<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 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 Corporation
19001 South Western Avenue
Torrance, California 90509
- ---------------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
-------------------
Exhibit Index is on Page 2
Page 1 of 3
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Item 5. Other Events
------------
On October 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
September 1999 is filed as Exhibit 20 to this Current Report on Form 8-K.
Item 7(c). Exhibits
<TABLE>
<CAPTION>
Exhibit Number Description
-------------- -----------
<S> <C>
20 Servicer's Certificate for the month of
September, 1999.
</TABLE>
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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: October 29, 1999 By: /S/ GEORGE E. BORST
---------------- -------------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of October 25, 1999 for the Collection Period of September 1
through September 30, 1999
<TABLE>
<CAPTION>
<S><C>
POOL DATA - ORIGINAL DEAL PARAMETERS
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 1,058,169,997.78
Discounted Principal Balance 1,057,713,094.54
Servicer Advances 3,210,644.76
Servicer Pay Ahead Balance 2,777,255.81
Maturity Advances Outstanding -
Number of Current Contracts 53,986
Weighted Average Lease Rate 7.57%
Weighted Average Remaining Term 19.2
RESERVE FUND:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 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 1,611,981.20 1,611,981.20
----------------------------------------------------
Ending Balance 61,035,448.69 1,073,070.00 62,108,518.69
Specified Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
----------------------------------------------------
Release to Transferor 1,611,981.20 - 1,611,981.20
Cumulative Withdrawal Amount - - -
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
Liquidated Contracts 127
Discounted Principal Balance 2,332,557.38
Net Liquidation Proceeds (1,944,881.42)
Recoveries - Previously Liquidated Contracts -
-------------------
Aggregate Credit Losses for the Collection Period 387,675.96
-------------------
Cumulative Credit Losses for all Periods 5,496,682.44
-------------------
Repossessed in Current Period 94
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
-------------------
Second Preceding Collection Period 0.77%
First Preceding Collection Period 0.45%
Current Collection Period 0.44%
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.55%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
DELINQUENT CONTRACTS: Percent Accounts Percent Aniv
------- -------- ------- ----
31-60 Days Delinquent 1.07% 580 1.02% 10,774,323.45
61-90 Days Delinquent 0.07% 39 0.08% 793,922.68
Over 90 Days Delinquent 0.03% 15 0.04% 392,438.70
---------------- -----------------
Total Delinquencies 634 11,960,684.83
---------------- -----------------
---------------- -----------------
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 0.12%
Current Collection Period 0.10%
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.10%
Delinquency Percentage Indicator ( > 1.25%) condition not met
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 37 739,844.91
Net Liquidation Proceeds (667,236.90)
-----------------
Net Residual Value (Gain) Loss 72,608.01
-----------------
Cumulative Residual Value (Gain) Loss all periods 537,912.01
-----------------
-----------------
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ------ ---------- ----- --------------- ---------
Second Preceding Collection Period 68 106 64.15% 16,068.16 18,127.17
First Preceding Collection Period 65 87 74.71% 16,168.63 18,392.95
Current Collection Period 37 7 100.00% 18,033.43 19,919.65
Three Month Average 16,534.31 18,618.92
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 88.80%
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 7 NO
c) 3 Month Average Matured Leased Vehicle Proceeds greater than 75% of Avg. Residual Values 88.80% NO
Residual Value Indicator (condition met if tests a, b and c = YES) condition not met
</TABLE>
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<TABLE>
<CAPTION>
<S><C>
- ----------------------------------------------------------------------------------------------------------------------------------
Certificate Balance
-------------------
Total Percent Balance
- ----------------------------------------------------------------------------------------------------------------------------------
INTEREST: 98.00%
Interest Collections 8,110,967.60
Net Investment Income 95,959.90
Non-recoverable Advances (65,918.84)
-----------------
Available Interest 8,141,008.66 7,978,928.76
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 (898,419.10) (880,532.41)
Capped Expenses (21,724.55) (21,292.03)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
----------------- ----------------
Total Unallocated Interest 2,283,553.43 2,139,792.73
Excess Interest to Transferor - (2,139,792.73)
----------------- ----------------
Net Interest Collections Available 2,283,553.43 -
Interest Collections Allocated to Losses (451,120.14) -
Accelerated Principal Distribution (220,452.08) -
-----------------
Deposit to Reserve Fund 1,611,981.20 -
-----------------
Withdrawal from Reserve Fund -
-----------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (460,283.97) (451,120.14)
Loss Reimbursement from Transferor 451,120.14 451,120.14
Loss Reimbursement from Reserve Fund -
----------------- ---------------
Transferor Ending Certificate Principal Loss Amount (9,163.83) -
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 389,593.96
Allocations - Current Period 19,539,131.38 19,539,131.38
Allocations - Accelerated Principal Distribution 220,452.08 220,452.08
Allocations - Not Disbursed Beginning of Period 21,523,715.50 21,523,715.50
Allocations - Not Disbursed End of Period 41,283,298.96 41,283,298.96
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 1,611,981.20 -
Allocations - Current Period 4,937,311.58 4,937,311.58
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 4,937,311.58 4,937,311.58
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund -
Due to Trust 26,602,510.30 24,600,935.14
----------------- ----------------
Total Due To Trust 26,602,510.30 24,600,935.14
- --------------------------------------------------------------------------------------------------------------------------
Class A1 Class A2 Class A3
-------- -------- --------
Balance Balance Balance
- --------------------------------------------------------------------------------------------------------------------------
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 2,479,679.84 4,256,166.90 713,555.63
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.
Class B Interest Carryover Shortfall
Servicer's Fee
Capped Expenses
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses
Total Unallocated Interest
Excess Interest to Transferor
Net Interest Collections Available
Interest Collections Allocated to Losses
Accelerated Principal Distribution
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 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 19,539,131.38
Allocations - Accelerated Principal Distribution 220,452.08
Allocations - Not Disbursed Beginning of Period 21,523,715.50
Allocations - Not Disbursed End of Period 41,283,298.96 - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - -
Allocations - Current Period 1,493,541.67 2,611,458.33 441,833.33
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Not Disbursed End of Period 1,493,541.67 2,611,458.33 441,833.33
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due to Trust 21,223,302.85 2,560,270.84 433,251.64
--------------- -------------- ------------
Total Due To Trust 21,223,302.85 2,560,270.84 433,251.64
- --------------------------------------------------------------------------------------------------------------------------
Class B Transferor Interest
------- -------------------
Balance Interest Principal
- --------------------------------------------------------------------------------------------------------------------------
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 529,526.38 162,079.91
Class A1, A2, A3 Notional Interest Accrual Amount
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 (17,886.69)
Capped Expenses (432.52)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
--------------
Total Unallocated Interest 143,760.69
Excess Interest to Transferor 2,139,792.73
--------------
Net Interest Collections Available 2,283,553.42
Interest Collections Allocated to Losses (451,120.14)
Accelerated Principal Distribution (220,452.08)
--------------
Deposit to Reserve Fund 1,611,981.19
--------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (451,120.14) (9,163.83)
Loss Reimbursement from Transferor 451,120.14 (451,120.14)
-------------------------------
Loss Reimbursement from Reserve Fund
Transferor Ending Certificate Principal Loss Amount (451,120.14) (9,163.83)
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 389,593.96
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 - 1,611,981.20
Allocations - Current Period 390,478.25 -
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 390,478.25 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due to Trust 384,109.81 1,611,981.20 389,593.96
--------------- ---------------- ----------------
Total Due To Trust 384,109.81 1,611,981.20 389,593.96
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
<S><C>
- ----------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1
------------------- --------
Total Percent Balance Percent Balance
- ----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL DEAL PARAMETER
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 31.08% 335,000,000.00
Percent of ANIV 98.00% 30.46%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.350%
Targeted Maturity Date October 25, 2000
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 1,078,102,915.27
Discounted Principal Balance 1,077,193,192.20
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 1,056,638,889.27 313,700,889.27
Percent of ANIV 98.01% 31.07%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 3,025,355.49
Servicer Pay Ahead Balance 2,877,794.17
Maturity Advances Outstanding -
Number of Current Contracts 54,480
Weighted Average Lease Rate 7.58%
Weighted Average Remaining Term 20.2
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 1,058,169,997.78
Discounted Principal Balance 1,057,713,094.54
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 1,036,879,305.81 293,941,305.81
Percent of ANIV 97.99% 27.78%
Certificate Factor 0.9619100 0.8774367
Servicer Advances 3,210,644.76
Servicer Pay Ahead Balance 2,777,255.81
Maturity Advances Outstanding -
Number of Current Contracts 53,986
Weighted Average Lease Rate 7.57%
Weighted Average Remaining Term 19.2
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date December 27, 1999
- ------------------------------------------------------------------------------------------------------------------
Class A2 Class A3
----------------------- ------------------------
Percent Balance Percent Balance
- ------------------------------------------------------------------------------------------------------------------
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 53.34% 575,000,000.00 8.94% 96,400,000.00
Percent of ANIV 52.28% 8.76%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.450% 5.500%
Targeted Maturity Date September 25, 2001 February 25, 2002
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 575,000,000.00 96,400,000.00
Adjusted Notional/Certificate Balance 575,000,000.00 96,400,000.00
Percent of ANIV 53.33% 8.94%
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 575,000,000.00 96,400,000.00
Adjusted Notional/Certificate Balance 575,000,000.00 96,400,000.00
Percent of ANIV 54.34% 9.11%
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
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
- -------------------------------------------------------------------------------------------------------
Class B Transferor Interest
------- -------------------
Percent Balance Balance
- -------------------------------------------------------------------------------------------------------
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 6.64% 71,538,000.00 21,999,045.30
Percent of ANIV 6.50% 2.00%
Certificate Factor 1.0000000
Notional/Certificate Rate 6.550%
Targeted Maturity Date September 25, 2003
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 71,538,000.00 21,464,026.00
Adjusted Notional/Certificate Balance 71,538,000.00 21,464,026.00
Percent of ANIV 6.64% 1.99%
Certificate Factor 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 71,538,000.00 21,290,691.97
Adjusted Notional/Certificate Balance 71,538,000.00 21,290,691.97
Percent of ANIV 6.76% 2.01%
Certificate Factor 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
Principal Collections 10,366,846.44
Prepayments in Full 326 6,420,364.42
Reallocation Payment 4 78,276.01
Interest Collections 8,110,967.60
Net Liquidation Proceeds and Recoveries 1,944,881.42
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 667,236.90
Non-Recoverable Advances (65,918.84)
-------------
Total Available 27,522,653.95
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
--------- -------------
Total Capped Expenses Paid 21,724.55 260,694.60
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 898,419.10
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 96,405.47
REVOLVING PERIOD: Vehicles Amount
-------- ------
Beginning Unreinvested Principal Collections
Principal Collections & Liquidated Contracts -
Allocation to Subsequent Contracts -
---------------
Ending Unreinvested Principal Collections -
</TABLE>
I hereby certify to the best of my knowledge that
the report provided is true and correct.
/s/ Holly Pearson
- ---------------------------------------------------------------------
Holly Pearson, Treasury Manager
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