Pricing Supplement dated September 23, 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 - Floating Rate/Fixed Rate

________________________________________________________________________________


Principal Amount:  $23,000,000               Trade Date: September 11, 1996
Issue Price:  100%                       Original Issue Date: September 23, 1996
Interest Rate:  See Addendum                 Net Proceeds to Issuer: $23,000,000
Interest Payment Dates: See Addendum         Principal's Discount or
Stated Maturity Date: September 23, 1998       Commission: 0.0%


________________________________________________________________________________

Calculation Agent:  Bankers Trust Company
Interest Calculation:
    [ ]  Regular Floating Rate Note  [X]  Floating Rate/Fixed Rate Note
    [ ]  Inverse Floating Rate Note         (Fixed Rate Commencement
          (Fixed Interest Rate):             Date): See Addendum
    [ ]  Other Floating Rate Note            (Fixed Interest Rate): See Addendum
          (see attached)

    Interest Rate Basis: [ ]  CD Rate [ ] Commercial Paper Rate [ ] Prime Rate
            [ ]  Eleventh District Cost of Funds Rate [ ]  Federal Funds Rate
            [X]  LIBOR   [ ]  Treasury Rate       [ ]  Other (see attached)
                     If LIBOR, Designated LIBOR Page:  [ ]  Reuters Page:
                                              [x]  Telerate Page: 3750

    Initial Interest Reset Date: December 23, 1996    Spread (+/-): +.20%
    Interest Rate Reset Period: Quarterly             Spread Multiplier:  N/A
    Interest Reset Dates:    December 23,         Maximum Interest Rate: N/A
        March 23, June 23 and September 23
    Interest Payment Dates: December 23,          Minimum Interest Rate:  N/A
      March 23, June 23, and September 23,            Index Maturity: 3 month 
      commencing December 23, 1996                Index Currency:  U.S.


Day Count Convention:
    [x]  30/360 for the period from the Fixed Rate Commencement Date to
         September 23, 1998 
    [x]  Actual/360 for the period from September 23, 1996 to but excluding the
         Fixed Rate Commencement Date
    [ ]  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: September 23, 1997 
        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


                          ___________________________
                                Lehman Brothers 


                 ADDENDUM - ADDITIONAL TERMS OF THE NOTES

Interest

              The Floating Rate/Fixed Rate Notes (the "Notes")
offered by this Pricing Supplement shall bear interest at a
floating rate from the Original Issue Date to but excluding the
Fixed Rate Commencement Date.  Thereafter, the Notes shall bear
interest at a fixed rate.  

              The Initial Interest Rate for the Notes shall be equal
to LIBOR determined on September 19, 1996 plus 0.20%.

              Notwithstanding anything contained in the Prospectus or
the Prospectus Supplement to the contrary, for so long as the
Notes bear interest at the floating rate, the Interest
Determination Date with respect to each Interest Reset Date shall
be the second New York and London Business Day preceding such
Interest Reset Date. For purposes of this pricing supplement, a
"New York and London Business Day" shall mean a day which is both
(x) any day other than a Saturday or Sunday, or any other day on
which banks in the City of New York are generally authorized or
obligated by law or executive order to close; and (y) any day on
which dealings in deposits in U.S. dollars are transacted in the
London interbank market.

              Notwithstanding anything contained in the Prospectus or
the Prospectus Supplement to the contrary, if any Interest
Payment Date with respect to an Interest Calculation Period that
commenced on an Interest Reset Date on which the applicable
interest rate is a Floating Rate would otherwise be a day that is
not a New York Business Day, such Interest Payment Date will be
the next succeeding day that is a New York Business Day except if
such New York Business Day falls in the next succeeding calendar
month, such Interest Payment Date will be the immediately
preceding New York Business Day, and interest payments will equal
the amount of interest accrued from and including the next
preceding Interest Payment Date in respect of which interest has
been paid to but excluding the related Interest Payment Date. 
Notwithstanding anything to the contrary in the Prospectus or the
Prospectus Supplement, if either any Interest Payment Date with
respect to an Interest Calculation Period that commenced on an
Interest Reset Date on which the applicable interest rate is a
Fixed Rate or Maturity falls on a day that is not a New York
Business Day, the related payment of interest will be made on the
next succeeding New York Business Day as if made on the date such
payment was due, and no interest will accrue on the amount so
payable for the period from and after such Interest Payment Date
or Maturity, as the case may be.  For purposes of this pricing
supplement, a "New York Business Day" shall mean a day which is
any day other than a day which is a Saturday or Sunday or any
other day on which banks in the City of New York are generally
authorized or obligated by law or executive order to close.

              The Fixed Rate Commencement Date shall be September 23,
1997, except that TMCC may elect that either March 23, 1997 or
June 23, 1997 shall be the Fixed Rate Commencement Date, in which
event such date shall be the Fixed Rate Commencement Date.  TMCC
shall give to the Trustee at least 10 calendar days prior notice
to elect either of such dates as the Fixed Rate Commencement
Date.   

              The Notes shall bear interest at the then applicable
Fixed Interest Rate from and including the Fixed Rate
Commencement Date to but excluding the next succeeding Interest
Reset Date as set forth in the following table (recognizing that
the Fixed Interest Rates specified for March 23 and June 23,
1997, will not be applicable unless TMCC elects one of such dates
as the Fixed Rate Commencement Date):




                   Interest Reset Dates          Interest Rate
                                             
                   March 23, 1997                6.50%
                   June 23, 1997                 6.75%
                   September 23, 1997            7.00%
                   December 23, 1997             7.25%
                   March 23, 1998                7.50%
                   June 23, 1998                 7.75% 

Redemption

              The Notes are subject to redemption by TMCC, in whole
but not in part, on the Initial Redemption Date stated above and
on each Interest Payment Date thereafter subject to not less than
10 Business 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 Lehman Brothers Inc., Lehman
Brothers Inc., acting as principal, has agreed to purchase and
TMCC has agreed to sell the Notes at 100% of their principal
amount. Lehman Brothers Inc. 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
Lehman Brothers Inc. After the initial public offering of the
Notes, the public offering price may be changed by Lehman
Brothers Inc.

              Under the terms and conditions of the Distribution
Agreement, Lehman Brothers, Inc. 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.  In general, under the Treasury
Regulations regarding the determination and taxation of OID, a
debt instrument providing for stepped interest rates, such as the
Notes offered hereby, will be treated as having been issued with
OID in an amount equal to the excess of the aggregate amount of
stated interest on such debt instrument (i.e., the aggregate
stated coupon payments) over the aggregate amount of qualified
stated interest on the debt instrument (i.e., the aggregate
portion of each stated coupon payment equal to the lowest stated
coupon payment).  However, the regulations set forth special
rules for determining yield and maturity for debt instruments
such as the Notes which provide the issuer with an unconditional
option or options, exercisable on one or more dates during the
term of the debt instrument.  Under these rules, generally the
issuer will be deemed to exercise such option or combination of
options in a manner that minimizes the yield on the debt
instrument.

              Applying the foregoing rules to the Notes,
notwithstanding the possibility that they will be outstanding
until the Stated Maturity Date, the Notes are treated as if they
will be redeemed on September 23, 1997 (the "Initial Redemption
Date"), and as variable rate debt instruments not having any OID. 
From the date of issuance until the Fixed Rate Commencement Date,
the amounts payable with respect to a Note at the floating 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 Holder's regular method of tax
accounting.  Thereafter, if the Company does not redeem the Notes
on the Initial Redemption Date or on any subsequent Interest
Payment Date, solely for purposes of determining the accrual of
OID, the Notes are treated as being issued on the Initial
Redemption Date and on each Interest Payment Date thereafter for
an additional 3 month term at their adjusted issue price.  

              Under the foregoing principles, the amounts payable
with respect to a Note at the Fixed Interest Rate will be deemed
to be qualified stated interest includible in income by a U.S.
Holder as ordinary interest at the time the interest payments are
accrued or received in accordance with such U.S. Holder's regular
method of tax accounting, unless the IRS determines that the debt
instrument was structured in an abusive manner (i.e., a principal
purpose in structuring the debt instrument or in applying the OID
regulations was to achieve a result that is unreasonable in light
of the purposes of the applicable statutes).  Based upon the
foregoing, the Notes offered hereby should not be deemed to have
been issued with OID and payments of interest on the Notes should
be includible in income by a U.S. Holder as ordinary interest at
the time such payments are accrued or are received in accordance
with the U.S. Holder's regular method of tax accounting.  The
Company, where required, currently intends to file information
returns with the IRS treating the Notes offered hereby as not
having been issued with OID and reporting all payments of
interest on the Notes as qualified stated interest.