Pricing Supplement dated March 3, 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:  $25,000,000                 Trade Date:  March 3, 1995
Issue Price:  109.88%                          Original Issue Date:  March 10, 1995 
Interest Rate:  17.00%                         Net Proceeds to Issuer:  $27,470,000    
Interest Payment Dates:  September 11, 1995    Discount or Commission: 0.0 %
and March 11, 1996               
Stated Maturity Date:  March 11, 1996  


______________________________________________________________________________________




Day Count Convention:
     [x]  30/360 for the period from March 10, 1995 to March 11, 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



                              ___________________________
                           Morgan Stanley & Co. Incorporated







                         ADDITIONAL TERMS OF THE NOTES

Plan of Distribution

      Under the terms of and subject to the conditions of an
agreement dated December 16, 1993 (the "Agreement") between TMCC
and Morgan Stanley & Co. Incorporated ("Morgan Stanley"), Morgan
Stanley, acting as principal, has agreed to purchase and TMCC has
agreed to sell the Notes at 109.88% of their principal amount.
Morgan Stanley 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 Stanley, 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
Stanley is committed to take and pay for all of the Notes offered
hereby if any are taken.