FWP 1 mtn912fwp.txt Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No. 333-132201 Dated July 9, 2008 Toyota Motor Credit Corporation Medium Term Notes, Series B - Floating Rate Pricing Term Sheet Issuer: Toyota Motor Credit Corporation Issuer Ratings: Aaa/AAA CUSIP: 89233P2D7 Trade Date: July 9, 2008 Settlement Date: July 14, 2008 Stated Maturity Date: January 14, 2010 Principal Amount: $100,000,000 (may be increased prior to the Settlement Date) Interest: The Notes will bear interest on each calendar day at a rate equal to the Federal Funds Open Rate for that day + 40 basis points. The "Federal Funds Open Rate" means the rate for U.S. dollar federal funds on the relevant Interest Determination Date as displayed on Bloomberg Screen FEDSOPEN or any other successor screen for determining such rate available on Bloomberg. For the avoidance of doubt, the Federal Funds Open Rate on any Interest Determination Date that is not a Business Day will equal the Federal Funds Open Rate applicable to the immediately preceding Business Day. If the rate referred to above is not displayed on Bloomberg by 4:00 P.M. New York City time, on the relevant Interest Determination Date, then the following procedures will apply: (1) the Federal Funds Open Rate, for the relevant Interest Determination Date, will be the rate for that day displayed on Reuters Telerate page 5 under the heading "Federal Funds" and opposite the caption "Open", or any successor page for determining such rate available on Reuters Telerate, or (2) if the rate referred to in clause (1) above is not displayed on Reuters Telerate by 4:00 P.M. New York City time, on the relevant Interest Determination Date, then the Federal Funds Open Rate, for the relevant Interest Determination Date, will be the rate for that day as displayed on Bloomberg Screen FEDSPREB or any successor screen for determining such rate available on Bloomberg, or (3) if the rate referred to in clause (2) above is not displayed on Bloomberg by 4:00 P.M. New York City time, on the relevant Interest Determination Date, then the Federal Funds Open Rate, for the relevant Interest Determination Date, will be calculated by the Calculation Agent as the arithmetic mean of the rates for the last transaction in overnight, U.S. dollar federal funds, arranged before 9:00 A.M., New York City time, on the relevant Interest Determination Date, quoted by three leading brokers of U.S. dollar federal funds transactions in New York City selected by the Calculation Agent, or (4) if the Federal Funds Open Rate is not available from any of the foregoing sources, the Federal Funds Open Rate on the relevant Interest Determination Date will equal the Federal Funds Open Rate on the last day on which it was available. Interest Payment Dates: Quarterly, on the 14th of each January, April, July and October, commencing October 14, 2008 Interest Reset Dates: Each calendar day Interest Determination Dates: The same day as the related Interest Reset Date Interest Rate Reset Cutoff: Beginning two Business Days prior to each Interest Payment Date, the interest rate applicable for the remainder of the related interest period to but excluding the related Interest Payment Date shall be the Federal Funds Open Rate in effect on the second Business Day preceding the Interest Payment Date. Issue Price: 100.00% Underwriter's Discount or Commission: 0.01% Net Proceeds to Issuer: $99,990,000 Day Count Convention: Actual/360 Business Day Convention: Following, adjusted Business Days: New York Minimum Denominations: $1,000 and $1,000 increments thereafter Underwriter: Barclays Capital Inc. Calculation Agent: Deutsche Bank Trust Company Americas DTC Number: #7256 Note: A credit rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time This pricing term sheet supplements the prospectus supplement issued by Toyota Motor Credit Corporation on March 7, 2006 relating to its prospectus dated March 7, 2006. Capitalized terms used herein but not otherwise defined shall have the meanings assigned to them therein. The issuer has filed a registration statement (including a prospectus) with the 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 web at www.sec.gov. 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