Pricing Supplement dated January 5, 1994                                Rule 424(b)(3)
(To Prospectus dated September 1, 1992 and                           File No. 33-50674
Prospectus Supplements dated September 1, 1992 
and January 3, 1994)

                            TOYOTA MOTOR CREDIT CORPORATION

                           Medium-Term Note - Floating Rate
______________________________________________________________________________________

Principal Amount:  $150,000,000                Trade Date:  January 5, 1994
Issue Price:  100%                             Original Issue Date:  January 12, 1994
Initial Interest Rate:  See "Additional
                      Terms of the Notes"      Net Proceeds to Issuer:  $149,913,750
Stated Maturity Date:  January 12, 1996        Discount or Commission:  0.0575%
______________________________________________________________________________________

Calculation Agent:  Goldman, Sachs & Co.

Interest Calculation:
     [x]  Regular Floating Rate Note         [ ]  Floating Rate/Fixed Rate Note
     [ ]  Inverse Floating Rate Note                (Fixed Rate Commencement
            (Fixed Interest Rate):                   Date):
     [ ]  Other Floating Rate Note                  (Fixed Interest Rate):

     Interest Rate Basis:  [ ]  CD Rate    [ ]  Commercial Paper Rate
               [ ]  Eleventh District Cost of Funds Rate    [ ]  Federal Funds Rate
               [ ]  LIBOR     [x]  Treasury Rate       [ ]  Other (see attached)
                         If LIBOR, Designated LIBOR Page:  [ ]  Reuters Page:
                                                           [ ]  Telerate Page:

     Initial Interest Reset Date:  January 18, 1994    Spread (+/-):  +0.15%
     Interest Rate Reset Period:  Weekly               Spread Multiplier:  N/A
     Interest Reset Dates: See "Additional Terms of
                              the Notes"               Maximum Interest Rate:  N/A
     Interest Payment Dates:  April 12, July 12,       Minimum Interest Rate:  0%
                         October 12, January 12        Index Maturity:  3 months
                         commencing April 12, 1994

Day Count Convention:
     [ ]  30/360 for the period from                  to
     [x]  Actual/365 for the period from      1/12/94 to 1/12/96
     [ ]  Other (see attached)                       to

Redemption:
     [x]  The Notes cannot be redeemed prior to the Stated Maturity Date.
     [ ]  The Notes may be redeemed prior to Stated Maturity Date.
          Initial Redemption Date:
          Initial Redemption Percentage:    %
          Annual Redemption Percentage Reduction:     % until Redemption
          Percentage is 100% of the Principal Amount.

Repayment:
     [x]  The Notes cannot be repaid prior to the Stated Maturity Date.
     [ ]  The Notes can be repaid prior to the Stated Maturity Date at the option of
          the holder of the Notes.
          Optional Repayment Date(s):
          Repayment Price:     %

Currency:
     Specified Currency:  U.S. dollars
          (If other than U.S. dollars, see attached)
     Minimum Denominations:  
          (Applicable only if Specified Currency is other than U.S. dollars)

Original Issue Discount:  [ ]  Yes     [x] No
     Total Amount of OID:
     Yield to Maturity:
     Initial Accrual Period:

Form:  [x] Book-entry            [ ] Certificated


                              ___________________________
                                 Goldman, Sachs & Co.



                             ADDITIONAL TERMS OF THE NOTES


Interest

            The Initial Interest Rate for the Medium-Term Notes
offered by this Pricing Supplement (the "Notes") will be equal to
the sum of (i) the Treasury Rate having an Index Maturity of
three months as determined in the January 10, 1994 Treasury bill
auction, as such rate is published in H.15(519) under the heading
"Treasury Bills-auction average (investments)", plus (ii) 0.15%.
Notwithstanding anything contained in the Prospectus Supplement
to the contrary, (i) interest payments on the Notes will include
interest from and including the next preceding Interest Payment
Date in respect of which interest has been paid (or from and
including the Original Issue Date in the case of the first
Interest Payment Date), to but excluding the related Interest
Payment Date; and (ii) the Interest Rate to be used for the two
Business Days immediately prior to each Interest Payment Date
(including the Date of Maturity) will be the Interest Rate in
effect on the Second Business Day preceding such Interest Payment
Dates and the Date of Maturity. The Interest Reset Date shall be
on the Tuesday of each week (except as otherwise specified in the
Prospectus Supplement dated September 1, 1992).

Plan of Distribution

            Under the terms of and subject to the conditions of an
agreement dated as of February 5, 1993, as supplemented by an
Appointment Agreement Confirmation dated January 5, 1994 (the
"Agreement"), between TMCC and Goldman, Sachs & Co., Goldman,
Sachs & Co., acting as principal, has agreed to purchase and TMCC
has agreed to sell the Notes at a discount of 0.0575%. Goldman,
Sachs & Co. proposes to offer the Notes directly to purchasers at
an initial public offering price of 100% of the principal amount
thereof.  After the Notes are released for sale to the public,
the offering price may from time to time be varied by Goldman,
Sachs & Co.  Goldman, Sachs & Co. has been appointed as an
additional Agent as described in the Prospectus Supplement with
respect to the Notes offered hereby.

            Under the terms and conditions of the Agreement,
Goldman, Sachs & Co. is committed to take and pay for all of the
Notes offered hereby if any are taken.