<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): July 23, 1999
-------------
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 Motor Credit 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 July 23, 1999, interest and principal 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 June 1999 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
June, 1999.
-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: August 10, 1999 By: /S/ GEORGE E. BORST
--------------- -----------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of July 23, 1999 for the Collection Period of
June 1 through June 30, 1999
<TABLE>
<CAPTION>
<S> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
Aggregate Net Investment Value (ANIV) 1,231,231,519.20
Discounted Principal Balance 1,231,231,519.20
Servicer Advance 2,825,418.78
Servicer Payahead 1,580,862.05
Number of Contracts 56,340
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 35.8
Servicing Fee Percentage 1.00%
POOL DATA - CURRENT MONTH
Aggregate Net Investment Value 965,460,875.68
Discounted Principal Balance 965,038,892.52
Servicer Advances 3,735,276.29
Servicer Pay Ahead Balance 3,496,338.45
Maturity Advances Outstanding -
Number of Current Contracts 52,660
Weighted Average Lease Rate 7.64%
Weighted Average Remaining Term 14.4
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
RESERVE FUND:
Initial Deposit Amount 30,780,787.98
Specified Reserve Fund Percentage 2.50%
Specified Reserve Fund Amount 30,780,787.98
Specified Reserve Fund Percentage (IF CONDITION I, II OR III MET) 5.00%
Specified Reserve Fund Amount (IF CONDITION I, II OR III MET) 61,561,575.96
Class A Class B Total
AMOUNT AMOUNT AMOUNT
Beginning Balance 29,553,131.73 1,227,656.25 30,780,787.98
Withdrawal Amount - - -
Transferor Excess - - -
---------------------------------------------------------------------------
Ending Balance 29,553,131.73 1,227,656.25 30,780,787.98
Specified Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
---------------------------------------------------------------------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LIQUIDATION OF CHARGEOFFS AND REPOSSESSIONS: VEHICLES
--------
Liquidated Contracts 201
---
Discounted Principal Balance 3,763,781.98
Net Liquidation Proceeds (3,097,642.48)
Recoveries - Previously Liquidated Contracts (113,572.04)
---------------------------
Aggregate Credit Losses for the Collection Period 552,567.46
---------------------------
Cumulative Credit Losses for all Periods 13,194,240.03
---------------------------
---------------------------
Repossessed in Current Period 93
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
---------------------------
Second Preceding Collection Period 0.70%
First Preceding Collection Period 0.49%
Current Collection Period 0.67%
- ---------------------------------------------------------------------------------------------------------------------------
CONDITION (I) (CHARGE-OFF RATE)
Three Month Average 0.62%
Charge-Off Rate Indicator ( > 1.25%) CONDITION NOT MET
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
DELINQUENT CONTRACTS: PERCENT ACCOUNTS PERCENT ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
31-60 Days Delinquent 1.40% 737 1.35% 13,009,866.46
61-90 Days Delinquent 0.09% 49 0.10% 957,419.03
Over 90 Days Delinquent 0.03% 16 0.03% 276,924.91
------------------ -----------------
Total Delinquencies 802 14,244,210.40
------------------ -----------------
------------------ -----------------
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 0.09%
First Preceding Collection Period 0.13%
Current Collection Period 0.12%
- --------------------------------------------------------------------------------------------------------------------------------
CONDITION (II) (DELINQUENCY PERCENTAGE)
Three Month Average 0.11%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
Matured Lease Vehicle Inventory Sold 790 12,313,050.27
--- (10,666,439.74)
Net Liquidation Proceeds ---------------------
Net Residual Value (Gain) Loss 1,646,610.53
Net Liquidation Proceeds ---------------------
Cumulative Residual Value (Gain) Loss all periods 6,006,282.15
Net Liquidation Proceeds ---------------------
Net Liquidation Proceeds ---------------------
Average Average
Number Scheduled Sale Net Liquidation Residual
SOLD MATURITIES RATIO PROCEEDS VALUE
MATURED VEHICLES SOLD FOR
EACH COLLECTION PERIOD:
Second Preceding Collection Period 650 1,105 58.82% 13,484.53 15,662.72
First Preceding Collection Period 604 1,224 49.35% 13,381.05 15,540.77
Current Collection Period 790 1,657 47.68% 13,501.82 15,635.55
Three Month Average 13,460.64 15,616.18
------------------------
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 86.20%
------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (III) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
- ------------------------------------- -------------- ---------
<S> <C> <C>
a) Number of Vehicles Sold > 25% of Scheduled Maturities 47.68% YES
b) Number of Scheduled Maturities > 500 1,657 YES
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 86.20% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of July 23, 1999 for the Collection Period of
June 1 through June 30, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE
-------------------
Total Percent Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST: 98.00%
- ---------
Interest Collections 7,817,069.79
Net Investment Income Earned 1,265,277.10
Non-recoverable Advances (123,268.00)
--------------------------
Available Interest 8,959,078.89 8,779,897.32
Class A1, A2, A3 Notional Interest Accrual Amount (5,948,947.91) (5,948,947.91)
Unreimbursed A1, A2, A3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. (415,406.25) (415,406.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (837,448.46) (820,699.49)
Capped Expenses (24,065.00) (23,583.70)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
-------------------------- --------------------------
Total Unallocated Interest 1,733,211.27 1,571,259.97
Excess Interest to Transferor (1,571,259.97)
-------------------------- --------------------------
Net Interest Collections Available 1,733,211.27 -
Interest Collections Allocated to Losses (1,733,211.27)
Accelerated Principal Distribution (0.00)
--------------------------
Deposit to Reserve Fund -
--------------------------
Withdrawal from Reserve Fund -
--------------------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (2,199,177.99) (2,155,194.43)
Loss Reimbursement from Transferor Interest 1,733,211.27 1,733,211.27
Loss Reimbursement from Transferor Principal 421,983.16 421,983.16
-------------------------- --------------------------
Ending Certificate Principal Loss Amount (43,983.56) -
CLASS A CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance -
Current increase (decrease) -
--------------------------
Ending Balance -
--------------------------
CLASS A INTEREST SUBORDINATED
Beginning Balance -
Current increase (decrease) -
--------------------------
Ending Balance -
--------------------------
CLASS B CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance -
Current increase (decrease) -
--------------------------
Ending Balance -
--------------------------
CLASS B INTEREST SUBORDINATED:
Beginning Balance -
Current increase (decrease) -
--------------------------
Ending Balance -
--------------------------
PRINCIPAL DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 332,018.43 -
Allocations - Current Period 39,101,272.16 39,101,272.16
Allocations - Accelerated Principal Distribution 0.00 0.00
Allocations - Not Disbursed Beginning of Period 223,216,770.84 223,216,770.84
Allocations - Not Disbursed End of Period 262,318,043.01 262,318,043.01
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - -
Allocations - Current Period 6,364,354.16 6,364,354.16
Allocations - Not Disbursed Beginning of Period 19,093,062.48 19,093,062.48
Allocations - Not Disbursed End of Period 25,457,416.64 25,457,416.64
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 0.00
Due To Trust 44,532,367.65 44,200,349.23
-------------------------- --------------------------
Total Due To Trust 44,532,367.65 44,200,349.23
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A1 CLASS A2 CLASS A3
-------- -------- --------
Balance Balance Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST:
- ---------
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 2,983,389.60 4,729,764.01 529,369.74
Class A1, A2, A3 Notional Interest Accrual Amount (2,118,333.33) (3,439,583.33) (391,031.25)
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal.
Class B Interest Carryover Shortfall
Servicer's Fee
Capped Expenses
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses
Total Unallocated Interest
Excess Interest to Transferor
Net Interest Collections Available
Interest Collections Allocated to Losses
Accelerated Principal Distribution
Deposit to Reserve Fund
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount
Loss Reimbursement from Transferor Interest
Loss Reimbursement from Transferor Principal
Ending Certificate Principal Loss Amount
CLASS A CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS A INTEREST SUBORDINATED
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B CERTIFICATE PRINCIPAL LOSS AMOUNTS
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 39,101,272.16
Allocations - Accelerated Principal Distribution 0.00
Allocations - Not Disbursed Beginning of Period 223,216,770.84
Allocations - Not Disbursed End of Period 262,318,043.01 - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period
Allocations - Current Period 2,118,333.33 3,439,583.33 391,031.25
Allocations - Not Disbursed Beginning of Period 6,354,999.99 10,318,749.99 1,173,093.75
Allocations - Not Disbursed End of Period 8,473,333.32 13,758,333.32 1,564,125.00
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due To Trust 40,789,667.15 2,757,973.75 314,743.41
------------------------ ------------------------ ------------------
Total Due To Trust 40,789,667.15 2,757,973.75 314,743.41
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS B TRANSFEROR INTEREST
------- -------------------
Balance Interest Principal
- ----------------------------------------------------------------------------------------------------------------------------------
INTEREST: 2.00%
- ---------
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 537,373.96 179,181.58
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. (415,406.25)
Class B Interest Carryover Shortfall
Servicer's Fee (16,748.97)
Capped Expenses (481.30)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
----------------------
Total Unallocated Interest 161,951.31
Excess Interest to Transferor 1,571,259.97
----------------------
Net Interest Collections Available 1,733,211.28
Interest Collections Allocated to Losses (1,733,211.27)
Accelerated Principal Distribution (0.00)
----------------------
Deposit to Reserve Fund -
----------------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (2,155,194.43) (43,983.56)
Loss Reimbursement from Transferor Interest 1,733,211.27 (1,733,211.27)
Loss Reimbursement from Transferor Principal 421,983.16
---------------------------------------------
Ending Certificate Principal Loss Amount (1,733,211.27) (43,983.56)
CLASS A CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS A INTEREST SUBORDINATED
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B INTEREST SUBORDINATED:
Beginning Balance
Current increase (decrease)
Ending Balance
PRINCIPAL DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 332,018.43
Allocations - Current Period
Allocations - Accelerated Principal Distribution
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period -
Allocations - Current Period 415,406.25 -
Allocations - Not Disbursed Beginning of Period 1,246,218.75 -
Allocations - Not Disbursed End of Period 1,661,625.00 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due To Trust 337,964.92 - 332,018.43
------------------------ ---------------------------------------------
Total Due To Trust 337,964.92 - 332,018.43
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of July 23, 1999 for the Collection Period of
June 1 through June 30, 1999
<TABLE>
<CAPTION>
CERTIFICATE BALANCE
-------------------
Total Percent Balance
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV) 1,231,231,519.20
Discounted Principal Balance 1,231,231,519.20
Initial Notional/Certificate Balance - 100.00% 1,206,600,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Notional/Certificate Rate
Servicer Advance 2,825,418.78
Servicer Payahead 1,580,862.05
Number of Contracts 56,340
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 35.8
Servicing Fee Percentage 1.00%
POOL DATA PRIOR MONTH
Aggregate Net Investment Value 1,004,938,149.83
Discounted Principal Balance 1,004,938,149.83
Notional/Certificate Balance 1,206,600,000.00
Adjusted Notional/Certificate Balance 983,383,229.16
Percent of ANIV 97.86%
Certificate Factor 1.0000000
Servicer Advances 4,216,041.93
Servicer Pay Ahead Balance 3,121,281.47
Maturity Advances Outstanding -
Number of Current Contracts 54,440
Weighted Average Lease Rate 7.64%
Weighted Average Remaining Term 15.1
POOL DATA CURRENT MONTH
- -----------------------
Aggregate Net Investment Value 965,460,875.68
Discounted Principal Balance 965,038,892.52
Notional/Certificate Balance 1,206,600,000.00
Adjusted Notional/Certificate Balance 944,281,956.99
Percent of ANIV 97.81%
Certificate Factor 1.0000000
Servicer Advances 3,735,276.29
Servicer Pay Ahead Balance 3,496,338.45
Maturity Advances Outstanding -
Number of Current Contracts 52,660
Weighted Average Lease Rate 7.64%
Weighted Average Remaining Term 14.4
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A1 CLASS A2
-------- --------
Percent Balance Percent Balance
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 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
Notional/Certificate Rate 6.20% 6.35%
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
POOL DATA PRIOR MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 410,000,000.00 650,000,000.00
Adjusted Notional/Certificate Balance 186,783,229.16 650,000,000.00
Percent of ANIV 18.59% 64.68%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
POOL DATA CURRENT MONTH
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 410,000,000.00 650,000,000.00
Adjusted Notional/Certificate Balance 147,681,956.99 650,000,000.00
Percent of ANIV 15.30% 67.33%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A3 CLASS B TRANSFEROR INTEREST
------- ------- -------------------
Percent Balance Percent Balance Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 6.03% 72,750,000.00 6.12% 73,850,000.00 24,631,519.20
Percent of ANIV 5.91% 6.00% 2.00%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 6.45% 6.75%
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
POOL DATA PRIOR MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 72,750,000.00 73,850,000.00 20,208,548.03
Adjusted Notional/Certificate Balance 72,750,000.00 73,850,000.00 20,208,548.03
Percent of ANIV 7.24% 7.35% 2.00%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
POOL DATA CURRENT MONTH
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 72,750,000.00 73,850,000.00 19,832,546.05
Adjusted Notional/Certificate Balance 72,750,000.00 73,850,000.00 19,832,546.05
Percent of ANIV 7.54% 7.65% 2.05%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
- --------------------------------- --------
<S> <C> <C>
Principal Collections 10,118,933.67
Prepayments in Full 777 13,488,406.50
---
Reallocation Payment 13 215,084.89
--
Interest Collections 7,817,069.79
Net Liquidation Proceeds and Recoveries 3,211,214.52
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 10,666,439.74
Non-Recoverable Advances (123,268.00)
----------------------
Total Available 45,393,881.11
- ---------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
---------------------- -----------------------
Total Capped and Uncapped Expenses Paid 24,065.00 216,585.00
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 837,448.46
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 123,630.06
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: VEHICLES AMOUNT
- ----------------- -------- ------
Beginning Unreinvested Principal Collections
Principal Collections & Liquidated Contracts
Allocation to Subsequent Contracts
-----------------------
Ending Unreinvested Principal Collections -
- -----------------------------------------------------------------------------------------------------------------------------------
I hereby certify to the best of my knowledge that the report provided is true
and correct.
/s/ HOLLY PEARSON
- -------------------------------
Holly Pearson, Treasury Manager
</TABLE>
