Rule 424(b)(2)

Registration No. 333-157642

Pricing Supplement dated December 12, 2011

(To Prospectus dated March 2, 2009

and Prospectus Supplement dated March 10, 2009)

TOYOTA MOTOR CREDIT CORPORATION

Medium-Term Notes, Series B - Floating Rate

Capitalized terms used in this Pricing Supplement that are defined in the

Prospectus Supplement shall have the meanings assigned to them in the

Prospectus Supplement.

CUSIP: 89233P5P7

Principal Amount (in Specified Currency):  $500,000,000.  TMCC may increase the Principal Amount

     prior to the Original Issue Date but is not required to do so.

Issue Price:  100%

Initial Trade Date:  December 9, 2011

Original Issue Date:  December 14, 2011

Stated Maturity Date:  December 17, 2012

Initial Interest Rate:  Three month LIBOR determined on December 12, 2011 plus 0.20%, accruing from

     December 14, 2011 (long first coupon interpolated between 3 month and 4 month LIBOR)

Interest Payment Dates: The 17th of each March, June and September, commencing on March 17, 2012,

     and on the Stated Maturity Date

Net Proceeds to Issuer: $499,250,000

Agent: Toyota Financial Services Securities USA Corporation (“TFSS USA”)

Agent’s Discount or Commission: 0.15%

Agent’s Capacity:

    [X] Agent

    [  ] Principal

Calculation Agent: Deutsche Bank Trust Company Americas

Interest Calculation:

[X] Regular Floating Rate Note

[  ] Inverse Floating Rate Note:

Fixed Interest Rate:

[  ] Floating Rate/Fixed Rate Note:

Fixed Interest Rate:

Fixed Rate Commencement Date:

[  ] Other Floating Rate Note

(See attached Addendum)

Interest Rate Basis:

[  ] CD Rate

[  ] CMS Rate

[  ] CMT Rate

[  ] Commercial Paper Rate

[  ] Eleventh District Cost of Funds Rate

[  ] Federal Funds Rate

[  ] Federal Funds Open Rate

[X] LIBOR

[  ] Prime Rate

[  ] Treasury Rate

[  ] Other (see attached Addendum)

If CMS:

Designated CMS Maturity Index:

If CMT:

Designated CMT Maturity Index:

Designated CMT Reuters Page:

[  ] T7051

[  ] T7052

If LIBOR:

Designated LIBOR Page:  Reuters

Index Currency:  U.S. dollars

If CD Rate or LIBOR

Index Maturity:  3 month

Spread (+/-):  +0.20%

Spread Multiplier:  N/A

Maximum Interest Rate:  N/A

Minimum Interest Rate:  N/A

Initial Interest Reset Date: March 17, 2012

Interest Rate Reset Period: Quarterly

Interest Reset Dates: Each Interest Payment Date

Interest Rate Reset Cutoff Date: N/A

Interest Determination Date: The second London Banking Day preceding each Interest Reset Date

Day Count Convention:

[  ] 30/360

[X] Actual/360

[  ] Actual/Actual

Business Day Convention

[  ] Following

[X] Modified Following, adjusted

Business Days: New York and London

Redemption:  Not Applicable

Redemption Date(s):

Notice of Redemption:

Repayment:  Not Applicable

Optional Repayment Date(s):

Repayment Price:

Original Issue Discount:  Not Applicable

Total Amount of Original Issue Discount:

Yield to Maturity:

Initial Accrual Period:

Specified Currency:  U.S. dollars

Minimum Denomination/Minimum Incremental Denomination: $1,000 and $1,000 increments thereafter

If a Reopening Note, check [   ], and specify:

Initial Interest Accrual Date: