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

Pricing Supplement dated December 17, 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: 89233P2Y1

Principal Amount (in Specified Currency): $25,000,000.
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 17, 2008

Original Issue Date: December 19, 2008

Stated Maturity Date: December 21, 2009

Initial Interest Rate: One month LIBOR determined on December 17, 2008
plus 1.32%, accruing from December 19, 2008

Interest Payment Period: Monthly

Interest Payment Dates: The 19th of each calendar month, commencing January
19, 2009 and on the Stated Maturity Date; see "Additional Terms of the
Notes"

Net Proceeds to Issuer: $24,992,500

Agent's Discount or Commission: 0.03%

Agent: Banc of America Securities LLC

Agent's 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
	[ ] Federal Funds Rate
	[ ] LIBOR Reuters/Page:
	[X] LIBOR Telerate/Page: 3750
	[ ] 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 (+/-): + 1.32%
Spread Multiplier: N/A
Index Maturity: 1 month
Index Currency: U.S. Dollars
Maximum Interest Rate: N/A
Minimum Interest Rate: N/A

Initial Interest Reset Date: January 19, 2009

Interest Rate Reset Period: Monthly

Interest Reset Dates: The 19th of each calendar month, commencing
January 19, 2009

Interest Determination Date: The second London Banking Day preceding each
Interest Reset Date

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

Business Day Convention
	[ ] Following
	[X] Modified Following

Redemption: Not Applicable
Redemption Dates:
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

Notwithstanding anything to the contrary herein, the final payment
of interest on the Notes will be a long coupon.  Accordingly,
December 19, 2009 will not be an Interest Payment Date, and the Stated
Maturity Date will be an Interest Payment Date.

Plan of Distribution

Under the terms of and subject to the conditions of an Appointment
Agreement dated December 17, 2008 (the "Appointment Agreement")
between TMCC and Banc of America Securities LLC ("BofA"),
BofA, 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, BofA is committed
to take and pay for all of the Notes offered hereby, if any are taken.