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Previous: TOYOTA AUTO LEASE TRUST 1997-A, 8-K, 2000-06-05 |
Next: GE INSTITUTIONAL FUNDS, N-30D, 2000-06-05 |
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of May 25, 2000 for the Collection Period of
April 1, 2000 through April 30, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
Aggregate Net Investment Value (ANIV) 749,988,732.51
Discounted Principal Balance 749,988,732.51
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Number of Contracts 34,185
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 33.8
Servicing Fee Percentage 1.00%
POOL DATA - CURRENT MONTH
Aggregate Net Investment Value 681,610,509.59
Discounted Principal Balance 681,184,521.95
Servicer Advances 2,433,038.83
Servicer Pay Ahead Balance 1,847,197.78
Maturity Advances Outstanding --
Number of Current Contracts 36,315
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 16.3
RESERVE FUND:
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage 9.435%
Specified Reserve Fund Amount 70,761,436.91
Class A Class B Total
Amount Amount Amount
------------- ------------ -------------
Beginning Balance 40,153,630.29 1,095,750.00 41,249,380.29
Withdrawal Amount -- -- --
Cash Capital Contribution 24,000,000.00 24,000,000.00
Transferor Excess 1,181,475.61 1,181,475.61
----------------------------------------------
Reserve Fund Balance Prior to Release 65,335,105.90 1,095,750.00 42,430,855.90
Specified Reserve Fund Balance 69,665,686.91 1,095,750.00 70,761,436.91
----------------------------------------------
Release to Transferor -- -- --
Ending Reserve Fund Balance 65,335,105.90 1,095,750.00 42,430,855.90
Prior Cumulative Withdrawal Amount -- -- --
Cumulative Withdrawal Amount -- -- --
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
<S> <C> <C>
Liquidated Contracts 72
---
Discounted Principal Balance 1,392,589.39
Net Liquidation Proceeds (1,213,669.21)
Recoveries - Previously Liquidated Contracts (48,165.73)
--------------
Aggregate Credit Losses for the Collection Period 130,754.45
=============
Cumulative Credit Losses for all Periods 3,746,682.65
=============
Repossessed in Current Period 43
---
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.46%
First Preceding Collection Period 0.40%
Current Collection Period 0.23%
CONDITION (i)i (CHARGE-OFF RATE)
Three Month Average 0.36%
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 1.15% 417 1.07% 7,326,853.64
61-90 Days Delinquent 0.11% 41 0.12% 830,841.90
Over 90 Days Delinquent 0.02% 9 0.03% 181,776.14
-------------------- --------------------
Total Delinquencies 467 8,339,471.68
==================== ====================
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 0.11%
First Preceding Collection Period 0.08%
Current Collection Period 0.14%
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.11%
Delinquency Percentage Indicator ( > 1.25%) condition not met
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Residual Value (Gain) Loss: Vehicles
--------
Matured Lease Vehicle Inventory Sold 13 198,983.86
Net Liquidation Proceeds (185,704.53)
------------
Net Residual Value (Gain) Loss 13,279.33
===========
Cumulative Residual Value (Gain)
Loss all periods 406,922.49
==========
Average Average
Number Scheduled Sale Net Liquidation Residual
Matured Vehicles Sold for Sold Maturities Ratio Proceeds Value
------- ---------- ----- ---------------- ---------
each Collection Period:
Second Preceding Collection Period 7 6 100.00% 18,196.95 19,792.78
First Preceding Collection Period 26 10 100.00% 14,979.44 17,123.22
Current Collection Period 13 1 100.00% 14,284.96 15,320.42
Three Month Average 15,272.80 17,019.97
Ratio of Three Month Average Net
Liquidation Proceeds to Average
Residual Value 89.73%
</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 100.00% YES
b) Number of Scheduled Maturities > 500 1 NO
c) 3 Month Average Matured Leased Vehicle Proceeds
less-than 75% of Avg. Residual Values 89.73% 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 May 25, 2000 for the Collection Period of
April 1, 2000 through April 30, 2000
<TABLE>
<CAPTION>
CERTIFICATE BALANCE
---------------------------- CLASS A1
TOTAL PERCENT BALANCE BALANCE
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 4,938,245.83
Net Investment Income 254,986.05
Non-recoverable Advances (34,340.04)
-------------
Available Interest 5,158,891.84 5,057,053.40 1,300,385.16
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25) (3,075,508.25) (829,237.50)
Unreimbursed A1, A2, A3 Interest Shortfall - - -
Interest Accrual for Adjusted Class B Certificate Bal. (282,419.42) (282,419.42)
Class B Interest Carryover Shortfall - -
Servicer's Fee (579,146.28) (567,119.26)
Capped Expenses (20,395.10) (19,971.56)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 1,201,422.79 1,112,034.91
Excess Interest to Transferor - (1,112,034.91)
------------- -------------
Net Interest Collections Available 1,201,422.79 -
-------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (141,042.66)
ACCELERATED PRINCIPAL DISTRIBUTION: (142,002.19)
DEPOSIT TO RESERVE FUND: 1,181,475.61
WITHDRAWAL FROM RESERVE FUND: -
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: 263,097.67
NET WITHDRAWAL FROM THE RESERVE FUND: -
PRINCIPAL:
Current Loss Amount (144,033.78) (141,042.66) (141,042.66)
Loss Reimbursement from Transferor 141,042.66 141,042.66 141,042.66
Loss Reimbursement from Reserve Fund - - -
------------- --------- ------------- -------------
Total (2,991.12) - -
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 67,697,823.40 67,697,823.40 67,697,823.40
Allocations - Current Period 13,098,933.60 13,098,933.60 13,098,933.60
Allocations - Accelerated Principal Distribution 142,002.19 142,002.19 142,002.19
Allocations - Not Disbursed Beginning of Period 54,456,887.61 54,456,887.61 54,456,887.61
Allocations - Not Disbursed End of Period (0.00) (0.00) (0.00)
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 1,658,475.00 1,658,475.00 1,658,475.00
Allocations - Current Period 3,357,927.67 3,357,927.67 829,237.50
Allocations - Not Disbursed Beginning of Period 3,357,927.67 3,357,927.67 829,237.50
Allocations - Not Disbursed End of Period 5,057,380.34 5,057,380.34 -
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/ (Withdrawal from) Reserve Fund 1,181,475.61
Due To Trust 71,695,570.37 71,695,570.37 69,356,298.40
------------- ------------- -------------
Total Due To Trust 72,877,045.98 71,695,570.37 69,356,298.40
<CAPTION>
TRANSFEROR
INTEREST
CLASS A2 CLASS A3 CLASS B ------------
BALANCE BALANCE BALANCE INTEREST
------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 2,920,706.35 500,889.10 335,072.79 101,838.44
Class A1, A2, A3 Notional Interest Accrual Amount (1,914,848.75) (331,422.00)
Unreimbursed A1, A2, A3 Interest Shortfall - -
Interest Accrual for Adjusted Class B Certificate Bal. (282,419.42)
Class B Interest Carryover Shortfall -
Servicer's Fee (12,027.02)
Capped Expenses (423.54)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
------------
Total Unallocated Interest 89,387.88
Excess Interest to Transferor 1,112,034.91
------------
Net Interest Collections Available 1,201,422.79
------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (141,042.66)
ACCELERATED PRINCIPAL DISTRIBUTION: (142,002.19)
------------
DEPOSIT TO RESERVE FUND: 918,377.94
------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - -
Loss Reimbursement from Transferor - - - (141,042.66)
Loss Reimbursement from Reserve Fund - - -
------------- ----------- -----------
Total - - -
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 1,914,848.75 331,422.00 282,419.42
Allocations - Not Disbursed Beginning of Period 1,914,848.75 331,422.00 282,419.42
Allocations - Not Disbursed End of Period 3,829,697.50 662,844.00 564,838.84
Due To Trust - Current Period: -
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust 1,767,581.30 306,166.24 265,524.43 -
------------- ----------- ----------- ------------
Total Due To Trust 1,767,581.30 306,166.24 265,524.43 -
<CAPTION>
PRINCIPAL
-----------
<S> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest
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
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:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount
Loss Reimbursement from Transferor (2,991.12)
Loss Reimbursement from Reserve Fund
---------
Total
(2,991.12)
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
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust -
---------
Total Due To Trust -
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of May 25, 2000 for the Collection Period of
April 1, 2000 through April 30, 2000
<TABLE>
<CAPTION>
Certificate Balance Class A1 Class A2
----------------------------- ------------------------------- -------------
Total Percent Balance Percent Balance Percent
---------------- ----------- ---------------- ------------- ---------------- -------------
<S> <C> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value
(ANIV) 749,988,732.51
Discounted Principal Balance 749,988,732.51
Initial Notional/Certificate
Balance - 100.00% 735,000,000.00 25.71% 189,000,000.00 57.76%
Percent of ANIV 98.00% 25.20%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.2650%
Target Maturity Date September 27, 1999
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Number of Contracts 34,185
Weighted Average Lease Rate 6.81%
Weighted Average Remaining
Term 33.8
Servicing Fee Percentage 1.00%
POOL DATA PRIOR MONTH
Aggregate Net Investment Value 694,975,531.98
Discounted Principal Balance 694,550,696.88
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate
Balance 680,543,112.39 134,543,112.39
Percent of ANIV 97.92% 19.36%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 1,842,561.44
Servicer Pay Ahead Balance 2,290,979.25
Maturity Advances Outstanding -
Number of Current Contracts 36,637
Weighted Average Lease Rate 6.81%
Weighted Average Remaining
Term 17.2
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 681,610,509.59
Discounted Principal Balance 681,184,521.95
Notional/Certificate Balance 667,302,176.60 121,302,176.60
Adjusted Notional/Certificate
Balance 667,302,176.60 121,302,176.60
Percent of ANIV 97.90% 17.80%
Certificate Factor 0.9348883 0.6418105
Servicer Advances 2,433,038.83
Servicer Pay Ahead Balance 1,847,197.78
Maturity Advances Outstanding -
Number of Current Contracts 36,315
Weighted Average Lease Rate 6.81%
Weighted Average Remaining
Term 16.3
Prior Certificate Interest
Payment Date March 27, 2000
Next Certificate Interest
Payment Date June 26, 2000
<CAPTION>
Transferor
Class A3 Class B Interest
------------------------------- ------------------------------ ---------------
Balance Percent Balance Percent Balance Balance
---------------- ------------- ---------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value
(ANIV)
Discounted Principal Balance
Initial Notional/Certificate
Balance 424,500,000.00 9.90% 72,800,000.00 6.63% 48,700,000.00 14,988,732.51
Percent of ANIV 56.60% 9.71% 6.49% 2.00%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.4130% 5.4630% 6.9590%
Target Maturity Date September 25, 2000 March 26, 2001 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 424,500,000.00 72,800,000.00 48,700,000.00 14,432,419.59
Adjusted Notional/Certificate
Balance 424,500,000.00 72,800,000.00 48,700,000.00 14,432,419.59
Percent of ANIV 61.08% 10.48% 7.01% 2.08%
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 424,500,000.00 72,800,000.00 48,700,000.00 14,308,332.99
Adjusted Notional/Certificate
Balance 424,500,000.00 72,800,000.00 48,700,000.00 14,308,332.99
Percent of ANIV 62.28% 10.68% 7.14% 2.10%
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
Prior Certificate Interest
Payment Date
Next Certificate Interest
Payment Date
</TABLE>
<TABLE>
<CAPTION>
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
<S> <C> <C>
Principal Collections 7,406,833.57
Prepayments in Full 233 4,278,458.76
---
Reallocation Payment 5 88,156.81
---
Interest Collections 4,938,245.83
Net Liquidation Proceeds and Recoveries 1,261,834.94
Net Liquidation Proceeds - Vehicle Sales 185,704.53
Non-Recoverable Advances (34,340.04)
-------------
Total Available 18,124,894.40
</TABLE>
<TABLE>
<CAPTION>
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
------ -------------
<S> <C> <C>
Total Capped Expenses Paid 20,395.10 81,580.40
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period 579,146.28
Servicer's Fee Paid 579,146.28
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 62,919.45
</TABLE>
<TABLE>
<CAPTION>
REVOLVING PERIOD: Vehicles Amount
-------- ------
<S> <C> <C>
Beginning Unreinvested Principal Collections -
Principal Collections & Liquidated Contracts -
Allocation to Subsequent Contracts 0 -
---
----
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
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