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

Pricing Supplement dated July 2, 2008
(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: 89233P2A3

Principal Amount (in Specified Currency): $205,000,000.
TMCC may increase the Principal Amount prior to the Original Issue
Date but is not required to do so.

Issue Price: 100%

Trade Date: July 2, 2008

Original Issue Date: July 8, 2008

Stated Maturity Date: August 3, 2009

Initial Interest Rate: The Federal Funds Rate with respect to
		       July 7, 2008 plus 0.50%

Interest Payment Period: Quarterly

Interest Payment Dates: October 8, 2008, January 8, 2009,
			April 8, 2009, July 8, 2009 and August 3, 2009

Net Proceeds to Issuer: $204,979,500

Agent's Discount or Commission: 0.01%

Agents:	J.P. Morgan Securities Inc.
	Citigroup Global Markets 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
	[X] Federal Funds Rate
	[ ] LIBOR Reuters/Page:
	[ ] LIBOR Telerate/Page:
	[ ] Prime Rate
	[ ] Treasury Rate
	[ ] Other (see attached)

If CMT:
Designated CMT Maturity Index:
	__ Year(s)
Designated CMT Telerate Page:
	[ ] 7051
	[ ] 7052
If 7052:
	[ ] Week
	[ ] Month

Spread (+/-): +0.50%
Spread Multiplier: Not Applicable
Index Maturity: Not Applicable
Index Currency: Not Applicable
Maximum Interest Rate: Not Applicable
Minimum Interest Rate: Not Applicable

Initial Interest Reset Date: July 9, 2008

Interest Rate Reset Period: Daily

Interest Reset Dates: Each Business Day

Interest Determination Date: One Business Day preceding the related
			     Interest Reset Date

Day Count Convention:
	[ ]  30/360
	[X]  Actual/360
	[ ]  Actual/Actual

Business Day Convention
	[X] Following
	[ ] Modified Following

Redemption: Not Applicable
Redemption Date(s):
Notice of Redemption:

Repayment: Not Applicable
Optional Repayment Date(s):
Repayment Price:

Original Issue Discount: No

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

Interest

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).

Plan of Distribution

Under the terms of and subject to the conditions of 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.,
J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and
Toyota Financial Services Securities USA Corporation ("TFSS USA")
(such agreement, the "Distribution Agreement"), J.P. Morgan Securities
Inc., acting as principal, has agreed to purchase and TMCC has agreed
to sell to J.P. Morgan Securities Inc. $150,000,000 in principal amount
of the Notes (the "J.P. Morgan Notes") at 99.99% of such principal
amount.  J.P. Morgan Securities Inc. will receive a discount or commission
equal to 0.01% of such principal amount.   Under the terms of and subject
to the conditions of the Distribution Agreement, Citigroup Global Markets
Inc., acting as principal, has agreed to purchase and TMCC has
agreed to sell to Citigroup Global Markets Inc. $55,000,000 in principal
amount of the Notes (the "Citgroup Notes") at 99.99% of such principal
amount.  Citigroup Global Markets Inc. will receive a discount or
commission equal to 0.01% of such principal amount.

Under the terms and conditions of the Distribution Agreement, the
obligations of J.P. Morgan Securities Inc. and Citigroup Global Markets
Inc. to purchase the J.P. Morgan Notes and the Citigroup Notes,
respectively, are several and not joint, and in the event of a default
by either of J.P. Morgan Securities Inc. or Citigroup Global Markets Inc.,
TMCC will issue the Notes to the other dealer only and the size of the
offering will be correspondingly reduced. Under the terms and conditions
of the Distribution Agreement, each of J.P. Morgan Securities Inc. and
Citigroup Global Markets Inc., is committed to take and pay for its own
full allocation of the Notes offered hereby if any of such allocation is
taken.