Pricing Supplement dated December 14, 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:  $37,500,000                 Trade Date:  December 14, 1994
Issue Price:  107.518%                         Original Issue Date:  December 21, 1994
Interest Rate:  15.00%                         Net Proceeds to Issuer:  $40,271,250
Interest Payment Dates:  May 15, 1995,         Principal's Discount or
   November 15, 1995 and December 29, 1995     Commission: .128%
Stated Maturity Date:  December 29, 1995


______________________________________________________________________________________




Day Count Convention:
     [x]  30/360 for the period from December 21, 1994 to December 29, 1995
     [ ]  Actual/365 for the period from             to
     [ ]  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:  N/A
          Initial Redemption Percentage:  N/A
          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





                              ___________________________
                                 Goldman, Sachs & Co.





                         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 Goldman, Sachs & Co.,
Goldman, Sachs & Co., acting as principal, has agreed to purchase
and TMCC has agreed to sell the Notes at 107.39% of their
principal amount. Goldman, Sachs & Co. proposes to offer the
Notes at an initial public offering price of 107.518% 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.  

      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.