Pricing Supplement dated January 9, 1995                                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                    Trade Date:  January 9, 1995 
Issue Price:  100%                             Original Issue Date:  January 17, 1995 
Interest Rate:  8.05%                          Net Proceeds to Issuer:  $99,900 
Interest Payment Dates:  May 15, 1995,         Discount or Commission:  0.1%
 November 15, 1995, May 15, 1996, November 15,
 1996 and January 17, 1997
Stated Maturity Date:  January 17, 1997 


______________________________________________________________________________________




Day Count Convention:
     [x]  30/360 for the period from January 17, 1995 to January 17, 1997 
     [ ]  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



                              ___________________________
                                 Merrill Lynch & 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 Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("Merrill"), Merrill, acting as principal,
has agreed to purchase and TMCC has agreed to sell the Notes at
99.9% of the principal amount thereof.  Merrill proposes to offer
the Notes 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 Merrill.

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