Pricing Supplement dated October 13, 1998                       Rule 424(b)(3)
(To Prospectus dated September 3, 1998 and                  File No. 333-60913
Prospectus Supplement dated September 3, 1998) 

                           TOYOTA MOTOR CREDIT CORPORATION

                           Medium-Term Note - Floating Rate
________________________________________________________________________________

Principal Amount:  $100,000,000            Trade Date: October 13, 1998
Issue Price: See "Plan of Distribution"    Original Issue Date: October 16, 1998
Initial Interest Rate:  See "Additional    Net Proceeds to Issuer: $99,990,000         
                 Terms of the Notes"       Principal's Discount 
Interest Payment Period: Quarterly            or Commission: 0.01%
Stated Maturity Date: October 18, 1999                                         
      
________________________________________________________________________________

Calculation Agent: Merrill Lynch Capital Services, Inc.
Interest Calculation:
  [X]  Regular Floating Rate Note          [ ]  Floating Rate/Fixed Rate Note
  [ ]  Inverse Floating Rate Note                 (Fixed Rate Commencement
         (Fixed Interest Rate):                   Date):
  [ ]  Other Floating Rate Note                   (Fixed Interest Rate):
            (see attached)

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

  Initial Interest Reset Date: October 16, 1998     Spread (+/-): +0.22%
  Interest Rate Reset Period: Daily                 Spread Multiplier:  N/A
  Interest Reset Dates: Each Business Day           Maximum Interest Rate: N/A
  Interest Payment Dates: January 18, April 18,     Minimum Interest Rate: N/A
     July 18 and October 18, commencing             Index Maturity: N/A
     January 18, 1999                               Index Currency: N/A 

Day Count Convention:
  [ ]  30/360 for the period from                    to 
  [X]  Actual/360 for the period from October 16, 1998 to October 18, 1999
  [ ]  Other (see attached)                        to

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: N/A 
       Initial Redemption Percentage:    N/A 
       Annual Redemption Percentage Reduction: N/A 
          
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

          The Initial Interest Rate for the Medium-Term Notes offered by this 
pricing supplement (the "Notes") will be equal to the Federal Funds Rate on 
October 15, 1998, plus 0.22%.  The Interest Rate with respect to each 
subsequent Interest Reset Date will be equal to the Federal Funds Rate on the 
related Interest Determination Date plus 0.22%.  

          Notwithstanding anything to the contrary contained in the Prospectus 
Supplement: (i) the Interest Determination Date with respect to the Notes will 
be one Business Day preceding each Interest Reset Date; and (ii) if any 
Interest Payment Date would otherwise be a day that is not a Business Day, 
such Interest Payment Date will be postponed to the next succeeding day that 
is a Business Day, except that if such Business Day falls in the next 
succeeding calendar month, such Interest Payment Date will be the immediately 
preceding Business Day.

Plan of Distribution

          Under the terms of and subject to the conditions of a terms 
agreement under the First Amended and Restated Distribution Agreement dated 
September 3, 1998 between TMCC and Merrill Lynch & Co., Merrill Lynch, Pierce, 
Fenner & Smith Incorporated ("Merrill"), Goldman, Sachs & Co., Lehman Brothers 
Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Incorporated and 
Salomon Smith Barney Inc (the "Agreement"), Merrill, acting as principal, has 
agreed to purchase and TMCC has agreed to sell the Notes at 99.99% 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 purposes 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 Agreement, Merrill is 
committed to take and pay for all of the Notes offered hereby if any are 
taken.

Additional Information

          TMCC's long-term debt is currently rated AAA by Standard & Poor's 
Rating Group, a division of The McGraw-Hill Companies, Inc. ("Standard & 
Poor's").  In a press release dated September 29, 1998, Standard & Poor's 
announced that it had placed the AAA rating of Toyota Motor Corporation 
("TMC"), the ultimate parent of TMCC, on 
CreditWatch with negative implications.  If TMC's credit rating is lowered by 
Standard & Poor's, the credit rating of TMCC, including the credit rating of 
Notes covered by this Pricing Supplement, would likely be lowered to the same 
extent.