<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): September 27, 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 September 27, 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 August 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
August, 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: September 30, 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 September 27, 1999 for the Collection Period of August 1
through August 31, 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 888,485,116.61
Discounted Principal Balance 880,814,354.15
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
--------------------------------------------------------------------------------------------------------------------------------
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 28,973,498.70 1,227,656.25 30,201,154.95
Withdrawal Amount - - -
Transferor Excess 477,204.12 - 477,204.12
-----------------------------------------------------------------------------
Ending Balance 29,450,702.82 1,227,656.25 30,678,359.07
Specified Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
-----------------------------------------------------------------------------
Release to Transferor - - -
Cumulative Withdrawal Amount 579,633.03 - 579,633.03
--------------------------------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGEOFFS AND REPOSSESSIONS: VEHICLES
--------
Liquidated Contracts 214
---
Discounted Principal Balance 3,638,819.00
Net Liquidation Proceeds (2,957,324.05)
Recoveries - Previously Liquidated Contracts (165,308.77)
---------------------------
Aggregate Credit Losses for the Collection Period 516,186.18
---------------------------
---------------------------
Cumulative Credit Losses for all Periods 14,099,947.74
---------------------------
---------------------------
Repossessed in Current Period 92
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
---------------------------
Second Preceding Collection Period 0.67%
First Preceding Collection Period 0.49%
Current Collection Period 0.68%
--------------------------------------------------------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.61%
Charge-Off Rate Indicator ( > 1.25%) CONDITION NOT MET
--------------------------------------------------------------------------------------------------------------------------------
DELINQUENT CONTRACTS: PERCENT ACCOUNTS PERCENT ANIV
------- -------- ------- ----
31-60 Days Delinquent 1.36% 668 1.33% 11,845,494.25
61-90 Days Delinquent 0.13% 64 0.13% 1,153,792.37
Over 90 Days Delinquent 0.02% 10 0.02% 217,102.24
------------------------ --------------------------
Total Delinquencies 742 13,216,388.86
------------------------ --------------------------
------------------------ --------------------------
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 0.12%
Current Collection Period 0.15%
--------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
--------------
Three Month Average 0.13%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
--------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
--------
Matured Lease Vehicle Inventory Sold 723 11,597,744.01
---
Net Liquidation Proceeds (10,293,786.75)
--------------------------
Net Residual Value (Gain) Loss 1,303,957.26
--------------------------
--------------------------
Cumulative Residual Value (Gain) Loss all periods 9,300,436.02
--------------------------
--------------------------
Average Average
Number Scheduled Sale Net Liquidation Residual
SOLD MATURITIES RATIO PROCEEDS VALUE
MATURED VEHICLES SOLD FOR ---- ---------- ----- -------- -----
EACH COLLECTION PERIOD:
Second Preceding Collection Period 790 1,657 47.68% 13,501.82 15,635.55
First Preceding Collection Period 901 1,136 79.31% 13,470.43 15,761.39
Current Collection Period 723 752 96.14% 14,237.60 16,132.29
Three Month Average 13,710.47 15,831.29
-------------
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 86.60%
-------------
--------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
--------------- ------------ ---------
a) Number of Vehicles Sold greater than 25% of Scheduled Maturities 96.14% YES
b) Number of Scheduled Maturities greater than 500 752 YES
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. Residual Values 86.60% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE CLASS A1
------------------- --------
Total Percent Balance Balance
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST: 98.00%
- ---------
Interest Collections 7,176,391.60
Net Investment Income Earned 1,672,359.29
Non-recoverable Advances (135,357.63)
--------------
Available Interest 8,713,393.26 8,525,418.54 2,896,918.28
Class A1, A2, A3 Notional Interest Accrual Amount (5,948,947.91) (5,948,947.91) (2,118,333.33)
Unreimbursed A1, A2, A3 Interest Shortfall - 0
Interest Accrual for Adjusted Class B Certificate Bal. (415,406.25) (415,406.25)
Class B Interest Carryover Shortfall - -
Servicer's Fee (771,394.60) (755,966.71)
Capped Expenses (24,065.00) (23,583.70)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
-------------- --------------
Total Unallocated Interest 1,553,579.50 1,381,513.97
Excess Interest to Transferor (1,381,513.97)
-------------- --------------
Net Interest Collections Available 1,553,579.50 -
Interest Collections Allocated to Losses (1,553,579.50)
Accelerated Principal Distribution (0.00)
--------------
Deposit to Reserve Fund - -
--------------
Withdrawal from Reserve Fund -
--------------
PRINCIPAL:
- ---------
Certificate Principal Loss Amounts:
Current Loss Amount (1,820,143.44) (1,780,877.34)
Loss Reimbursement from Transferor Interest 1,553,579.50 1,553,579.50
Loss Reimbursement from Transferor Principal 227,297.84 227,297.84
Loss Reimbursement from Reserve Fund
-------------- --------------
Ending Certificate Principal Loss Amount (39,266.10) -
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 410,055,745.31 410,000,000.00 410,000,000.00
Allocations - Current Period 36,444,634.78 36,444,634.78 36,444,634.78
Allocations - Accelerated Principal Distribution 0.00 0.00 0.00
Allocations - Accelerated Principal Distribution Adj. 45,209.53 45,209.53 45,209.53
Allocations - Not Disbursed Beginning of Period 300,896,108.67 300,896,108.67 300,896,108.67
Allocations - Not Disbursed End of Period - - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
- -----------------------------------
Distribution - Current Period 38,186,124.97 38,186,124.97 12,709,999.98
Allocations - Current Period 6,364,354.16 6,364,354.16 2,118,333.33
Allocations - Not Disbursed Beginning of Period 31,821,770.80 31,821,770.80 10,591,666.65
Allocations - Not Disbursed End of Period - - -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 477,204.12
Due To Trust 448,186,124.96 448,186,124.97 422,709,999.98
-------------- -------------- --------------
Total Due To Trust 448,663,329.08 448,186,124.97 422,709,999.98
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>--------------------------------------------------------------------------------------------------------------------------
CLASS A2 CLASS A3 CLASS B TRANSFEROR INTEREST
-------- -------- ------- -------------------
Balance Balance Balance Interest Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST: 2.00%
- ---------
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 4,592,675.32 514,026.35 521,798.57 187,974.72
Class A1, A2, A3 Notional Interest Accrual Amount (3,439,583.33) (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 (15,427.89)
Capped Expenses (481.30)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
-------------
Total Unallocated Interest 172,065.53
Excess Interest to Transferor 1,381,513.97
-------------
Net Interest Collections Available 1,553,579.50
Interest Collections Allocated to Losses (1,553,579.50)
Accelerated Principal Distribution (0.0)
-------------
Deposit to Reserve Fund -
-------------
Withdrawal from Reserve Fund
PRINCIPAL:
- ---------
Certificate Principal Loss Amounts:
Current Loss Amount (1,780,877.34) (39,266.10)
Loss Reimbursement from Transferor Interest 1,553,579.50 (1,553,579.50)
Loss Reimbursement from Transferor Principal 227,297.84
Loss Reimbursement from Reserve Fund
-------------
Ending Certificate Principal Loss Amount (1,553,579.50) (39,266.10)
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 477,204.12
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 20,637,499.98 2,346,187.50 2,492,437.50 -
Allocations - Current Period 3,439,583.33 391,031.25 415,406.25 -
Allocations - Not Disbursed Beginning of Period 17,197,916.65 1,955,156.25 2,077,031.25 -
Allocations - Not Disbursed End of Period - - - -
DUE TO TRUST - CURRENT PERIOD:
- ------------------------------
Total Deposit to Reserve Fund 477,204.12
Due To Trust 20,637,499.98 2,346,187.50 2,492,437.50 -
------------- ------------ ------------ ---------------------------
Total Due To Trust 20,637,499.98 2,346,187.50 2,492,437.50 - 477,204.12
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE CLASS A1
------------------- --------
Total Percent Balance Percent Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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 33.98% 410,000,000.00
Percent of ANIV 98.00% 33.30%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 6.20%
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 PRIOR MONTH
- ---------------------
Aggregate Net Investment Value 925,673,519.40
Discounted Principal Balance 913,524,805.21
Notional/Certificate Balance 1,206,600,000.00 410,000,000.00
Adjusted Notional/Certificate Balance 905,703,891.33 109,103,891.33
Percent of ANIV 97.84% 11.79%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 3,557,994.10
Servicer Pay Ahead Balance 3,395,151.40
Maturity Advances Outstanding -
Number of Current Contracts 50,878
Weighted Average Lease Rate 7.64%
Weighted Average Remaining Term 13.6
POOL DATA CURRENT MONTH
- -----------------------
Aggregate Net Investment Value 888,485,116.61
Discounted Principal Balance 880,814,354.15
Notional/Certificate Balance 796,600,000.00 0.00
Adjusted Notional/Certificate Balance 796,600,000.00 0.00
Percent of ANIV 89.66% 0.00%
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
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A2 CLASS A3 CLASS B TRANSFEROR INTEREST
-------- -------- ------- -------------------
Percent Balance Percent Balance Percent Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
- -----------------------
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 53.87% 650,000,000.00 6.03% 72,750,000.00 6.12% 73,850,000.00 24,631,519.20
Percent of ANIV 52.79% 5.91% 6.00% 2.00%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 6.35% 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 650,000,000.00 72,750,000.00 73,850,000.00 19,969,628.07
Adjusted Notional/Certificate Balance 650,000,000.00 72,750,000.00 73,850,000.00 19,969,628.07
Percent of ANIV 70.22% 7.86% 7.98% 2.16%
Certificate Factor 1.0000000 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 650,000,000.00 72,750,000.00 73,850,000.00 91,885,116.61
Adjusted Notional/Certificate Balance 650,000,000.00 72,750,000.00 73,850,000.00 91,885,116.61
Percent of ANIV 73.16% 8.19% 8.31% 10.34%
Certificate Factor 1.0000000 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 9,763,195.80
Prepayments in Full 682 11,951,987.44
---
Reallocation Payment 13 236,656.59
--
Interest Collections 7,176,391.60
Net Liquidation Proceeds and Recoveries 3,122,632.82
Net Liquidation Proceeds - Vehicle Sales 10,293,786.75
Non-Recoverable Advances (135,357.63)
-------------
Total Available 42,409,293.37
--------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
---------- -------------
<S> <C> <C>
Total Capped and Uncapped Expenses Paid 24,065.00 264,715.00
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 771,394.60
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 111,957.56
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
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
