FWP 1 mlmtn898fwp.txt Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-132201 Dated June 9, 2008 2-year NC 6-month Callable Fixed Rate Note Final Terms and Conditions Issuer: Toyota Motor Credit Corporation Issue Type: U.S. MTN Principal Amount: $40,000,000 (may be increased prior to Issue Date) CUSIP: 89233PY75 Trade Date: June 9, 2008 Issue Date: June 16, 2008 Maturity Date: June 16, 2010 Issue Price: 100.0% Re-Offer Price: 100.0% Proceeds: 100.0%. The Underwriter or its affiliate will enter into swap transactions with the Issuer to hedge the Issuer's obligations under the Notes. The Underwriter and its affiliates expect to realize a profit in connection with these swap transactions. Interest Rate: 3.75% per annum Interest Payment Dates: Semi-annually on each June 16 and December 16, commencing December 16, 2008 Issuer's Call Option: Callable in whole but not in part, at par, on any Interest Payment Date commencing on December 16, 2008 provided that the Issuer gives 10 calendar days' notice Underwriter: Merrill Lynch, Pierce, Fenner & Smith Incorporated Business Day: New York Business Day Convention: Following, unadjusted Day Count Convention: 30/360 Denomination: $10,000 by $1,000 Form of Note: Book-entry The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus 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 visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Merrill Lynch, Pierce, Fenner & Smith Incorporated will arrange to send you the prospectus if you request it by calling toll-free 1-866-500-5408. 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.