<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): April 25, 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 April 25, 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 March 2000 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
March, 2000.
-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: April 28, 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 April 25, 2000 for the Collection Period of March 1,
2000 through March 31, 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 0.00%
POOL DATA - CURRENT MONTH
Aggregate Net Investment Value 597,239,069.67
Discounted Principal Balance 551,094,793.68
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
RESERVE FUND:
Initial Deposit Amount 30,780,787.98
Specified Reserve Fund Percentage (if Conditions i, ii and iii not met) 2.50%
Specified Reserve Fund Amount (if Conditions i, ii and iii not met) 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 27,691,834.58 1,227,656.25 28,919,490.83
Withdrawal Amount 3,464,217.78 - 3,464,217.78
Transferor Excess 1,422,726.63 1,422,726.63
------------------------------------------------
Reserve Fund Balance Prior to Release 25,650,343.43 1,227,656.25 26,877,999.68
Specified Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
------------------------------------------------
Release to Transferor - - -
Ending Reserve Fund Balance 25,650,343.43 1,227,656.25 26,877,999.68
Prior Cumulative Withdrawal Amount 5,196,626.74 - 5,196,626.74
Cumulative Withdrawal Amount 8,660,844.52 - 8,660,844.52
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
Liquidated Contracts 157
Discounted Principal Balance 2,624,291.81
Net Liquidation Proceeds (2,242,459.85)
Recoveries - Previously Liquidated Contracts (68,118.33)
--------------
Aggregate Credit Losses for the Collection Period 313,713.63
==============
Cumulative Credit Losses for all Periods 16,765,581.34
Repossessed in Current Period 53 ==============
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.47%
First Preceding Collection Period 0.69%
Current Collection Period 0.60%
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.58%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- -------------
31-60 Days Delinquent 2.49% 869 2.27% 13,578,220.60
61-90 Days Delinquent 0.15% 53 0.14% 834,753.28
Over 90 Days Delinquent 0.04% 14 0.04% 235,236.27
-------- -------------
Total Delinquencies 936 14,648,210.15
======== =============
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 0.22%
First Preceding Collection Period 0.19%
Current Collection Period 0.19%
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.20%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 2064 32,649,642.51
Net Liquidation Proceeds (29,148,173.55)
---------------
Net Residual Value (Gain) Loss 3,501,468.96
===============
Cumulative Residual Value (Gain) Loss all periods 24,558,262.57
===============
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ------ ---------- ----- --------------- ---------
Second Preceding Collection Period 978 2,339 41.81% 13,668.55 16,063.58
First Preceding Collection Period 1,368 4,417 30.97% 13,799.66 15,836.53
Current Collection Period 2,064 4,589 44.98% 14,122.18 15,877.09
Three Month Average 13,921.53 15,905.87
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 87.52%
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
-------------- ---------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 44.98% YES
b) Number of Scheduled Maturities > 500 4,589 YES
c) 3 Month Average Matured Leased Vehicle Proceeds
less than 75% of Avg. Residual Values 87.52% 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 April 25, 2000 for the Collection Period of March 1, 2000
through March 31, 2000
<TABLE>
<CAPTION>
Certificate Balance Class A1
------------------- ---------
Total Percent Balance Balance
-------------- --------- ------------ -------------
<S> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 4,119,989.84
Net Investment Income 762,206.66
Non-recoverable Advances (252,311.58)
--------------
Available Interest 4,629,884.92 4,541,560.71 -
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 - -
Capped Expenses (32,441.31) (31,700.46)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
-------------- --------------
Total Unallocated Interest 351,422.78 263,839.42
Excess Interest to Transferor - (263,839.42)
-------------- --------------
Net Interest Collections Available 351,422.78 -
--------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (3,728,057.20)
ACCELERATED PRINCIPAL DISTRIBUTION: -
DEPOSIT TO RESERVE FUND: 1,422,726.63
WITHDRAWAL FROM RESERVE FUND: 3,464,217.78
LOSS REIMBURSEMENT FROM TRANSFEROR PRINCIPAL: 1,335,143.27
NET WITHDRAWAL FROM THE RESERVE FUND: 2,041,491.15
PRINCIPAL:
Current Loss Amount (3,815,182.59) (3,728,057.20) -
Loss Reimbursement from Transferor Interest 263,839.42 263,839.42 -
Loss Reimbursement from Reserve Fund 2,041,491.15
-------------- -------------- -------------
Total (1,509,852.02) (3,464,217.78) -
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 69,150,077.29 69,150,077.29 -
Allocations - Accelerated Principal Distribution - - -
Allocations - Not Disbursed Beginning of Period 144,039,054.71 144,039,054.71 -
Allocations - Not Disbursed End of Period 213,189,132.00 213,189,132.00 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - -
Allocations - Current Period 4,246,020.83 4,246,020.83 -
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Not Disbursed End of Period 4,246,020.83 4,246,020.83 -
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/(Withdrawal from) Reserve Fund (2,041,491.15)
Due To Trust 72,633,891.46 72,633,891.46 -
-------------- ------------- -------------
Total Due To Trust 70,592,400.31 72,633,891.46 -
Class A2 Class A3 Class B Transferor Interest
-------- -------- ------- -------------------
Balance Balance Balance Interest Principal
-------- -------- ------- -------------- ------------
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 3,705,767.59 414,760.91 421,032.21 88,324.21
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 -
Capped Expenses (740.85)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
--------------
Total Unallocated Interest 87,583.36
Excess Interest to Transferor 263,839.42
--------------
Net Interest Collections Available 351,422.78
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (3,728,057.20)
ACCELERATED PRINCIPAL DISTRIBUTION: -
--------------
DEPOSIT TO RESERVE FUND: (3,376,634.42)
--------------
WITHDRAWAL FROM RESERVE FUND:
LOSS REIMBURSEMENT FROM TRANSFEROR PRINCIPAL:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount (3,728,057.20) - - (87,125.39)
Loss Reimbursement from Transferor Interest 263,839.42 - - (263,839.42)
Loss Reimbursement from Reserve Fund
-------------- --------- --------- ---------
Total (3,464,217.78) - - (87,125.39)
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 69,150,077.29 - -
Allocations - Accelerated Principal Distribution - - -
Allocations - Not Disbursed Beginning of Period 144,039,054.71 - -
Allocations - Not Disbursed End of Period 213,189,132.00 - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - - -
Allocations - Current Period 3,439,583.33 391,031.25 415,406.25
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Not Disbursed End of Period 3,439,583.33 391,031.25 415,406.25
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund
Due To Trust 71,967,724.48 321,422.24 344,744.74 - -
------------- ---------- ---------- -------------- -----------
Total Due To Trust 71,967,724.48 321,422.24 344,744.74 - -
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1997-A
Distribution Date of April 25, 2000 for the Collection Period of March 1,
2000 through March 31, 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 6.2000%
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 0.00%
POOL DATA PRIOR 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% 0.00%
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
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 597,239,069.67
Discounted Principal Balance 551,094,793.68
Notional/Certificate Balance 796,600,000.00 0.00
Adjusted Notional/Certificate Balance 583,410,868.00 0.00
Percent of ANIV 97.68% 0.00%
Certificate Factor 1.0000000 -
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
Prior Certificate Interest Payment Date March 27, 2000
Next Certificate Interest Payment Date September 25, 2000
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
Principal Collections 7,399,026.42
Prepayments in Full 1724 27,445,752.78
Reallocation Payment 26 453,632.43
Interest Collections 4,119,989.84
Net Liquidation Proceeds and Recoveries 2,310,578.18
Net Liquidation Proceeds - Vehicle Sales 29,148,173.55
Non-Recoverable Advances (252,311.58)
--------------
Total Available 70,624,841.62
Class A2 Class A3 Class B
-------- -------- -------
Percent Balance Percent Balance Percent Balance
------- -------------- ------- ------------------ ------- -------------
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
Percent of ANIV 52.79% 5.91% 6.00%
Certificate Factor 1.0000000 1.0000000 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
Adjusted Notional/Certificate Balance 505,960,945.29 72,750,000.00 73,850,000.00
Percent of ANIV 75.76% 10.89% 11.06%
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
Adjusted Notional/Certificate Balance 436,810,868.00 72,750,000.00 73,850,000.00
Percent of ANIV 73.14% 12.18% 12.37%
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>
Transferor Interest
Balance
-------------------
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 24,631,519.20
Percent of ANIV 2.00%
Certificate Factor
Notional/Certificate Rate
Target Maturity Date
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 15,250,470.33
Adjusted Notional/Certificate Balance 15,250,470.33
Percent of ANIV 2.28%
Certificate Factor
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 13,828,201.67
Adjusted Notional/Certificate Balance 13,828,201.67
Percent of ANIV 2.32%
Certificate Factor
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>
<CAPTION>
Amount Annual Amount
----------- -------------
<S> <C> <C>
CAPPED AND UNCAPPED EXPENSES:
Total Capped Expenses Paid 32,441.31 97,323.93
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period -
Servicer's Fee Paid -
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 90,273.56
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
