<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): January 25, 2000
----------------
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 January 25, 2000, 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 December 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
December, 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: January 26, 2000 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 January 25, 2000 for the Collection Period of
December 1 through December 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
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 995,968,655.07
Discounted Principal Balance 990,096,456.18
Servicer Advances 3,644,726.95
Servicer Pay Ahead Balance 2,534,199.97
Maturity Advances Outstanding -
Number of Current Contracts 52,306
Weighted Average Lease Rate 7.56%
Weighted Average Remaining Term 16.3
- --------------------------------------------------------------------------------------------------------------------------------
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 1,390,802.13 1,390,802.13
------------- ------------ -------------
Reserve Fund Balance Prior to Release 60,814,269.62 1,073,070.00 61,887,339.62
Specified Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
Release to Transferor 1,390,802.13 - 1,390,802.13
------------- ------------ -------------
Ending Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
Cumulative Withdrawal Amount - - -
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
Liquidated Contracts 136
---
Discounted Principal Balance 2,394,995.99
Net Liquidation Proceeds (1,996,591.25)
Recoveries - Previously Liquidated Contracts (9,722.00)
--------------
Aggregate Credit Losses for the Collection Period 388,682.74
==============
Cumulative Credit Losses for all Periods 6,606,028.83
==============
Repossessed in Current Period 72
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
------------------
Second Preceding Collection Period 0.43%
First Preceding Collection Period 0.41%
Current Collection Period 0.46%
- --------------------------------------------------------------------------------------------------------------------------------
CONDITION (I) (CHARGE-OFF RATE)
Three Month Average 0.43%
Charge-off Rate Indicator ( more than 1.25%) condition not met
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- --------------
31-60 Days Delinquent 1.55% 813 1.47% 14,646,331.49
61-90 Days Delinquent 0.07% 39 0.08% 789,603.72
Over 90 Days Delinquent 0.04% 21 0.05% 469,857.14
-------- --------------
Total Delinquencies 873 15,905,792.35
======== ==============
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 0.07%
First Preceding Collection Period 0.10%
Current Collection Period 0.11%
CONDITION (II) (DELINQUENCY PERCENTAGE)
Three Month Average 0.09%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 61 882,116.49
--
Net Liquidation Proceeds (754,645.14)
------------
Net Residual Value (Gain) Loss 127,471.35
============
Cumulative Residual Value (Gain) Loss all periods 731,439.90
============
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ------ ---------- ------- --------------- ----------
Second Preceding Collection Period 12 0 100.00% 13,550.79 14,827.19
First Preceding Collection Period 23 4 100.00% 13,331.85 15,883.74
Current Collection Period 61 582 10.48% 12,371.23 14,656.32
Three Month Average 12,748.83 14,971.74
------------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 85.15%
------------
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (III) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
- --------------- -------------- -----------------
a) Number of Vehicles Sold greater than 25% of Scheduled Maturities 10.48% NO
b) Number of Scheduled Maturities greater than 500 582 YES
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. Residual Values 85.15% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of January 25, 2000 for the Collection Period of
December 1 through December 31, 1999
<TABLE>
<CAPTION>
Certificate Balance Class A1
------------------------- --------------
INTEREST: Total Percent Balance Balance
- --------- --------------- -------- ------------- --------------
<S> <C> <C> <C> <C>
98.00%
Interest Collections 7,529,113.60
Net Investment Income 437,538.13
Non-recoverable Advances (55,609.84)
----------------
Available Interest 7,911,041.89 7,746,757.58 2,407,526.02
Class A1, A2, A3 Notional Interest Accrual Amount (4,546,833.33) (4,546,833.33) (1,493,541.67)
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 (848,274.76) (830,659.10)
Capped Expenses (21,724.55) (21,273.41)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
---------------- -------------
Total Unallocated Interest 2,103,731.00 1,957,513.49
Excess Interest to Transferor - (1,957,513.49)
---------------- -------------
Net Interest Collections Available 2,103,731.00 -
Interest Collections Allocated to Losses (505,435.40)
Accelerated Principal Distribution (207,493.47)
----------------
Deposit to Reserve Fund 1,390,802.13
----------------
Withdrawal from Reserve Fund - -
----------------
Principal:
Certificate Principal Loss Amounts:
Current Loss Amount (516,154.09) (505,435.40)
Loss Reimbursement from Transferor 505,435.40 505,435.40
Loss Reimbursement from Reserve Fund -
---------------- -------------
Transferor Ending Certificate Principal Loss Amount (10,718.69) -
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 428,502.43
Allocations - Current Period 21,521,835.21 21,521,835.21 21,521,835.21
Allocations - Accelerated Principal Distribution 207,493.47 207,493.47 207,493.47
Allocations - Not Disbursed Beginning of Period 81,147,082.85 81,147,082.85 81,147,082.85
Allocations - Not Disbursed End of Period 102,876,411.53 102,876,411.53 102,876,411.53
Interest Distributions/Allocations:
Distribution - Current Period 1,390,802.13 - -
Allocations - Current Period 4,937,311.58 4,937,311.58 1,493,541.67
Allocations - Not Disbursed Beginning of Period 14,811,934.75 14,811,934.75 4,480,625.00
Allocations - Not Disbursed End of Period 19,749,246.33 19,749,246.33 5,974,166.67
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 1,390,802.13
Due to Trust 26,657,604.56 26,229,102.13 23,086,892.89
--------------- ------------- -------------
Total Due To Trust 28,048,406.69 26,229,102.13 23,086,892.89
---------------- ------------- -------------
- --------------------------------------------------------------------------------------------------------------------------------
Class A2 Class A3 Class B
--------------- -------------- --------------
Interest: Balance Balance Balance
--------------- -------------- --------------
<S> <C> <C> <C>
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 4,132,320.79 692,792.56 514,118.20
Class A1, A2, A3 Notional Interest Accrual Amount (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. 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 (505,435.40)
Loss Reimbursement from Transferor 505,435.40
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 2,611,458.33 441,833.33 390,478.25
Allocations - Not Disbursed Beginning of Period 7,834,375.00 1,325,500.00 1,171,434.75
Allocations - Not Disbursed End of Period 10,445,833.33 1,767,333.33 1,561,913.00
Due To Trust - Current Period:
Total Deposit to Reserve Fund
Due to Trust 2,378,064.18 402,704.30 361,440.76
--------------- -------------- --------------
Total Due To Trust 2,378,064.18 402,704.30 361,440.76
- --------------------------------------------------------------------------------------------------------------------------------
Transferor Interest
-------------------------------------
Interest Principal
----------------- ---------------
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 164,284.32
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 (17,615.66)
Capped Expenses (451.15)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
-----------------
Total Unallocated Interest 146,217.50
Excess Interest to Transferor 1,957,513.49
-----------------
Net Interest Collections Available 2,103,730.99
Interest Collections Allocated to Losses (505,435.40)
Accelerated Principal Distribution (207,493.47)
-----------------
Deposit to Reserve Fund 1,390,802.12
-----------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (10,718.69)
Loss Reimbursement from Transferor (505,435.40)
Loss Reimbursement from Reserve Fund
----------------- ---------------
Transferor Ending Certificate Principal Loss Amount (505,435.40) (10,718.69)
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 428,502.43
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 1,390,802.13
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 1,390,802.13
Due to Trust 428,502.43
----------------- ---------------
Total Due To Trust 1,390,802.13 428,502.43
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of January 25, 2000 for the Collection Period of
December 1 through December 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1
---------------------------- --------------------------
Total Percent Balance Percent Balance
---------------- ------- ---------------- ------- ----------------
<S> <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
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 1,017,929,711.41
Discounted Principal Balance 1,016,336,630.86
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 996,790,917.15 253,852,917.15
Percent of ANIV 97.92% 24.94%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 3,419,107.67
Servicer Pay Ahead Balance 2,543,894.66
Maturity Advances Outstanding -
Number of Current Contracts 52,953
Weighted Average Lease Rate 7.57%
Weighted Average Remaining Term 17.3
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 995,968,655.07
Discounted Principal Balance 990,096,456.18
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 975,061,588.47 232,123,588.47
Percent of ANIV 97.90% 23.31%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 3,644,726.95
Servicer Pay Ahead Balance 2,534,199.97
Maturity Advances Outstanding -
Number of Current Contracts 52,306
Weighted Average Lease Rate 7.56%
Weighted Average Remaining Term 16.3
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date March 27, 2000
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Class A2 Class A3 Class B
---------------------------- -------------------------- ---------------------------
Percent Balance 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 6.64% 71,538,000.00
Percent of ANIV 52.28% 8.76% 6.50%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.450% 5.500% 6.550%
Targeted Maturity Date September 25, 2001 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 575,000,000.00 96,400,000.00 71,538,000.00
Adjusted Notional/Certificate Balance 575,000,000.00 96,400,000.00 71,538,000.00
Percent of ANIV 56.49% 9.47% 7.03%
Certificate Factor 1.0000000 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 71,538,000.00
Adjusted Notional/Certificate Balance 575,000,000.00 96,400,000.00 71,538,000.00
Percent of ANIV 57.73% 9.68% 7.18%
Certificate Factor 1.0000000 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
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Transferor Interest
-------------------
Balance
-------------------
ORIGINAL DEAL PARAMETER
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
Targeted Maturity Date
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 21,138,794.26
Adjusted Notional/Certificate Balance 21,138,794.26
Percent of ANIV 2.08%
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 20,907,066.60
Adjusted Notional/Certificate Balance 20,907,066.60
Percent of ANIV 2.10%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
- --------------------------------- --------
Principal Collections 10,237,244.10
Prepayments in Full 437 8,215,179.55
---
Reallocation Payment 13 231,520.21
--
Interest Collections 7,529,113.60
Net Liquidation Proceeds and Recoveries 2,006,313.25
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 754,645.14
Non-Recoverable Advances (55,609.84)
-------------
Total Available 28,918,406.01
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
---------- -------------
Total Capped Expenses Paid 21,724.55 325,868.25
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 848,274.76
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 97,047.22
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
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 Operations Manager
