Pricing Supplement dated January 10, 2001                       Rule 424(b)(3)
(To Prospectus dated January 12, 2000 and                   File No. 333-89659
Prospectus Supplement dated January 12, 2000)



                        TOYOTA MOTOR CREDIT CORPORATION

                         Medium-Term Note - Fixed Rate

______________________________________________________________________________


Principal Amount:  $5,000,000            Trade Date: January 10, 2001
Issue Price: See "Additional Terms of    Original Issue Date: January 17, 2001
  the Notes - Plan of Distribution"
Interest Rate: 5.49% per annum           Net Proceeds to Issuer: $4,999,000
Interest Payment Dates: Each January     Principal's Discount or
  and July 17, commencing July 17, 2001    Commission: 0.02%
Stated Maturity Date: January 17, 2003

______________________________________________________________________________




Day Count Convention:
     [X]  30/360 for the period from January 17, 2001 to January 17, 2003
     [ ]  Actual/365 for the period from                to
     [ ]  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:
          Initial Redemption Percentage:
          Annual Redemption Percentage Reduction:

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.






                             FURTHER AUTHORIZATIONS

          On December 8, 2000, in supplement to the $1,096,060,000 aggregate
principal amount(or the equivalent thereof in one or more foreign or composite
currencies) of its Medium-Term Notes which TMCC was authorized to offer as of
January 12, 2000, TMCC authorized the offer and issuance from time to time of
an additional $1,500,000,000 aggregate principal amount of its Medium-Term
Notes.  Accordingly, notwithstanding anything to the contrary in the
Prospectus Supplement dated January 12, 2000 (the "Prospectus Supplement"),
the aggregate principal balance of Medium-Term Notes issued prior to the
Prospectus Supplement plus those which may be offered from time to time from
and after the date of the Prospectus Supplement may equal up to
$12,300,000,000 (except that with respect to Medium-Term Notes sold at a
discount to face, the initial offering price will be used, and with respect to
Medium-Term Notes issued at a premium to face, the face amount shall be used).


                        ADDITIONAL TERMS OF THE NOTES

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., as amended by that certain Amendment No. 1 thereto,
dated January 12, 2000 (as amended, the "Agreement"), Merrill, acting as
principal, has agreed to purchase and TMCC has agreed to sell the Notes at
99.98% 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.

          TMCC may apply for listing of the Notes on the New York Stock
Exchange.  However, there is no assurance that an application for listing will
be made or that any trading market for the Notes will develop.