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Pricing Supplement dated May 14, 1998                   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: May 14, 1998
Issue Price: See "Additional Terms of the   Original Issue Date: May 26, 1998     
 Notes - Plan of Distribution"
Interest Rate: 6.03% per annum              Net Proceeds to Issuer: $9,875,000 
Interest Payment Dates: Monthly on the 26th Principal's Discount or
 of each month, commencing June 26, 1998    Commission: 1.25%
Stated Maturity Date: May 26, 2005                 


________________________________________________________________________________
______




Day Count Convention:
     [x]  30/360 for the period from May 26, 1998 to May 26, 2005 
     [ ]  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: May 26, 2000. See, "Additional Terms of 
          the Notes - Redemption" 
          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
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                               ___________________________
                                 Merrill Lynch & Co. 










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                         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 May or November 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 98.75% 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.

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          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.