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Previous: TOYOTA AUTO LEASE TRUST 1998-B, 8-K, 2000-06-30 |
Next: EQUITY FINANCE HOLDING CORP, 20-F/A, 2000-06-30 |
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of June 26, 2000 for the Collection Period of
May 1, 2000 through May 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 872,232,593.49
Discounted Principal Balance 869,655,625.12
Servicer Advances 2,934,536.26
Servicer Pay Ahead Balance 2,875,688.20
Maturity Advances Outstanding -
Number of Current Contracts 48,092
Weighted Average Lease Rate 7.53%
Weighted Average Remaining Term 11.6
</TABLE>
<TABLE>
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
RESERVE FUND:
Initial Deposit Amount 41,247,639.20
Specified Reserve Fund Percentage 9.630%
Specified Reserve Fund Amount 105,923,937.46
<CAPTION>
Class A Class B Total
Amount Amount Amount
-------------- ------------ --------------
<S> <C> <C> <C>
Beginning Balance 97,598,163.39 1,073,070.00 98,671,233.39
Withdrawal Amount - - -
Cash Capital Contribution - -
Transferor Excess 1,706,604.68 1,706,604.68
-------------- ------------ --------------
Reserve Fund Balance Prior to Release 99,304,768.07 1,073,070.00 100,377,838.07
Specified Reserve Fund Balance 104,850,867.46 1,073,070.00 105,923,937.46
-------------- ------------ --------------
Release to Transferor - - -
Ending Reserve Fund Balance 99,304,768.07 1,073,070.00 100,377,838.07
Prior Cumulative Withdrawal Amount - - -
Cumulative Withdrawal Amount - - -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: VEHICLES
--------
<S> <C> <C>
Liquidated Contracts 114
---
Discounted Principal Balance 2,039,107.54
Net Liquidation Proceeds (1,748,173.53)
Recoveries - Previously Liquidated Contracts (37,041.23)
-------------------
Aggregate Credit Losses for the Collection Period 253,892.78
-------------------
Cumulative Credit Losses for all Periods 8,398,952.92
===================
Repossessed in Current Period 75
---
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.56%
First Preceding Collection Period 0.42%
Current Collection Period 0.34%
-----------------------------------------------------------------------------------------------------------------------------------
CONDITION (i)i (CHARGE-OFF RATE)
Three Month Average 0.44%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- -------------
<S> <C> <C> <C> <C>
31-60 Days Delinquent 1.37% 660 1.29% 11,277,442.15
61-90 Days Delinquent 0.08% 37 0.07% 652,432.18
Over 90 Days Delinquent 0.05% 23 0.04% 388,000.23
-------- -------------
Total Delinquencies 720 12,317,874.56
======== =============
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 0.10%
First Preceding Collection Period 0.16%
Current Collection Period 0.12%
-----------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.13%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 118 1,615,853.42
--------
Net Liquidation Proceeds (1,530,419.77)
--------------
Net Residual Value (Gain) Loss 85,433.65
==============
Cumulative Residual Value (Gain) Loss all periods 2,242,780.59
==============
<CAPTION>
Average Average
Number Scheduled Sale Net Liquidation Residual
Sold Maturities Ratio Proceeds Value
------ ---------- ----- --------------- ----------
<S> <C> <C> <C> <C> <C>
MATURED VEHICLES SOLD FOR
EACH COLLECTION PERIOD:
Second Preceding Collection Period 192 376 51.06% 13,300.03 14,471.95
First Preceding Collection Period 172 283 60.78% 14,719.79 15,693.94
Current Collection Period 118 174 67.82% 12,969.66 13,718.85
Three Month Average 13,725.79 14,723.64
Ratio of Three Month Average Net ---------
Liquidation Proceeds to Average Residual Value 93.22%
---------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
--------------- -----------------
<S> <C> <C>
a) Number of Vehicles Sold > 25% of Scheduled Maturities 67.82% YES
b) Number of Scheduled Maturities > 500 174 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75%of Avg. Residual Values 93.22% 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 June 26, 2000 for the Collection Period of
May 1, 2000 through May 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 6,616,180.39
Net Investment Income 950,518.06
Non-recoverable Advances (75,433.20)
-------------
Available Interest 7,491,265.25 7,347,580.15 2,283,470.25 3,919,389.23
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 (745,481.95) (729,105.44)
Capped Expenses (28,408.14) (27,784.08)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 1,780,063.58 1,653,379.05
Excess Interest to Transferor - (1,653,379.05)
------------- -------------
Net Interest Collections Available 1,780,063.58
-------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (331,872.21)
ACCELERATED PRINCIPAL DISTRIBUTION: (181,715.12)
DEPOSIT TO RESERVE FUND: 1,706,604.68
WITHDRAWAL FROM RESERVE FUND: -
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: 440,128.43
NET WITHDRAWAL FROM THE RESERVE FUND: -
PRINCIPAL:
Current Loss Amount (339,326.43) (331,872.21) (331,872.21) -
Loss Reimbursement from Transferor 331,872.21 331,872.21 331,872.21 -
Loss Reimbursement from Reserve Fund - - - -
------------- ------------- ------------- ------------
Total (7,454.22) - - -
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 21,898,165.26 21,898,165.26 21,898,165.26 -
Allocations - Accelerated Principal Distribution 181,715.12 181,715.12 181,715.12 -
Allocations - Not Disbursed Beginning of Period 203,011,476.89 203,011,476.89 203,011,476.89 -
Allocations - Not Disbursed End of Period 225,091,357.27 225,091,357.27 225,091,357.27 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - - -
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 9,874,623.16 9,874,623.16 2,987,083.34 5,222,916.66
Allocations - Not Disbursed End of Period 14,811,934.74 14,811,934.74 4,480,625.01 7,834,374.99
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/(Withdrawal from) Reserve Fund 1,706,604.68
Due To Trust 26,066,673.90 26,066,673.90 23,278,021.43 2,104,427.42
------------- ------------- ------------- ------------
Total Due To Trust 27,773,278.58 26,066,673.90 23,278,021.43 2,104,427.42
-----------------------------------------------------------------------------------------------------------------------------------
<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 657,094.12 487,626.55 143,685.10
Class A1, A2, A3 Notional Interest Accrual Amount (441,833.33)
Unreimbursed A1, A2, A3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Ba (390,478.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (16,376.51)
Capped Expenses (624.06)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
------------
Total Unallocated Interest 126,684.53
Excess Interest to Transferor 1,653,379.05
------------
Net Interest Collections Available 1,780,063.58
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (331,872.21)
ACCELERATED PRINCIPAL DISTRIBUTION: (181,715.12)
------------
DEPOSIT TO RESERVE FUND: 1,266,476.25
------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - (7,454.22)
Loss Reimbursement from Transferor - - (331,872.21)
Loss Reimbursement from Reserve Fund - -
------------- ------------- ------------
Total - - (7,454.22)
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 441,833.33 390,478.25
Allocations - Not Disbursed Beginning of Period 883,666.66 780,956.50
Allocations - Not Disbursed End of Period 1,325,499.99 1,171,434.75
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund
Due To Trust 356,828.50 327,396.55 - -
------------- ------------- ------------- ------------
Total Due To Trust 356,828.50 327,396.55 - -
</TABLE>
Page 2
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of June 26, 2000 for the Collection Period of
May 1, 2000 through May 31, 2000
<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 5.3500%
Target 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 894,578,341.40
Discounted Principal Balance 892,231,349.19
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 874,926,523.11 131,988,523.11
Percent of ANIV 97.80% 14.75%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 3,444,947.95
Servicer Pay Ahead Balance 2,569,239.52
Maturity Advances Outstanding -
Number of Current Contracts 48,802
Weighted Average Lease Rate 7.54%
Weighted Average Remaining Term 12.6
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 872,232,593.49
Discounted Principal Balance 869,655,625.12
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 852,846,642.73 109,908,642.73
Percent of ANIV 97.78% 12.60%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,934,536.26
Servicer Pay Ahead Balance 2,875,688.20
Maturity Advances Outstanding -
Number of Current Contracts 48,092
Weighted Average Lease Rate 7.53%
Weighted Average Remaining Term 11.6
Prior Certificate Interest Payment Date March 27, 2000
Next Certificate Interest Payment Date September 25, 2000
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A2 Class A3
-------- --------
Percent Balance Percent Balance
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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 5.4500% 5.5000%
Target 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 64.28% 10.78%
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 65.92% 11.05%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class B Transferor Interest
------- -------------------
Percent Balance Balance
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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 6.5500%
Target 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 19,651,818.29
Adjusted Notional/Certificate Balance 71,538,000.00 19,651,818.29
Percent of ANIV 8.00% 2.20%
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 19,385,950.76
Adjusted Notional/Certificate Balance 71,538,000.00 19,385,950.76
Percent of ANIV 8.20% 2.22%
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
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------------------------------- --------
<S> <C> <C>
Principal Collections 9,834,345.71
Prepayments in Full 473 8,791,700.87
---
Reallocation Payment 5 64,740.37
---
Interest Collections 6,616,180.39
Net Liquidation Proceeds and Recoveries 1,785,214.76
Net Liquidation Proceeds - Vehicle Sales 1,530,419.77
Non-Recoverable Advances (75,433.20)
-------------
Total Available 28,547,168.67
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
------ -------------
<S> <C> <C>
Total Capped Expenses Paid 28,408.14 142,040.70
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall
Carryforward -
Servicer's Fee Due Current Period 745,481.95
Servicer's Fee Paid 745,481.95
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 92,635.31
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: Vehicles Amount
---------------- -------- ------
<S> <C> <C>
Beginning Unreinvested Principal Collectns -
Principal Collections & Liquidated Contrts -
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/ Holly Pearson
---------------------------------------
Holly Pearson, Treasury Manager
Page 3
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