Pricing Supplement dated June 5, 1996                             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:  $10,000,000               Trade Date: June 5, 1996
Issue Price: See  Additional Terms of the    Original Issue Date: June 17, 1996
 Notes - Plan of Distribution 
Interest Rate: 7.00%                         Net Proceeds to Issuer:  $9,865,000
Interest Payment Dates: Monthly on the       Principal's Discount or
 17th of each month, commencing July 17, 1996    Commission: 1.35% 
Stated Maturity Date: June 17, 2003          


______________________________________________________________________________________




Day Count Convention:
    [x]  30/360 for the period from June 17, 1996 to June 17, 2003 
    [ ]  Actual/365 for the period from               to
    [ ]  Other (see attached)                       to

Redemption:
    [ ] The Notes cannot be redeemed prior to the Stated Maturity Date.
    [x] The Notes may be redeemed prior to Stated Maturity Date.
        Initial Redemption Date: June 17, 1998 
        Initial Redemption Percentage:  100%
        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

Redemption

         The Notes are subject to redemption by TMCC, in whole but not in part,
on the Initial Redemption Date and on any Interest Payment Date occurring in
June or December thereafter subject to not less than 30 nor more than 60 days'
prior notice.

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 98.65% of their principal amount. Merrill 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 Merrill. 

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

Certain U.S. Tax Considerations

              The following is a summary of the principal U.S. federal income
tax consequences of ownership of the Notes.  The summary concerns U.S. Holders
(as defined in the Prospectus Supplement) who hold the Notes as capital assets
and does not deal with special classes of holders such as dealers in
securities or currencies, persons who hold the Notes as a hedge against
currency risks or who hedge any currency risks of holding the Notes, tax-
exempt investors, or U.S. Holders whose functional currency is other than the
U.S. dollar or persons who acquire, or for income tax purposes are deemed to
have acquired, the Notes in an exchange, or for property other than cash.  The
discussion below is based upon the Internal Revenue Code of 1986, as amended,
and final, temporary and proposed United States Treasury Regulations.  Persons
considering the purchase of the Notes should consult with and rely solely upon
their own tax advisors concerning the application of U.S. federal income tax
laws to their particular situations as well as any consequences arising under
the laws of any other domestic or foreign taxing jurisdiction.

              Except where otherwise indicated below, this summary supplements
and, to the extent inconsistent, replaces the discussion under the caption
"United States Taxation" in the Prospectus Supplement.


              U.S. Holders.  Although there is a possibility that the Notes will
not be outstanding until the Stated Maturity Date, the general rule under the
regulations regarding OID is that in determining the yield and maturity of a
debt instrument that provides an issuer with an unconditional option or
options, exercisable on one or more dates during the term of the debt
instrument, that if exercised require payments to be made on the debt
instrument under an alternative schedule, the issuer will be deemed to
exercise such option or combination of options in a manner that minimizes the
yield on the debt instrument. Under the foregoing rules, the Notes are treated
as if they will not be redeemed by TMCC, and thus as if they were to remain
outstanding until the Stated Maturity Date. Under the foregoing principles,
the amount payable with respect to a Note at the Fixed Interest Rate should be
includible in income by a U.S. Holder as ordinary interest at the time the
interest payments are accrued or are received in accordance with such U.S.
Holder's regular method of tax accounting.