation on
the Issuer or the Calculation Agent.

Terms of Sale:
Any sale of Notes pursuant to this term sheet shall be to the
Purchaser on a principal-to-principal basis for the Purchaser's
own account. Reoffer fees payable by the Underwriter may be
payable.

Governing Law:			New York

Documentation:			US MTN Program

Cusip:				89233PL95

The issuer has filed a registration statement (including a
prospectus) with the U.S. Securities and Exchange Commission (SEC)
for this offering.  Before you invest, you should read the
prospectus for this offering in that registration statement, and
other 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 searching the SEC online database
(EDGAR(r)) at www.sec.gov.  Alternatively, you may obtain a copy of
the prospectus from Nomura Securities International, Inc. by
calling (212) 667-2222.

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