<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): December 28, 1998
--------------------
Toyota Auto Lease Trust 1998-C
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-65067 33-0755530
- ------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
c/o Toyota Motor Credit Corp.
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 December 28, 1998, interest collected during the preceding calendar month,
as provided for in the 1998-C Securitization Trust Agreement dated as of
December 1, 1998 between Toyota Leasing, Inc. ("TLI"), as "Transferor", and
U.S. Bank National Association ("USBNA"), as "Trustee", and the 1998-C SUBI
Supplement to the Amended and Restated Trust and Servicing Agreement, dated
December 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-C (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 November 1998 is filed as Exhibit 20 to this Current Report on Form 8-K.
The Toyota Auto Lease Trust 1998-C issued and publicly offered three classes
of securities covered by Registration Statement No. 333-65067 (declared
effective November 18, 1998) $189,000,000 Adjustable Rate Auto Lease Asset
Backed Certificates, Class A-1, $424,500,000 Adjustable Rate Auto Lease Asset
Backed Certificates, Class A-2 and $72,800,000 Adjustable Rate Auto Lease
Asset Backed Certificates, Class A-3. The net proceeds from the sale of the
Class A Certificates (i.e., the proceeds of the public offering of the Class
A Certificates minus expenses relating thereto) were applied by the
Transferor to purchase the SUBI Certificate and to make the initial deposit
into the Reserve Fund. The aggregate offering prices of the Class A-1, Class
A-2 and Class A-3 Certificates, expenses incurred and underwriting discounts,
fees and commissions paid by the issuer through the date hereof (all of which
were paid to unaffiliated third party service providers) are all as disclosed
in the related Prospectus and Registration Statement.
Subject to the terms and conditions of the Underwriting Agreement, on
December 3, 1998, TLI sold the Class A Certificates to Credit Suisse First
Boston Corporation, Merrill Lynch, Pierce, Fenner & Smith Inc., (together
with Credit Suisse First Boston Corporation, the managing underwriters),
Bear, Stearns & Co. Inc., Goldman, Sachs & Co., Lehman Brothers Inc., J.P.
Morgan Securities Inc., Morgan Stanley & Co. Inc., NationsBanc Montgomery
Securities LLC, and Salomon Smith Barney Inc. The offering has terminated
and all of the Class A Certificates have been sold.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20 Servicer's Certificate for the month of
November, 1998.
-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-C
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: February 5, 1999 By: /S/ GEORGE E. BORST
---------------- ------------------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
<TABLE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Investor Interest Investor Interest
Original Deal Parameter Total Percent Balance
- ----------------------- ---------------- ----------------- -----------------
<S> <C> <C> <C>
Aggregate Net Investment Value (ANIV) 749,988,732.51
Discounted Principal Balance 749,988,732.51
Initial Notional/Certificate Balance - 100.00% 735,000,000.00
Percent of ANIV 98.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC) 6.81%
Weighted Average Remaining Term (WAM) 33.8
Servicing Fee Percentage 1.00%
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Reserve Fund:
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 41,249,380.29
Reserve Fund Trigger Percentage 6.50%
Reserve Fund Trigger Amount 48,749,267.61
Number of Contracts 34,185
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value 749,988,732.51
Discounted Principal Balance 742,484,140.45
Notional Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00
Percent of ANIV 98.00%
Servicer Advances 1,517,674.66
Servicer Pay Ahead Balance 1,377,438.78
Maturity Advances Outstanding -
Cumulative Credit Losses to Date (4,842.63)
Cumulative Reimbursed Credit Loss (4,842.63)
Cumulative Residual Value (Gain) Loss -
Cumulative Reimbursed Residual Value Losses -
Certificate Principal Loss Amount -
Number of Current Contracts 34,129
Weighted Average Coupon (WAC) 6.81%
Weighted Average Remaining Term (WAM) 32.8
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Original Deal Parameter Percent Notional Balance Percent Notional Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 25.71% 189,000,000.00 57.76% 424,500,000.00
Percent of ANIV 25.20% 56.60%
Notional/Certificate Rate 5.265% 5.413%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 189,000,000.00 424,500,000.00
Percent of ANIV 25.20% 56.60%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Original Deal Parameter Percent Notional Balance Percent Balance
- ----------------------- -------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 9.90% 72,800,000.00 6.63% 48,700,000.00
Percent of ANIV 9.71% 6.49%
Notional/Certificate Rate 5.463% 6.959%
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 72,800,000.00 48,700,000.00
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00
Percent of ANIV 9.71% 6.49%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Transferor
Interest
Original Deal Parameter Balance
- ----------------------- ----------------
<S> <C> <C> <C> <C>
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 14,988,732.51
Percent of ANIV 2.00%
Notional/Certificate Rate
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
Servicing Fee Percentage
Servicer Advance
Servicer Payahead
Reserve Fund:
Initial Deposit Amount
Specified Reserve Fund Percentage
Specified Reserve Fund Amount
Reserve Fund Trigger Percentage
Reserve Fund Trigger Amount
Number of Contracts
Input from Prior Monthly Servicer's Certificate
- -----------------------------------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance
Adjusted Notional/Certificate Balance
Percent of ANIV
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
End of Period Balances:
- -----------------------
Aggregate Net Investment Value
Discounted Principal Balance
Notional Certificate Balance 14,988,732.51
Adjusted Notional/Certificate Balance 14,988,732.51
Percent of ANIV 2.00%
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Cumulative Credit Losses to Date
Cumulative Reimbursed Credit Loss
Cumulative Residual Value (Gain) Loss
Cumulative Reimbursed Residual Value Losses
Certificate Principal Loss Amount
Number of Current Contracts
Weighted Average Coupon (WAC)
Weighted Average Remaining Term (WAM)
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
<S> <C> <C> <C> <C>
Current Month Collection Activity
- ---------------------------------
Principal Collections 6,135,849.00
Prepayments in Full - Number 39
Prepayments in Full - Amount 1,035,223.35
Reallocation - Number of Leases 10
Reallocation Payment 220,276.28
Interest Collections 5,476,923.93
Net Liquidation Proceeds and Recoveries 118,086.06
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales -
Reimbursed Certificate Principal Losses -
Net Investment Income -
--------------
Total Available 12,986,358.62
Increase (Decrease) in Servicer Advances 192,862.46
(Increase) Decrease in PayAheads Held (117,430.05)
ANIV
Current Month Operational Activity Vehicles Balance
- ---------------------------------- -------------- -------------
Inventory on Hand:
Matured Lease Vehicle Inventory 0 -
Repossessed Vehicle Inventory 26 546,765.43
-------------- -------------
Total Inventory on Hand 26 546,765.43
============== ==============
Residual Value (Gain) Loss:
Matured Lease Vehicle Inventory Sold - -
Net Liquidation Proceeds -
-------------
Net Residual Value (Gain) Loss -
=============
Cumulative Residual Value (Gain) Loss all periods -
=============
Liquidation of ChargeOffs and Repossessions:
Liquidated Contracts 7
Discounted Principal Balance 113,243.43
Net Liquidation Proceeds (118,086.06)
Recoveries - Previously Liquidated Contracts -
-------------
Aggregate Credit Losses for the Collection Period (4,842.63)
==============
Cumulative Credit Losses for all Periods (4,842.63)
Repossessed in Current Period 26 ==============
Delinquent Contracts: Accounts Percent ANIV Percent
-------------- ---------------- ------------- ----------------
31-60 Days Delinquent 196 0.57% 4,407,557.74 0.59%
61-90 Days Delinquent 12 0.04% 310,266.69 0.04%
Over 90 Days Delinquent 0 0.00% - 0.00%
-------------- ---------------- ------------- ----------------
Total Delinquencies 208 0.61% 4,717,824.43 0.64%
============== ================ ============= ================
Amount
-------------
Beginning Unreinvested Principal Collections -
Current Month Principal Collections 7,504,592.06
-------------
Total Available 7,504,592.06
Allocation to Subsequent Contracts and Lease Vehicles 0 -
=============
Ending Unreinvested Principal Collections 7,504,592.06
=============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Annual
Amount Amount
Capped and Uncapped Expenses: ---------------- -------------
<S> <C> <C> <C> <C>
Capped Contingent and Excess Liability Premiums 13,662.61 13,662.61
Capped Titling Trust Administration Expenses 1,250.00 1,250.00
Capped Securitization Trust Administration Expenses 833.33 833.33
---------------- -------------
Total Capped Expenses 15,745.94 15,745.94
Uncapped Titling Trust Administration Expenses
Uncapped Securitization Trust Administration Expenses
---------------- -------------
Total Uncapped Expenses - -
Paid Expenses 15,745.94 15,745.94
Previous Unpaid Balance - -
Current Unpaid Balance - -
Servicer's Fee Due:
Due from Previous Periods -
Due for this Period 624,990.61
Paid this Period (624,990.61)
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 39,200.00
Sold Net
Matured Vehicles Sold for Number Scheduled Sale Residual Mat Vehicle
each Collection Period: Sold Maturities Ratio Value Proceeds
-------- ---------- --------- ---------- ------------
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.00%
Three Month Average 0.00%
Residual Value Coverage % 0.00%
Annualized
Average
Charge-Off
Rate
Ratio of Net Credit Losses to the Average Pool Balance -------------
for Each Collection Period:
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.00%
Three Month Average 0.00%
Trigger Indicator (1.25%) trigger was not hit
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 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.04%
Three Month Average 0.01%
Trigger Indicator (1.25%) trigger was not hit
Class B Class A Total
Amount Amount Amount
Reserve Fund: -------------- ---------------- -------------
Beginning Balance 1,095,750.00 27,028,827.47 28,124,577.47
Withdrawal Amount - - -
Transferor Excess - 2,373,707.09 2,373,707.09
-------------- ---------------- -------------
Ending Balance 1,095,750.00 29,402,534.56 30,498,284.56
Specified Reserve Fund Balance 1,095,750.00 40,153,630.29 41,249,380.29
-------------- ---------------- -------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Investor Interest Investor Interest
Total Percent Balance
-------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections 5,476,923.93
Net Investment Income -
Non-Recoverable Advances -
--------------
Available Interest 5,476,923.93 98.00% 5,367,385.46
Class A-1, A-2, A-3 Notional Interest Accrual Amount (2,255,372.72) (2,255,372.72)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. (207,107.58) (207,107.58)
Class B Interest Carryover Shortfall -
Servicer's Fee (624,990.61) (612,490.80)
Capped Expenses (15,745.94) (15,431.01)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
-------------- -------------
Total Unallocated Interest 2,373,707.09 2,276,983.35
Excess Interest to Transferor - (2,276,983.35)
-------------- -------------
Net Interest Collections Available 2,373,707.09 -
Deposit to Reserve Fund (2,373,707.09) -
Withdrawal from Reserve Fund -
--------------
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
-------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 7,391,348.63 7,243,521.66
Liquidated Contracts 113,243.43 110,978.56
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- -------------
Total Principal Reinvested 7,504,592.06 7,354,500.22
-------------- -------------
Total Principal Allocated - -
-------------- -------------
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 -
--------------
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A1 Class A1 Class A2 Class A2
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 1,380,184.83 3,099,938.94
Class A-1, A-2, A-3 Notional Interest Accrual Amount (608,107.50) (1,404,222.42)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - -
Class B Interest Carryover Shortfall
Servicer's Fee (157,497.64) (353,744.69)
Capped Expenses (3,967.97) (8,912.20)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 610,611.71 1,333,059.64
Excess Interest to Transferor (610,611.71) (1,333,059.64)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 1,862,619.85 4,183,503.32
Liquidated Contracts 28,537.34 64,095.78
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 1,891,157.20 4,247,599.11
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A3 Class A3 Class B Class B
Percent Balance Percent Balance
-------------- ---------------- ------------- ----------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 531,626.75 355,634.93
Class A-1, A-2, A-3 Notional Interest Accrual Amount (243,042.80)
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. - (207,107.58)
Class B Interest Carryover Shortfall
Servicer's Fee (60,665.75) (40,582.72)
Capped Expenses (1,528.40) (1,022.44)
Interest Accrual on Class B Cert. Princ. Loss Amount - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 226,389.80 106,922.19
Excess Interest to Transferor (226,389.80) (106,922.19)
------------- -------------
Net Interest Collections Available - -
Deposit to Reserve Fund - -
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
------------- -------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections 717,453.57 479,944.90
Liquidated Contracts 10,992.16 7,353.27
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
------------- -------------
Total Principal Reinvested 728,445.74 487,298.18
------------- -------------
Total Principal Allocated - -
------------- -------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Transferor Interest Transferor Interest Transferor Interest
Percent Interest Principal
------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Notional/Certificate Interest Accrual Amount
- --------------------------------------------
Interest:
- ---------
Interest Collections
Net Investment Income
Non-Recoverable Advances
Available Interest 2.00% 109,538.47
Class A-1, A-2, A-3 Notional Interest Accrual Amount
Unreimbursed A-1, A-2, and A-3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. -
Class B Interest Carryover Shortfall
Servicer's Fee (12,499.81)
Capped Expenses (314.92)
Interest Accrual on Class B Cert. Princ. Loss Amount -
Uncapped Expenses -
--------------
Total Unallocated Interest 96,723.74
Excess Interest to Transferor 2,276,983.35
--------------
Net Interest Collections Available 2,373,707.09
Deposit to Reserve Fund (2,373,707.09)
Withdrawal from Reserve Fund
Principal:
- ----------
Certificate Principal Loss Amounts:
Current Loss Amount - -
Loss Reimbursement from Transferor - -
Loss Reimbursement from Reserve Fund - -
-------------- --------------
Transferor Ending Certificate Princ. Loss Amount - -
Principal Allocations:
Principal Collections - 147,826.97
Liquidated Contracts - 2,264.87
Accelerated Principal Distribution Amount - -
Maturity Advances - -
Carryover Shortfall - -
Prior Carryover Shortfall - -
Total Carryover Shortfall - -
Withdrawal from Reserve Fund - -
B Certificate Principal Subordinated Inc (Dec) - -
-------------- --------------
Total Principal Reinvested - 150,091.84
-------------- --------------
Total Principal Allocated - -
-------------- --------------
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
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Investor Interest Class A-1
Total Balance Balance
-------------- ----------------- -----------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period 2,462,480.30 2,462,480.30 608,107.50
Distributions - Current Period - - -
-------------- ------------------ ------------
Allocations - Not Disbursed End of Period 2,462,480.30 2,462,480.30 608,107.50
============== ================== ============
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest -
Transfer (to) from Reserve Account -
-------------- ------------------ -----------
Interest Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ------------------ -----------
Total Interest Distributed to Certificateholders - - -
-------------- ------------------ -----------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal -
Transfer from Reserve Account -
--------------
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ------------------ -----------
Total Principal Distributed to Certificateholders - - -
-------------- ------------------ -----------
-------------- ------------------ -----------
Total Principal and Interest Distributed: - - -
============== ================== ===========
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A2 Class A3 Class B
Balance Balance Balance
-------------- ---------------- -------------
<S> <C> <C> <C> <C>
Principal Distributions/Allocations:
- ------------------------------------
Distribution - Current Period
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
Interest Distributions/Allocations:
- -----------------------------------
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Current Period 1,404,222.42 243,042.80 207,107.58
Distributions - Current Period - - -
-------------- ---------------- -------------
Allocations - Not Disbursed End of Period 1,404,222.42 243,042.80 207,107.58
============== ================ =============
Interest Distributions to Certificateholders:
- ---------------------------------------------
Interest on Permitted Investments - - -
Collections - Interest
Transfer (to) from Reserve Account
-------------- ---------------- -------------
Interest Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Interest Distributed to Certificateholders - - -
-------------- ---------------- -------------
Principal Distributions to Certificateholders:
- ----------------------------------------------
Collections - Principal
Transfer from Reserve Account
Principal Allocations - Current Month - - -
Permitted Investment Maturities - - -
-------------- ---------------- -------------
Total Principal Distributed to Certificateholders - - -
-------------- ---------------- -------------
-------------- ---------------- -------------
Total Principal and Interest Distributed: - - -
============== ================ =============
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class A1 Class A2 Class A3
Balance Balance Balance
-------------- ---------------- -------------
<S> <C> <C> <C> <C>
Original Deal Parameters:
Interest Rate-Three Month LIBOR + 0.23% 0.27% 0.32%
Principal Payments:
Principal Payment due to Investors
Ending Certificate Balance
Interest Payments:
Class Interest Rate for Current Interest Period
Interest Calculation for Current Interest Period - - -
At Certificate Payment Date:
Paid to Swap Counterparty -
Due to Swap Counterparty -
Proration % 0.00%
Interest Due to Investors - - -
Interest Payment to Investors - - -
Total Payment to Investors (Principal and Interest) - - -
Swap Shortfall
Prior Swap Interest Shortfall Carryover - - -
Swap Interest Shortfall Inc/(Dec) This Period - - -
Swap Interest Shortfall Carryover - - -
Interest Reset:
Interest Rate 5.47326% 5.51326% 5.56326%
Number of Days 112 112 112
Interest for Succeeding Certificate Payment Date 3,218,276.88 7,281,178.70 1,260,016.58
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Allocation Date of December 28, 1998 for the Collection Period of November 1 through November 30, 1998
<CAPTION>
Class B Total Class
Balance Balance
-------------- ----------------
<S> <C> <C> <C>
Original Deal Parameters:
Interest Rate-Three Month LIBOR + 2.00%
Principal Payments:
Principal Payment due to Investors
Ending Certificate Balance
Interest Payments:
Class Interest Rate for Current Interest Period
Interest Calculation for Current Interest Period - -
At Certificate Payment Date:
Paid to Swap Counterparty
Due to Swap Counterparty
Proration %
Interest Due to Investors - -
Interest Payment to Investors - -
Total Payment to Investors (Principal and Interest) - -
Swap Shortfall
Prior Swap Interest Shortfall Carryover - -
Swap Interest Shortfall Inc/(Dec) This Period - -
Swap Interest Shortfall Carryover - -
Interest Reset:
Interest Rate 7.24326%
Number of Days 112
Interest for Succeeding Certificate Payment Date 1,097,434.37 12,856,906.53
</TABLE>
/S/ HOLLY PEARSON
- -------------------------
Holly Pearson
Treasury Manager
