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<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): October 26, 1998
--------------------
Toyota Auto Lease Trust 1998-B
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-57109 33-0755530
- ------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
c/o Toyota Leasing, Inc.
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 October 26, 1998, interest collected during the three preceding calendar
months, July, August and September, as provided for in the 1998-B
Securitization Trust Agreement dated as of September 1, 1998 between Toyota
Leasing, Inc. ("TLI"), as "Transferor", and U.S. Bank National Association
("USBNA"), as "Trustee", and the 1998-B SUBI Supplement to the Amended and
Restated Trust and Servicing Agreement, dated September 1, 1998, 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 1998-B (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. Copies of the
Servicer's Certificate for the months of July, August and September 1998 are
filed as Exhibits 20(a), 20(b) and 20(c) to this Current Report on Form 8-K.
The Toyota Auto Lease Trust 1998-B issued and publicly offered three classes
of securities covered by Registration Statement No. 333-57109 (declared
effective September 16, 1998) $335,000,000 5.35% Auto Lease Asset Backed
Certificates, Class A-1, $575,000,000 5.45% Auto Lease Asset Backed
Certificates, Class A-2 and $96,400,000 5.50% Auto Lease Asset Backed
Certificates, Class A-3. The net proceeds from the sale of the Class A
Certificates (i.e., the proceeds of the public offering of the Class A
Certificates minus expenses relating thereto) were applied by the Transferor
to purchase the SUBI Certificate and to make the initial deposit into the
Reserve Fund. The aggregate offering prices of the Class A-1, Class A-2 and
Class A-3 Certificates, expenses incurred and underwriting discounts, fees and
commissions paid by the issuer through the date hereof (all of which were paid
to unaffiliated third party service providers) are all as disclosed in the
related Prospectus and Registration Statement.
Subject to the terms and conditions of the Underwriting Agreement, on
September 29, 1998, TLI sold the Class A Certificates to Morgan Stanley & Co.
Inc., Lehman Brothers Inc., (together with Morgan Stanley & Co. Inc., the
managing underwriters), Merrill Lynch, Pierce, Fenner & Smith Inc., Credit
Suisse First Boston Corporation, Goldman, Sachs & Co., J.P. Morgan Securities
Inc., and Bear Stearns & Co. Inc. The offering has terminated and all of the
Class A Certificates have been sold.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20(a) Servicer's Certificate for the month of
July, 1998.
20(b) Servicer's Certificate for the month of
August, 1998.
20(c) Servicer's Certificate for the month of
September, 1998.
-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 1998-B
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: November 11, 1998 By: /S/ GREGORY WILLIS
----------------- --------------------------------------------
Gregory Willis
Vice President-Finance and Administration
(Principal Accounting Officer)
-3-
<PAGE>
<TABLE>
EXHIBIT 20(a)
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Investor Interest Investor Interest
Original Deal Parameter Total Percent Balance
- ----------------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV) 1,099,937,045.30
Discounted Principal Balance 1,099,937,045.30
Initial Notional/Certificate Balance - 100.00% 1,077,938,000.00
Percent of ANIV 98.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 38.7
Servicing Fee Percentage 1.00%
Servicer Advance 2,144,779.34
Servicer Payahead 3,039,194.68
Reserve Fund:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 60,496,537.49
Reserve Fund Trigger Percentage 6.50%
Reserve Fund Trigger Amount 71,495,907.94
Number of Contracts 49,144
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value 1,099,936,958.66
Discounted Principal Balance 1,088,663,963.73
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 98.00%
Servicer Advances 2,087,409.55
Servicer Pay Ahead Balance 3,081,746.72
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 4,332.14
Cumulative Reimbursed Credit Loss 4,245.50
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 49,030
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 32.8
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Original Deal Parameter Percent Notional Balance Percent Notional Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 31.08% 335,000,000.00 53.34% 575,000,000.00
Percent of ANIV 30.46% 52.28%
Notional/Certificate Rate 5.35% 5.45%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 30.46% 52.28%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Original Deal Parameter Percent Notional Balance Percent Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 8.94% 96,400,000.00 6.64% 71,538,000.00
Percent of ANIV 8.76% 6.50%
Notional/Certificate Rate 5.50% 6.55%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 8.76% 6.50%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Transferor
Interest
Original Deal Parameter Balance
- ----------------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 21,999,045.30
Percent of ANIV 2.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 21,998,958.66
Adjusted Notional/Certificate Balance
Percent of ANIV 2.00%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity
- ---------------------------------
Principal Collections 8,621,838.73
Prepayments in Full - Number 83
Prepayments in Full - Amount 1,980,118.77
Reallocation - Number of Leases 8
Reallocation Payment 201,605.20
Interest Collections 8,264,940.54
Net Liquidation Proceeds and Recoveries 465,186.73
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales -
Reimbursed Certificate Principal Losses -
Net Investment Income -
--------------
Total Available 19,533,689.97
Increase (Decrease) in Servicer Advances (57,369.79)
(Increase) Decrease in PayAheads Held (42,552.04)
ANIV
Current Month Operational Activity Vehicles Balance
- ---------------------------------- -------------- -------------
Inventory on Hand:
Matured Lease Vehicle Inventory 1 17,958.28
Repossessed Vehicle Inventory 45 858,095.23
-------------- -------------
Total Inventory on Hand 46 876,053.51
============== ==============
Residual Value (Gain) Loss:
Matured Lease Vehicle Inventory Sold - -
Net Liquidation Proceeds -
-------------
Net Residual Value (Gain) Loss -
=============
Cumulative Residual Value (Gain) Loss all periods -
=============
Liquidation of ChargeOffs and Repossessions:
Liquidated Contracts 23
Discounted Principal Balance 469,518.87
Net Liquidation Proceeds (465,186.73)
Recoveries - Previously Liquidated Contracts -
-------------
Aggregate Credit Losses for the Collection Period 4,332.14
==============
Cumulative Credit Losses for all Periods 4,332.14
Repossessed in Current Period 45 ==============
Delinquent Contracts: Accounts Percent ANIV Percent
-------------- ---------------- ------------- ----------------
31-60 Days Delinquent 267 0.54% 5,891,329.60 0.54%
61-90 Days Delinquent 25 0.05% 636,822.39 0.06%
Over 90 Days Delinquent 3 0.01% 66,138.13 0.01%
-------------- ---------------- ------------- ----------------
Total Delinquencies 295 0.60% 6,594,290.12 0.61%
============== ================ ============= ================
Amount
-------------
Beginning Unreinvested Principal Collections -
Current Month Principal Collections 11,272,994.93
-------------
Total Available 11,272,994.93
Allocation to Subsequent Contracts and Lease Vehicles - -
=============
Ending Unreinvested Principal Collections 11,272,994.93
=============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
<S> <C> <C> <C> <C>
Capped Contingent and Excess Liability Premiums 10,619.20 10,619.20
Capped Titling Trust Administration Expenses 1,250.00 1,250.00
Capped Securitization Trust Administration Expenses 833.33 833.33
---------------- -------------
Total Capped Expenses 12,702.53 12,702.53
Uncapped Titling Trust Administration Expenses
Uncapped Securitization Trust Administration Expenses
---------------- -------------
Total Uncapped Expenses - -
Paid Expenses 12,702.53 12,702.53
Previous Unpaid Balance - -
Current Unpaid Balance - -
Servicer's Fee Due:
Due from Previous Periods -
Due for this Period 916,614.21
Paid this Period (916,614.21)
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 60,118.79
Sold Net
Matured Vehicles Sold for Number Scheduled Sale Residual Mat Vehicle
each Collection Period: Sold Maturities Ratio Value Proceeds
-------- ---------- --------- ---------- ------------
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.00%
Three Month Average 0.00%
Residual Value Coverage % 0.00%
Annualized
Average
Charge-Off
Rate
Ratio of Net Credit Losses to the Average Pool Balance -------------
for Each Collection Period:
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.00%
Three Month Average 0.00%
Trigger Indicator (1.25%) trigger was not hit
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 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.06%
Three Month Average 0.02%
Trigger Indicator (1.25%) trigger was not hit
Class B Class A Total
Amount Amount Amount
Reserve Fund: -------------- ---------------- -------------
Beginning Balance 1,073,070.00 40,174,569.20 41,247,639.20
Withdrawal Amount - - -
Transferor Excess - 7,328,729.70 7,328,729.70
-------------- ---------------- -------------
Ending Balance 1,073,070.00 47,503,298.90 48,576,368.90
Specified Reserve Fund Balance 1,073,070.00 59,423,467.49 60,496,537.49
-------------- ---------------- -------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Investor Interest Investor Interest
Total Percent Balance
-------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections 8,264,940.54
Net Investment Income -
Non-Recoverable Advances (2,648.60)
--------------
Available Interest 8,262,291.94 98.00% 8,097,046.10
Class A-1, A-2, A-3 Notional Interest Accrual Amount - -
Unreimbursed A-1, A-2, and A-3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall -
Servicer's Fee (916,614.21) (898,281.93)
Capped Expenses (12,702.53) (12,448.47)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
-------------- -------------
Total Unallocated Interest 7,332,975.20 7,186,315.70
Excess Interest to Transferor - (7,186,315.70)
-------------- -------------
Net Interest Collections Available 7,332,975.20 -
Deposit to Reserve Fund 7,328,729.70 -
Withdrawal from Reserve Fund -
--------------
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (4,332.14) (4,245.50)
Loss Reimbursement from Transferor 4,245.50 4,245.50
Loss Reimbursement from Reserve Fund - -
-------------- -------------
Transferor Ending Certificate Princ. Loss Amount (86.64) -
Principal Allocations:
Principal Collections 10,803,562.70 10,587,491.45
Liquidated Contracts 469,518.87 460,128.49
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- -------------
Total Principal Reinvested 11,272,994.93 11,047,619.94
-------------- -------------
Total Principal Allocated - -
-------------- -------------
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 -
--------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2,516,388.18 4,319,173.74
Class A-1, A-2, A-3 Notional Interest Accrual Amount - -
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall
Servicer's Fee (279,166.74) (479,166.80)
Capped Expenses (3,868.72) (6,640.34)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 2,233,352.72 3,833,366.60
Excess Interest to Transferor (2,233,352.72) (3,833,366.60)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 3,290,365.15 5,647,641.68
Liquidated Contracts 142,998.06 245,444.43
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 3,433,363.22 5,893,086.12
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 724,118.87 537,365.31
Class A-1, A-2, A-3 Notional Interest Accrual Amount - -
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall
Servicer's Fee (80,333.35) (59,615.01)
Capped Expenses (1,113.27) (826.16)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 642,672.25 476,924.14
Excess Interest to Transferor (642,672.25) (476,924.14)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (4,245.50)
Loss Reimbursement from Transferor - 4,245.50
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 946,839.41 702,645.20
Liquidated Contracts 41,149.29 30,536.70
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 987,988.70 733,181.90
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Transferor Interest Transferor Interest Transferor Interest
Percent Interest Principal
------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2.00% 165,245.84
Class A-1, A-2, A-3 Notional Interest Accrual Amount
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. -
Class B Interest Carryover Shortfall
Servicer's Fee (18,332.28)
Capped Expenses (254.06)
Interest Accrual on Class B Cert. Princ. Loss Amount -
Uncapped Expenses -
--------------
Total Unallocated Interest 146,659.50
Excess Interest to Transferor 7,186,315.70
--------------
Net Interest Collections Available 7,332,975.20
Deposit to Reserve Fund (7,328,729.70)
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (86.64)
Loss Reimbursement from Transferor (4,245.50) -
Loss Reimbursement from Reserve Fund - -
-------------- --------------
Transferor Ending Certificate Princ. Loss Amount - (86.64)
Principal Allocations:
Principal Collections - 216,071.25
Liquidated Contracts - 9,390.38
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- --------------
Total Principal Reinvested - 225,374.99
-------------- --------------
Total Principal Allocated - -
-------------- --------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Investor Interest Class A-1
Total Balance Balance
-------------- ----------------- -----------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period - - -
Distribution - Current Period - - -
-------------- ------------------ -----------
Allocations - Not Disbursed End of Period - - -
============== ================== ===========
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest -
Transfer (to) from Reserve Account -
--------------
Interest Allocations - Current Month -
Permitted Investment Maturities -
-------------- ------------------ -----------
Total Interest Distributed to Certificateholders - - -
-------------- ------------------ -----------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal -
Transfer from Reserve Account -
--------------
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ------------------ -----------
Total Principal Distributed to Certificateholders - - -
-------------- ------------------ -----------
-------------- ------------------ -----------
Total Principal and Interest Distributed: - - -
============== ================== ===========
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of July 1 through July 31, 1998
<CAPTION>
Class A2 Class A3 Class B
Balance Balance Balance
-------------- ---------------- -------------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period - - -
Distribution - Current Period - - -
-------------- ---------------- -------------
Allocations - Not Disbursed End of Period - - -
============== ================ =============
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest
Transfer (to) from Reserve Account
-------------- ---------------- -------------
Interest Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Interest Distributed to Certificateholders - - -
-------------- ---------------- -------------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal
Transfer from Reserve Account
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Principal Distributed to Certificateholders - - -
-------------- ---------------- -------------
-------------- ---------------- -------------
Total Principal and Interest Distributed: - - -
============== ================ =============
</TABLE>
/S/ HOLLY PEARSON
- ---------------------
Holly Pearson
Treasury Manager
<PAGE>
<TABLE>
EXHIBIT 20(b)
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Investor Interest Investor Interest
Original Deal Parameter Total Percent Balance
- ----------------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV) 1,099,937,045.30
Discounted Principal Balance 1,099,937,045.30
Initial Notional/Certificate Balance - 100.00% 1,077,938,000.00
Percent of ANIV 98.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 38.7
Servicing Fee Percentage 1.00%
Servicer Advance 2,144,779.34
Servicer Payahead 3,039,194.68
Reserve Fund:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 60,496,537.49
Reserve Fund Trigger Percentage 6.50%
Reserve Fund Trigger Amount 71,495,907.94
Number of Contracts 49,144
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value 1,099,936,958.66
Discounted Principal Balance 1,088,663,963.73
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 98.00%
Servicer Advances 2,087,409.55
Servicer Pay Ahead Balance 3,081,746.72
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 4,332.14
Cumulative Reimbursed Credit Loss 4,245.50
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 49,030
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 32.8
End of Period Balances:
- -----------------------
Aggregate Net Investment Value 1,099,935,007.22
Discounted Principal Balance 1,076,176,220.27
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 98.00%
Servicer Advances 2,232,600.69
Servicer Pay Ahead Balance 3,332,616.84
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 101,903.92
Cumulative Reimbursed Credit Loss 99,865.84
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 48,862
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 31.8
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Original Deal Parameter Percent Notional Balance Percent Notional Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 31.08% 335,000,000.00 53.34% 575,000,000.00
Percent of ANIV 30.46% 52.28%
Notional/Certificate Rate 5.35% 5.45%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 30.46% 52.28%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 30.46% 52.28%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Original Deal Parameter Percent Notional Balance Percent Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 8.94% 96,400,000.00 6.64% 71,538,000.00
Percent of ANIV 8.76% 6.50%
Notional/Certificate Rate 5.50% 6.55%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 8.76% 6.50%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 8.76% 6.50%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Transferor
Interest
Original Deal Parameter Balance
- ----------------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 21,999,045.30
Percent of ANIV 2.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 21,998,958.66
Adjusted Notional/Certificate Balance
Percent of ANIV 2.00%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 21,997,007.22
Adjusted Notional/Certificate Balance
Percent of ANIV 2.00%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity
- ---------------------------------
Principal Collections 8,644,625.67
Prepayments in Full - Number 112
Prepayments in Full - Amount 2,720,801.63
Reallocation - Number of Leases 5
Reallocation Payment 107,829.86
Interest Collections 8,201,225.59
Net Liquidation Proceeds and Recoveries 916,914.52
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales -
Reimbursed Certificate Principal Losses -
Net Investment Income -
--------------
Total Available 20,591,397.27
Increase (Decrease) in Servicer Advances 145,191.14
(Increase) Decrease in PayAheads Held (250,870.12)
ANIV
Current Month Operational Activity Vehicles Balance
- ---------------------------------- -------------- -------------
Inventory on Hand:
Matured Lease Vehicle Inventory 0 -
Repossessed Vehicle Inventory 85 1,816,160.83
-------------- -------------
Total Inventory on Hand 85 1,816,160.83
============== ==============
Residual Value (Gain) Loss:
Matured Lease Vehicle Inventory Sold - -
Net Liquidation Proceeds -
-------------
Net Residual Value (Gain) Loss -
=============
Cumulative Residual Value (Gain) Loss all periods -
=============
Liquidation of ChargeOffs and Repossessions:
Liquidated Contracts 51
Discounted Principal Balance 1,014,486.30
Net Liquidation Proceeds (916,914.52)
Recoveries - Previously Liquidated Contracts -
-------------
Aggregate Credit Losses for the Collection Period 97,571.78
==============
Cumulative Credit Losses for all Periods 101,903.92
Repossessed in Current Period 64 ==============
Delinquent Contracts: Accounts Percent ANIV Percent
-------------- ---------------- ------------- ----------------
31-60 Days Delinquent 284 0.58% 6,175,232.30 0.57%
61-90 Days Delinquent 36 0.07% 841,309.96 0.08%
Over 90 Days Delinquent 8 0.02% 195,340.18 0.02%
-------------- ---------------- ------------- ----------------
Total Delinquencies 328 0.67% 7,211,882.44 0.67%
============== ================ ============= ================
Amount
-------------
Beginning Unreinvested Principal Collections 11,272,994.93
Current Month Principal Collections 12,485,792.02
-------------
Total Available 23,758,786.95
Allocation to Subsequent Contracts and Lease Vehicles - -
=============
Ending Unreinvested Principal Collections 23,758,786.95
=============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
<S> <C> <C> <C> <C>
Capped Contingent and Excess Liability Premiums 10,619.20 21,238.40
Capped Titling Trust Administration Expenses 1,250.00 2,500.00
Capped Securitization Trust Administration Expenses 833.33 1,666.66
---------------- -------------
Total Capped Expenses 12,702.53 25,405.06
Uncapped Titling Trust Administration Expenses
Uncapped Securitization Trust Administration Expenses
---------------- -------------
Total Uncapped Expenses - -
Paid Expenses 12,702.53 25,405.06
Previous Unpaid Balance - -
Current Unpaid Balance - -
Servicer's Fee Due:
Due from Previous Periods -
Due for this Period 916,614.14
Paid this Period (916,614.14)
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 69,051.93
Sold Net
Matured Vehicles Sold for Number Scheduled Sale Residual Mat Vehicle
each Collection Period: Sold Maturities Ratio Value Proceeds
-------- ---------- --------- ---------- ------------
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.00%
Three Month Average 0.00%
Residual Value Coverage % 0.00%
Annualized
Average
Charge-Off
Rate
Ratio of Net Credit Losses to the Average Pool Balance -------------
for Each Collection Period:
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.11%
Three Month Average 0.04%
Trigger Indicator (1.25%) trigger was not hit
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 0.00%
First Preceding Collection Period 0.06%
Current Collection Period 0.09%
Three Month Average 0.05%
Trigger Indicator (1.25%) trigger was not hit
Class B Class A Total
Amount Amount Amount
Reserve Fund: -------------- ---------------- -------------
Beginning Balance 1,073,070.00 47,503,298.90 48,576,368.90
Withdrawal Amount - - -
Transferor Excess - 7,160,767.58 7,160,767.58
-------------- ---------------- -------------
Ending Balance 1,073,070.00 54,664,066.48 55,737,136.48
Specified Reserve Fund Balance 1,073,070.00 59,423,467.49 60,496,537.49
-------------- ---------------- -------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Investor Interest Investor Interest
Total Percent Balance
-------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections 8,201,225.59
Net Investment Income -
Non-Recoverable Advances (15,521.00)
--------------
Available Interest 8,185,704.59 98.00% 8,021,990.50
Class A-1, A-2, A-3 Notional Interest Accrual Amount - -
Unreimbursed A-1, A-2, and A-3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall -
Servicer's Fee (916,614.14) (898,281.86)
Capped Expenses (12,702.53) (12,448.47)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
-------------- -------------
Total Unallocated Interest 7,256,387.92 7,111,260.17
Excess Interest to Transferor - (7,111,260.17)
-------------- -------------
Net Interest Collections Available 7,256,387.92 -
Deposit to Reserve Fund 7,160,767.58 -
Withdrawal from Reserve Fund -
--------------
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (97,571.78) (95,620.34)
Loss Reimbursement from Transferor 95,620.34 95,620.34
Loss Reimbursement from Reserve Fund - -
-------------- -------------
Transferor Ending Certificate Princ. Loss Amount (1,951.44) -
Principal Allocations:
Principal Collections 11,473,257.16 11,243,792.02
Liquidated Contracts 1,014,486.30 994,196.57
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- -------------
Total Principal Reinvested 12,485,792.02 12,237,988.59
-------------- -------------
Total Principal Allocated - -
-------------- -------------
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 -
--------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2,493,062.51 4,279,137.14
Class A-1, A-2, A-3 Notional Interest Accrual Amount - -
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall
Servicer's Fee (279,166.74) (479,166.44)
Capped Expenses (3,868.72) (6,640.34)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 2,210,027.06 3,793,330.03
Excess Interest to Transferor (2,210,027.06) (3,793,330.03)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 3,494,329.29 5,997,729.38
Liquidated Contracts 308,974.96 530,330.16
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 3,803,304.25 6,528,059.54
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 717,406.65 532,384.20
Class A-1, A-2, A-3 Notional Interest Accrual Amount - -
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall
Servicer's Fee (80,333.35) (59,615.01)
Capped Expenses (1,113.26) (826.15)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 635,960.04 471,943.04
Excess Interest to Transferor (635,960.04) (471,943.04)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (95,620.34)
Loss Reimbursement from Transferor - 95,620.34
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 1,005,532.37 746,200.98
Liquidated Contracts 88,911.00 65,980.45
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 1,094,443.37 812,181.43
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Transferor Interest Transferor Interest Transferor Interest
Percent Interest Principal
------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2.00% 163,714.09
Class A-1, A-2, A-3 Notional Interest Accrual Amount
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. -
Class B Interest Carryover Shortfall
Servicer's Fee (18,332.28)
Capped Expenses (254.06)
Interest Accrual on Class B Cert. Princ. Loss Amount -
Uncapped Expenses -
--------------
Total Unallocated Interest 145,127.75
Excess Interest to Transferor 7,111,260.17
--------------
Net Interest Collections Available 7,256,387.92
Deposit to Reserve Fund (7,160,767.58)
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (1,951.44)
Loss Reimbursement from Transferor (95,620.34) -
Loss Reimbursement from Reserve Fund - -
-------------- --------------
Transferor Ending Certificate Princ. Loss Amount - (1,951.44)
Principal Allocations:
Principal Collections - 229,465.14
Liquidated Contracts - 20,289.73
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- --------------
Total Principal Reinvested - 247,803.43
-------------- --------------
Total Principal Allocated - -
-------------- --------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Investor Interest Class A-1
Total Balance Balance
-------------- ----------------- -----------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period - - -
Distribution - Current Period - - -
-------------- ------------------ -----------
Allocations - Not Disbursed End of Period - - -
============== ================== ===========
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest -
Transfer (to) from Reserve Account -
--------------
Interest Allocations - Current Month -
Permitted Investment Maturities -
-------------- ------------------ -----------
Total Interest Distributed to Certificateholders - - -
-------------- ------------------ -----------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal -
Transfer from Reserve Account -
--------------
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ------------------ -----------
Total Principal Distributed to Certificateholders - - -
-------------- ------------------ -----------
-------------- ------------------ -----------
Total Principal and Interest Distributed: - - -
============== ================== ===========
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of August 1 through August 31, 1998
<CAPTION>
Class A2 Class A3 Class B
Balance Balance Balance
-------------- ---------------- -------------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period - - -
Distribution - Current Period - - -
-------------- ---------------- -------------
Allocations - Not Disbursed End of Period - - -
============== ================ =============
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest
Transfer (to) from Reserve Account
-------------- ---------------- -------------
Interest Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Interest Distributed to Certificateholders - - -
-------------- ---------------- -------------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal
Transfer from Reserve Account
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Principal Distributed to Certificateholders - - -
-------------- ---------------- -------------
-------------- ---------------- -------------
Total Principal and Interest Distributed: - - -
============== ================ =============
</TABLE>
/S/ HOLLY PEARSON
- ---------------------
Holly Pearson
Treasury Manager
<PAGE>
<TABLE>
EXHIBIT 20(c)
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Investor Interest Investor Interest
Original Deal Parameter Total Percent Balance
- ----------------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV) 1,099,937,045.30
Discounted Principal Balance 1,099,937,045.30
Initial Notional/Certificate Balance - 100.00% 1,077,938,000.00
Percent of ANIV 98.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 38.7
Servicing Fee Percentage 1.00%
Servicer Advance 2,144,779.34
Servicer Payahead 3,039,194.68
Reserve Fund:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 60,496,537.49
Reserve Fund Trigger Percentage 6.50%
Reserve Fund Trigger Amount 71,495,907.94
Number of Contracts 49,144
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value 1,099,935,007.22
Discounted Principal Balance 1,076,176,220.27
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 98.00%
Servicer Advances 2,232,600.69
Servicer Pay Ahead Balance 3,332,616.84
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 101,903.92
Cumulative Reimbursed Credit Loss 99,865.84
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 48,862
Weighted Average Coupon (WAC) 7.74%
Weighted Average Remaining Term (WAM) 31.8
End of Period Balances:
- -----------------------
Aggregate Net Investment Value 1,099,927,411.25
Discounted Principal Balance 1,099,917,597.01
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 98.00%
Servicer Advances 2,436,642.47
Servicer Pay Ahead Balance 3,588,037.62
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 481,702.59
Cumulative Reimbursed Credit Loss 472,068.54
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 50,360
Weighted Average Coupon (WAC) 7.72%
Weighted Average Remaining Term (WAM) 30.8
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Original Deal Parameter Percent Notional Balance Percent Notional Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 31.08% 335,000,000.00 53.34% 575,000,000.00
Percent of ANIV 30.46% 52.28%
Notional/Certificate Rate 5.35% 5.45%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 30.46% 52.28%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 30.46% 52.28%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Original Deal Parameter Percent Notional Balance Percent Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 8.94% 96,400,000.00 6.64% 71,538,000.00
Percent of ANIV 8.76% 6.50%
Notional/Certificate Rate 5.50% 6.55%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 8.76% 6.50%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance
Percent of ANIV 8.76% 6.50%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Transferor
Interest
Original Deal Parameter Balance
- ----------------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 21,999,045.30
Percent of ANIV 2.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 21,997,007.22
Adjusted Notional/Certificate Balance
Percent of ANIV 2.00%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 21,989,411.25
Adjusted Notional/Certificate Balance
Percent of ANIV 2.00%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity
- ---------------------------------
Principal Collections 8,673,192.44
Prepayments in Full - Number 90
Prepayments in Full - Amount 2,143,338.64
Reallocation - Number of Leases 6
Reallocation Payment 116,819.26
Interest Collections 7,555,139.32
Net Liquidation Proceeds and Recoveries 1,682,510.83
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales -
Reimbursed Certificate Principal Losses -
Net Investment Income -
--------------
Total Available 20,171,000.49
Increase (Decrease) in Servicer Advances 204,041.78
(Increase) Decrease in PayAheads Held (255,420.78)
ANIV
Current Month Operational Activity Vehicles Balance
- ---------------------------------- -------------- -------------
Inventory on Hand:
Matured Lease Vehicle Inventory 0 -
Repossessed Vehicle Inventory 85 1,812,162.13
-------------- -------------
Total Inventory on Hand 85 1,812,162.13
============== ==============
Residual Value (Gain) Loss:
Matured Lease Vehicle Inventory Sold - -
Net Liquidation Proceeds -
-------------
Net Residual Value (Gain) Loss -
=============
Cumulative Residual Value (Gain) Loss all periods -
=============
Liquidation of ChargeOffs and Repossessions:
Liquidated Contracts 99
Discounted Principal Balance 2,062,309.50
Net Liquidation Proceeds (1,682,510.83)
Recoveries - Previously Liquidated Contracts -
-------------
Aggregate Credit Losses for the Collection Period 379,798.67
==============
Cumulative Credit Losses for all Periods 481,702.59
Repossessed in Current Period 65 ==============
Delinquent Contracts: Accounts Percent ANIV Percent
-------------- ---------------- ------------- ----------------
31-60 Days Delinquent 370 0.73% 7,987,538.71 0.73%
61-90 Days Delinquent 28 0.06% 655,985.95 0.06%
Over 90 Days Delinquent 11 0.02% 239,867.17 0.02%
-------------- ---------------- ------------- ----------------
Total Delinquencies 409 0.81% 8,883,391.83 0.81%
============== ================ ============= ================
Amount
-------------
Beginning Unreinvested Principal Collections 23,758,786.95
Current Month Principal Collections 12,988,063.87
-------------
Total Available 36,746,850.82
Allocation to Subsequent Contracts and Lease Vehicles 1,693 36,737,036.58
=============
Ending Unreinvested Principal Collections 9,814.24
=============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
<S> <C> <C> <C> <C>
Capped Contingent and Excess Liability Premiums 10,619.20 31,857.60
Capped Titling Trust Administration Expenses 1,250.00 3,750.00
Capped Securitization Trust Administration Expenses 833.33 2,499.99
---------------- -------------
Total Capped Expenses 12,702.53 38,107.59
Uncapped Titling Trust Administration Expenses
Uncapped Securitization Trust Administration Expenses
---------------- -------------
Total Uncapped Expenses - -
Paid Expenses 12,702.53 38,107.59
Previous Unpaid Balance - -
Current Unpaid Balance - -
Servicer's Fee Due:
Due from Previous Periods -
Due for this Period 916,612.51
Paid this Period (916,612.51)
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 74,007.45
Sold Net
Matured Vehicles Sold for Number Scheduled Sale Residual Mat Vehicle
each Collection Period: Sold Maturities Ratio Value Proceeds
-------- ---------- --------- ---------- ------------
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.00%
Three Month Average 0.00%
Residual Value Coverage % 0.00%
Annualized
Average
Charge-Off
Rate
Ratio of Net Credit Losses to the Average Pool Balance -------------
for Each Collection Period:
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.11%
Current Collection Period 0.41%
Three Month Average 0.17%
Trigger Indicator (1.25%) trigger was not hit
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 0.06%
First Preceding Collection Period 0.09%
Current Collection Period 0.08%
Three Month Average 0.08%
Trigger Indicator (1.25%) trigger was not hit
Class B Class A Total
Amount Amount Amount
Reserve Fund: -------------- ---------------- -------------
Beginning Balance 1,073,070.00 54,664,066.48 55,737,136.48
Withdrawal Amount - - -
Transferor Excess - 1,923,163.95 1,923,163.95
-------------- ---------------- -------------
Ending Balance 1,073,070.00 56,587,230.43 57,660,300.43
Specified Reserve Fund Balance 1,073,070.00 59,423,467.49 60,496,537.49
-------------- ---------------- -------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Investor Interest Investor Interest
Total Percent Balance
-------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections 7,555,139.32
Net Investment Income -
Non-Recoverable Advances (51,454.25)
--------------
Available Interest 7,503,685.07 98.00% 7,353,611.37
Class A-1, A-2, A-3 Notional Interest Accrual Amount (3,940,588.89) (3,940,588.89)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. (338,414.49) (338,414.49)
Class B Interest Carryover Shortfall -
Servicer's Fee (916,612.51) (898,280.26)
Capped Expenses (12,702.53) (12,448.47)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
-------------- -------------
Total Unallocated Interest 2,295,366.65 2,163,879.26
Excess Interest to Transferor - (2,163,879.26)
-------------- -------------
Net Interest Collections Available 2,295,366.65 -
Deposit to Reserve Fund (1,923,163.95) -
Withdrawal from Reserve Fund -
--------------
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (379,798.67) (372,202.70)
Loss Reimbursement from Transferor 372,202.70 372,202.70
Loss Reimbursement from Reserve Fund - -
-------------- -------------
Transferor Ending Certificate Princ. Loss Amount (7,595.97) -
Principal Allocations:
Principal Collections 10,933,350.34 10,714,683.33
Liquidated Contracts 2,062,309.50 2,021,063.31
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- -------------
Total Principal Reinvested 12,988,063.87 12,735,746.64
-------------- -------------
Total Principal Allocated - -
-------------- -------------
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 -
--------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2,285,344.61 3,922,606.43
Class A-1, A-2, A-3 Notional Interest Accrual Amount (1,294,402.78) (2,263,263.89)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall
Servicer's Fee (279,166.24) (479,165.92)
Capped Expenses (3,868.72) (6,640.34)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 707,906.88 1,173,536.29
Excess Interest to Transferor (707,906.88) (1,173,536.29)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 3,329,893.66 5,715,489.13
Liquidated Contracts 628,103.11 1,078,087.43
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 3,957,996.77 6,793,576.55
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 657,633.50 488,026.82
Class A-1, A-2, A-3 Notional Interest Accrual Amount (382,922.22)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - (338,414.49)
Class B Interest Carryover Shortfall
Servicer's Fee (80,333.20) (59,614.90)
Capped Expenses (1,113.26) (826.15)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 193,264.81 89,171.28
Excess Interest to Transferor (193,264.81) (89,171.28)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (372,202.70)
Loss Reimbursement from Transferor - 372,202.70
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 958,214.18 711,086.37
Liquidated Contracts 180,743.70 134,129.08
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 1,138,957.88 845,215.44
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Transferor Interest Transferor Interest Transferor Interest
Percent Interest Principal
------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2.00% 150,073.70
Class A-1, A-2, A-3 Notional Interest Accrual Amount
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. -
Class B Interest Carryover Shortfall
Servicer's Fee (18,332.25)
Capped Expenses (254.06)
Interest Accrual on Class B Cert. Princ. Loss Amount -
Uncapped Expenses -
--------------
Total Unallocated Interest 131,487.39
Excess Interest to Transferor 2,163,879.26
--------------
Net Interest Collections Available 2,295,366.65
Deposit to Reserve Fund (1,923,163.95)
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (7,595.97)
Loss Reimbursement from Transferor (372,202.70) -
Loss Reimbursement from Reserve Fund - -
-------------- --------------
Transferor Ending Certificate Princ. Loss Amount - (7,595.97)
Principal Allocations:
Principal Collections - 218,667.01
Liquidated Contracts - 41,246.19
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- --------------
Total Principal Reinvested - 252,317.22
-------------- --------------
Total Principal Allocated - -
-------------- --------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Investor Interest Class A-1
Total Balance Balance
-------------- ----------------- -----------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period 4,279,003.38 4,279,003.38 1,294,402.78
Distribution - Current Period - - -
-------------- ------------------ ------------
Allocations - Not Disbursed End of Period 4,279,003.38 4,279,003.38 1,294,402.78
============== ================== ============
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest -
Transfer (to) from Reserve Account -
--------------
Interest Allocations - Current Month -
Permitted Investment Maturities -
-------------- ------------------ -----------
Total Interest Distributed to Certificateholders - - -
-------------- ------------------ -----------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal -
Transfer from Reserve Account -
--------------
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ------------------ -----------
Total Principal Distributed to Certificateholders - - -
-------------- ------------------ -----------
-------------- ------------------ -----------
Total Principal and Interest Distributed: - - -
============== ================== ===========
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of October 26, 1998 for the Collection Period of September 1 through September 30, 1998
<CAPTION>
Class A2 Class A3 Class B
Balance Balance Balance
-------------- ---------------- -------------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period 2,263,263.89 382,922.22 338,414.49
Distribution - Current Period - - -
-------------- ---------------- -------------
Allocations - Not Disbursed End of Period 2,263,263.89 382,922.22 338,414.49
============== ================ =============
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest
Transfer (to) from Reserve Account
-------------- ---------------- -------------
Interest Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Interest Distributed to Certificateholders - - -
-------------- ---------------- -------------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal
Transfer from Reserve Account
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Principal Distributed to Certificateholders - - -
-------------- ---------------- -------------
-------------- ---------------- -------------
Total Principal and Interest Distributed: - - -
============== ================ =============
</TABLE>
/S/ HOLLY PEARSON
- ---------------------
Holly Pearson
Treasury Manager
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