<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): February 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 February 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
January 2000 is filed as Exhibit 20 to this Current Report on Form 8-K.
Item 7(c). Exhibits
<TABLE>
<CAPTION>
Exhibit Number Description
-------------- -----------
<S> <C>
20 Servicer's Certificate for the month of
January, 2000.
</TABLE>
-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: February 29, 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 February 25, 2000 for the Collection
Period of January 1 through January 31, 2000
<TABLE>
<CAPTION>
<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 969,112,642.00
Discounted Principal Balance 964,664,093.03
Servicer Advances 3,328,193.81
Servicer Pay Ahead Balance 2,989,651.45
Maturity Advances Outstanding -
Number of Current Contracts 51,367
Weighted Average Lease Rate 7.56%
Weighted Average Remaining Term 15.4
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------
RESERVE FUND:
<S> <C>
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
<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 733,222.08 733,222.08
---------------------------------------------------------------------------
Reserve Fund Balance Prior to Release 60,156,689.57 1,073,070.00 61,229,759.57
Specified Reserve Fund Balance 59,423,467.49 1,073,070.00 60,496,537.49
Release to Transferor 733,222.08 - 733,222.08
----------------------------------------------------------------------------
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 132
---
Discounted Principal Balance 2,496,069.59
Net Liquidation Proceeds (2,112,871.18)
Recoveries - Previously Liquidated Contracts (18,003.98)
---------------------------
Aggregate Credit Losses for the Collection Period 365,194.43
===========================
Cumulative Credit Losses for all Periods 6,971,223.26
===========================
Repossessed in Current Period 94
--
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 0.46%
Current Collection Period 0.45%
- -----------------------------------------------------------------------------------------------------------------------------------
CONDITION (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 1.28% 655 1.24% 12,047,352.04
61-90 Days Delinquent 0.10% 50 0.09% 911,013.47
Over 90 Days Delinquent 0.04% 19 0.04% 422,820.14
------ -------------
Total Delinquencies 724 13,381,185.65
------ =============
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 0.11%
Current Collection Period 0.13%
- -----------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.11%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 332 5,239,976.24
---
Net Liquidation Proceeds (4,533,243.94)
---------------------
Net Residual Value (Gain) Loss 706,732.30
=====================
Cumulative Residual Value (Gain) Loss all periods 1,438,172.20
=====================
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 23 4 100.00% 13,331.85 15,883.74
First Preceding Collection Period 61 582 10.48% 12,371.23 14,656.32
Current Collection Period 332 578 57.44% 13,654.35 15,831.57
Three Month Average 13,448.37 15,662.12
---------------------
Ratio of Three Month Average Net Liquidation 85.87%
Proceeds to Average Residual Value ---------------------
----------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
-------------- ---------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 57.44% YES
b) Number of Scheduled Maturities > 500 578 YES
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 85.87% 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 February 25, 2000 for the Collection Period of
January 1 through January 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 7,315,802.67
Non-recoverable Advances (82,335.98)
------------------
Available Interest 7,233,466.69 7,081,623.99 2,200,816.77 3,777,521.33
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 - - - -
Net Investment Income 546,772.65 546,772.65
Interest Accrual for Adjusted Class B Certificate Bal. (390,478.25) (390,478.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (829,973.88) (812,551.32)
Capped Expenses (28,408.14) (27,811.81)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------------ ------------------
Total Unallocated Interest 1,984,545.74 1,850,721.93
Excess Interest to Transferor (133,823.80) (1,850,721.93)
------------------ ------------------
Net Interest Collections Available 1,850,721.94 -
Interest Collections Allocated to Losses (1,049,425.17)
Accelerated Principal Distribution (201,898.47)
Deposit to Reserve Fund 733,222.08
------------------
Withdrawal from Reserve Fund -
------------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (1,071,926.73) (1,049,425.17)
Loss Reimbursement from Transferor 1,049,425.17 1,049,425.17
Loss Reimbursement from Reserve Fund -
------------------ ------------------
Transferor Ending Certificate Principal Loss Amount (22,501.56) -
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 515,681.73
Allocations - Current Period 26,317,829.79 26,317,829.79 26,317,829.79
Allocations - Accelerated Principal Distribution 201,898.47 201,898.47 201,898.47
Allocations - Not Disbursed Beginning of Period 102,876,411.53 102,876,411.53 102,876,411.53
Allocations - Not Disbursed End of Period 129,396,139.79 129,396,139.79 129,396,139.79 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 733,222.07 - - -
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 19,749,246.33 19,749,246.33 5,974,166.67 10,445,833.33
Allocations - Not Disbursed End of Period 24,686,557.92 24,686,557.92 7,467,708.33 13,057,291.67
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 733,222.08 - - -
Due to Trust 31,425,948.92 30,910,267.19 27,843,344.71 2,319,795.67
------------------ -------------- ------------- -------------
Total Due To Trust 32,159,171.00 30,910,267.19 27,843,344.71 2,319,795.67
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A3 CLASS B TRANSFEROR INTEREST
-------- ------- -------------------
Balance Balance Interest Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Non-recoverable Advances
Available Interest 633,309.66 469,976.21 151,842.70
Class A1, A2, A3 Notional Interest Accrual Amount (441,833.33)
Unreimbursed A1, A2, A3 Interest Shortfall -
Net Investment Income
Interest Accrual for Adjusted Class B Certificate Bal. (390,478.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (17,422.56)
Capped Expenses (596.34)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
-----------------
Total Unallocated Interest 133,823.80
Excess Interest to Transferor 1,850,721.93
-----------------
Net Interest Collections Available 1,984,545.73
Interest Collections Allocated to Losses (1,049,425.17)
Accelerated Principal Distribution (201,898.47)
-----------------
Deposit to Reserve Fund 733,222.08
-----------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (1,049,425.17) (22,501.56)
Loss Reimbursement from Transferor 1,049,425.17 (1,049,425.17)
Loss Reimbursement from Reserve Fund
--------------- -------------------------------
Transferor Ending Certificate Principal Loss Amount - (1,049,425.17) (22,501.56)
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 515,681.73
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 - - 733,222.08
Allocations - Current Period 441,833.33 390,478.25 -
Allocations - Not Disbursed Beginning of Period 1,767,333.33 1,561,913.00 -
Allocations - Not Disbursed End of Period 2,209,166.67 1,952,391.25 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 733,222.08
Due to Trust 392,935.46 354,191.35 515,681.73
---------------- -------------- ------------------------------
Total Due To Trust 392,935.46 354,191.35 733,222.08 515,681.73
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-B
Distribution Date of February 25, 2000 for the Collection
Period of January 1 through January 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 5.350%
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 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
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 969,112,642.00
Discounted Principal Balance 964,664,093.03
Notional/Certificate Balance 1,077,938,000.00 335,000,000.00
Adjusted Notional/Certificate Balance 948,541,860.21 205,603,860.21
Percent of ANIV 97.88% 21.22%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 3,328,193.81
Servicer Pay Ahead Balance 2,989,651.45
Maturity Advances Outstanding -
Number of Current Contracts 51,367
Weighted Average Lease Rate 7.56%
Weighted Average Remaining Term 15.4
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date March 27, 2000
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A2 CLASS A3 CLASS B TRANSFEROR INTEREST
-------- -------- ------- ------------------
Percent Balance Percent Balance Percent Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <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 21,999,045.30
Percent of ANIV 52.28% 8.76% 6.50% 2.00%
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 20,907,066.60
Adjusted Notional/Certificate Balance 575,000,000.00 96,400,000.00 71,538,000.00 20,907,066.60
Percent of ANIV 57.73% 9.68% 7.18% 2.10%
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 20,570,781.79
Adjusted Notional/Certificate Balance 575,000,000.00 96,400,000.00 71,538,000.00 20,570,781.79
Percent of ANIV 59.33% 9.95% 7.38% 2.12%
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
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
- --------------------------------- --------
<S> <C> <C>
Principal Collections 10,162,424.30
Prepayments in Full 469 8,875,046.40
---
Reallocation Payment 6 82,496.54
-
Interest Collections 7,315,802.67
Net Liquidation Proceeds and Recoveries 2,130,875.16
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 4,533,243.94
Non-Recoverable Advances (82,335.98)
-----------------------
Total Available 33,017,553.03
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: AMOUNT ANNUAL AMOUNT
------------------ --------------------
<S> <C> <C>
Total Capped Expenses Paid 28,408.14 28,408.14
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 829,973.88
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 112,207.45
- -------------------------------------------------------------------------------------------------------------------------
<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 Operations Manager
