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<PAGE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of November 27, 2000 for the Collection Period of October 1,
2000 through October 31, 2000
<TABLE>
<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 756,895,883.51
Discounted Principal Balance 747,585,322.31
Servicer Advances 3,068,376.81
Servicer Pay Ahead Balance 3,111,209.96
Maturity Advances Outstanding --
Number of Current Contracts 44,095
Weighted Average Lease Rate 7.51%
Weighted Average Remaining Term 6.8
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
RESERVE FUND:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage 9.630%
Specified Reserve Fund Amount 105,923,937.46
Class A Class B Total
Amount Amount Amount
------------- ------------- -------------
Beginning Balance 104,443,040.95 1,073,070.00 105,516,110.95
Withdrawal Amount -- -- --
Cash Capital Contribution -- --
Transferor Excess 874,176.75 874,176.75
------------- ------------- -------------
Reserve Fund Balance Prior to Release 105,317,217.70 1,073,070.00 106,390,287.70
Specified Reserve Fund Balance 104,850,867.46 1,073,070.00 105,923,937.46
------------- ------------- -------------
Release to Transferor 466,350.24 -- 466,350.24
Ending Reserve Fund Balance 104,850,867.46 1,073,070.00 105,923,937.46
Prior Cumulative Withdrawal Amount -- -- --
Cumulative Withdrawal Amount -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
Liquidated Contracts 148
Discounted Principal Balance --- 2,513,590.27
Net Liquidation Proceeds (2,127,269.63)
Recoveries - Previously Liquidated Contracts (34,908.25)
-------------
Aggregate Credit Losses for the Collection Period 351,412.39
=============
Cumulative Credit Losses for all Periods 9,967,153.14
=============
Repossessed in Current Period 68
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.41%
First Preceding Collection Period 0.52%
Current Collection Period 0.55%
-----------------------------------------------------------------------------------------------------------------------------------
CONDITION (i)i (CHARGE-OFF RATE)
Three Month Average 0.49%
Charge-off Rate Indicator (greater than 1.25%) CONDITION NOT MET
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Percent Accounts Percent ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
DELINQUENT CONTRACTS:
31-60 Days Delinquent 1.98% 872 1.82% 13,762,167.02
61-90 Days Delinquent 0.16% 70 0.16% 1,176,539.22
Over 90 Days Delinquent 0.05% 24 0.05% 380,393.39
----- -------------
Total Delinquencies 966 15,319,099.63
===== =============
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 0.22%
First Preceding Collection Period 0.22%
Current Collection Period 0.21%
-----------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.22%
Delinquency Percentage Indicator (greater than 1.25%) CONDITION NOT MET
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 151 2,211,435.28
----
Net Liquidation Proceeds (2,017,962.64)
--------------
Net Residual Value (Gain) Loss 193,472.64
==============
Cumulative Residual Value (Gain) Loss all periods 3,209,426.81
==============
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ------ ---------- ----- -------- -----
Second Preceding Collection Period 182 47 100.00% 12,956.41 14,477.93
First Preceding Collection Period 158 42 100.00% 13,328.59 14,538.32
Current Collection Period 151 35 100.00% 13,363.99 14,978.17
Three Month Average 13,201.52 14,651.20
---------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 90.11%
---------
----------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
--------------- ---------
a) Number of Vehicles Sold greater than 25% of Scheduled Maturities 100.00% YES
b) Number of Scheduled Maturities greater than 500 35 NO
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. Residual Values 90.11% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of November 27, 2000 for the Collection Period of October 1,
2000 through October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1 Class A2
------------------- -------- --------
Total Percent Balance Balance Balance
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 5,760,758.44
Net Investment Income 13,824.48
Non-recoverable Advances (86,926.76)
--------------
Available Interest 5,687,656.16 5,551,549.53 - 4,296,645.18
Class A1, A2, A3 Notional Interest Accrual Amount (3,053,291.66) (3,053,291.66) - (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 (651,800.66) (636,164.95)
Capped Expenses (28,408.14) (27,726.67)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
-------------- --------------
Total Unallocated Interest 1,563,677.45 1,443,888.00
Excess Interest to Transferor - (1,443,888.00)
-------------- --------------
Net Interest Collections Available 1,563,677.45 -
--------------
LOSSES ALLOCABLE TO INVESTOR CERTIFICATES: (531,814.06)
ACCELERATED PRINCIPAL DISTRIBUTION: (157,686.64)
DEPOSIT TO RESERVE FUND: 874,176.75
WITHDRAWAL FROM RESERVE FUND: -
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: -
NET WITHDRAWAL FROM THE RESERVE FUND: -
PRINCIPAL:
Current Loss Amount (544,885.03) (531,814.06) - (531,814.06)
Loss Reimbursement from Transferor 531,814.06 531,814.06 - 531,814.06
Loss Reimbursement from Reserve Fund - - - -
-------------- -------------- ---------- --------------
Total (13,070.97) - - -
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 21,457,204.36 - - -
Allocations - Current Period 3,794,632.38 3,794,632.38 - 3,794,632.38
Allocations - Accelerated Principal Distribution 157,686.64 157,686.64 - 157,686.64
Allocations - Not Disbursed Beginning of Period - - - -
Allocations - Not Disbursed End of Period 3,952,319.02 3,952,319.02 - 3,952,319.02
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 466,350.24 - - -
Allocations - Current Period 3,443,769.91 3,443,769.91 - 2,611,458.33
Allocations - Not Disbursed Beginning of Period 3,443,769.91 3,443,769.91 - 2,611,458.33
Allocations - Not Disbursed End of Period 6,887,539.82 6,887,539.82 - 5,222,916.66
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/ (Withdrawal from) Reserve Fund 407,826.51
Due To Trust 29,305,819.05 7,382,264.45 - 6,553,077.84
-------------- -------------- ---------- --------------
Total Due To Trust 29,713,645.56 7,382,264.45 - 6,553,077.84
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Class A3 Class B Transferor Interest
-------- -------
Balance Balance Interest Principal
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 720,341.91 534,562.44 136,106.63
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 (15,635.71)
Capped Expenses (681.47)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
--------------
Total Unallocated Interest 119,789.45
Excess Interest to Transferor 1,443,888.00
--------------
Net Interest Collections Available 1,563,677.45
LOSSES ALLOCABLE TO INVESTOR CERTIFICATES (531,814.06)
ACCELERATED PRINCIPAL DISTRIBUTION: (157,686.64)
--------------
DEPOSIT TO RESERVE FUND: (874,176.75)
--------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - (13,070.97)
Loss Reimbursement from Transferor - - (531,814.06)
Loss Reimbursement from Reserve Fund - -
-------------- -------------- -----------
Total - - (13,070.97)
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 - - 21,457,204.36
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 - - 466,350.24
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 883,666.66 780,956.50
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust 440,039.53 389,147.08 466,350.24 21,457,204.36
-------------- -------------- -------------- --------------
Total Due To Trust 440,039.53 389,147.08 466,350.24 21,457,204.36
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of November 27, 2000 for the Collection Period of October 1,
2000 through October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1 Class A2
--------------------- -------- ---------
Total Percent Balance Percent Balance Percent Balance
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <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 5.3500% 5.4500%
Target 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 782,160,791.21
Maturity Advances Outstanding 20,962,803.90
ANIV Net of Maturity Advance** 761,197,987.31
Discounted Principal Balance 776,861,246.78
Notional/Certificate Balance 742,938,000.00 - 575,000,000.00
Adjusted Notional/Certificate Balance 742,938,000.00 - 575,000,000.00
Percent of ANIV 97.60% 0.00% 75.54%
Certificate Factor 1.0000000 - 1.0000000
Servicer Advances 3,295,550.02
Servicer Pay Ahead Balance 2,769,485.20
Number of Current Contracts 45,047
Weighted Average Lease Rate 7.52%
Weighted Average Remaining Term 7.8
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 756,895,883.51
Maturity Advances Outstanding -
ANIV Net of Maturity Advance** 756,895,883.51
Discounted Principal Balance 747,585,322.31
Notional/Certificate Balance 742,938,000.00 0.00 575,000,000.00
Adjusted Notional/Certificate Balance 738,985,680.98 0.00 571,047,680.98
Percent of ANIV 97.63% 0.00% 75.45%
Certificate Factor 1.0000000 - 1.0000000
Servicer Advances 3,068,376.81
Servicer Pay Ahead Balance 3,111,209.96
Number of Current Contracts 44,095
Weighted Average Lease Rate 7.51%
Weighted Average Remaining Term 6.8
Prior Certificate Interest Payment Date September 25, 2000
Next Certificate Interest Payment Date March 26, 2001
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Class A3 Class B Transferor Interest
--------- ----------- -------------------
Percent Balance Percent Balance Balance
------------------------------------------------------------------------------------------------------------------------------------
<S> <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 5.5000% 6.5500%
Target 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
Maturity Advances Outstanding
ANIV Net of Maturity Advance**
Discounted Principal Balance
Notional/Certificate Balance 96,400,000.00 71,538,000.00 18,259,987.31
Adjusted Notional/Certificate Balance 96,400,000.00 71,538,000.00 18,259,987.31
Percent of ANIV 12.66% 9.40% 2.40%
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
Maturity Advances Outstanding
ANIV Net of Maturity Advance**
Discounted Principal Balance
Notional/Certificate Balance 96,400,000.00 71,538,000.00 17,910,202.53
Adjusted Notional/Certificate Balance 96,400,000.00 71,538,000.00 17,910,202.53
Percent of ANIV 12.74% 9.45% 2.37%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
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 9,612,665.31
Prepayments in Full 645 10,776,024.58
---
Reallocation Payment 9 151,192.26
--
Interest Collections 5,760,758.44
Net Liquidation Proceeds and Recoveries 2,162,177.88
Net Liquidation Proceeds - Vehicle Sales 2,017,962.64
Non-Recoverable Advances (86,926.76)
-------------
Total Available 30,393,854.35
----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
---------- -------------
<S> <C> <C>
Total Capped Expenses Paid 28,408.14 284,081.40
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period 651,800.66
Servicer's Fee Paid 651,800.66
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 87,533.43
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: Vehicles Amount
-------- ------
<S> <C> <C>
Beginning Unreinvested Principal Collections -
Principal Collections & Liquidated Contracts -
Allocation to Subsequent Contracts 0 -
- ------
Ending Unreinvested Principal Collections -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
I hereby certify to the best of my knowledge that the report provided is true
and correct.
/s/ Robert Woodie
----------------------------------------
Robert Woodie, National Treasury Manager
Page 3
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