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Previous: TOYOTA AUTO LEASE TRUST 1997-A, 8-K/A, 2000-06-14 |
Next: MEDICAL RESOURCES MANAGEMENT INC, 10QSB, 2000-06-14 |
<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>
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 532,056,638.34
Discounted Principal Balance 484,327,889.74
Servicer Advances 2,879,684.00
Servicer Pay Ahead Balance 3,508,815.37
Maturity Advances Outstanding --
Number of Current Contracts 31,156
Weighted Average Lease Rate 7.74%
Weighted Average Remaining Term 7.7
</TABLE>
<TABLE>
<S> <C> <C> <C>
RESERVE FUND:
Initial Deposit Amount 30,780,787.98
Specified Reserve Fund Percentage 4.425%
Specified Reserve Fund Amount 54,481,994.72
Class A Class B Total
Amount Amount Amount
------------- ------------ -------------
Beginning Balance 25,650,343.43 1,227,656.25 26,877,999.68
Withdrawal Amount 4,174,789.29 -- 4,174,789.29
Cash Capital Contribution 27,694,995.00 27,694,995.00
Transferor Excess 760,580.73 760,580.73
---------------------------------------------------------
Reserve Fund Balance Prior to Release 49,931,129.87 1,227,656.25 23,463,791.12
Specified Reserve Fund Balance 53,254,338.47 1,227,656.25 54,481,994.72
---------------------------------------------------------
Release to Transferor -- -- --
Ending Reserve Fund Balance 49,931,129.87 1,227,656.25 23,463,791.12
Prior Cumulative Withdrawal Amount 8,660,844.52 -- 8,660,844.52
Cumulative Withdrawal Amount 12,835,633.81 -- 12,835,633.81
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: VEHICLES
--------
<S> <C> <C>
Liquidated Contracts 121
---
Discounted Principal Balance 2,088,404.94
Net Liquidation Proceeds (1,727,550.52)
Recoveries - Previously Liquidated Contracts (106,286.68)
------------------------
Aggregate Credit Losses for the Collection Period 254,567.74
========================
Cumulative Credit Losses for all Periods 16,706,435.45
========================
Repossessed in Current Period 45
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.69%
First Preceding Collection Period 0.60%
Current Collection Period 0.54%
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.61%
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 3.52% 1098 3.28% 17,448,898.72
61-90 Days Delinquent 0.33% 104 0.31% 1,673,416.51
Over 90 Days Delinquent 0.04% 13 0.04% 231,752.45
------------ ---------------
Total Delinquencies 1,215 19,354,067.68
============ ===============
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 0.19%
First Preceding Collection Period 0.19%
Current Collection Period 0.38%
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.25%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
<CAPTION>
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 2129 33,083,547.43
Net Liquidation Proceeds ---- (29,361,688.18)
----------------
Net Residual Value (Gain) Loss 3,721,859.25
================
Cumulative Residual Value (Gain) Loss all periods 24,778,652.86
================
</TABLE>
<TABLE>
<CAPTION>
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ---- ---------- ----- -------- -----
<S> <C> <C> <C> <C> <C>
Second Preceding Collection Period 1,368 4,417 30.97% 13,799.66 15,836.53
First Preceding Collection Period 2,064 4,589 44.98% 14,122.18 15,877.09
Current Collection Period 2,129 5,496 38.74% 13,791.30 15,610.59
Three Month Average 13,916.17 15,765.08
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 88.27%
</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 38.74% YES
b) Number of Scheduled Maturities greater than 500 5,496 YES
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. Residual Values 88.27% 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
-------------------
Total Percent Balance
<S> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 3,114,162.03
Net Investment Income 1,145,691.21
Non-recoverable Advances (237,661.92)
---------------
Available Interest 4,022,191.32 3,955,590.15
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 (497,699.22) (486,175.72)
Capped Expenses (32,441.31) (31,690.18)
Interest Accrual on Class B. Cert. Prin. Loss Amt -- --
Uncapped Expenses -- --
--------------- ----------------
Total Unallocated Interest (753,970.04) (808,296.58)
Excess Interest to Transferor -- --
--------------- ----------------
Net Interest Collections Available -- (808,296.58)
---------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (3,884,358.61)
ACCELERATED PRINCIPAL DISTRIBUTION: --
DEPOSIT TO RESERVE FUND: 760,580.73
WITHDRAWAL FROM RESERVE FUND: 4,174,789.29
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: 1,224,120.09
NET WITHDRAWAL FROM THE RESERVE FUND: 3,414,208.56
PRINCIPAL:
Current Loss Amount (3,976,426.99) (3,884,358.61)
Loss Reimbursement from Transferor 517,865.90 517,865.90
Loss Reimbursement from Reserve Fund 3,366,492.71 3,366,492.71
--------------- ----------------
Total (92,068.38)
--
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 63,866,242.86 63,866,242.86
Allocations - Accelerated Principal Distribution -- --
Allocations - Not Disbursed Beginning of Period 213,189,132.00 213,189,132.00
Allocations - Not Disbursed End of Period 277,055,374.86 277,055,374.86
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period -- --
Allocations - Current Period 4,246,020.83 4,246,020.83
Allocations - Not Disbursed Beginning of Period 4,246,020.83 4,246,020.83
Allocations - Not Disbursed End of Period 8,492,041.66 8,492,041.66
DUE TO TRUST - CURRENT PERIOD: --
Total Deposit to/ (Withdrawal from) Reserve Fund (3,414,208.56)
Due To Trust 66,966,572.48 66,966,572.48
--------------- ----------------
Total Due To Trust 63,552,363.92 66,966,572.48
<CAPTION>
Class A1 Class A2
-------- --------
Balance Balance
<S> <C> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest -- 3,227,634.44
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:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount -- (3,884,358.61)
Loss Reimbursement from Transferor -- 517,865.90
Loss Reimbursement from Reserve Fund -- 3,366,492.71
---------------- ----------------
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 -- 63,866,242.86
Allocations - Accelerated Principal Distribution -- --
Allocations - Not Disbursed Beginning of Period -- 213,189,132.00
Allocations - Not Disbursed End of Period -- 277,055,374.86
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period -- --
Allocations - Current Period -- 3,439,583.33
Allocations - Not Disbursed Beginning of Period -- 3,439,583.33
Allocations - Not Disbursed End of Period -- 6,879,166.66
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust -- 66,370,978.98
---------------- ----------------
Total Due To Trust -- 66,370,978.98
<CAPTION>
Class A3 Class B
-------- -------
Balance Balance
<S> <C> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 361,246.78 366,708.93
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:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount -- --
Loss Reimbursement from Transferor -- --
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 391,031.25 415,406.25
Allocations - Not Disbursed Beginning of Period 391,031.25 415,406.25
Allocations - Not Disbursed End of Period 782,062.50 830,812.50
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust 286,400.27 309,193.23
---------------- ----------------
Total Due To Trust 286,400.27 309,193.23
<CAPTION>
Transferor Interest
-------------------
Interest Principal
<S> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 66,601.17
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 (11,523.50)
Capped Expenses (751.13)
Interest Accrual on Class B. Cert. Prin. Loss Amt
Uncapped Expenses --
----------------
Total Unallocated Interest 54,326.54
Excess Interest to Transferor --
----------------
Net Interest Collections Available 54,326.54
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (3,884,358.61)
ACCELERATED PRINCIPAL DISTRIBUTION: --
----------------
DEPOSIT TO RESERVE FUND: (3,830,032.07)
----------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount (92,068.38)
Loss Reimbursement from Transferor (517,865.90)
Loss Reimbursement from Reserve Fund ----------------
Total (92,068.38)
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) 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 53.87%
Percent of ANIV 98.00% 33.30%
Certificate Factor 1.00000 1.00000
Notional/Certificate Rate 6.2000%
Target 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 597,239,069.67
Discounted Principal Balance 551,094,793.68
Notional/Certificate Balance 796,600,000.00 -
Adjusted Notional/Certificate Balance 583,410,868.00 -
Percent of ANIV 97.68% 0.00%
Certificate Factor 1.00000 -
Servicer Advances 2,558,209.14
Servicer Pay Ahead Balance 4,086,704.47
Maturity Advances Outstanding
Number of Current Contracts 34,927
Weighted Average Lease Rate 7.71%
Weighted Average Remaining Term 8.0
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 532,056,638.34
Discounted Principal Balance 484,327,889.74
Notional/Certificate Balance 796,600,000.00 0.00
Adjusted Notional/Certificate Balance 519,544,625.14 0.00
Percent of ANIV 97.65% 0.00%
Certificate Factor 1.00000 -
Servicer Advances 2,879,684.00
Servicer Pay Ahead Balance 3,508,815.37
Maturity Advances Outstanding -
Number of Current Contracts 31,156
Weighted Average Lease Rate 7.74%
Weighted Average Remaining Term 7.7
Prior Certificate Interest Payment Date March 27, 2000
Next Certificate Interest Payment Date September 25, 2000
</TABLE>
<TABLE>
<CAPTION>
CLASS A2 CLASS A3 CLASS B TRANSFEROR 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 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 1.00000 1.00000 1.0000000
Notional/Certificate Rate 6.3500% 6.4500% 6.7500%
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 650,000,000.00 72,750,000.00 73,850,000.00 13,828,201.67
Adjusted Notional/Certificate Balance 436,810,868.00 72,750,000.00 73,850,000.00 13,828,201.67
Percent of ANIV 73.14% 12.18% 12.37% 2.32%
Certificate Factor 1.00000 1.00000 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 12,512,013.20
Adjusted Notional/Certificate Balance 372,944,625.14 72,750,000.00 73,850,000.00 12,512,013.20
Percent of ANIV 70.09% 13.67% 13.88% 2.35%
Certificate Factor 1.00000 1.00000 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 6,373,901.31
Prepayments in Full 1504 23,385,849.57
----
Reallocation Payment 17 250,728.08
--
Interest Collections 3,114,162.03
Net Liquidation Proceeds and Recoveries 1,833,837.20
Net Liquidation Proceeds - Vehicle Sales 29,361,688.18
Non-Recoverable Advances (237,661.92)
---------------
Total Available 64,082,504.45
---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: AMOUNT ANNUAL AMOUNT
----------------------- --------------------------
<S> <C> <C>
Total Capped Expenses Paid 32,441.31 129,765.24
Total Uncapped Expenses Paid
- -
Capped and Uncapped Expenses Due
-
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward
-
Servicer's Fee Due Current Period 497,699.22
Servicer's Fee Paid 497,699.22
Servicer's Fee Balance Due
-
SUPPLEMENTAL SERVICER'S FEES 73,389.84
---------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: VEHICLES AMOUNT
-------- ------
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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