Pricing Supplement dated October 7, 1994                                Rule 424(b)(3)
(To Prospectus dated March 9, 1994 and                               File No. 33-52359
Prospectus Supplement dated March 9, 1994) 



                            TOYOTA MOTOR CREDIT CORPORATION

                             Medium-Term Note - Fixed Rate

______________________________________________________________________________________


Principal Amount:  $100,000,000                Trade Date:  October 7, 1994
Issue Price:  100%                             Original Issue Date:  October 17, 1994
Interest Rate:  6.875%                         Net Proceeds to Issuer:  $99,859,000
Interest Payment Dates:  November 15 and       Discount or Commission:  0.141%
 May 15, commencing November 15, 1994           
Stated Maturity Date:  October 15, 1996


______________________________________________________________________________________




Day Count Convention:
     [x]  30/360 for the period from October 17, 1994 to October 15, 1996
     [ ]  Actual/365 for the period from             to
     [ ]  Other (see attached)                                                         
                                                                                       
                                                                                       
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:  Not applicable
          Initial Redemption Percentage:  Not applicable
          Annual Redemption Percentage Reduction:  Not applicable

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
                              ___________________________
                              J.P. Morgan Securities Inc.






                         ADDITIONAL TERMS OF THE NOTES

Plan of Distribution

      Under the terms of and subject to the conditions of a
Distribution Agreement dated as of October 17, 1991, as amended,
(the "Agreement"), between TMCC and J.P. Morgan Securities Inc.
("Morgan"), Morgan, acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at 100% of their principal
amount. Morgan may resell the Notes to one or more investors or
to one or more broker-dealers (acting as principal for the
purpose of resale) at varying prices related to prevailing market
prices at the time of resale, as determined by Morgan, or if so
agreed, at a fixed public offering price.  After the initial
public offering of the Notes, the public offering price may be
changed.

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