|
|
|
|
|
|
|
|
|
|
Previous: LEHMAN ABS CORP HOME EQUITY LOAN ASSET BACK CERT SER 1998-2, 8-K, 1999-01-08 |
Next: CENTEX HOME EQUITY LOAN TRUST 1998-2, 8-K, 1999-01-08 |
<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): December 28, 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 December 28, 1998, 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
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
November 1998 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
November, 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: January 8, 1999 By: /S/ GREGORY B. WILLIS
--------------- --------------------------------------------
Gregory B. Willis
Vice President-Finance and Administration
(Principal Accounting Officer)
-3-
<PAGE>
<TABLE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 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 1,099,923,002.53
Discounted Principal Balance 1,099,916,120.54
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance 1,077,938,000.00
Percent of ANIV 98.00%
Servicer Advances 2,493,379.13
Servicer Pay Ahead Balance 3,598,287.61
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 702,138.78
Cumulative Reimbursed Credit Loss 688,096.01
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 50,750
Weighted Average Coupon (WAC) 7.71%
Weighted Average Remaining Term (WAM) 29.9
End of Period Balances:
- -----------------------
Aggregate Net Investment Value 1,099,914,532.89
Discounted Principal Balance 1,099,905,992.59
Notional Certificate Balance 1,077,938,000.00
Adjusted Notional/Certificate Balance 1,077,938,000.00
Percent of ANIV 98.00%
Servicer Advances 2,719,982.67
Servicer Pay Ahead Balance 3,519,528.85
Maturity Advances Outstanding -
Cumulative Credit Losses to Date 1,125,620.68
Cumulative Reimbursed Credit Loss 1,103,108.27
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 51,159
Weighted Average Coupon (WAC) 7.70%
Weighted Average Remaining Term (WAM) 28.9
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 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 335,000,000.00 575,000,000.00
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 335,000,000.00 575,000,000.00
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 December 28, 1998 for the Collection Period of November 1 through November 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 96,400,000.00 71,538,000.00
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 96,400,000.00 71,538,000.00
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 December 28, 1998 for the Collection Period of November 1 through November 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 21,985,002.53
Adjusted Notional/Certificate Balance 21,985,002.53
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 21,976,532.89
Adjusted Notional/Certificate Balance 21,976,532.89
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 December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity
- ---------------------------------
Principal Collections 9,132,079.50
Prepayments in Full - Number 131
Prepayments in Full - Amount 3,073,948.91
Reallocation - Number of Leases 6
Reallocation Payment 147,865.79
Interest Collections 8,282,058.83
Net Liquidation Proceeds and Recoveries 2,343,217.38
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales -
Reimbursed Certificate Principal Losses -
Net Investment Income -
--------------
Total Available 22,979,170.41
Increase (Decrease) in Servicer Advances 226,603.54
(Increase) Decrease in PayAheads Held 78,758.76
ANIV
Current Month Operational Activity Vehicles Balance
- ---------------------------------- -------------- -------------
Inventory on Hand:
Matured Lease Vehicle Inventory 2 23,531.35
Repossessed Vehicle Inventory 114 2,410,509.80
-------------- -------------
Total Inventory on Hand 116 2,434,041.15
============== ==============
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 125
Discounted Principal Balance 2,766,699.28
Net Liquidation Proceeds (2,331,977.71)
Recoveries - Previously Liquidated Contracts (11,239.67)
-------------
Aggregate Credit Losses for the Collection Period 423,481.90
==============
Cumulative Credit Losses for all Periods 1,125,620.68
Repossessed in Current Period 80 ==============
Delinquent Contracts: Accounts Percent ANIV Percent
-------------- ---------------- ------------- ----------------
31-60 Days Delinquent 479 0.94% 9,993,470.97 0.91%
61-90 Days Delinquent 29 0.06% 693,958.38 0.06%
Over 90 Days Delinquent 15 0.03% 352,647.02 0.03%
-------------- ---------------- ------------- ----------------
Total Delinquencies 523 1.02% 11,040,076.37 1.00%
============== ================ ============= ================
Amount
-------------
Beginning Unreinvested Principal Collections 6,881.99
Current Month Principal Collections 15,112,123.84
-------------
Total Available 15,119,005.83
Allocation to Subsequent Contracts and Lease Vehicles 671 15,110,465.53
=============
Ending Unreinvested Principal Collections 8,540.30
=============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
<S> <C> <C> <C> <C>
Capped Contingent and Excess Liability Premiums 19,641.22 39,282.44
Capped Titling Trust Administration Expenses 1,250.00 2,500.00
Capped Securitization Trust Administration Expenses 833.33 1,666.66
---------------- -------------
Total Capped Expenses 21,724.55 43,449.10
Uncapped Titling Trust Administration Expenses
Uncapped Securitization Trust Administration Expenses
---------------- -------------
Total Uncapped Expenses - -
Paid Expenses 21,724.55 43,449.10
Previous Unpaid Balance - -
Current Unpaid Balance - -
Servicer's Fee Due:
Due from Previous Periods -
Due for this Period 916,602.51
Paid this Period (916,602.51)
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 81,622.13
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 0.41%
First Preceding Collection Period 0.24%
Current Collection Period 0.46%
Three Month Average 0.37%
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 0.08%
First Preceding Collection Period 0.07%
Current Collection Period 0.09%
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 58,484,342.81 59,557,412.81
Withdrawal Amount - - -
Transferor Excess - 1.930.873.83 1,930,873.83
-------------- ---------------- -------------
Ending Balance 1,073,070.00 60,415,216,64 61,488,286.64
Specified Reserve Fund Balance 1,073,070.00 59,423,467.49 60,496,537.49
-------------- ---------------- -------------
Release to Transferor - 991,749.15 991,749.15
Cumulative Withdrawal Amount - - -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Investor Interest Investor Interest
Total Percent Balance
-------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections 8,282,058.83
Net Investment Income -
Non-Recoverable Advances (60,534.09)
--------------
Available Interest 8,221,524.74 98.00% 8,057,094.25
Class A-1, A-2, A-3 Notional Interest Accrual Amount (4,546,833.33) (4,546,833.33)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. (390,478.25) (390,478.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (916,602.51) (898,270.46)
Capped Expenses (21,724.55) (21,290.05)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
-------------- -------------
Total Unallocated Interest 2,345,886.10 2,200,222.16
Excess Interest to Transferor - (2,200,222.16)
-------------- -------------
Net Interest Collections Available 2,345,886.10 -
Deposit to Reserve Fund (1,930,873.83) -
Withdrawal from Reserve Fund -
--------------
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount (423,481.90) (415,012.26)
Loss Reimbursement from Transferor 415,012.26 415,012.26
Loss Reimbursement from Reserve Fund - -
-------------- -------------
Transferor Ending Certificate Princ. Loss Amount (8,469.64) -
Principal Allocations:
Principal Collections 12,353,894.20 12,106,816.32
Liquidated Contracts 2,766,699.28 2,711,365.29
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 15,112,123.84 14,818,181.61
-------------- -------------
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 December 28, 1998 for the Collection Period of November 1 through November 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 2,503,972.00 4,297,862.39
Class A-1, A-2, A-3 Notional Interest Accrual Amount (1,493,541.67) (2,611,458.33)
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 (279,163.19) (479,160.69)
Capped Expenses (6,616.49) (11,356.66)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 724,650.65 1,195,886.70
Excess Interest to Transferor (724,650.65) (1,195,886.70)
------------- -------------
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 3,762,538.72 6,458,088.85
Liquidated Contracts 842,634.15 1,446,312.35
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 4,605,172.88 7,904,401.20
------------- -------------
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 December 28, 1998 for the Collection Period of November 1 through November 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 720,545.97 534,713.88
Class A-1, A-2, A-3 Notional Interest Accrual Amount (441,833.33)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - (390,478.25)
Class B Interest Carryover Shortfall
Servicer's Fee (80,332.33) (59,614.25)
Capped Expenses (1,903.96) (1,412.93)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 196,476.35 83,208.45
Excess Interest to Transferor (196,476.35) (83,208.45)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (415,012.26)
Loss Reimbursement from Transferor - 415,012.26
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 1,082,712.64 803,476.10
Liquidated Contracts 242,477.41 179,941.38
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 1,325,190.05 983,417.48
------------- -------------
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 December 28, 1998 for the Collection Period of November 1 through November 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% 164,430.49
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 (18,332.05)
Capped Expenses (434.50)
Interest Accrual on Class B Cert. Princ. Loss Amount -
Uncapped Expenses -
--------------
Total Unallocated Interest 145,663.94
Excess Interest to Transferor 2,200,222.16
--------------
Net Interest Collections Available 2,345,886.10
Deposit to Reserve Fund (1,930,873.83)
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - (8,469.64)
Loss Reimbursement from Transferor (415,012.26) -
Loss Reimbursement from Reserve Fund - -
-------------- --------------
Transferor Ending Certificate Princ. Loss Amount - (8,469.64)
Principal Allocations:
Principal Collections - 247,077.88
Liquidated Contracts - 55,333.99
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 - 293,942.23
-------------- --------------
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 December 28, 1998 for the Collection Period of November 1 through November 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 9,216,314.96 9,216,314.96 2,787,944.45
Allocations - Current Period 4,937,311.58 4,937,311.58 1,493,541.67
Distributions - Current Period - - -
-------------- ------------------ ------------
Allocations - Not Disbursed End of Period 14,153,626.54 14,153,626.54 4,281,486.12
============== ================== ============
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 December 28, 1998 for the Collection Period of November 1 through November 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 4,874,722.22 824,755.55 728,892.74
Allocations - Current Period 2,611,458.33 441,833.33 390,478.25
Distributions - Current Period - - -
-------------- ---------------- -------------
Allocations - Not Disbursed End of Period 7,486,180.55 1,266,588.88 1,119,370.99
============== ================ =============
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
|
|