<PAGE>
Exhibit 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of August 25, 2000 for the Collection Period of
July 1, 2000 through July 31, 2000
<TABLE>
ORIGINAL DEAL PARAMETER
<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 829,212,845.16
Discounted Principal Balance 825,202,247.14
Servicer Advances 2,956,491.61
Servicer Pay Ahead Balance 3,292,361.08
Maturity Advances Outstanding -
Number of Current Contracts 46,710
Weighted Average Lease Rate 7.53%
Weighted Average Remaining Term 9.7
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------------------------------
<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 100,894,818.80 1,073,070.00 101,967,888.80
Withdrawal Amount - - -
Cash Capital Contribution - -
Transferor Excess 1,379,829.18 1,379,829.18
-------------------- ------------------- -----------------------
Reserve Fund Balance Prior to Release 102,274,647.98 1,073,070.00 103,347,717.98
Specified Reserve Fund Balance 104,850,867.46 1,073,070.00 105,923,937.46
-------------------- ------------------- -----------------------
Release to Transferor - - -
Ending Reserve Fund Balance 102,274,647.98 1,073,070.00 103,347,717.98
Prior Cumulative Withdrawal Amount - - -
Cumulative Withdrawal Amount - - -
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
Liquidated Contracts 119
Discounted Principal Balance --- 1,904,158.16
Net Liquidation Proceeds (1,580,085.85)
Recoveries - Previously Liquidated Contracts (15,917.50)
-----------------------
Aggregate Credit Losses for the Collection Period 308,154.81
=======================
Cumulative Credit Losses for all Periods 8,990,822.80
=======================
Repossessed in Current Period 62
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.34%
First Preceding Collection Period 0.40%
Current Collection Period 0.44%
---------------------------------------------------------------------------------------------------------------------------
CONDITION (i)i (CHARGE-OFF RATE)
Three Month Average 0.39%
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 1.78% 833 1.63% 13,552,003.81
61-90 Days Delinquent 0.11% 53 0.12% 963,728.36
Over 90 Days Delinquent 0.04% 17 0.03% 284,045.39
--------- -------------------
Total Delinquencies 903 14,799,777.56
========= ===================
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 0.12%
First Preceding Collection Period 0.14%
Current Collection Period 0.15%
---------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.14%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RESIDUAL VALUE (GAIN) LOSS: Vehicles
Matured Lease Vehicle Inventory Sold 145 2,272,474.31
---
Net Liquidation Proceeds (2,022,505.57)
-------------------
Net Residual Value (Gain) Loss 249,968.74
===================
Cumulative Residual Value (Gain) Loss all periods 2,608,945.05
===================
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD:
Second Preceding Collection Period 118 174 67.82% 12,969.66 13,718.85
First Preceding Collection Period 113 117 96.58% 13,217.52 14,194.21
Current Collection Period 145 133 100.00% 13,948.31 15,941.29
Three Month Average 13,421.56 14,718.77
-------------------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 91.19%
-------------------
------------------------------------------------------------------------------------------------------------------------------------
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 > 500 133 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of avg. residual values 91.19% 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 August 25, 2000 for the Collection Period of
July 1, 2000 through July 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1
Total Percent Balance Balance
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 6,238,178.68
Net Investment Income 1,187,376.55
Non-recoverable Advances (67,321.14)
------------------
Available Interest 7,358,234.09 7,219,452.42 2,243,650.90
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 (708,741.66) (692,802.17)
Capped Expenses (28,408.14) (27,769.25)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------------ ------------------
Total Unallocated Interest 1,683,772.71 1,561,569.42
Excess Interest to Transferor - (1,561,569.42)
------------------ ------------------
Net Interest Collections Available 1,683,772.71 -
------------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (545,571.43)
ACCELERATED PRINCIPAL DISTRIBUTION: (172,752.68)
DEPOSIT TO RESERVE FUND: 1,379,829.18
WITHDRAWAL FROM RESERVE FUND: -
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: 414,380.58
NET WITHDRAWAL FROM THE RESERVE FUND: -
PRINCIPAL:
Current Loss Amount (558,123.55) (545,571.43) (545,571.43)
Loss Reimbursement from Transferor 545,571.43 545,571.43 545,571.43
Loss Reimbursement from Reserve Fund - - -
------------------ ------------------ ------------------
Total (12,552.12) - -
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 20,850,219.86 20,850,219.86 20,850,219.86
Allocations - Accelerated Principal Distribution 172,752.68 172,752.68 172,752.68
Allocations - Not Disbursed Beginning of Period 246,575,396.48 246,575,396.48 246,575,396.48
Allocations - Not Disbursed End of Period 267,598,369.02 267,598,369.02 267,598,369.02
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - -
Allocations - Current Period 4,937,311.58 4,937,311.58 1,493,541.67
Allocations - Not Disbursed Beginning of Period 19,749,246.32 19,749,246.32 5,974,166.68
Allocations - Not Disbursed End of Period 24,686,557.90 24,686,557.90 7,467,708.35
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/ (Withdrawal from) Reserve Fund 1,379,829.18
Due To Trust 24,772,907.58 24,772,907.58 22,147,503.06
------------------ ------------------ ------------------
Total Due To Trust 26,152,736.76 24,772,907.58 22,147,503.06
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
----------------------------------------------------
Class A2 Class A3 Class B
Balance Balance Balance
----------------------------------------------------
<S> <C> <C> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 3,851,042.58 645,635.66 479,123.28
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:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - -
Loss Reimbursement from Transferor - - -
Loss Reimbursement from Reserve Fund - - -
---------------- --------------- ---------------
Total - - -
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 10,445,833.32 1,767,333.32 1,561,913.00
Allocations - Not Disbursed End of Period 13,057,291.65 2,209,166.65 1,952,391.25
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust 1,978,080.98 335,646.24 311,677.30
---------------- --------------- ---------------
Total Due To Trust 1,978,080.98 335,646.24 311,677.30
----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------
Transferor Interest
Interest Principal
------------------------------------------
<S> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 138,781.67
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 (15,939.49)
Capped Expenses (638.89)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
--------------------
Total Unallocated Interest 122,203.29
Excess Interest to Transferor 1,561,569.42
--------------------
Net Interest Collections Available 1,683,772.71
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (545,571.43)
ACCELERATED PRINCIPAL DISTRIBUTION: (172,752.68)
--------------------
DEPOSIT TO RESERVE FUND: 965,448.60
--------------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount (12,552.12)
Loss Reimbursement from Transferor (545,571.43)
Loss Reimbursement from Reserve Fund
-----------------
Total (12,552.12)
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
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust - -
-------------------- -----------------
Total Due To Trust - -
----------------------------------------
</TABLE>
Page 2
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of August 25, 2000 for the Collection Period of
July 1, 2000 through July 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 850,489,997.72
Discounted Principal Balance 846,664,829.51
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 831,362,603.52 88,424,603.52
Percent of ANIV 97.75% 10.40%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,956,044.09
Servicer Pay Ahead Balance 3,120,952.83
Maturity Advances Outstanding -
Number of Current Contracts 47,398
Weighted Average Lease Rate 7.53%
Weighted Average Remaining Term 10.7
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 829,212,845.16
Discounted Principal Balance 825,202,247.14
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 810,339,630.98 67,401,630.98
Percent of ANIV 97.72% 8.13%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,956,491.61
Servicer Pay Ahead Balance 3,292,361.08
Maturity Advances Outstanding -
Number of Current Contracts 46,710
Weighted Average Lease Rate 7.53%
Weighted Average Remaining Term 9.7
Prior Certificate Interest Payment Date March 27, 2000
Next Certificate Interest Payment Date September 25, 2000
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
----------------------------------------------------------------------------------------
Class A2 Class A3 Class B
-------- -------- ------
Percent Balance Percent Balance Percent Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <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 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 5.4500% 5.5000% 6.5500%
Target 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 67.61% 11.33% 8.41%
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 69.34% 11.63% 8.63%
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
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------
Transferor Interest
------------------
Balance
------------------------------
<S> <C>
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
Target 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 19,127,394.20
Adjusted Notional/Certificate Balance 19,127,394.20
Percent of ANIV 2.25%
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 18,873,214.18
Adjusted Notional/Certificate Balance 18,873,214.18
Percent of ANIV 2.28%
Certificate Factor
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 9,688,255.49
Prepayments in Full 423 7,399,080.28
---
Reallocation Payment 1 13,184.32
-
Interest Collections 6,238,178.68
Net Liquidation Proceeds and Recoveries 1,596,003.35
Net Liquidation Proceeds - Vehicle Sales 2,022,505.57
Non-Recoverable Advances (67,321.14)
------------------
Total Available 26,889,886.55
------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
-------------- ----------------
<S> <C> <C>
Total Capped Expenses Paid 28,408.14 198,856.98
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period 708,741.66
Servicer's Fee Paid 708,741.66
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 84,544.37
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------
<S> <C> <C>
REVOLVING PERIOD: Vehicles Amount
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/ HOLLY PEARSON
---------------------------------------
Holly Pearson, Treasury Manager
Page 3
