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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): February 25, 1999
-----------------
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 Motor Credit Corp.
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 February 25, 1999, interest collected during the preceding calendar month
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
Servicing 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. A copy of the Servicer's Certificate for
the month of January 1999 is filed as Exhibit 20 to this Current Report on
Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20 Servicer's Certificate for the month of
January 1999.
-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: March 10, 1999 By: /S/ GEORGE E. BORST
-------------- -------------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
<TABLE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Pool Data - Original Deal Parameters
- ------------------------------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV) 1,099,937,045.30
Discounted Principal Balance 1,099,937,045.30
Servicer Advance 2,144,779.34
Servicer Payahead 3,039,194.68
Number of Contracts 49,144
Weighted Average Lease Rate 7.74%
Weighted Average Remaining Term 38.7
Servicing Fee Percentage 1.00%
Pool Data - Current Month
- -------------------------
Aggregate Net Investment Value 1,099,895,363.23
Discounted Principal Balance 1,099,889,751.64
Servicer Advances 3,052,120.76
Servicer Pay Ahead Balance 2,979,959.55
Maturity Advances Outstanding -
Number of Current Contracts 52,003
Weighted Average Lease Rate 7.68%
Weighted Average Remaining Term 27.0
Reserve Fund:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage (if Conditions i, ii and iii not met) 5.50%
Specified Reserve Fund Amount (if Conditions i, ii and iii not met) 60,496,537.49
Specified Reserve Fund Percentage (if Condition i, ii or iii met) 6.50%
Specified Reserve Fund Amount (if Condition i, ii or iii met) 71,495,907.94
Class A Class B Total
Amount Amount Amount
-------------- ---------------- -------------
Beginning Balance 59,423,467.49 1,073,070.00 60,496,537.49
Withdrawal Amount - - -
Transferor Excess 1,737,536.53 1,737,536.53
-------------- ---------------- -------------
Ending Balance 61,161,004.02 1,073,070.00 62,234,074.02
Specified Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
-------------- ---------------- -------------
Release to Transferor 1,737,536.53 - 1,737,536.53
Cumulative Withdrawal Amount - - -
Liquidation of ChargeOffs and Repossessions: Vehicles
--------
Liquidated Contracts 136
---
Discounted Principal Balance 2,776,702.96
Net Liquidation Proceeds (2,267,256.66)
Recoveries - Previously Liquidated Contracts (62,180.91)
-------------
Aggregate Credit Losses for the Collection Period 447,265.39
==============
Cumulative Credit Losses for all Periods 2,081,156.63
Repossessed in Current Period 81 ==============
--
Annualized
Average
Charge-Off
Rate
Ratio of Net Credit Losses to the Average Pool Balance -------------
for Each Collection Period:
Second Preceding Collection Period 0.46%
First Preceding Collection Period 0.55%
Current Collection Period 0.49%
Condition (i) (Charge-off Rate)
- -------------
Three Month Average 0.50%
Charge-Off Rate Indicator ( > 1.25%) condition not met
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Delinquent Contracts: Percent Accounts Percent ANIV
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
31-60 Days Delinquent 0.98% 511 0.97% 10,628,162.08
61-90 Days Delinquent 0.10% 54 0.10% 1,050,274.29
Over 90 Days Delinquent 0.04% 20 0.04% 441,914.93
------------- ----------- -------------
Total Delinquencies 585 12,120,351.30
============= =============
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 0.09%
First Preceding Collection Period 0.13%
Current Collection Period 0.14%
Condition (ii) (Delinquency Percentage)
- --------------
Three Month Average 0.12%
Delinquency Percentage Indicator ( > 1.25%) condition not met
Residual Value (Gain)Loss: Vehicles
--------
Matured Lease Vehicle Inventory Sold 2 32,743.48
-
Net Liquidation Proceeds (29,390.70)
-------------
Net Residual Value (Gain)Loss 3,352.78
=============
Cumulative Residual Value (Gain)Loss all periods 2,947.08
=============
Average
Net Average
Matured Vehicles Sold for Number Scheduled Sale Liquidation Residual
each Collection Period: Sold Maturities Ratio Proceeds Value
-------- ---------- --------- ------------ ----------
Second Preceding Collection Period 0
First Preceding Collection Period 2 4 50.00% 16,722.73 16,519.88
Current Collection Period 2 0 100.00% 14,695.35 15,839.32
Three Month Average 15,709.04 16,179.60
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 97.09%
Current Period
Condition (iii) (Residual Value Test) Amount/Ratio Test Met
- --------------- -------------- --------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 100.00% YES
b) Number of Scheduled Maturities > 500 0 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 97.09% NO
Residual Value Indicator (condition met if tests a, b and c = YES) condition not met
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Certificate Certificate
Total Percent Balance
-------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Interest: 98.00%
- ---------
Interest Collections 8,118,241.30
Net Investment Income -
Non-recoverable Advances (63,475.84)
--------------
Available Interest 8,054,765.46 7,893,670.16
Class A1, A2, A3 Notional Interest Accrual Amount (4,546,833.33) (4,546,833.33)
Unreimbursed A1, A2, A3 Interest Shortfall - -
Interest Accrual for Adjusted Class B Certificate Bal. (390,478.25) (390,478.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (916,586.98) (898,255.24)
Capped Expenses (21,724.55) (21,290.06)
Interest Accrual on Class B Cert. Princ. Loss Amt. - -
Uncapped Expenses - -
-------------- ---------------
Total Unallocated Interest 2,179,142.35 2,036,813.28
Excess Interest to Transferor (2,036,813.28)
-------------- ---------------
Net Interest Collections Available 2,179,142.35 -
--------------
Deposit to Reserve Fund 1,737,536.53
--------------
Withdrawal from Reserve Fund -
--------------
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (450,618.17) (441,605.81)
Loss Reimbursement from Transferor 441,605.81 441,605.81
Loss Reimbursement from Reserve Fund - -
-------------- ---------------
Transferor Ending Certificate Principal Loss Amount (9,012.36) -
Class A Certificate Principal Loss Amounts
- ------------------------------------------
Beginning Balance -
Current increase (decrease) -
--------------
Ending Balance -
--------------
Class A Interest Subordinated:
- ------------------------------
Beginning Balance -
Current increase (decrease) -
--------------
Ending Balance -
--------------
Class B Certificate Principal Loss Amounts
- ------------------------------------------
Beginning Balance -
Current increase (decrease) -
--------------
Ending Balance -
--------------
Class B Interest Subordinated:
- ------------------------------
Beginning Balance -
Current increase (decrease) -
--------------
Ending Balance -
--------------
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period -
Allocations - Current Period - -
Allocations - Accelerated Principal Distribution - -
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period - -
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period 1,737,536.53 -
Allocations - Current Period 4,937,311.58 4,937,311.58
Allocations - Not Disbursed Beginning of Period 19,090,938.12 19,090,938.12
Allocations - Not Disbursed End of Period 24,028,249.70 24,028,249.70
Due To Trust - Current Period:
- ------------------------------
Total Deposit to Reserve Fund -
Total Distribution Amount 1,737,536.53 -
Total Allocation Amount 4,937,311.58 4,937,311.58
-------------- ---------------
Total Due to Trust 6,674,848.11 4,937,311.58
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Class A-1 Class A-2 Class A-3 Class B
Balance Balance Balance Balance
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Interest:
- ---------
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 2,453,183.30 4,210,687.75 705,930.96 523,868.14
Class A1, A2, A3 Notional Interest Accrual Amount (1,493,541.67) (2,611,458.33) (441,833.33)
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. (390,478.25)
Class B Interest Carryover Shortfall
Servicer's Fee
Capped Expenses
Interest Accrual on Class B Cert. Princ. Loss Amt.
Uncapped Expenses
Total Unallocated Interest
Excess Interest to Transferor
Net Interest Collections Available
Deposit to Reserve Fund
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (441,605.81)
Loss Reimbursement from Transferor 441,605.81
Loss Reimbursement from Reserve Fund
Transferor Ending Certificate Principal Loss Amount
Class A Certificate Principal Loss Amounts
- ------------------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class A Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Certificate Principal Loss Amounts
- ------------------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period -
Allocations - Accelerated Principal Distribution -
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period - - - -
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period - - - -
Allocations - Current Period 1,493,541.67 2,611,458.33 441,833.33 390,478.25
Allocations - Not Disbursed Beginning of Period 5,775,027.79 10,097,638.88 1,708,422.21 1,509,849.24
Allocations - Not Disbursed End of Period 7,268,569.46 12,709,097.21 2,150,255.54 1,900,327.49
Due To Trust - Current Period:
- ------------------------------
Total Deposit to Reserve Fund
Total Distribution Amount - - - -
Total Allocation Amount 1,493,541.67 2,611,458.33 441,833.33 390,478.25
------------- ------------- ------------- -------------
Total Due to Trust 1,493,541.67 2,611,458.33 441,833.33 390,478.25
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Transferor Interest Transferor Interest Transferor Interest
Percent Interest Principal
------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Interest: 2.00%
- ---------
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 161,095.31
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal.
Class B Interest Carryover Shortfall
Servicer's Fee (18,331.74)
Capped Expenses (434.50)
Interest Accrual on Class B Cert. Princ. Loss Amt.
Uncapped Expenses -
-------------
Total Unallocated Interest 142,329.06
Excess Interest to Transferor 2,036,813.28
-------------
Net Interest Collections Available 2,179,142.34
Deposit to Reserve Fund (1,737,536.53)
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (9,012.36)
Loss Reimbursement from Transferor (441,605.81)
Loss Reimbursement from Reserve Fund
------------- ------------
Transferor Ending Certificate Principal Loss Amount (441,605.81) (9,012.36)
Class A Certificate Principal Loss Amounts
- ------------------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class A Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Certificate Principal Loss Amounts
- ------------------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Class B Interest Subordinated:
- ------------------------------
Beginning Balance
Current increase (decrease)
Ending Balance
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period -
Allocations - Current Period
Allocations - Accelerated Principal Distribution -
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period -
Interest Distributions/Allocations:
- -----------------------------------
Distribution - Current Period 1,737,536.53
Allocations - Current Period -
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period -
Due To Trust - Current Period:
- ------------------------------
Total Deposit to Reserve Fund
Total Distribution Amount 1,737,536.53 -
Total Allocation Amount - -
------------- ------------
Total Due to Trust 1,737,536.53 -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Certificate Certificate
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%
Certificate Factor 1.0000000
Notional/Certificate Rate
Servicer Advance 2,144,779.34
Servicer Payahead 3,039,194.68
Number of Contracts 49,144
Weighted Average Lease Rate 7.74%
Weighted Average Remaining Term 38.7
Servicing Fee Percentage 1.00%
Pool Data Prior Month
- ---------------------
Aggregate Net Investment Value 1,099,904,375.59
Discounted Principal Balance 1,099,903,409.19
Notional/Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance 1,077,938,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Servicer Advances 2,787,204.41
Servicer Pay Ahead Balance 3,405,569.55
Maturity Advances Outstanding -
Number of Current Contracts 51,582
Weighted Average Lease Rate 7.69%
Weighted Average Remaining Term 27.9
Pool Data Current Month
- -----------------------
Aggregate Net Investment Value 1,099,895,363.23
Discounted Principal Balance 1,099,889,751.64
Notional/Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance 1,077,938,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Servicer Advances 3,052,120.76
Servicer Pay Ahead Balance 2,979,959.55
Maturity Advances Outstanding -
Number of Current Contracts 52,003
Weighted Average Lease Rate 7.68%
Weighted Average Remaining Term 27.0
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Original Deal Parameter Percent Balance Percent 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%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.350% 5.450%
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
Pool Data Prior Month
- ---------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance 335,000,000.00 575,000,000.00
Percent of ANIV 30.46% 52.28%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Pool Data Current Month
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance 335,000,000.00 575,000,000.00
Percent of ANIV 30.46% 52.28%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Coupon Lease Rate
Weighted Average Remaining Term
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
Class A3 Class A3 Class B Class B
Original Deal Parameter Percent 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%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.500% 6.550%
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
Pool Data Prior Month
- ---------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance 96,400,000.00 71,538,000.00
Percent of ANIV 8.76% 6.50%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Pool Data Current Month
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance 96,400,000.00 71,538,000.00
Percent of ANIV 8.76% 6.50%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Coupon Lease Rate
Weighted Average Remaining Term
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<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%
Certificate Factor
Notional/Certificate Rate
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
Pool Data Prior Month
- ---------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 21,966,375.59
Adjusted Notional/Certificate Balance 21,966,375.59
Percent of ANIV 2.00%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Pool Data Current Month
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 21,957,363.23
Adjusted Notional/Certificate Balance 21,957,363.23
Percent of ANIV 2.00%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 1999 for the Collection Period of January 1 through January 31, 1999
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity Vehicles
- --------------------------------- --------
Principal Collections 9,398,830.75
Prepayments in Full 178 3,812,472.58
---
Reallocation Payment 6 114,225.19
-
Interest Collections 8,118,241.30
Net Liquidation Proceeds and Recoveries 2,329,437.57
Increase (Decrease) in Maturity Advances -
Net Investment Income -
Net Liquidation Proceeds - Vehicle Sales 29,390.70
--------------
Total Available 23,802,598.09
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
Total Capped Expenses Paid 21,724.55 86,898.20
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
Servicer's Fee Due:
Servicer's Fee Paid 916,586.98
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 83,137.55
Revolving Period: Vehicles Amount
- ----------------- -------- -------------
Beginning Unreinvested Principal Collections 966.40
Principal Collections & Liquidated Contracts 16,125,962.60
Allocation to Subsequent Contracts 743 (16,121,317.41)
--- -------------
Ending Unreinvested Principal Collections 5,611.59
</TABLE>
/S/ HOLLY PEARSON
- -------------------------
Holly Pearson
Treasury Manager
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