<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): October 25, 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 October 25, 1999, 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
September 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
September, 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: October 29, 1999 By: /S/ GEORGE E. BORST
---------------- -----------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of October 25, 1999 for the Collection Period of September 1
through September 30, 1999
<TABLE>
<CAPTION>
Pool Data - Original Deal Parameters
- ------------------------------------
<S> <C>
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 859,842,151.57
Discounted Principal Balance 852,700,305.92
Servicer Advances 3,496,575.62
Servicer Pay Ahead Balance 3,010,014.69
Maturity Advances Outstanding 44,364,807.50
Number of Current Contracts 48,109
Weighted Average Lease Rate 7.65%
Weighted Average Remaining Term 12.0
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
RESERVE FUND:
<S> <C>
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
<CAPTION>
Class A Class B Total
Amount Amount Amount
------ ------ ------
<S> <C> <C> <C>
Beginning Balance 29,450,702.82 1,227,656.25 30,678,359.07
Withdrawal Amount - - -
Transferor Excess 1,345,725.78 - 1,345,725.78
--------------------------------------------------------------------
Ending Balance 30,796,428.60 1,227,656.25 32,024,084.85
Specified Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
--------------------------------------------------------------------
Release to Transferor 1,243,296.87 - 1,243,296.87
Cumulative Withdrawal Amount 579,633.03 - 579,633.03
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
Liquidation of Chargeoffs and Repossessions: Vehicles
--------
Liquidated Contracts 185
---
Discounted Principal Balance 3,290,567.15
Net Liquidation Proceeds (2,814,243.12)
Recoveries--Previously Liquidated Contracts (180,615.70)
----------------------
Aggregate Credit Losses for the Collection Period 295,708.33
----------------------
----------------------
Cumulative Credit Losses for all Periods 14,395,656.07
----------------------
----------------------
Repossessed in Current Period 76
--
Ratio of Net Credit Losses to the Average Pool Balance Annualized Average
For Each Collection Period: Charge-Off Rate
-----------------------
Second Preceding Collection Period 0.49%
First Preceding Collection Period 0.68%
Current Collection Period 0.41%
- -----------------------------------------------------------------------------------------------------------------------------------
Condition (i)i (Charge-off Rate)
Three Month Average 0.53%
Charge-Off Rate Indicator ( > 1.25%) CONDITION NOT MET
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent Contracts: Rcent Accounts Percent Aniv
----- -------- ------- ----
<S> <C> <C> <C> <C> <C>
31-60 Days Delinquent 1.60% 772 1.57% 13,520,392.40
61-90 Days Delinquent 0.08% 38 0.07% 612,066.93
Over 90 Days Delinquent 0.03% 14 0.04% 321,688.37
-------------- -----------------
Total Delinquencies 824 14,454,147.70
-------------- -----------------
-------------- -----------------
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 0.12%
First Preceding Collection Period 0.15%
Current Collection Period 0.11%
- -----------------------------------------------------------------------------------------------------------------------------------
CONDITION (II) (DELINQUENCY PERCENTAGE)
- --------------
Three Month Average 0.13%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 368 5,840,502.75
Net Liquidation Proceeds (5,228,228.62)
-------------
Net Residual Value (Gain) Loss 612,274.13
-------------
-------------
Cumulative Residual Value (Gain) Loss all periods 9,912,710.15
-------------
-------------
<CAPTION>
Average Average
Number Scheduled Sale Net Liquidation Residual
Sold Maturities Ratio Proceeds Value
---- ---------- ----- -------- -----
<S> <C> <C> <C> <C> <C>
Matured Vehicles Sold for
each Collection Period:
Second Preceding Collection Period 901 1,136 79.31% 13,470.43 15,761.39
First Preceding Collection Period 723 752 96.14% 14,237.60 16,132.29
Current Collection Period 368 88 100.00% 14,207.14 15,989.17
Three Month Average 13,884.98 15,938.09
-------------
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 87.12%
-------------
<CAPTION>
Current Period
Condition (iii) (Residual Value Test) Amount/ratio Test Met?
- --------------- ------------ ---------
<S> <C> <C>
a) Number of Vehicles Sold > 25% of Scheduled Maturities 100.00% YES
b) Number of Scheduled Maturities > 500 88 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 87.12% 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 October 25, 1999 for the Collection Period of September 1
through September 30, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Certificate Balance
-------------------
Total Percent Balance
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST: 98.00%
- ---------
Interest Collections 6,981,885.05
Net Investment Income Earned -
Non-recoverable Advances (111,412.24)
---------------------
Available Interest 6,870,472.81 6,159,944.09
Class A1, A2, A3 Notional Interest Accrual Amount (3,830,614.58) (3,830,614.58)
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 (740,404.26) (663,833.33)
Capped Expenses (24,065.00) (21,576.25)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
--------------------- -------------------------
Total Unallocated Interest 1,859,982.72 1,228,513.67
Excess Interest to Transferor (1,228,513.67)
--------------------- -------------------------
Net Interest Collections Available 1,859,982.72 -
Interest Collections Allocated to Losses (814,080.97)
Accelerated Principal Distribution (179,133.78)
---------------------
Deposit to Reserve Fund 866,767.96
---------------------
Withdrawal from Reserve Fund -
---------------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (907,982.46) (814,080.97)
Loss Reimbursement from Transferor Interest 814,080.97 814,080.97
Loss Reimbursement from Transferor Principal 0.00 0.00
Loss Reimbursement from Reserve Fund
--------------------- -------------------------
Ending Certificate Principal Loss Amount (93,901.49)
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 478,957.81 -
Allocations - Current Period 28,070,105.74 -
Allocations - Accelerated Principal Distribution 179,133.78 -
Allocations - Accelerated Principal Distribution Adj. - -
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 866,767.96 -
Allocations - Current Period 4,246,020.83 4,246,020.83
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 4,246,020.83 4,246,020.83
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 102,428.91
Due To Trust 33,738,557.21 4,246,020.83
--------------------- -------------------------
Total Due To Trust 33,840,986.12 4,246,020.83
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Class A1 Class A2
-------- --------
Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------
INTEREST:
- ---------
<S> <C> <C>
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest - 5,026,316.41
Class A1, A2, A3 Notional Interest Accrual Amount - (3,439,583.33)
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
Loss Reimbursement from Reserve Fund
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 -
Allocations - Accelerated Principal Distribution -
Allocations - Accelerated Principal Distribution Adj. -
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - -
Allocations - Current Period - 3,439,583.33
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period - 3,439,583.33
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due To Trust - 3,439,583.33
----------------------- ------------------------
Total Due To Trust - 3,439,583.33
----------------------- ------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Class A3 Class B
-------- -------
Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
INTEREST:
- ---------
<S> <C> <C>
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 562,560.80 571,066.87
Class A1, A2, A3 Notional Interest Accrual Amount (391,031.25)
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
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 (814,080.97)
Loss Reimbursement from Transferor Interest 814,080.97
Loss Reimbursement from Transferor Principal 0.00
Loss Reimbursement from Reserve Fund
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
Allocations - Accelerated Principal Distribution
Allocations - Accelerated Principal Distribution Adj.
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 - -
Allocations - Not Disbursed End of Period 391,031.25 415,406.25
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due To Trust 391,031.25 415,406.25
--------------------- ------------------------
--------------------- ------------------------
Total Due To Trust 391,031.25 415,406.25
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Transferor Interest
-------------------
Interest Principal
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INTEREST: 2.00%
- ---------
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 710,528.72
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal.
Class B Interest Carryover Shortfall
Servicer's Fee (76,570.93)
Capped Expenses (2,488.75)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
-------------------------
Total Unallocated Interest 631,469.04
Excess Interest to Transferor 1,228,513.67
-------------------------
Net Interest Collections Available 1,859,982.72
Interest Collections Allocated to Losses (814,080.97)
Accelerated Principal Distribution (179,133.78)
-------------------------
Deposit to Reserve Fund 866,767.96
-------------------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (93,901.49)
Loss Reimbursement from Transferor Interest (814,080.97)
Loss Reimbursement from Transferor Principal
Loss Reimbursement from Reserve Fund
-------------------------------------------------
Ending Certificate Principal Loss Amount (814,080.97) (93,901.49)
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 478,957.81
Allocations - Current Period 28,070,105.74
Allocations - Accelerated Principal Distribution 179,133.78
Allocations - Accelerated Principal Distribution Adj.
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 866,767.96
Allocations - Current Period -
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 102,428.91 -
Due To Trust 29,013,578.58 478,957.81
--------------------------------------------------
Total Due To Trust 29,116,007.49 478,957.81
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of October 25, 1999 for the Collection Period of September 1
through September 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 888,485,116.61
Discounted Principal Balance 880,814,354.15
Notional/Certificate Balance 796,600,000.00
Adjusted Notional/Certificate Balance 796,600,000.00
Percent of ANIV 89.66%
Certificate Factor 1.0000000
Servicer Advances 3,386,921.92
Servicer Pay Ahead Balance 3,393,322.72
Maturity Advances Outstanding 72,614,047.02
Number of Current Contracts 49,246
Weighted Average Lease Rate 7.65%
Weighted Average Remaining Term 12.8
POOL DATA CURRENT MONTH
- -----------------------
Aggregate Net Investment Value 859,842,151.57
Discounted Principal Balance 852,700,305.92
Notional/Certificate Balance 796,600,000.00
Adjusted Notional/Certificate Balance 796,600,000.00
Percent of ANIV 92.64%
Certificate Factor 1.0000000
Servicer Advances 3,496,575.62
Servicer Pay Ahead Balance 3,010,014.69
Maturity Advances Outstanding 44,364,807.50
Number of Current Contracts 48,109
Weighted Average Lease Rate 7.65%
Weighted Average Remaining Term 12.0
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Class A1 Class A2
-------- --------
Percent Balance Percent Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <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 - 650,000,000.00
Adjusted Notional/Certificate Balance - 650,000,000.00
Percent of ANIV 0.00% 73.16%
Certificate Factor - 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 - 650,000,000.00
Adjusted Notional/Certificate Balance - 650,000,000.00
Percent of ANIV 0.00% 75.60%
Certificate Factor - 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Class A3 Class B
-------- -------
Percent Balance Percent Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <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
Percent of ANIV 5.91% 6.00%
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
Adjusted Notional/Certificate Balance 72,750,000.00 73,850,000.00
Percent of ANIV 8.19% 8.31%
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
Adjusted Notional/Certificate Balance 72,750,000.00 73,850,000.00
Percent of ANIV 8.46% 8.59%
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
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
Transferor Interest
-------------------
Balance
- ----------------------------------------------------------------------------------------------------------------
<S> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 24,631,519.20
Percent of ANIV 2.00%
Certificate Factor
Notional/Certificate Rate
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 91,885,116.61
Adjusted Notional/Certificate Balance 91,885,116.61
Percent of ANIV 10.34%
Certificate Factor
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 63,242,151.57
Adjusted Notional/Certificate Balance 63,242,151.57
Percent of ANIV 7.36%
Certificate Factor
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 9,661,376.57
Prepayments in Full 578 9,771,012.14
Reallocation Payment 6 79,506.43
Interest Collections 6,981,885.05
Net Liquidation Proceeds and Recoveries 2,994,858.82
Net Liquidation Proceeds - Vehicle Sales 5,228,228.62
Non-Recoverable Advances (111,412.24)
------------------------
Total Available 34,605,455.39
- ----------------------------------------------------------------------------------------------------------------------
Capped and Uncapped Expenses: Amount Annual Amount
----------------------- ------------------------
Total Capped and Uncapped Expenses Paid 24,065.00 288,780.00
Capped and Uncapped Expenses Due - -
Servicer's Fee Due:
Servicer's Fee Paid 740,404.26
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 99,870.29
- -----------------------------------------------------------------------------------------------------------------------------------
Revolving Period: Vehicles Amount
- ----------------- -------- ------
Beginning Unreinvested Principal Collections
Principal Collections & Liquidated Contracts
Allocation to Subsequent Contracts
Ending Unreinvested Principal Collections
------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
I hereby certify to the best of my knowledge that the report provided is true
and correct.
/s/ Holly Pearson
- --------------------------------------------------------------------
Holly Pearson, Treasury Manager
