<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): November 26, 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
<PAGE>
Item 5. Other Events
-------------
On November 26, 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 October 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
October, 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: November 30, 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 November 26, 1999 for the Collection Period of October 1
through October 31, 1999
<TABLE>
<CAPTION>
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
<S> <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 49,144.00
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 1,037,925,860.43
Discounted Principal Balance 1,037,175,611.21
Servicer Advances 3,490,004.53
Servicer Pay Ahead Balance 2,417,563.66
Maturity Advances Outstanding -
Number of Current Contracts 53,468
Weighted Average Lease Rate 7.57%
Weighted Average Remaining Term 18.2
</TABLE>
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
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
</TABLE>
<TABLE>
<CAPTION>
Class A Class B Total
Amount Amount Amount
------ ------ ------
<S> <C> <C> <C>
Beginning Balance 59,423,467.49 1,073,070.00 60,496,537.49
Withdrawal Amount - - -
Transferor Excess 1,244,302.11 1,244,302.11
-------------------------------------------------------------------
Reserve Fund Balance Prior to Release 60,667,769.60 1,073,070.00 61,740,839.60
Specified Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
Release to Transferor 1,244,302.11 - 1,244,302.11
-------------------------------------------------------------------
Ending Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
Cumulative Withdrawal Amount - - -
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: VEHICLES
--------
<S> <C> <C>
Liquidated Contracts 160
Discounted Principal Balance 3,041,208.78
Net Liquidation Proceeds (2,660,147.69)
Recoveries - Previously Liquidated Contracts (7,770.49)
----------------
Aggregate Credit Losses for the Collection Period 373,290.60
================
Cumulative Credit Losses for all Periods 5,869,973.04
================
Repossessed in Current Period 80
---
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
------------------
Second Preceding Collection Period 0.45%
First Preceding Collection Period 0.44%
Current Collection Period 0.43%
- ---------------------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.44%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
- ---------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
DELINQUENT CONTRACTS: PERCENT ACCOUNTS PERCENT ANIV
------- -------- ------- ----
31-60 Days Delinquent 1.17% 627 1.12% 11,577,526.45
61-90 Days Delinquent 0.04% 24 0.05% 528,823.49
Over 90 Days Delinquent 0.03% 16 0.04% 418,857.66
-------- -------------
Total Delinquencies 667 12,525,207.60
======== =============
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 0.12%
First Preceding Collection Period 0.10%
Current Collection Period 0.07%
- --------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.10%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 12 177,668.67
Net Liquidation Proceeds (162,609.50)
----------
Net Residual Value (Gain) Loss 15,059.17
==========
Cumulative Residual Value (Gain) Loss all periods 552,971.15
==========
Average Average
Number Scheduled Sale Net Liquidation Residual
Sold Maturities Ratio Proceeds Value
MATURED VEHICLES SOLD FOR ----- ---------- ----- -------- -----
EACH COLLECTION PERIOD:
Second Preceding Collection Period 65 87 74.71% 16,168.63 18,392.95
First Preceding Collection Period 37 7 100.00% 18,033.43 19,919.65
Current Collection Period 12 0 100.00% 13,550.79 14,827.19
Three Month Average 16,498.31 18,513.12
---------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 89.12%
- ------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
------------ ---------
<S> <C> <C>
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 89.12% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE CLASS A1 CLASS A2
------------------- -------- --------
Total Percent Balance Balance Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST: 98.00%
- ---------
Interest Collections 7,550,295.94
Net Investment Income 205,275.96
Non-recoverable Advances (73,654.70)
--------------
Available Interest 7,681,917.20 7,527,354.77 2,339,340.34 4,015,285.65
Class A1, A2, A3 Notional Interest Accrual Amount (4,546,833.33) (4,546,833.33) (1,493,541.67) (2,611,458.33)
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 (881,808.34) (864,066.10)
Capped Expenses (21,724.55) (21,287.45)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
-------------- --------------
Total Unallocated Interest 1,841,072.73 1,704,689.64
Excess Interest to Transferor - (1,704,689.64)
-------------- --------------
Net Interest Collections Available 1,841,072.73 -
Interest Collections Allocated to Losses (380,536.06)
Accelerated Principal Distribution (216,234.55)
-------------
Deposit to Reserve Fund 1,244,302.11
-------------
Withdrawal from Reserve Fund -
-------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (388,349.77) (380,536.06)
Loss Reimbursement from Transferor 380,536.06 380,536.06
Loss Reimbursement from Reserve Fund -
-------------- -------------
Transferor Ending Certificate Principal Loss Amount (7,813.71) -
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 397,069.04
Allocations - Current Period 19,839,254.60 19,839,254.60 19,839,254.60
Allocations - Accelerated Principal Distribution 216,234.55 216,234.55 216,234.55
Allocations - Not Disbursed Beginning of Period 41,283,298.96 41,283,298.96 41,283,298.96
Allocations - Not Disbursed End of Period 61,338,788.12 61,338,788.12 61,338,788.12 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 1,244,302.11 - - -
Allocations - Current Period 4,937,311.58 4,937,311.58 1,493,541.67 2,611,458.33
Allocations - Not Disbursed Beginning of Period 4,937,311.58 4,937,311.58 1,493,541.67 2,611,458.33
Allocations - Not Disbursed End of Period 9,874,623.17 9,874,623.17 2,987,083.33 5,222,916.67
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 1,244,302.11
Due to Trust 25,184,593.82 24,787,524.78 21,485,235.46 2,501,958.83
-------------- ------------- ------------- ------------
Total Due To Trust 26,428,895.92 24,787,524.78 21,485,235.46 2,501,958.83
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A3 CLASS B TRANSFEROR INTEREST
-------- ------- -------------------
Balance Balance Interest Principal
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST: 2.00%
- ---------
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 673,171.37 499,557.40 154,562.44
Class A1, A2, A3 Notional Interest Accrual Amount (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 (17,742.24)
Capped Expenses (437.11)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
------------
Total Unallocated Interest 136,383.08
Excess Interest to Transferor 1,704,689.64
------------
Net Interest Collections Available 1,841,072.72
Interest Collections Allocated to Losses (380,536.06)
Accelerated Principal Distribution (216,234.55)
------------
Deposit to Reserve Fund 1,244,302.11
------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (380,536.06) (7,813.71)
Loss Reimbursement from Transferor 380,536.06 (380,536.06)
Loss Reimbursement from Reserve Fund
------------- ----------
Transferor Ending Certificate Principal Loss Amount (380,536.06) (7,813.71)
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 397,069.04
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 - - 1,244,302.11
Allocations - Current Period 441,833.33 390,478.25 -
Allocations - Not Disbursed Beginning of Period 441,833.33 390,478.25 -
Allocations - Not Disbursed End of Period 883,666.67 780,956.50 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 1,244,302.11
Due to Trust 423,475.50 376,854.99 397,069.04
------------- ------------- ----------
------------- ------------- -----------------------------
Total Due To Trust 423,475.50 376,854.99 1,244,302.11 397,069.04
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
CERTIFICATE BALANCE CLASS A1 CLASS A2
------------------- -------- --------
Total Percent Balance Percent Balance Percent Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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 53.34% 575,000,000.00
Percent of ANIV 98.00% 30.46% 52.28%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.350% 5.450%
Targeted Maturity Date October 25, 2000 September 25, 2001
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 1,058,169,997.78
Discounted Principal Balance 1,057,713,094.54
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance 1,036,879,305.81 293,945,458.50 575,000,000.00
Percent of ANIV 97.99% 27.78% 54.34%
Certificate Factor 1.0000000 1.0000000 1.0000000
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
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 1,037,925,860.43
Discounted Principal Balance 1,037,175,611.21
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00 575,000,000.00
Adjusted Notional/Certificate Balance 1,016,599,211.88 273,661,211.88 575,000,000.00
Percent of ANIV 97.95% 26.37% 55.40%
Certificate Factor 1.0000000 1.0000000 1.0000000
Servicer Advances 3,490,004.53
Servicer Pay Ahead Balance 2,417,563.66
Maturity Advances Outstanding -
Number of Current Contracts 53,468
Weighted Average Lease Rate 7.57%
Weighted Average Remaining Term 18.2
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date March 27, 2000
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A3 CLASS B TRANSFEROR INTEREST
------- -------- -------------------
Percent Balance Percent Balance Percent Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 8.94% 96,400,000.00 6.64% 71,538,000.00 21,999,045.30
Percent of ANIV 8.76% 6.50% 2.00%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.500% 6.550%
Targeted Maturity Date February 25, 2002 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 96,400,000.00 71,538,000.00 21,290,691.97
Adjusted Notional/Certificate Balance 96,400,000.00 71,538,000.00 21,290,691.97
Percent of ANIV 9.11% 6.76% 2.01%
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 21,326,648.55
Adjusted Notional/Certificate Balance 96,400,000.00 71,538,000.00 21,326,648.55
Percent of ANIV 9.29% 6.89% 2.05%
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
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
- --------------------------------- --------
<S> <C> <C>
Principal Collections 10,347,228.88
Prepayments in Full 340 6,587,499.36
---
Reallocation Payment 6 90,531.66
Interest Collections 7,550,295.94
Net Liquidation Proceeds and Recoveries 2,667,918.18
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 162,609.50
Non-Recoverable Advances (73,654.70)
--------------------
Total Available 27,332,428.82
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
------------- --------------
<S> <C> <C>
Total Capped Expenses Paid 21,724.55 282,419.15
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 881,808.34
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 99,557.52
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
REVOLVING PERIOD: VEHICLES AMOUNT
-------- ------
<S> <C> <C>
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
