<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): August 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 August 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 July
1999 is filed as Exhibit 20 to this Current Report on Form 8-K.
<TABLE>
<CAPTION>
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
<S> <C>
20 Servicer's Certificate for the month of
July, 1999.
</TABLE>
-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 3, 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 August 25, 1999 for the Collection Period
of July 1 through July 31, 1999
<TABLE>
- ----------------------------------------------------------------------------------------------------
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 925,673,519.40
Discounted Principal Balance 913,524,805.21
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
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------------
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
<CAPTION>
Class A Class B Total
AMOUNT AMOUNT AMOUNT
------ ------ ------
<S> <C> <C> <C>
Beginning Balance 29,553,131.73 1,227,656.25 30,780,787.98
Withdrawal Amount 579,633.03 - 579,633.03
Transferor Excess - - -
------------- ------------ -------------
Ending Balance 28,973,498.70 1,227,656.25 30,201,154.95
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
- ------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGEOFFS AND REPOSSESSIONS: Vehicles
--------
<S> <C> <C>
Liquidated Contracts 171
---
Discounted Principal Balance 3,232,474.71
Net Liquidation Proceeds (2,643,090.30)
Recoveries - Previously Liquidated Contracts (199,862.88)
=================
Aggregate Credit Losses for the Collection Period 389,521.53
=================
Cumulative Credit Losses for all Periods 13,583,761.56
=================
Repossessed in Current Period 98
---
<CAPTION>
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
-------------------
<S> <C>
Second Preceding Collection Period 0.49%
First Preceding Collection Period 0.67%
Current Collection Period 0.49%
- -------------------------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.55%
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 1.69% 862 1.63% 15,062,317.09
61-90 Days Delinquent 0.09% 47 0.09% 803,866.55
Over 90 Days Delinquent 0.02% 12 0.03% 251,243.12
------------------------ ------------------------
921 16,117,426.76
======================== ===========================
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 0.12%
Current Collection Period 0.12%
- ------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE) 0.12%
Three Month Average
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 901 14,127,054.63
---
Net Liquidation Proceeds (12,136,858.02)
------------------
Net Residual Value (Gain) Loss 1,990,196.61
==================
Cumulative Residual Value (Gain) Loss all periods 7,996,478.76
==================
<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 604 1,224 49.35% 13,381.05 15,540.77
First Preceding Collection Period 790 1,657 47.68% 13,501,82 15,635.55
Current Collection Period 901 1,136 79.31% 13,470.43 15,761.39
Three Month Average 13,457.71 15,660.01
----------
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 85.94%
----------
- ------------------------------------------------------------------------------------------------------------
Current Period
CONDITION (iii) (RESIDUAL VALUE TEST) Amount/Ratio Test Met?
-------------- ----------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 79,31% YES
b) Number of Scheduled Maturities > 500 1,136 YES
c) 3 Month Average Matured Leased Vehicle Proceeds
< 75% of Avg. Residual Values 85.94% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
- ------------------------------------------------------------------------------------------------------------
</TABLE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of August 25, 1999 for the Collection Period
of July 1 through July 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1 Class A2
---------------------- ------------ -------------
Total Percent Balance Balance Balance
-------------- -------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 6,964,943.44
Net Investment Income Earned 1,399,914.14
Non-recoverable Advances (159,110.03)
-------------
Available Interest 8,205,747.55 8,041,632.60 2,732,528.89 4,332,058.00
Class A1, A2, A3 Notional Interest Accrual Amount (5,948,947.91) (5,948,947.91) (2,118,333.33) (3,439,583.33)
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 (804,550.73) (788,459.72)
Capped Expenses (24,065.00) (23,583.70)
------------- ------------
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------- ------------
Total Unallocated Interest 1,012,777.66 865,235.02
Excess Interest to Transferor (865,235.02)
------------- ------------
Net Interest Collections Available 1,012,777.66 -
Interest Collections Allocated to Losses (1,012,777.66)
Accelerated Principal Distribution -
-------------
Deposit to Reserve Fund -
-------------
Withdrawal from Reserve Fund 579,633.03
-------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (2,379,718.14) (2,332,123.78)
Loss Reimbursement from Transferor Interest 1,012,777.65 1,012,777.66
Loss Reimbursement from Transferor Principal 739,713.10 739,713.10
Loss Reimbursement from Reserve Fund 579,633.03
-------------
Ending Certificate Principal Loss Amount (47,594.36)
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 38,578,065.66 38,578,065.66 38,578,065.66
Allocations - Accelerated Principal Distribution - - -
Allocations - Not Disbursed Beginning of Period 262,318,043.01 262,318,043.01 262,318,043.01
Allocations - Not Disbursed End of Period 300,896,108.67 300,896,108.67 300,896,108.67 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - -
Allocations - Current Period 6,364,354.16 6,364,354.16 2,118,333.33 3,439,583.33
Allocations - Not Disbursed Beginning of Period 25,457,416.64 25,457,416.64 8,473,333.32 13,758,333.32
Allocations - Not Disbursed End of Period 31,821,770.80 31,821,770.80 10,591,666.65 17,197,916.65
DUE TO TRUST - CURRENT PERIOD:
Total Deposit/(Withdrawal) to/(from) Reserve Fund 579,633.03 579,633.03 579,633.03
Due To Trust 42,962,872.65 42,962,872.65 39,641,078.25 2,685,444.27
------------- ------------- ------------- -------------
Total Due To Trust 43,542,505.68 43,542,505.68 40,220,711.28 2,685,444.27
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A3 Class B Transferor Interest
------------- ------------- ------------------------
Balance Balance Interest Principal
------------- ------------- ---------- ---------
<S> <C> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 484,857.26 492,188.44 164,114.95
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 (16,091.01)
Capped Expenses (481.30)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
------------
Total Unallocated Interest 147,542.64
Excess Interest to Transferor 865,235.02
------------
Net Interest Collections Available 1,012,777.66
Interest Collections Allocated to Losses (1,012,777.66)
Accelerated Principal Distribution -
------------
Deposit to Reserve Fund -
------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (2,332,123.78) (47,594.36)
Loss Reimbursement from Transferor Interest 1,012,777.66 (1,012,777.66)
Loss Reimbursement from Transferor Principal 739,713.10
Loss Reimbursement from Reserve Fund
Ending Certificate Principal Loss Amount (1,012,777.66) (47,594.36)
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 - 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 1,564,125.00 1,661,625.00 -
Allocations - Not Disbursed End of Period 1,955,156.25 2,077,031.25 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit/(Withdrawal) to/(from) Reserve Fund
Due To Trust 306,625.69 329,724.45 -
------------ ------------ --------------
Total Due To Trust 306,625.69 329,724.45 -
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of August 25, 1999 for the Collection Period
of July 1 through July 31, 1999
<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%
Targeted Maturity Date September 27, 1999
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 965,460,875.68
Discounted Principal Balance 965,038,892.52
Notional/Certificate Balance 1,206,600,000.00 410,000,000.00
Adjusted Notional/Certificate Balance 944,281,956.99 147,681,956.99
Percent of ANIV 97.81% 15.30%
Certificate Factor 1.0000000 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
POOL DATA CURRENT 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
Prior Certificate Interest Payment Date March 25, 1999
Next Certificate Interest Payment Date September 27, 1999
<CAPTION>
- ---------------------------------------------------------------------------------------------------
CLASS A2 CLASS A3
-------- --------
Percent Balance Percent Balance
- ---------------------------------------------------------------------------------------------------
<S> <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
Percent of ANIV 52.79% 5.91%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 6.35% 6.45%
Targeted Maturity Date September 25, 2000 March 26, 2001
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
Adjusted Notional/Certificate Balance 650,000,000.00 72,750,000.00
Percent of ANIV 67.33% 7.54%
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 650,000,000.00 72,750,000.00
Adjusted Notional/Certificate Balance 650,000,000.00 72,750,000.00
Percent of ANIV 70.22% 7.86%
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
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
<CAPTION>
- -----------------------------------------------------------------------------------------------
CLASS B TRANSFEROR INTEREST
------- -------------------
Percent Balance Balance
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 6.12% 73,850,000.00 24,631,519.20
Percent of ANIV 6.00% 2.00%
Certificate Factor 1.0000000
Notional/Certificate Rate 6.75%
Targeted Maturity Date September 25, 2001
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 73,850,000.00 19,832,546.05
Adjusted Notional/Certificate Balance 73,850,000.00 19,832,546.05
Percent of ANIV 7.65% 2.00%
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 73,850,000.00 19,969,628.07
Adjusted Notional/Certificate Balance 73,850,000.00 19,969,628.07
Percent of ANIV 7.98% 2.16%
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
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
- -----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
Principal Collections 9,868,736.04
Prepayments in Full 705 12,069,782.56
---
Reallocation Payment 6 67,325.18
---
Interest Collections 6,964,943.44
Net Liquidation Proceeds and Recoveries 2,842,953.18
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 12,136,858.02
Non-Recoverable Advances (159,110.03)
-------------
Total Available 43,791,488.39
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
-------- --------------
Total Capped and Uncapped Expenses Paid 24,065.00 240,650.00
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 804,550.73
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 108,568.53
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
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
Page 4
