<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
Date of Report (Date of earliest event reported): December 28, 1998
-----------------
Toyota Auto Lease Trust 1997-A
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-26717 33-0755530
- ------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
c/o Toyota Leasing, Inc.
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 December 28, 1998, interest collected during the preceding calendar month
as provided for in the 1997-A Securitization Trust Agreement dated as of
September 1, 1997 between Toyota Leasing, Inc. ("TLI"), as "Transferor", and
U.S. Bank National Association ("USBNA"), as "Trustee", and the 1997-A SUBI
Servicing Supplement to the Amended and Restated Trust and Servicing
Agreement, dated September 1, 1997, among TMTT, Inc., as "Titling Trustee",
Toyota Motor Credit Corporation ("TMCC"), as "Servicer", and USBNA, as "Trust
Agent" (the "Agreements"), was allocated to the holders of certificates
representing undivided fractional interests in the Toyota Auto Lease Trust
1997-A (the "Certificateholders"). In accordance with the Agreements, the
Servicer's Certificate, as defined in the Agreements, was furnished to the
Trustee for the benefit of the Certificateholders and was distributed by the
Trustee to the Certificateholders. A copy of the Servicer's Certificate for
the month of November 1998 is filed as Exhibit 20 to this Current Report on
Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20 Servicer's Certificate for the month of
November, 1998.
-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 by the
undersigned hereunto duly authorized.
TOYOTA AUTO LEASE TRUST 1997-A
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: January 8, 1999 By: /S/ GREGORY B. WILLIS
--------------- -----------------------------------------
Gregory B. Willis
Vice President-Finance and Administration
(Principal Accounting Officer)
-3-
<PAGE>
<TABLE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Certificate Certificate
Original Deal Parameter Total Percent Balance
- ----------------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Discounted Principal Balance 1,231,231,519.20
Aggregate Net Investment Value (ANIV) 1,231,231,519.20
Initial Certificate Balance & Transferor's Interest - 100.00% 1,206,600,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Certificate Rate
Weighted Average Coupon (WAC) 7.66%
Weighted Average Remaining Term (WAM) 35.8
Servicing Fee Percentage 1.00%
Servicer Advance 2,825,418.78
Servicer Payahead 1,580,862.05
Reserve Fund:
Initial Deposit Amount 30,780,787.98
Specified Reserve Fund Percentage 2.50%
Specified Reserve Fund Amount 30,780,787.98
Trigger Percentage 5.00%
Trigger Amount 61,561,575.96
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Discounted Principal Balance 1,209,750,812.84
Aggregate Net Investment Value 1,209,750,812.84
Certificate Balance & Transferor's Interest 1,206,600,000.00
Adjusted Certificate Balance & Transferor's Interest 1,185,548,907.77
Percent of ANIV 98.00%
Certificate Factor 0.9825534
Servicer Advances 4,053,567.09
Servicer Pay Ahead Balance 3,193,540.25
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 8,863,131.08
Cumulative Reimbursed Credit Loss 8,863,131.08
Cumulative Residual Value (Gain) Loss 27,898.92
Cumulative Reimbursed Residual Value (Gain) Loss 27,898.92
Certificate Principal Loss Amount -
Number of Current Contracts 61,295
Weighted Average Coupon (WAC) 7.63%
Weighted Average Remaining Term (WAM) 21.38
End of Period Balances:
- -----------------------
Discounted Principal Balance 1,189,112,421.62
Aggregate Net Investment Value 1,189,112,421.62
Certificate Balance & Transferor's Interest 1,206,600,000.00
Adjusted Certificate Balance & Transferor's Interest 1,165,323,284.37
Percent of ANIV 98.00%
Certificate Factor 0.9657909
Servicer Advances 4,267,722.78
Servicer Pay Ahead Balance 3,240,169.28
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 9,383,609.85
Cumulative Reimbursed Credit Loss 9,383,609.85
Cumulative Residual Value (Gain) Loss 34,972.98
Cumulative Reimbursed Residual Value (Gain) Loss 34,972.98
Certificate Principal Loss Amount -
Number of Current Contracts 61,403
Weighted Average Coupon (WAC) 7.63%
Weighted Average Remaining Term (WAM) 20.40
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Original Deal Parameter Percent Balance Percent Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Discounted Principal Balance
Aggregate Net Investment Value (ANIV)
Initial Certificate Balance & Transferor's Interest 33.98% 410,000,000.00 53.87% 650,000,000.00
Percent of ANIV 33.30% 52.79%
Certificate Factor 1.0000000 1.0000000
Certificate Rate 6.20% 6.35%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Trigger Percentage
Trigger Amount
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Discounted Principal Balance
Aggregate Net Investment Value
Certificate Balance & Transferor's Interest 410,000,000.00 650,000,000.00
Adjusted Certificate Balance & Transferor's Interest 388,948,907.77 650,000,000.00
Percent of ANIV 32.15% 53.73%
Certificate Factor 0.9486559 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value (Gain) Loss
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Discounted Principal Balance
Aggregate Net Investment Value
Certificate Balance & Transferor's Interest 410,000,000.00 650,000,000.00
Adjusted Certificate Balance & Transferor's Interest 368,723,284.37 650,000,000.00
Percent of ANIV 31.01% 54.66%
Certificate Factor 0.8993251 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value (Gain) Loss
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Original Deal Parameter Percent Balance Percent Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Discounted Principal Balance
Aggregate Net Investment Value (ANIV)
Initial Certificate Balance & Transferor's Interest 6.03% 72,750,000.00 6.12% 73,850,000.00
Percent of ANIV 5.91% 6.00%
Certificate Factor 1.0000000 1.0000000
Certificate Rate 6.45% 6.75%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Trigger Percentage
Trigger Amount
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Discounted Principal Balance
Aggregate Net Investment Value
Certificate Balance & Transferor's Interest 72,750,000.00 73,850,000.00
Adjusted Certificate Balance & Transferor's Interest 72,750,000.00 73,850,000.00
Percent of ANIV 6.01% 6.10%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value (Gain) Loss
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Discounted Principal Balance
Aggregate Net Investment Value
Certificate Balance & Transferor's Interest 72,750,000.00 73,850,000.00
Adjusted Certificate Balance & Transferor's Interest 72,750,000.00 73,850,000.00
Percent of ANIV 6.12% 6.21%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value (Gain) Loss
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Transferor
Interest
Original Deal Parameter Balance
- ----------------------- ----------------
<S> <C> <C> <C> <C>
Discounted Principal Balance
Aggregate Net Investment Value (ANIV)
Initial Certificate Balance & Transferor's Interest 24,631,519.20
Percent of ANIV 2.00%
Certificate Factor
Certificate Rate
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Trigger Percentage
Trigger Amount
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Discounted Principal Balance
Aggregate Net Investment Value
Certificate Balance & Transferor's Interest 24,201,905.07
Adjusted Certificate Balance & Transferor's Interest 24,201,905.07
Percent of ANIV 2.00%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value (Gain) Loss
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Discounted Principal Balance
Aggregate Net Investment Value
Certificate Balance & Transferor's Interest 23,789,137.25
Adjusted Certificate Balance & Transferor's Interest 23,789,137.25
Percent of ANIV 2.00%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value (Gain) Loss
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity
- ---------------------------------
Principal Collections 10,932,501.41
Prepayments in Full - Number 318
Prepayments in Full - Amount 6,030,867.96
Reallocation - Number of Leases 5
Reallocation Payment 85,131.69
Interest Collections 9,696,504.60
Net Liquidation Proceeds and Recoveries 2,716,939.30
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 345,398.03
Reimbursed Certificate Principal Losses -
Net Investment Income -
--------------
Total Available 29,807,342.99
Increase (Decrease) in Servicer Advances 214,155.69
(Increase) Decrease in PayAheads Held (46,629.03)
ANIV
Current Month Operational Activity Vehicles Balance
- ---------------------------------- -------------- -------------
Inventory on Hand:
Matured Lease Vehicle Inventory 124 1,795,022.23
Repossessed Vehicle Inventory 180 3,689,570.94
-------------- -------------
Total Inventory on Hand 304 5,484,593.17
============== ==============
Residual Value (Gain) Loss:
Matured Lease Vehicle Inventory Sold 26 352,472.09
Net Liquidation Proceeds (345,398.03)
-------------
Net Residual Value (Gain) Loss 7,074.06
=============
Cumulative Residual Value (Gain) Loss all periods 34,972.98
=============
Liquidation of ChargeOffs and Repossessions:
Liquidated Contracts 173
Discounted Principal Balance 3,237,418.07
Net Liquidation Proceeds (2,676,529.99)
Recoveries - Previously Liquidated Contracts (40,409.31)
-------------
Aggregate Credit Losses for the Collection Period 520,478.77
==============
Cumulative Credit Losses for all Periods 9,383,609.85
Repossessed in Current Period 129 ==============
Delinquent Contracts: Accounts Percent ANIV Percent
-------------- ---------------- ------------- ----------------
31-60 Days Delinquent 864 1.41% 17,094,394.72 1.41%
61-90 Days Delinquent 55 0.09% 1,127,813.93 0.09%
Over 90 Days Delinquent 31 0.05% 621,631.98 0.05%
-------------- ---------------- ------------- ----------------
Total Delinquencies 950 1.55% 18,843,840.63 1.56%
============== ================ ============= ================
Amount
-------------
Beginning Unreinvested Principal Collections (Revolving Period Only) -
Current Month Principal Collections -
-------------
Total Available -
Allocation to Subsequent Contracts and Lease Vehicles - -
=============
Ending Unreinvested Principal Collections -
=============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
<S> <C> <C> <C> <C>
Capped Contingent and Excess Liability Premiums 21,981.67 43,963.34
Capped Titling Trust Administration Expenses 1,250.00 2,500.00
Capped Securitization Trust Administration Expenses 833.33 1,666.66
Uncapped Titling Trust Administration Expenses
Uncapped Securitization Trust Administration Expenses
---------------- -------------
Total Capped and Uncapped Expenses 24,065.00 48,130.00
Paid Expenses 24,065.00 48,130.00
Previous Unpaid Balance - -
Current Unpaid Balance - -
Servicer's Fee Due:
Due from Previous Periods -
Due for this Period 1,008,125.68
Paid this Period (1,008,125.68)
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 125,198.54
Average
Net Average
Matured Vehicles Sold for Number Scheduled Sale Liquidation Residual
each Collection Period: Sold Maturities Ratio Proceeds Value
-------- ---------- --------- ------------ ----------
Second Preceding Collection Period 5 0 0.00% 12,641.11 13,148.97
First Preceding Collection Period 10 1 0.00% 12,886.55 13,917.04
Current Collection Period 26 88 29.55% 13,284.54 13,473.58
Three Month Average 13,109.00 13,542.16
Ratio of 3 Month Average Net Liquidation Proceeds to
Average Residual Value for the Current Collection Period 96.80%
Annualized
Average
Charge-Off
Rate
Ratio of Net Credit Losses to the Average Pool Balance -------------
for Each Collection Period:
Second Preceding Collection Period 0.68%
First Preceding Collection Period 0.46%
Current Collection Period 0.53%
Three Month Average 0.56%
Ratio of Number of Contracts Delinquent 60 Days or More to the Outstanding
Number of Receivables as of Each Collection Period (Includes Repossessions):
Second Preceding Collection Period 0.13%
First Preceding Collection Period 0.13%
Current Collection Period 0.14%
Three Month Average 0.13%
Class B Class A Total
Amount Amount Amount
Reserve Fund: -------------- ---------------- -------------
Beginning Balance 1,227,656.25 29,553,131.73 30,780,787.98
Withdrawal Amount
Transferor Excess
-------------- ---------------- -------------
Ending Balance 1,227,656.25 29,553,131.73 30,780,787.98
Specified Reserve Fund Balance 1,227,656.25 29,553,131.73 30,780,787.98
-------------- ---------------- -------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Certificate Certificate
Total Percent Balance
-------------- ---------------- -------------
<S> <C> <C> <C> <C>
Certificate Interest Earned 6,364,354.16
- ---------------------------
Interest:
- ---------
Interest Collections 9,696,504.60 98.00%
Net Investment Income -
Prior Carryover Shortfall -
Carryover Shortfall (Inc) Dec -
Total Carryover Shortfall -
Servicer's Fee (1,008,125.68)
Capped and Uncapped Expenses (24,065.00)
Non-recoverable Advances (108,994.24)
B Certificate Interest Subordinated Inc (Dec) -
B Certificate Principal Subordinated Inc (Dec) -
--------------
Total Interest Available 8,555,319.68
--------------
Interest on Carryover Shortfall -
Interest on Certificate Principal Loss Amount -
-------------- -------------
Interest Distributed/Allocated 8,555,319.68 6,364,354.16
-------------- -------------
Principal: (Revolving Period memo only)
- ----------------------------------------
Principal Collections -
Liquidated Contracts -
Accelerated Principal Distribution Amount -
Carryover Shortfall -
Prior Carryover Shortfall -
Total Carryover Shortfall -
B Certificate Principal Subordinated Inc (Dec) -
--------------
Total Principal Distribution -
--------------
Certificate Principal Loss Amounts:
- -----------------------------------
Previous Certificate Principal Loss Amount -
Current Loss Amount 527,552.83
Loss Reimbursement (527,552.83)
Ending Certificate Principal Loss Amount -
Class B Principal Subordinated:
- -------------------------------
Beginning Balance -
Current increase (decrease)
Ending Balance
Class B Interest Subordinated:
- ------------------------------
Beginning Balance -
Current increase (decrease)
Ending Balance
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period 412,767.82
Allocations - Current Period 20,225,623.40 20,225,623.40
Allocations - Accelerated Principal Distribution Amount 247,731.75 247,731.75
Allocations - Not Disbursed Beginning of Period 21,303,123.65 21,303,123.65
Allocations - Not Disbursed End of Period 41,776,478.80 41,776,478.80
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period 1,415,680.94 -
Allocations - Current Period 6,364,354.16 6,364,354.16
Allocations - Not Disbursed Beginning of Period 12,728,708.32 12,728,708.32
Allocations - Not Disbursed End of Period 19,093,062.48 19,093,062.48
Due To Trust - Current Period:
- ------------------------------
Total Distribution Amount 1,828,448.76 -
Total Allocation Amount 26,837,709.31 26,837,709.31
-------------- -------------
Total Due To Trust 28,666,158.07 26,837,709.31
-------------- -------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Certificate Interest Earned 2,118,333.33 3,439,583.33
- ---------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Prior Carryover Shortfall
Carryover Shortfall (Inc) Dec
Total Carryover Shortfall
Servicer's Fee
Capped and Uncapped Expenses
Non-recoverable Advances
B Certificate Interest Subordinated Inc (Dec)
B Certificate Principal Subordinated Inc (Dec)
Total Interest Available
Interest on Carryover Shortfall
Interest on Certificate Principal Loss Amount
---------------- ----------------
Interest Distributed/Allocated 2,118,333.33 3,439,583.33
---------------- ----------------
Principal: (Revolving Period memo only)
- ----------------------------------------
Principal Collections
Liquidated Contracts
Accelerated Principal Distribution Amount
Carryover Shortfall
Prior Carryover Shortfall
Total Carryover Shortfall
B Certificate Principal Subordinated Inc (Dec)
Total Principal Distribution
Certificate Principal Loss Amounts:
- -----------------------------------
Previous Certificate Principal Loss Amount
Current Loss Amount
Loss Reimbursement
Ending Certificate Principal Loss Amount
Class B Principal Subordinated:
- -------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period 20,225,623.40
Allocations - Accelerated Principal Distribution Amount 247,731.75
Allocations - Not Disbursed Beginning of Period 21,303,123.65
Allocations - Not Disbursed End of Period 41,776,478.80 -
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period - -
Allocations - Current Period 2,118,333.33 3,439,583.33
Allocations - Not Disbursed Beginning of Period 4,236,666.66 6,879,166.66
Allocations - Not Disbursed End of Period 6,354,999.99 10,318,749.99
Due To Trust - Current Period:
- ------------------------------
Total Distribution Amount - -
Total Allocation Amount 22,591,688.48 3,439,583.33
---------------- ----------------
Total Due To Trust 22,591,688.48 3,439,583.33
---------------- ----------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Certificate Interest Earned 391,031.25 415,406.25
- ---------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Prior Carryover Shortfall
Carryover Shortfall (Inc) Dec
Total Carryover Shortfall
Servicer's Fee
Capped and Uncapped Expenses
Non-recoverable Advances
B Certificate Interest Subordinated Inc (Dec)
B Certificate Principal Subordinated Inc (Dec)
Total Interest Available
Interest on Carryover Shortfall
Interest on Certificate Principal Loss Amount
---------------- ----------------
Interest Distributed/Allocated 391,031.25 415,406.25
---------------- ----------------
Principal: (Revolving Period memo only)
- ----------------------------------------
Principal Collections
Liquidated Contracts
Accelerated Principal Distribution Amount
Carryover Shortfall
Prior Carryover Shortfall
Total Carryover Shortfall
B Certificate Principal Subordinated Inc (Dec)
Total Principal Distribution
Certificate Principal Loss Amounts:
- -----------------------------------
Previous Certificate Principal Loss Amount
Current Loss Amount
Loss Reimbursement
Ending Certificate Principal Loss Amount
Class B Principal Subordinated:
- -------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Accelerated Principal Distribution Amount
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period - -
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period - -
Allocations - Current Period 391,031.25 415,406.25
Allocations - Not Disbursed Beginning of Period 782,062.50 830,812.50
Allocations - Not Disbursed End of Period 1,173,093.75 1,246,218.75
Due To Trust - Current Period:
- ------------------------------
Total Distribution Amount - -
Total Allocation Amount 391,031.25 415,406.25
---------------- ----------------
Total Due To Trust 391,031.25 415,406.25
---------------- ----------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Transferor Transferor
Interest Interest
Percent Balance
-------------- ----------------
<S> <C> <C> <C> <C>
Certificate Interest Earned
- ---------------------------
Interest:
- ---------
Interest Collections 2.00%
Net Investment Income
Prior Carryover Shortfall
Carryover Shortfall (Inc) Dec
Total Carryover Shortfall
Servicer's Fee
Capped and Uncapped Expenses
Non-recoverable Advances
B Certificate Interest Subordinated Inc (Dec)
B Certificate Principal Subordinated Inc (Dec)
Total Interest Available
Interest on Carryover Shortfall
Interest on Certificate Principal Loss Amount
----------------
Interest Distributed/Allocated 2,190,965.52
----------------
Principal: (Revolving Period memo only)
- ----------------------------------------
Principal Collections
Liquidated Contracts
Accelerated Principal Distribution Amount
Carryover Shortfall
Prior Carryover Shortfall
Total Carryover Shortfall
B Certificate Principal Subordinated Inc (Dec)
Total Principal Distribution
Certificate Principal Loss Amounts:
- -----------------------------------
Previous Certificate Principal Loss Amount
Current Loss Amount (527,552.83)
Loss Reimbursement
Ending Certificate Principal Loss Amount
Class B Principal Subordinated:
- -------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period 412,767.82
Allocations - Current Period
Allocations - Accelerated Principal Distribution Amount (247,731.75)
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period -
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period 1,415,680.94
Allocations - Current Period -
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period -
Due To Trust - Current Period:
- ------------------------------
Total Distribution Amount 1,828,448.76
Total Allocation Amount -
----------------
Total Due To Trust 1,828,448.76
----------------
</TABLE>
/S/ HOLLY PEARSON
- -------------------------
Holly Pearson
Treasury Manager
