<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): March 27, 2000
--------------
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 March 27, 2000, 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 February 2000 is filed as Exhibit 20 to this Current Report on
Form 8-K.
Item 7(c). EXHIBITS
<TABLE>
<CAPTION>
Exhibit Number Description
-------------- -----------
<S> <C>
20 Servicer's Certificate for the month of
February, 2000.
</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: March 31, 2000 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 March 27, 2000 for the Collection Period of
February 1 through February 29, 2000
<TABLE>
<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 667,811,415.62
Discounted Principal Balance 628,938,021.97
Servicer Advances 3,436,763.06
Servicer Pay Ahead Balance 5,655,936.45
Maturity Advances Outstanding -
Number of Current Contracts 38,897
Weighted Average Lease Rate 7.68%
Weighted Average Remaining Term 8.2
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
</TABLE>
<TABLE>
<CAPTION>
Class A Class B Total
Amount Amount Amount
------- ------- ------
<S> <C> <C> <C>
Beginning Balance 28,897,828.23 1,227,656.25 30,125,484.48
Withdrawal Amount (2,349,474.81) (2,349,474.81)
Transferor Excess 1,143,481.16 1,143,481.16
------------- ------------ -------------
Reserve Fund Balance Prior to Release 27,691,834.58 1,227,656.25 28,919,490.83
Specified Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
Release to Transferor - - -
------------- ------------ -------------
Ending Reserve Fund Balance 27,691,834.58 1,227,656.25 28,919,490.83
Cumulative Withdrawal Amount before Reimbursement
from Transferror 5,196,626.74
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATION OF CHARGEOFFS AND REPOSSESSIONS: Vehicles
--------
<S> <C> <C>
Liquidated Contracts 171
---
Discounted Principal Balance 2,833,950.85
Net Liquidation Proceeds (2,364,765.13)
Recoveries - Previously Liquidated Contracts (69,773.76)
-------------
Aggregate Credit Losses for the Collection Period 399,411.96
=============
Cumulative Credit Losses for all Periods 16,138,154.08
=============
Repossessed in Current Period 61
---
</TABLE>
<TABLE>
<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 0.68%
First Preceding Collection Period 0.47%
Current Collection Period 0.69%
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.61%
Charge-Off Rate Indicator (greater than 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
31-60 Days Delinquent 2.57% 999 2.42% 16,168,040.41
61-90 Days Delinquent 0.16% 61 0.15% 1,031,816.03
Over 90 Days Delinquent 0.03% 11 0.03% 208,724.09
----- -------------
Total Delinquencies 1,071 17,408,580.53
===== =============
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 0.19%
First Preceding Collection Period 0.22%
Current Collection 0.19%
Period
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.20%
Delinquency Percentage Indicator (Greater than 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 1,368 21,531,457.97
-----
Net Liquidation Proceeds (18,877,932.89)
--------------
Net Residual Value (Gain) Loss 2,653,525.08
==============
Cumulative Residual Value (Gain) Loss all periods 17,555,324.65
==============
</TABLE>
<TABLE>
<CAPTION>
Average Average
MATURED VEHICLES SOLD FOR Number Scheduled Sale Net Liquidation Residual
EACH COLLECTION PERIOD: Sold Maturities Ratio Proceeds Value
------ ---------- ----- --------------- --------
<S> <C> <C> <C> <C> <C>
Second Preceding Collection Period 486 1,455 33.40% 12,312.52 15,328.59
First Preceding Collection Period 978 2,339 41.81% 13,668.55 16,063.58
Current Collection Period 1,368 4,417 30.97% 13,799.66 15,836.53
Three Month Average 13,499.17 15,827.77
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 85.29%
</TABLE>
<TABLE>
<CAPTION>
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
-------------- ---------
<S> <C> <C>
a) Number of Vehicles Sold greater than 25% of Scheduled Maturities 30.97% YES
b) Number of Scheduled Maturities greater than 500 4,417 YES
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. 85.29% NO
Residual Values
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 March 27, 2000 for the Collection Period of
February 1 through February 29, 2000
<TABLE>
<CAPTION>
Certificate Balance Class A1
------------------- --------
Total Percent Balance Balance
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 4,629,334.39
Non-recoverable Advances (192,909.12)
---------------
Available Interest 4,436,425.27 4,336,025.05
Class A1, A2, A3 Notional Interest Accrual Amount (3,830,614.58) (3,830,614.58)
Unreimbursed A1, A2, A3 Interest Shortfall -
Net Investment Income Earned 576,074.48 576,074.48
Interest Accrual for Adjusted Class B Certificate Bal. (415,406.25) (415,406.25)
Class B Interest Carryover Shortfall -
Servicer's Fee - -
Capped Expenses (32,441.31) (31,707.13)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
--------------- ---------------
Total Unallocated Interest 734,037.61 634,371.57
Excess Interest to Transferor (99,666.04) (634,371.57)
--------------- ---------------
Net Interest Collections Available 634,371.57 -
Interest Collections Allocated to Losses (2,983,846.38)
Accelerated Principal Distribution -
---------------
Deposit to Reserve Fund -
---------------
Withdrawal from Reserve Fund 2,349,474.81
Loss Reimbursement from Transferor 1,143,481.16
---------------
Net Withdrawal from Reserve Fund (1,205,993.65)
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (3,052,937.04) (2,983,846.38)
Loss Reimbursement from Transferor Interest 2,983,846.38 2,983,846.38
--------------- ---------------
Ending Certificate Principal Loss Amount (69,090.66) -
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 54,130,787.15 54,130,787.15
Allocations - Accelerated Principal Distribution - -
Allocations - Not Disbursed Beginning of Period 89,908,267.56 89,908,267.56
Allocations - Not Disbursed End of Period 144,039,054.71 144,039,054.71
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 25,476,124.98 25,476,124.98
Allocations - Current Period 4,246,020.83 4,246,020.83
Allocations - Not Disbursed Beginning of Period 21,230,104.15 21,230,104.15
Allocations - Not Disbursed End of Period - -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to (Withdrawal from) Reserve Fund (1,205,993.65)
Due To Trust 79,606,912.13 79,606,912.13
--------------- --------------- --------------
Total Due To Trust 78,400,918.48 79,606,912.13
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A2 Class A3 Class B
-------- -------- -------
Balance Balance Balance
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST:
Interest Collections
Non-recoverable Advances
Available Interest 3,436,536.29 446,369.76 453,119.00
Class A1, A2, A3 Notional Interest Accrual Amount (3,439,583.33) (391,031.25)
Unreimbursed A1, A2, A3 Interest Shortfall
Net Investment Income Earned
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
Loss Reimbursement from Transferor
Net Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (2,983,846.38)
Loss Reimbursement from Transferor Interest 2,983,846.38
--------------
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 54,130,787.15
Allocations - Accelerated Principal Distribution -
Allocations - Not Disbursed Beginning of Period 89,908,267.56
Allocations - Not Disbursed End of Period 144,039,054.71 - -
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 (Withdrawal from) Reserve Fund
Due To Trust 74,768,287.13 2,346,187.50 2,492,437.50
-------------- -------------- --------------
Total Due To Trust 74,768,287.13 2,346,187.50 2,492,437.50
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
Transferor Interest
-------------------
Interest Principal
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
INTEREST: 2.00%
Interest Collections
Non-recoverable Advances
Available Interest 100,400.22
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Net Investment Income Earned
Interest Accrual for Adjusted Class B Certificate Bal.
Class B Interest Carryover Shortfall
Servicer's Fee -
Capped Expenses (734.18)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
---------------
Total Unallocated Interest 99,666.04
Excess Interest to Transferor 634,371.57
---------------
Net Interest Collections Available 734,037.61
Interest Collections Allocated to Losses (2,983,846.38)
Accelerated Principal Distribution -
---------------
Deposit to Reserve Fund (2,249,808.77)
---------------
Withdrawal from Reserve Fund
Loss Reimbursement from Transferor
Net Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (69,090.66)
Loss Reimbursement from Transferor Interest (2,983,846.38)
--------------- ---------------
Ending Certificate Principal Loss Amount (2,983,846.38) (69,090.66)
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 March 27, 2000 for the Collection Period of
February 1 through February 29, 2000
<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 723,055,108.55
Discounted Principal Balance 693,621,765.76
Notional/Certificate Balance 796,600,000.00 -
Adjusted Notional/Certificate Balance 706,691,732.44 -
Percent of ANIV 97.74% -
Certificate Factor 1.0000000 -
Servicer Advances 3,342,525.24
Servicer Pay Ahead Balance 3,964,196.01
Maturity Advances Outstanding -
Number of Current Contracts 41,909
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 8.8
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 667,811,415.62
Discounted Principal Balance 628,938,021.97
Notional/Certificate Balance 796,600,000.00 -
Adjusted Notional/Certificate Balance 652,560,945.29
Percent of ANIV 97.72%
Certificate Factor 1.0000000 -
Servicer Advances 3,436,763.06
Servicer Pay Ahead Balance 5,655,936.45
Maturity Advances Outstanding
Number of Current Contracts 38,897
Weighted Average Lease Rate 7.68%
Weighted Average Remaining Term 8.2
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date March 27, 2000
- --------------------------------------------------------------------------------------------------------------------------------
<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 560,091,732.44 72,750,000.00
Percent of ANIV 77.46% 10.06%
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 505,960,945.29 72,750,000.00
Percent of ANIV 75.76% 10.89%
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 16,363,376.11
Adjusted Notional/Certificate Balance 73,850,000.00 16,363,376.11
Percent of ANIV 10.21% 2.26%
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 15,250,470.33
Adjusted Notional/Certificate Balance 73,850,000.00 15,250,470.33
Percent of ANIV 11.06% 2.28%
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>
<CAPTION>
- -----------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
<S> <C> <C>
Principal Collections 8,064,551.38
Prepayments in Full 1451 22,472,194.76
----
Reallocation Payment 22 341,537.97
----
Interest Collections 4,629,334.39
Net Liquidation Proceeds and Recoveries 2,434,538.89
Net Liquidation Proceeds - Vehicle Sales 18,877,932.89
Non-Recoverable Advances (192,909.12)
--------------
Total Available 56,627,181.16
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
------------ ---------------
<S> <C> <C>
Total Capped and Uncapped Expenses Paid 32,441.31 64,882.62
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid -
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 102,138.29
- --------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: Vehicles Amount
------------ ---------------
<S> <C> <C>
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 Operations Manager
