<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 11, 1996
Date of Report (Date of earliest event reported): (August 15, 1996)
-----------------
Toyota Auto Receivables 1996-A Grantor Trust
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-4336 33-0732942
- ------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Toyota Motor Credit Receivables Corporation
19001 South Western Avenue
Torrance, California 90509
- ------------------------------------------- ---------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
-----------------
Exhibit Index is on Page 2
Page 1 of 3
<PAGE>
Item 5. Other Events
------------
On August 15, September 20 and October 21, 1996, the principal and
interest collected during the preceding calendar months, net of certain
adjustments as provided for in the Pooling and Servicing Agreement dated as
of July 1, 1996 ("Agreement"), between Toyota Motor Credit Receivables
Corporation, as "Seller", Toyota Motor Credit Corporation, as "Servicer", and
Bankers Trust Company, as "Trustee", were distributed to the holders of
certificates representing undivided fractional interests in the Toyota Auto
Receivables 1996-A Grantor Trust (the "Certificateholders"). In accordance
with the Agreement, the Servicer's Certificate, as defined in the Agreement,
was furnished to the Trustee for the benefit of the Certificateholders and was
distributed by the Trustee to the Certificateholders. Copies of the
Servicer's Certificates are filed as Exhibit 20 to this Current Report on
Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20 Servicer's Certificates for the months of
July, August and September 1996.
-2-
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.
TOYOTA AUTO RECEIVABLES 1996-A GRANTOR TRUST
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: December 11, 1996 By: /S/ ROBERT M. DOWE
----------------- ----------------------------------------------
Robert M. Dowe
Controller
(Principal Accounting Officer)
-3-
<PAGE>
Exhibit 20
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1996-A Grantor Trust
Distribution Date of August 15, 1996 for the Collection Period July 1 through
July 31, 1996
A. ORIGINAL DEAL PARAMETER INPUTS
------------------------------
<TABLE>
<S> <C>
(A) Original Total Portfolio $754,397,267.42
(B) Class A Certificate Ownership Interest of the Trust 95.75%
(C) Original Class A Certificate Balance $722,335,000.00
(D) Class A Certificate Rate 6.30%
(E) Original Class B Certificate Balance $22,632,000.00
(F) Class B Certificate Rate 6.50%
(G) Original Class C Certificate Balance $9,430,267.42
(H) Class C Certificate Rate 7.35%
(I) Servicing Fee Rate 1.00%
(J) Original Weighted Average Coupon (WAC) 10.47%
(K) Original Weighted Average Remaining Term (WAM) 40.00 months
(L) Number of Contracts 83,975
(M) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.75%
(ii) Reserve Fund Initial Deposit $5,657,980.01
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $5,657,980.01
(v) Reserve Fund Floor Percent 0.75%
(vi) Reserve Fund Floor Amount $5,657,980.01
(vii) Reserve Fund Floor Trigger Amount $41,491,849.71
(viii) Loss and Delinquency Trigger Percent 1.25%
B. INPUTS FROM PREVIOUS MONTHLY SERVICER'S CERTIFICATE
---------------------------------------------------
(A) Total Portfolio Outstanding 0.00
(B) Total Portfolio Pool Factor 0.00
(C) Class A Certificate Balance 0.00
(D) Class A Principal Factor 0.00
(E) Class B Certificate Balance 0.00
(F) Class B Principal Factor 0.00
(G) Class C Certificate Balance 0.00
(H) Class C Principal Factor 0.00
(I) Reserve Fund Balance 0.00
(J) Outstanding Precompute and Interest Advance 0.00
(K) Payahead Account Balance 0.00
(L) Cumulative Net Losses for All Prior Periods 0.00
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 0.00%
(N) Weighted Average Remaining Term of Remaining Portfolio (WAM) 0.00 months
(O) Number of Contracts 0
</TABLE>
C. INPUTS FROM THE MAINFRAME
-------------------------
<TABLE>
<S> <C> <C>
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $10,425,342.46
(ii) Prepayments in Full 835 contracts $5,879,029.97
(iii) Repurchased principal $0.00
(iv) Payments behind/ahead on repurchased
receivables $0.00
(B) Precomputed Contracts Total Collections $20,359,910.72
(C) Simple Interest Contracts
(i) Collected Principal $9,342,980.94
<PAGE>
(ii) Prepayments in Full 782 contracts $7,134,663.82
(iii) Collected Interest $3,306,306.52
(iv) Repurchased Receivables Principal $0.00
(v) Repurchased Receivables Interest $0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $251,991.14
(ii) Current Advance Amount $0.00
(E) Payment Advance for Simple Interest Contracts
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $442,966.24
(F) Payahead Account for Precomputes
(i) Payments Applied $0.00
(ii) Additional Payaheads $380,876.40
(G) Weighted Average Coupon of Remaining
Portfolio (WAC) 10.47%
(H) Weighted Average Remaining Maturity of
Remaining Portfolio (WAM) 39.20 months
(I) Remaining Number of Contracts 82,355
</TABLE>
<TABLE>
<CAPTION>
(J) Delinquent Contracts
Contracts Amount
------------- -----------------------
<S> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 867 1.05% $8,878,239.53 1.23%
(ii) 61-90 Days Delinquent 7 0.01% $88,396.48 0.01%
(iii) Over 90 Days Delinquent 2 0.00% $23,820.49 0.00%
</TABLE>
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
<TABLE>
<S> <C>
(A) Aggregate Net Losses for Collection Period $7,718.62
(B) Liquidated Contracts 3
(i) Gross Principal Balance of Liquidated Receivables $41,143.72
(ii) Net Liquidation Proceeds Received During the Collection
Period $33,425.10
(iii) Recoveries on Previously Liquidated Contracts $0.00
(C) Number of Vehicles Repossessed During the Collection Period 13
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1996-A Grantor Trust
Distribution Date of August 15, 1996 for the Collection Period July 1 through
July 31, 1996
I. COLLECTIONS
-----------
<TABLE>
<S> <C>
(A) Principal Payments Received $32,782,017.19
(B) Interest Payments Received 6,728,977.27
(C) Aggregate Net Liquidation Proceeds Received 33,425.10
(D) Principal on Repurchased Contracts 0.00
(E) Interest on Repurchased Contracts 0.00
(F) Total Collections $39,544,419.56
(G) Net Simple Interest Advance Amount 442,966.24
(H) Yield Maintenance Deposit 0.00
(I) Total Available Amount $39,987,385.80
II. DISTRIBUTIONS
-------------
(A) Principal Payments Received $32,782,017.19
(B) Principal on Repurchased Contracts 0.00
(C) Gross Principal Balance of Liquidated Receivables 41,143.72
(D) Total Principal Reduction $32,823,160.91
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment $3,792,258.75
(ii) Class A Monthly Principal 31,428,159.88
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest due Class B but paid to Class A (subordination) 0.00
(vi) Principal due Class B but paid to Class A (subordination) 0.00
(vii) Total Distributable Amount $35,220,418.63
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment $122,590.00
(ii) Class B Monthly Principal 984,698.39
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest subordinated to Class A 0.00
(vi) Principal subordinated to Class A 0.00
(vii) Total Distributable Amount $1,107,288.39
(G) Class C Distributable Amount
(i) Class C Monthly Interest Payment $57,760.39
(ii) Class C Monthly Principal 410,302.63
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest subordinated to Class A 0.00
(vi) Principal subordinated to Class A 0.00
(vii) Total Distributable Amount $468,063.02
(H) Required Distributions
(i) Class A Servicing Fee $601,945.83
(ii) Class B Servicing Fee 18,860.00
(iii) Class C Servicing Fee 7,858.56
(iv) Class A Supplemental Servicing Fee Received ($149,593.25)
(v) Class B Supplemental Servicing Fee Received ($4,686.99)
(vi) Class C Supplemental Servicing Fee Received ($1,952.92)
(vii) Class A Amount 35,220,418.63
(viii)Class B Amount 1,107,288.39
(ix) Class C Amount 468,063.02
(x) Deposit to Reserve Fund 0.00
(xi) Total Amount Distributed $37,424,434.43
<PAGE>
(I) Amount of Draw from Reserve Fund $0.00
(J) Yield Maintenance Deposit $0.00
(K) Sum of Draw from Reserve Fund and Total Available Amount $39,987,385.80
(L) Class A Interest Shortfall $0.00
(M) Class A Principal Shortfall $0.00
(N) Class B Interest Shortfall $0.00
(O) Class B Principal Shortfall $0.00
(P) Class C Interest Shortfall $0.00
(Q) Class C Principal Shortfall $0.00
</TABLE>
<TABLE>
<CAPTION>
III. POOL BALANCES AND PORTFOLIO INFORMATION
---------------------------------------
Beginning of Period End of Period
------------------- ---------------
<S> <C> <C>
(A) Balances and Principal Factors
(i) Total Pool Balance $754,397,267.42 $721,574,106.51
(ii) Total Pool Factor 1.00000000000 0.95649088043
(iii) Class A Certificate Balance $722,335,000.00 $690,906,840.12
(iv) Class A Principal Factor 1.00000000000 0.95649088043
(v) Class B Certificate Balance $22,632,000.00 $21,647,301.61
(vi) Class B Principal Factor 1.00000000000 0.95649088043
(vii) Class C Certificate Balance $9,430,267.00 $9,019,964.79
(viii) Class C Principal Factor 1.00000000000 0.95649088043
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.46% 10.47%
(ii) Weighted Average Remaining
Maturity (WAM) 40.00 months 39.20 months
(iii) Remaining Number of Contracts 83,975 82,355
(C) Outstanding Precompute and Simple
Interest Advance Amount $3,064,766.74 $3,255,741.84
(D) Outstanding Paid Ahead $2,853,657.93 $3,234,534.33
</TABLE>
IV. RECONCILIATION OF RESERVE FUND
------------------------------
<TABLE>
<S> <C>
(A) Beginning Reserve Fund Balance $5,657,980.00
(B) Draw for Class A Distributable Amount and Servicing Fee 0.00
(If Positive)
(C) Draw for Class B Distributable Amount and Servicing Fee 0.00
(If Positive)
(D) Draw for Class C Distributable Amount and Servicing Fee 0.00
(If Positive)
(E) Amount Available for Deposit to the Reserve Fund 2,562,951.37
(If Positive)
(F) Reserve Fund Balance Prior to Release $8,220,931.37
(G) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $5,657,980.00
(H) Reserve Fund Release to Seller $2,562,951.37
(If Positive)
(I) Ending Reserve Fund Balance $5,657,980.00
V. YIELD MAINTENANCE ACCOUNT
-------------------------
A) Beginning yield Maintenance Amount $0.00
B) Yield Maintenance Amount Funded 0.00
C) Draw for Yield Maintenance Deposit 0.00
<PAGE>
D) Yield Maintenance Account Balance $0.00
E) Yield Maintenance Account Required Amount $0.00
F) Yield Maintenance Funding Required $0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Aggregate Net Losses for Collection Period $7,718.62
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $41,143.72
(ii) Net Liquidation Proceeds Received During the Collection
Period $33,425.10
(iii) Recoveries on Previously Liquidated Contracts $0.00
(C) Cumulative Net Losses for all Periods $7,718.62
(i) Number of contracts 3
</TABLE>
<TABLE>
<CAPTION>
(D) Delinquent and Repossessed Contracts
Contracts Amount
------------- -----------------------
<S> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 867 1.05% $8,878,239.53 1.23%
(ii) 61-90 Days Delinquent 7 0.01% $88,396.48 0.01%
(iii) Over 90 Days Delinquent 2 0.00% $23,820.49 0.00%
(iv) Vehicles Repossessed
During the Collection
Period 13 * * *
(v) Repossessed Vehicle
Inventory 13 * * *
* Included above
</TABLE>
VII. TESTS FOR INCREASE IN RESERVE FUND BALANCE
------------------------------------------
<TABLE>
<S> <C>
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period 0.00%
(ii) Preceeding Collection Period 0.00%
(iii) Current Collection Period 0.01%
(iv) Three Month Average (Avg(i,ii,iii)) 0.00%
(B) Ratio of Number of Contracts Delinquent 60 Days or More to the
Outstanding Number of Receivables as of Each Collection Period.
(Includes Repossessions)
(i) Second Preceeding Collection Period 0.00%
(ii) Preceeding Collection Period 0.00%
(iii) Current Collection Period 0.01%
(iv) Three Month Average (Avg(i,ii,iii)) 0.00%
</TABLE>
(C) Loss and Delinquency Trigger Indicator
Trigger Was Not Hit
I hereby certify that the servicing report provided
is true and accurate to the best of my knowledge.
/S/ ROBERT M. DOWE
- ----------------------------
Robert M. Dowe
Principal Accounting Officer
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1996-A Grantor Trust
Distribution Date of September 20, 1996 for the Collection Period August 1
through August 31, 1996
A. ORIGINAL DEAL PARAMETER INPUTS
------------------------------
<TABLE>
<S> <C>
(A) Original Total Portfolio $754,397,267.42
(B) Class A Certificate Ownership Interest of the Trust 95.75%
(C) Original Class A Certificate Balance $722,335,000.00
(D) Class A Certificate Rate 6.30%
(E) Original Class B Certificate Balance $22,632,000.00
(F) Class B Certificate Rate 6.50%
(G) Original Class C Certificate Balance $9,430,267.42
(H) Class C Certificate Rate 7.35%
(I) Servicing Fee Rate 1.00%
(J) Original Weighted Average Coupon (WAC) 10.47%
(K) Original Weighted Average Remaining Term (WAM) 40.00 months
(L) Number of Contracts 83,975
(M) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.75%
(ii) Reserve Fund Initial Deposit $5,657,980.01
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $5,657,980.01
(v) Reserve Fund Floor Percent 0.75%
(vi) Reserve Fund Floor Amount $5,657,980.01
(vii) Reserve Fund Floor Trigger Amount $41,491,849.71
(viii)Loss and Delinquency Trigger Percent 1.25%
B. INPUTS FROM PREVIOUS MONTHLY SERVICER'S CERTIFICATE
---------------------------------------------------
(A) Total Portfolio Outstanding 721,574,106.51
(B) Total Portfolio Pool Factor 0.9564909
(C) Class A Certificate Balance 690,906,840.12
(D) Class A Principal Factor 0.9564909
(E) Class B Certificate Balance 21,647,301.61
(F) Class B Principal Factor 0.9564909
(G) Class C Certificate Balance 9,019,964.79
(H) Class C Principal Factor 0.9564909
(I) Reserve Fund Balance 5,657,980.00
(J) Outstanding Precompute and Interest Advance 3,255,741.84
(K) Payahead Account Balance 3,234,534.33
(L) Cumulative Net Losses for All Prior Periods 7,718.62
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 10.47%
(N) Weighted Average Remaining Term of Remaining Portfolio (WAM) 39.20 months
(O) Number of Contracts 82,355
</TABLE>
C. INPUTS FROM THE MAINFRAME
-------------------------
<TABLE>
<S> <C> <C>
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $10,305,596.19
(ii) Prepayments in Full 917 contracts $5,937,486.53
(iii)Repurchased principal $0.00
(iv) Payments behind/ahead on repurchased
receivables $0.00
(B) Precomputed Contracts Total Collections $19,113,737.29
(C) Simple Interest Contracts
(i) Collected Principal $8,468,274.10
<PAGE>
(ii) Prepayments in Full 809 contracts $6,901,098.30
(iii)Collected Interest $3,037,563.10
(iv) Repurchased Receivables Principal $0.00
(v) Repurchased Receivables Interest $0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $434,717.08
(E) Payment Advance for Simple Interest Contracts
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $235,153.10
(F) Payahead Account for Precomputes
(i) Payments Applied $0.00
(ii) Additional Payaheads $32,678.65
(G) Weighted Average Coupon of Remaining
Portfolio (WAC) 10.47%
(H) Weighted Average Remaining Maturity of
Remaining Portfolio (WAM) 38.47 months
(I) Remaining Number of Contracts 80,621
</TABLE>
<TABLE>
<CAPTION>
(J) Delinquent Contracts
Contracts Amount
------------- -----------------------
<S> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 953 1.18% $9,474,456.07 1.37%
(ii) 61-90 Days Delinquent 112 0.14% $1,341,597.95 0.19%
(iii) Over 90 Days Delinquent 5 0.01% $83,646.94 0.01%
</TABLE>
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
<TABLE>
<S> <C>
(A) Aggregate Net Losses for Collection Period $9,950.60
(B) Liquidated Contracts 8
(i) Gross Principal Balance of Liquidated Receivables $74,156.04
(ii) Net Liquidation Proceeds Received During the Collection
Period $63,595.44
(iii) Recoveries on Previously Liquidated Contracts $610.00
(C) Number of Vehicles Repossessed During the Collection Period 54
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1996-A Grantor Trust
Distribution Date of September 20, 1996 for the Collection Period August 1
through August 31, 1996
I. COLLECTIONS
-----------
<TABLE>
<S> <C>
(A) Principal Payments Received $31,612,455.12
(B) Interest Payments Received 6,310,256.10
(C) Aggregate Net Liquidation Proceeds Received 64,205.44
(D) Principal on Repurchased Contracts 0.00
(E) Interest on Repurchased Contracts 0.00
(F) Total Collections $37,986,916.66
(G) Net Simple Interest Advance Amount 235,153.10
(H) Yield Maintenance Deposit 0.00
(I) Total Available Amount $38,222,069.76
II. DISTRIBUTIONS
-------------
(A) Principal Payments Received $31,612,455.12
(B) Principal on Repurchased Contracts 0.00
(C) Gross Principal Balance of Liquidated Receivables 74,156.04
(D) Total Principal Reduction $31,686,611.16
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment $3,627,260.91
(ii) Class A Monthly Principal 30,339,914.08
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest due Class B but paid to Class A (subordination) 0.00
(vi) Principal due Class B but paid to Class A (subordination) 0.00
(vii) Total Distributable Amount $33,967,174.99
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment $117,256.22
(ii) Class B Monthly Principal 950,601.78
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest subordinated to Class A 0.00
(vi) Principal subordinated to Class A 0.00
(vii) Total Distributable Amount $1,067,858.00
(G) Class C Distributable Amount
(i) Class C Monthly Interest Payment $55,247.28
(ii) Class C Monthly Principal 396,095.31
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest subordinated to Class A 0.00
(vi) Principal subordinated to Class A 0.00
(vii) Total Distributable Amount $451,342.59
(H) Required Distributions
(i) Class A Servicing Fee $575,755.70
(ii) Class B Servicing Fee 18,039.42
(iii) Class C Servicing Fee 7,516.64
(iv) Class A Supplemental Servicing Fee Received ($149,593.25)
(v) Class B Supplemental Servicing Fee Received ($4,686.99)
(vi) Class C Supplemental Servicing Fee Received ($1,952.92)
(vii) Class A Amount 33,967,174.99
(viii) Class B Amount 1,067,858.00
(ix) Class C Amount 451,342.59
(x) Deposit to Reserve Fund 0.00
(xi) Total Amount Distributed $36,087,687.34
<PAGE>
(I) Amount of Draw from Reserve Fund $0.00
(J) Yield Maintenance Deposit $0.00
(K) Sum of Draw from Reserve Fund and Total Available Amount $38,222,069.76
(L) Class A Interest Shortfall $0.00
(M) Class A Principal Shortfall $0.00
(N) Class B Interest Shortfall $0.00
(O) Class B Principal Shortfall $0.00
(P) Class C Interest Shortfall $0.00
(Q) Class C Principal Shortfall $0.00
</TABLE>
<TABLE>
<CAPTION>
III. POOL BALANCES AND PORTFOLIO INFORMATION
---------------------------------------
Beginning of Period End of Period
------------------- ---------------
<S> <C> <C>
(A) Balances and Principal Factors
(i) Total Pool Balance $721,574,106.51 $689,887,495.35
(ii) Total Pool Factor 0.95649088043 0.91448832700
(iii) Class A Certificate Balance $690,906,840.12 $660,566,926.04
(iv) Class A Principal Factor 0.95649088043 0.91448832700
(v) Class B Certificate Balance $21,647,301.61 $20,696,699.83
(vi) Class B Principal Factor 0.95649088043 0.91448832700
(vii) Class C Certificate Balance $9,019,964.79 $8,623,869.48
(viii) Class C Principal Factor 0.95649088043 0.91448832700
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.47% 10.47%
(ii) Weighted Average Remaining
Maturity (WAM) 39.20 months 38.47 months
(iii) Remaining Number of Contracts 82,355 80,621
(C) Outstanding Precompute and Simple
Interest Advance Amount $3,255,741.84 $3,925,612.02
(D) Outstanding Paid Ahead $3,234,534.33 $3,267,212.98
</TABLE>
IV. RECONCILIATION OF RESERVE FUND
------------------------------
<TABLE>
<S> <C>
(A) Beginning Reserve Fund Balance $5,657,980.00
(B) Draw for Class A Distributable Amount and Servicing Fee 0.00
(If Positive)
(C) Draw for Class B Distributable Amount and Servicing Fee 0.00
(If Positive)
(D) Draw for Class C Distributable Amount and Servicing Fee 0.00
(If Positive)
(E) Amount Available for Deposit to the Reserve Fund 2,134,382.42
(If Positive)
(F) Reserve Fund Balance Prior to Release $7,792,362.42
(G) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $5,657,980.00
(H) Reserve Fund Release to Seller $2,134,382.42
(If Positive)
(I) Ending Reserve Fund Balance $5,657,980.00
V. YIELD MAINTENANCE ACCOUNT
-------------------------
A) Beginning yield Maintenance Amount $0.00
B) Yield Maintenance Amount Funded 0.00
C) Draw for Yield Maintenance Deposit 0.00
<PAGE>
D) Yield Maintenance Account Balance $0.00
E) Yield Maintenance Account Required Amount $0.00
F) Yield Maintenance Funding Required $0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Aggregate Net Losses for Collection Period $9,950.60
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $74,156.04
(ii) Net Liquidation Proceeds Received During the Collection
Period $63,595.44
(iii) Recoveries on Previously Liquidated Contracts $610.00
(C) Cumulative Net Losses for all Periods $17,669.22
(i) Number of contracts 11
</TABLE>
<TABLE>
<CAPTION>
(D) Delinquent and Repossessed Contracts
Contracts Amount
------------- ----------------------
<S> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 953 1.18% $9,474,456.07 1.37%
(ii) 61-90 Days Delinquent 112 0.14% $1,341,597.95 0.19%
(iii) Over 90 Days Delinquent 5 0.01% $83,646.94 0.01%
(iv) Vehicles Repossessed During
the Collection Period 54 * * *
(v) Repossessed Vehicle
Inventory 60 * * *
* Included above
</TABLE>
VII. TESTS FOR INCREASE IN RESERVE FUND BALANCE
------------------------------------------
<TABLE>
<S> <C>
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period 0.00%
(ii) Preceeding Collection Period 0.01%
(iii) Current Collection Period 0.02%
(iv) Three Month Average (Avg(i,ii,iii)) 0.01%
(B) Ratio of Number of Contracts Delinquent 60 Days or More to the
Outstanding Number of Receivables as of Each Collection Period.
Includes Repossessions)
(i) Second Preceeding Collection Period 0.00%
(ii) Preceeding Collection Period 0.01%
(iii) Current Collection Period 0.14%
(iv) Three Month Average (Avg(i,ii,iii)) 0.05%
</TABLE>
(C) Loss and Delinquency Trigger Indicator
Trigger Was Not Hit
I hereby certify that the servicing report provided
is true and accurate to the best of my knowledge.
/S/ ROBERT M. DOWE
- ----------------------------
Robert M. Dowe
Principal Accounting Officer
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1996-A Grantor Trust
Distribution Date of October 21, 1996 for the Collection Period September 1
through September 30, 1996
A. ORIGINAL DEAL PARAMETER INPUTS
------------------------------
<TABLE>
<S> <C>
(A) Original Total Portfolio $754,397,267.42
(B) Class A Certificate Ownership Interest of the Trust 95.75%
(C) Original Class A Certificate Balance $722,335,000.00
(D) Class A Certificate Rate 6.30%
(E) Original Class B Certificate Balance $22,632,000.00
(F) Class B Certificate Rate 6.50%
(G) Original Class C Certificate Balance $9,430,267.42
(H) Class C Certificate Rate 7.35%
(I) Servicing Fee Rate 1.00%
(J) Original Weighted Average Coupon (WAC) 10.47%
(K) Original Weighted Average Remaining Term (WAM) 40.00 months
(L) Number of Contracts 83,975
(M) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.75%
(ii) Reserve Fund Initial Deposit $5,657,980.01
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $5,657,980.01
(v) Reserve Fund Floor Percent 0.75%
(vi) Reserve Fund Floor Amount $5,657,980.01
(vii) Reserve Fund Floor Trigger Amount $41,491,849.71
(viii) Loss and Delinquency Trigger Percent 1.25%
B. INPUTS FROM PREVIOUS MONTHLY SERVICER'S CERTIFICATE
---------------------------------------------------
(A) Total Portfolio Outstanding 689,887,495.35
(B) Total Portfolio Pool Factor 0.9144883
(C) Class A Certificate Balance 660,566,926.04
(D) Class A Principal Factor 0.9144883
(E) Class B Certificate Balance 20,696,699.83
(F) Class B Principal Factor 0.9144883
(G) Class C Certificate Balance 8,623,869.48
(H) Class C Principal Factor 0.9144883
(I) Reserve Fund Balance 5,657,980.00
(J) Outstanding Precompute and Interest Advance 3,925,612.02
(K) Payahead Account Balance 3,267,212.98
(L) Cumulative Net Losses for All Prior Periods 17,669.22
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 10.47%
(N) Weighted Average Remaining Term of Remaining Portfolio (WAM) 38.47 months
(O) Number of Contracts 80,621
</TABLE>
C. INPUTS FROM THE MAINFRAME
-------------------------
<TABLE>
<S> <C> <C>
(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $10,185,038.34
(ii) Prepayments in Full 878 contracts $5,349,874.03
(iii) Repurchased principal $0.00
(iv) Payments behind/ahead on repurchased
receivables $0.00
(B) Precomputed Contracts Total Collections $18,437,932.25
(C) Simple Interest Contracts
(i) Collected Principal $8,439,325.95
<PAGE>
(ii) Prepayments in Full 859 contracts $6,705,175.88
(iii) Collected Interest $2,981,081.28
(iv) Repurchased Receivables Principal $0.00
(v) Repurchased Receivables Interest $0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $286,542.33
(E) Payment Advance for Simple Interest Contracts
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $24,814.07
(F) Payahead Account for Precomputes
(i) Payments Applied $0.00
(ii) Additional Payaheads $58,023.12
(G) Weighted Average Coupon of Remaining
Portfolio (WAC) 10.46%
(H) Weighted Average Remaining Maturity
of Remaining Portfolio (WAM) 37.73 months
(I) Remaining Number of Contracts 78,843
</TABLE>
<TABLE>
<CAPTION>
(J) Delinquent Contracts
Contracts Amount
------------- -----------------------
<S> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 980 1.24% $9,576,556.82 1.45%
(ii) 61-90 Days Delinquent 143 0.18% $1,623,879.15 0.25%
(iii) Over 90 Days Delinquent 56 0.07% $647,171.82 0.10%
</TABLE>
D. INPUTS DERIVED FROM OTHER SOURCES
---------------------------------
<TABLE>
<S> <C>
(A) Aggregate Net Losses for Collection Period $164,248.40
(B) Liquidated Contracts 41
(i) Gross Principal Balance of Liquidated Receivables $523,704.21
(ii) Net Liquidation Proceeds Received During the Collection
Period $358,605.90
(iii) Recoveries on Previously Liquidated Contracts $849.91
(C) Number of Vehicles Repossessed During the Collection Period 78
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1996-A Grantor Trust
Distribution Date of October 21, 1996 for the Collection Period September 1
through September 30, 1996
I. COLLECTIONS
-----------
<TABLE>
<S> <C>
(A) Principal Payments Received $30,679,414.20
(B) Interest Payments Received 6,112,620.37
(C) Aggregate Net Liquidation Proceeds Received 359,455.81
(D) Principal on Repurchased Contracts 0.00
(E) Interest on Repurchased Contracts 0.00
(F) Total Collections $37,151,490.38
(G) Net Simple Interest Advance Amount 24,814.07
(H) Yield Maintenance Deposit 0.00
(I) Total Available Amount $37,176,304.45
II. DISTRIBUTIONS
-------------
(A) Principal Payments Received $30,679,414.20
(B) Principal on Repurchased Contracts 0.00
(C) Gross Principal Balance of Liquidated Receivables 523,704.21
(D) Total Principal Reduction $31,203,118.41
(E) Class A Distributable Amount
(i) Class A Monthly Interest Payment $3,467,976.36
(ii) Class A Monthly Principal 29,876,970.02
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest due Class B but paid to Class A (subordination) 0.00
(vi) Principal due Class B but paid to Class A (subordination) 0.00
(vii) Total Distributable Amount $33,344,946.38
(F) Class B Distributable Amount
(i) Class B Monthly Interest Payment $112,107.12
(ii) Class B Monthly Principal 936,096.94
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest subordinated to Class A 0.00
(vi) Principal subordinated to Class A 0.00
(vii) Total Distributable Amount $1,048,204.06
(G) Class C Distributable Amount
(i) Class C Monthly Interest Payment $52,821.20
(ii) Class C Monthly Principal 390,051.45
(iii) Interest Carryover Shortfall 0.00
(iv) Principal Carryover Shortfall 0.00
(v) Interest subordinated to Class A 0.00
(vi) Principal subordinated to Class A 0.00
(vii) Total Distributable Amount $442,872.65
(H) Required Distributions
(i) Class A Servicing Fee $550,472.44
(ii) Class B Servicing Fee 17,247.25
(iii) Class C Servicing Fee 7,186.56
(iv) Class A Supplemental Servicing Fee Received ($170,319.79)
(v) Class B Supplemental Servicing Fee Received ($5,336.39)
(vi) Class C Supplemental Servicing Fee Received ($ 2,223.50)
(vii) Class A Amount 33,344,946.38
(viii)Class B Amount 1,048,204.06
(ix) Class C Amount 442,872.65
(x) Deposit to Reserve Fund 0.00
(xi) Total Amount Distributed $35,410,929.34
<PAGE>
(I) Amount of Draw from Reserve Fund $0.00
(J) Yield Maintenance Deposit $0.00
(K) Sum of Draw from Reserve Fund and Total Available Amount $37,176,304.45
(L) Class A Interest Shortfall $0.00
(M) Class A Principal Shortfall $0.00
(N) Class B Interest Shortfall $0.00
(O) Class B Principal Shortfall $0.00
(P) Class C Interest Shortfall $0.00
(Q) Class C Principal Shortfall $0.00
</TABLE>
<TABLE>
<CAPTION>
III. POOL BALANCES AND PORTFOLIO INFORMATION
---------------------------------------
Beginning of Period End of Period
------------------- ---------------
<S> <C> <C>
(A) Balances and Principal Factors
(i) Total Pool Balance $689,887,495.35 $658,684,376.94
(ii) Total Pool Factor 0.91448832750 0.87312667400
(iii) Class A Certificate Balance $660,566,926.04 $630,689,956.02
(iv) Class A Principal Factor 0.91448832750 0.87312667400
(v) Class B Certificate Balance $20,696,699.83 $19,760,602.89
(vi) Class B Principal Factor 0.91448832750 0.87312667400
(vii) Class C Certificate Balance $8,623,869.48 $8,233,818.03
(viii) Class C Principal Factor 0.91448832750 0.87312667400
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.47% 10.46%
(ii) Weighted Average Remaining
Maturity (WAM) 38.47 months 37.73 months
(iii) Remaining Number of Contracts 80,621 78,843
(C) Outstanding Precompute and Simple
Interest Advance Amount $3,925,612.02 $4,236,968.42
(D) Outstanding Paid Ahead $3,267,212.98 $3,325,236.10
</TABLE>
IV. RECONCILIATION OF RESERVE FUND
------------------------------
<TABLE>
<S> <C>
(A) Beginning Reserve Fund Balance $5,657,980.00
(B) Draw for Class A Distributable Amount and Servicing Fee 0.00
(If Positive)
(C) Draw for Class B Distributable Amount and Servicing Fee 0.00
(If Positive)
(D) Draw for Class C Distributable Amount and Servicing Fee 0.00
(If Positive)
(E) Amount Available for Deposit to the Reserve Fund $1,765,375.11
(If Positive)
(F) Reserve Fund Balance Prior to Release $7,423,355.11
(G) Reserve Fund Required Amount (Was Trigger or Floor Hit?) $5,657,980.00
(H) Reserve Fund Release to Seller $1,765,375.11
(If Positive)
(I) Ending Reserve Fund Balance $5,657,980.00
V. YIELD MAINTENANCE ACCOUNT
-------------------------
A) Beginning yield Maintenance Amount $0.00
B) Yield Maintenance Amount Funded 0.00
C) Draw for Yield Maintenance Deposit 0.00
D) Yield Maintenance Account Balance $0.00
E) Yield Maintenance Account Required Amount $0.00
<PAGE>
F) Yield Maintenance Funding Required $0.00
VI. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
-----------------------------------------
(A) Aggregate Net Losses for Collection Period $164,248.40
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $523,704.21
(ii) Net Liquidation Proceeds Received During the Collection
Period $358,605.90
(iii) Recoveries on Previously Liquidated Contracts $849.91
(C) Cumulative Net Losses for all Periods $181,917.62
(i) Number of contracts 52
</TABLE>
<TABLE>
<CAPTION>
(D) Delinquent and Repossessed Contracts
Contracts Amount
------------- -----------------------
<S> <C> <C> <C> <C>
(i) 31-60 Days Delinquent 980 1.24% $9,576,556.82 1.45%
(ii) 61-90 Days Delinquent 143 0.18% $1,623,879.15 0.25%
(iii) Over 90 Days Delinquent 56 0.07% $647,171.82 0.10%
(iv) Vehicles Repossessed during
the Collection Period 78 * * *
(v) Repossessed Vehicle Inventory 103 * * *
* Included above
</TABLE>
VII. TESTS FOR INCREASE IN RESERVE FUND BALANCE
------------------------------------------
<TABLE>
<S> <C>
(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period.
(i) Second Preceeding Collection Period 0.01%
(ii) Preceeding Collection Period 0.02%
(iii) Current Collection Period 0.29%
(iv) Three Month Average (Avg(i,ii,iii)) 0.11%
(B) Ratio of Number of Contracts Delinquent 60 Days or More to the
Outstanding Number of Receivables as of Each Collection Period.
(Includes Repossessions)
(i) Second Preceeding Collection Period 0.01%
(ii) Preceeding Collection Period 0.14%
(iii) Current Collection Period 0.25%
(iv) Three Month Average (Avg(i,ii,iii)) 0.13%
</TABLE>
(C) Loss and Delinquency Trigger Indicator
Trigger Was Not Hit
I hereby certify that the servicing report provided
is true and accurate to the best of my knowledge.
/S/ ROBERT M. DOWE
- ----------------------------
Robert M. Dowe
Principal Accounting Officer
