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

Pricing Supplement dated July 8, 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: 89233P2C9

Principal Amount (in Specified Currency): $100,000,000.
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 8, 2008

Original Issue Date: July 11, 2008

Stated Maturity Date: July 14, 2009

Initial Interest Rate: The Federal Funds Rate with respect to
		       July 10, 2008 plus 0.50%

Interest Payment Period: Quarterly

Interest Payment Dates: October 14, 2008, January 14, 2009,
			April 14, 2009 and July 14, 2009

Net Proceeds to Issuer: $99,990,000

Agent's Discount or Commission: 0.01%

Agents:	Banc of America Securities LLC
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 12, 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 an Appointment
Agreement dated September 25, 2007 and an Appointment Agreement
Confirmation dated July 8, 2008 (collectively, the "Appointment
Agreement") between TMCC and Banc of America Securities LLC
("Banc of America"), Banc of America, acting as principal, has
agreed to purchase and TMCC has agreed to sell the notes identified
herein.  Under the terms and conditions set forth in 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,
as amended from time to time, incorporated by reference in the
Appointment Agreement, Banc of America is committed to take and pay
for all of the Notes offered hereby, if any are taken.