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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
September 24, 1997
Date of Report (Date of earliest event reported): (September 15, 1997)
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Toyota Auto Receivables 1997-A Grantor Trust
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(Exact name of registrant as specified in its charter)
California 333-04336 33-6205229
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Toyota Motor Credit Receivables Corporation
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
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Exhibit Index is on Page 2
Page 1 of 3
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Item 5. Other Events
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On September 15, 1997, the principal and interest collected during the
preceding calendar month, net of certain adjustments as provided for in the
Pooling and Servicing Agreement dated as of April 1, 1997 ("Agreement"),
between Toyota Motor Credit Receivables Corporation, as "Seller", Toyota Motor
Credit Corporation, as "Servicer", and Bankers Trust Company, as "Trustee",
were distributed to the holders of certificates representing undivided
fractional interests in the Toyota Auto Receivables 1997-A Grantor Trust (the
"Certificateholders"). In accordance with the Agreement, the Servicer's
Certificate, as defined in the Agreement, 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 is filed as
Exhibit 20 to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
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20 Servicer's Certificate for the month of
August, 1997.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.
TOYOTA AUTO RECEIVABLES 1997-A GRANTOR TRUST
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: September 24, 1997 By: /S/ GREGORY WILLIS
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Gregory Willis
Vice President-Finance and Administration
(Principal Accounting Officer)
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Exhibit 20
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1997-A Grantor Trust
Distribution Date of September 15, 1997 for the Collection Period
August 1, 1997 through August 31, 1997
A. ORIGINAL DEAL PARAMETER INPUTS
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(A) Original Total Portfolio $754,957,553.40
(B) Original Class A Certificate Balance $722,871,000.00
(C) Class A Certificate Rate 6.45%
(D) Original Class B Certificate Balance $20,761,000.00
(E) Class B Certificate Rate 6.60%
(F) Original Class C Certificate Balance $11,325,553.40
(G) Class C Certificate Rate 6.80%
(H) Servicing Fee Rate 1.00%
(I) Original Weighted Average Coupon (WAC) 10.43%
(J) Original Weighted Average Remaining Term (WAM) 43.14 months
(K) Number of Contracts 70,909
(L) Reserve Fund
(i) Reserve Fund Initial Deposit Percentage 0.75%
(ii) Reserve Fund Initial Deposit $5,662,181.66
(iii) Specified Reserve Fund Balance Percent 0.75%
(iv) Specified Reserve Fund Balance $5,662,181.66
(v) Reserve Fund Floor Percent 0.75%
(vi) Reserve Fund Floor Amount $5,662,181.66
(vii) Reserve Fund Floor Trigger Amount $33,978,873.33
(viii) Loss and Delinquency Trigger Percent 5.50%
B. INPUTS FROM PREVIOUS MONTHLY SERVICER'S CERTIFICATE
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(A) Total Portfolio Outstanding $643,449,795.43
(B) Total Portfolio Pool Factor 0.8522993
(C) Class A Certificate Balance $616,102,448.37
(D) Class A Principal Factor 0.8522993
(E) Class B Certificate Balance $17,694,585.81
(F) Class B Principal Factor 0.8522993
(G) Class C Certificate Balance $9,652,761.25
(H) Class C Principal Factor 0.8522993
(I) Reserve Fund Balance $5,662,181.66
(J) Outstanding Precompute and Simple Interest Advance $3,446,963.70
(K) Payahead Account Balance $2,773,084.25
(L) Cumulative Net Losses for All Prior Periods $379,882.08
(M) Weighted Average Coupon of Remaining Portfolio (WAC) 10.42%
(N) Weighted Average Remaining Term of
Remaining Portfolio (WAM) 39.90 months
(O) Number of Contracts 65,303
C. INPUTS FROM THE MAINFRAME
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(A) Precomputed Contracts Principal
(i) Scheduled Principal Collections $6,770,134.92
(ii) Prepayments in Full 811 contracts $3,553,647.08
(iii) Repurchased Principal $0.00
(iv) Payments Behind/Ahead on Repurchased Receivables $0.00
(B) Precomputed Contracts Total Collections $12,108,113.10
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(C) Simple Interest Contracts
(i) Collected Principal $8,562,596.76
(ii) Prepayments in Full 774 contracts $5,844,098.36
(iii) Collected Interest $3,052,909.10
(iv) Repurchased Receivables Principal $0.00
(v) Repurchased Receivables Interest $0.00
(D) Payment Advance for Precomputes
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $384,274.85
(E) Payment Advance for Simple Interest Contracts
(i) Reimbursement of Previous Advances $0.00
(ii) Current Advance Amount $204,152.90
(F) Payahead Account for Precomputes
(i) Payments Applied $234,115.89
(ii) Additional Payaheads $0.00
(G) Weighted Average Coupon of Remaining Portfolio (WAC) 10.42%
(H) Weighted Average Remaining Maturity of
Remaining Portfolio (WAM) 39.11 months
(I) Remaining Number of Contracts 63,640
(J) Delinquent Contracts
Contracts Amount
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(i) 31-60 Days Delinquent 1,417 2.23% $14,591,251.79 2.36%
(ii) 61-90 Days Delinquent 160 0.25% $1,799,599.84 0.29%
(iii) Over 90 Days Delinquent 132 0.21% $1,533,098.60 0.25%
D. INPUTS DERIVED FROM OTHER SOURCES
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(A) Aggregate Net Losses for Collection Period $296,709.85
(B) Liquidated Contracts 78
(i) Gross Principal Balance of Liquidated Receivables $921,621.32
(ii) Net Liquidation Proceeds Received During the
Collection Period $622,899.53
(iii) Recoveries on Previously Liquidated Contracts $2,011.94
(C) Number of Vehicles Repossessed During the Collection Period 107
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TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- Toyota Auto Receivables 1997-A Grantor Trust
Distribution Date of September 15, 1997 for the Collection Period
August 1, 1997 through August 31, 1997
I. COLLECTIONS
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(A) Principal Payments Received $24,730,477.12
(B) Interest Payments Received $4,837,240.20
(C) Net Precomputed Payahead Amount $234,115.89
(D) Aggregate Net Liquidation Proceeds Received $624,911.47
(E) Principal on Repurchased Contracts $0.00
(F) Interest on Repurchased Contracts $0.00
(G) Total Collections $30,426,744.68
(H) Net Simple Interest Advance Amount $204,152.90
(I) Net Precomputed Advance Amount $384,274.85
(J) Total Available Amount $31,015,172.43
II. DISTRIBUTIONS
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(A) Principal Payments Received $24,730,477.12
(B) Principal on Repurchased Contracts $0.00
(C) Gross Principal Balance of Liquidated Receivables $921,621.32
(D) Total Principal Reduction $25,652,098.44
(E) Class A Amount Due
(i) Class A Monthly Interest $3,311,550.66
(ii) Class A Monthly Principal $24,561,855.12
(iii) Interest Carryover Shortfall $0.00
(iv) Principal Carryover Shortfall $0.00
(v) Total Amount Due $27,873,405.78
(F) Class B Amount Due
(i) Class B Monthly Interest $97,320.22
(ii) Class B Monthly Principal $705,421.41
(iii) Interest Carryover Shortfall $0.00
(iv) Principal Carryover Shortfall $0.00
(v) Total Amount Due $802,741.63
(G) Class C Amount Due
(i) Class C Monthly Interest $54,698.98
(ii) Class C Monthly Principal $384,821.91
(iii) Interest Carryover Shortfall $0.00
(iv) Principal Carryover Shortfall $0.00
(v) Total Amount Due $439,520.89
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(H) Actual Distributions
(i) Class A Servicing Fee (Supplemental Servicing
Fee Received $135,975.12) $513,418.71
(ii) Class B Servicing Fee (Supplemental Servicing
Fee Received $3,905.29) $14,745.49
(iii) Class C Servicing Fee (Supplemental Servicing
Fee Received $2,130.16) $8,043.97
(iv) Class A Interest $3,311,550.66
(v) Class A Principal $24,561,855.12
(vi) Class A Interest Carryover Shortfall $0.00
(vii) Class A Principal Carryover Shortfall $0.00
(viii) Class B Interest $97,320.22
(ix) Class B Principal $705,421.41
(x) Class B Interest Carryover Shortfall $0.00
(xi) Class B Principal Carryover Shortfall $0.00
(xii) Class C Interest $54,698.98
(xiii) Class C Principal $384,821.91
(xiv) Class C Interest Carryover Shortfall $0.00
(xv) Class C Principal Carryover Shortfall $0.00
(xvi) Deposit to Reserve Fund $1,363,295.96
(xvii) Total Amount Distributed $31,015,172.43
(I) Amount of Draw from Reserve Fund $0.00
(J) Sum of Draw from Reserve Fund and Total Available Amount $31,015,172.43
(K) End of Period Class A Interest Shortfall $0.00
(L) End of Period Class A Principal Shortfall $0.00
(M) End of Period Class B Interest Shortfall $0.00
(N) End of Period Class B Principal Shortfall $0.00
(O) End of Period Class C Interest Shortfall $0.00
(P) End of Period Class C Principal Shortfall $0.00
III. POOL BALANCES AND PORTFOLIO INFORMATION
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(A) Balances and Principal Factors Beginning of Period End of Period
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(i) Total Pool Balance $643,449,795.43 $617,797,696.99
(ii) Total Pool Factor 0.85229930 0.81832110
(iii) Class A Certificate Balance $616,102,448.37 $591,540,593.25
(iv) Class A Principal Factor 0.85229930 0.81832110
(v) Class B Certificate Balance $17,694,585.81 $16,989,164.40
(vi) Class B Principal Factor 0.85229930 0.81832110
(vii) Class C Certificate Balance $9,652,761.25 $9,267,939.34
(viii) Class C Principal Factor 0.85229930 0.81832110
(B) Portfolio Information
(i) Weighted Average Coupon (WAC) 10.42% 10.42%
(ii) Weighted Average Remaining
Maturity (WAM) 39.90 months 39.11 months
(iii) Remaining Number of Contracts 65,303 63,640
(C) Outstanding Precompute and Simple
Interest Advance Amount $3,446,963.70 $4,035,391.45
(D) Outstanding Paid Ahead $2,773,084.25 $2,538,968.36
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IV. RECONCILIATION OF RESERVE FUND
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(A) Beginning Reserve Fund Balance $5,662,181.66
(B) Draw for Class A Amount Due $0.00
(C) Draw for Class B Amount Due $0.00
(D) Draw for Class C Amount Due $0.00
(E) Amount Available for Deposit to the Reserve Fund $1,363,295.96
(F) Reserve Fund Balance Prior to Release $7,025,477.62
(G) Reserve Fund Required Amount $5,662,181.66
(H) Reserve Fund Release to Seller $1,363,295.96
(I) Ending Reserve Fund Balance $5,662,181.66
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
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(A) Aggregate Net Losses for Collection Period $296,709.85
(B) Liquidated Contracts
(i) Gross Principal Balance of Liquidated Receivables $921,621.32
(ii) Net Liquidation Proceeds Received During the
Collection Period $622,899.53
(iii) Recoveries on Previously Liquidated Contracts $2,011.94
(C) Cumulative Net Losses for all Periods $676,591.93
(i) Number of Contracts 194
(D) Delinquent and Repossessed Contracts
Contracts Amount
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(i) 31-60 Days Delinquent 1,417 2.23% $14,591,251.79 2.36%
(ii) 61-90 Days Delinquent 160 0.25% $1,799,599.84 0.29%
(iii) Over 90 Days Delinquent 132 0.21% $1,533,098.60 0.25%
(iv) Vehicles Repossessed During
the Collection Period 107 * * *
(v) Repossessed Vehicle Inventory 173 * * *
* Included Above
VI. TESTS FOR INCREASE IN RESERVE FUND BALANCE
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(A) Ratio of Net Losses to the Pool Balance as of Each Collection Period
(i) Second Preceding Collection Period 0.23%
(ii) Preceding Collection Period 0.40%
(iii) Current Collection Period 0.56%
(iv) Three Month Average 0.40%
(B) Ratio of Number of Contracts Delinquent 60 Days or More to the
Outstanding Number of Receivables as of Each Collection Period
(Includes Repossessions)
(i) Second Preceding Collection Period 0.30%
(ii) Preceding Collection Period 0.36%
(iii) Current Collection Period 0.46%
(iv) Three Month Average 0.37%
(C) Loss and Delinquency Trigger Indicator (1.25%) Trigger Was Not Hit
I hereby certify that the servicing report provided
is true and accurate to the best of my knowledge.
/S/ SYLVIA SHULER
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Sylvia Shuler
Controller - Operations
