Pricing Supplement dated January 27, 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:  $50,000,000                 Trade Date:  January 27, 1995 
Issue Price:  100%                             Original Issue Date:  February 3, 1995 
Interest Rate:  7.55%                          Net Proceeds to Issuer:  $49,952,500 
Interest Payment Dates:  May 15, 1995,         Discount or Commission:  0.095%
 November 15, 1995, May 15, 1996, November 15,
 1996 and January 30, 1997
Stated Maturity Date:  January 30, 1997 


______________________________________________________________________________________




Day Count Convention:
     [x]  30/360 for the period from February 3, 1995 to January 30, 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 99.905%
of the principal amount thereof.  The distribution of the Notes by
Merrill may be effected from time to time in one or more negotiated
transactions, or otherwise, at varying prices to be determined, in
each case, at the time of sale.

            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.

      TMCC may apply for listing of the Notes on the New York Stock
Exchange.  However, there is no assurance that an application for
listing will be made or that any trading market for the Notes will
develop.