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

Pricing Supplement dated December 11, 2008
(To Prospectus dated March 7, 2006
and Prospectus Supplement dated March 7, 2006)

TOYOTA MOTOR CREDIT CORPORATION
Medium-Term Notes, Series B - Fixed 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: 89233P2W5

Principal Amount (in Specified Currency): $20,000,000.
TMCC may increase the Principal Amount prior to the Original Issue
Date but is not required to do so.

Issue Price: 100%

Trade Date: December 11, 2008

Original Issue Date: December 16, 2008

Stated Maturity Date:  December 18, 2009

Interest Rate: 2.70% per annum

Interest Payment Dates: June 18, 2009 and December 18, 2009

Net Proceeds to Issuer: $19,994,000

Agent's Discount or Commission: 0.03%

Agent: Morgan Stanley & Co. Incorporated

Agent's Capacity:
	[ ] Agent
	[X] Principal

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

Business Day Convention: Following, unadjusted

Redemption: Not Applicable
Redemption Dates:
Notice of Redemption:

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




Original Issue Discount:  No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:

Specified Currency: U.S. dollars

Minimum Denominations: $1,000 and $1,000 increments thereafter
Form of Note:
	[X] Book-entry only
	[ ] Certificated