<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): July 23, 1999
-------------
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 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 2. ACQUISITION OR DISPOSITION OF ASSETS
Exhibit 20(b) provides supplemental information for the subsequent contracts
acquired under the Toyota Auto Lease Trust 1998-C between December 31, 1998 and
June 30, 1999, which in aggregate exceeded 10% if the Initial Aggregate Net
Investment Value during the month of June 1999.
Item 5. OTHER EVENTS
On July 23, 1999, 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 Servicing
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 June
1999 is filed as Exhibit 20(a) to this Current Report on Form 8-K.
Item 7(c). Exhibits
EXHIBIT NUMBER DESCRIPTION
20(a) Servicer's Certificate for the month of
June, 1999.
20(b) Composition of Aggregate Revolving Period
Subsequent Contracts Allocated between December
31, 1998 and June 30, 1999.
-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: August 10, 1999 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-C
Distribution Date of July 23, 1999 for the Collection Period
of June 1 through June 30, 1999
<TABLE>
<CAPTION>
<S> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
Aggregate Net Investment Value (ANIV) 749,988,732.51
Discounted Principal Balance 749,988,732.51
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Number of Contracts 34,185
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 33.8
Servicing Fee Percentage 1.00%
POOL DATA - CURRENT MONTH
Aggregate Net Investment Value 749,962,490.69
Discounted Principal Balance 749,954,304.39
Servicer Advances 2,006,037.09
Servicer Pay Ahead Balance 1,866,648.73
Maturity Advances Outstanding -
Number of Current Contracts 36,457
Weighted Average Lease Rate 6.84%
Weighted Average Remaining Term 26.0
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
RESERVE FUND:
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 41,249,380.29
Specified Reserve Fund Percentage (if Condition i, ii or iii met) 6.50%
Specified Reserve Fund Amount (if Condition i, ii or iii met) 48,749,267.61
CLASS A CLASS B TOTAL
AMOUNT AMOUNT AMOUNT
------- ------- ------
Beginning Balance 36,769,190.82 1,095,750.00 37,864,940.82
Withdrawal Amount - - -
Transferor Excess 1,240,622.61 1,240,622.61
----------------------------------------------------------------------------
Ending Balance 38,009,813.43 1,095,750.00 39,105,563.43
Specified Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
----------------------------------------------------------------------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <S>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
Liquidated Contracts 82
Discounted Principal Balance 1,587,271.67
Net Liquidation Proceeds (1,253,746.47)
Recoveries - Previously Liquidated Contracts (8,277.50)
---------------------------
Aggregate Credit Losses for the Collection Period 325,247.70
===========================
Cumulative Credit Losses for all Periods 1,304,511.46
===========================
Repossessed in Current Period 50
Ratio of Net Credit Losses to the Average Pool Balance ANNUALIZED AVERAGE
for Each Collection Period: CHARGE-OFF RATE
---------------------------
Second Preceding Collection Period 0.14%
First Preceding Collection Period 0.37%
Current Collection Period 0.52%
CONDITION (I) (CHARGE-OFF RATE)
Three Month Average 0.34%
Charge-off Rate Indicator ( > 1.25%) condition not met
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
31-60 Days Delinquent 0.90% 329 0.91% 6,831,419.29
61-90 Days Delinquent 0.05% 19 0.05% 411,982.92
Over 90 Days Delinquent 0.02% 9 0.03% 194,351.45
--------------- ---------------
Total Delinquencies 357 7,437,753.66
=============== ===============
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 0.08%
First Preceding Collection Period 0.10%
Current Collection Period 0.08%
- -----------------------------------------------------------------------------------------------------------------------------------
CONDITION (II) (DELINQUENCY PERCENTAGE)
Three Month Average 0.09%
Delinquency Percentage Indicator ( > 1.25%) condition not met
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
Matured Lease Vehicle Inventory Sold 1 9,554.11
Net Liquidation Proceeds (8,059.00)
--------------------------
Net Residual Value (Gain) Loss 1,495.11
==========================
Cumulative Residual Value (Gain) Loss all periods 2,736.41
==========================
AVERAGE AVERAGE
NUMBER SCHEDULED SALE NET LIQUIDATION RESIDUAL
SOLD MATURITIES RATIO PROCEEDS VALUE
------ ---------- ----- --------------- --------
Matured Vehicles Sold for
each Collection Period:
Second Preceding Collection Period 0 0
First Preceding Collection Period 1 0 100.00% 11,307.20 12,103.80
Current Collection Period 1 0 100.00% 8,059.00 9,863.68
Three Month Average 9,683.10 10,983.74
--------------------------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 88.16%
--------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (III) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
-------------- ---------
a) Number of Vehicles Sold > 25% of Scheduled Maturities YES
b) Number of Scheduled Maturities > 500 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 88.16% 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-C
Distribution Date of July 23, 1999 for the Collection Period
of June 1 through June 30, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE
TOTAL PERCENT BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 5,605,960.04
Net Investment Income -
Non-recoverable Advances (46,481.68)
--------------------------
Available Interest 5,559,478.36 5,448,288.80
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25) (3,075,508.25)
Unreimbursed A1, A2, A3 Interest Shortfall - -
Interest Accrual for Adjusted Class B Certificate Bal. (282,419.42) (282,419.42)
Class B Interest Carryover Shortfall -
Servicer's Fee (624,974.19) (612,474.71)
Capped Expenses (15,745.94) (15,431.02)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
-------------------------- -------------------
Total Unallocated Interest 1,560,830.56 1,462,455.41
Excess Interest to Transferor (1,462,455.41)
-------------------------- -------------------
Net Interest Collections Available 1,560,830.56
Interest Collections Allocated to Losses (320,207.95)
Accelerated Principal Distribution -
--------------------------
Deposit to Reserve Fund 1,240,622.61
--------------------------
--------------------------
Withdrawal from Reserve Fund -
--------------------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (326,742.81) (320,207.95)
Loss Reimbursement from Transferor 320,207.95 320,207.95
Loss Reimbursement from Reserve Fund -
-------------------------- -------------------
Transferor Ending Certificate Principal Loss Amount (6,534.86) -
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 3,357,927.67 3,357,927.67
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 3,357,927.67 3,357,927.67
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 1,240,622.61
Total Allocation Amount 3,357,927.67 3,357,927.67
-------------------------- -------------------
Total Due To Trust 4,598,550.28 3,357,927.67
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A1 CLASS A2 CLASS A3
BALANCE BALANCE BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 1,400,988.54 3,146,664.75 539,640.03
Class A1, A2, A3 Notional Interest Accrual Amount (829,237.50) (1,914,848.75) (331,422.00)
Unreimbursed A1, A2, A3 Interest Shortfall - - -
Interest Accrual for Adjusted Class B Certificate Bal.
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
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount
Loss Reimbursement from Transferor
Loss Reimbursement from Reserve Fund
Transferor Ending Certificate Principal Loss Amount
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 829,237.50 1,914,848.75 331,422.00
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Not Disbursed End of Period 829,237.50 1,914,848.75 331,422.00
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Total Allocation Amount 829,237.50 1,914,848.75 331,422.00
------------------ ------------------------ ------------------
Total Due To Trust 829,237.50 1,914,848.75 331,422.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS B TRANSFEROR INTEREST
BALANCE INTEREST PRINCIPAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 360,995.46 111,189.57
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. (282,419.42)
Class B Interest Carryover Shortfall -
Servicer's Fee (12,499.48)
Capped Expenses (314.92)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
--------------------------
Total Unallocated Interest 98,375.16
Excess Interest to Transferor 1,462,455.41
--------------------------
Net Interest Collections Available 1,560,830.57
Interest Collections Allocated to Losses (320,207.95)
Accelerated Principal Distribution -
--------------------------
Deposit to Reserve Fund 1,240,622.61
--------------------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (320,207.95) (6,534.86)
Loss Reimbursement from Transferor 320,207.95 (320,207.95)
Loss Reimbursement from Reserve Fund
------------------ ---------------------------------------------------
Transferor Ending Certificate Principal Loss Amount - (320,207.95) (6,534.86)
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 282,419.42 -
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 282,419.42 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Total Allocation Amount 282,419.42 - -
-------------- -----------------------------------------------------
Total Due To Trust 282,419.42 - -
- ---------------------------------------------------------------------------- -----------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of July 23, 1999 for the Collection Period
of June 1 through June 30, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE
TOTAL PERCENT BALANCE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ORIGINAL DEAL PARAMETER
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%
Certificate Factor 1.0000000
Notional/Certificate Rate
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Number of Contracts 34,185
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 33.8
Servicing Fee Percentage 1.00%
POOL DATA PRIOR MONTH
Aggregate Net Investment Value 749,969,025.55
Discounted Principal Balance 749,961,571.05
Notional/Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Servicer Advances 2,157,688.68
Servicer Pay Ahead Balance 1,521,013.59
Maturity Advances Outstanding
Number of Current Contracts 36,167
Weighted Average Lease Rate 6.85%
Weighted Average Remaining Term 26.9
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 749,962,490.69
Discounted Principal Balance 749,954,304.39
Notional/Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Servicer Advances 2,006,037.09
Servicer Pay Ahead Balance 1,866,648.73
Maturity Advances Outstanding
Number of Current Contracts 36,457
Weighted Average Lease Rate 6.84%
Weighted Average Remaining Term 26.0
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A1 CLASS A2 CLASS A3
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 25.71% 189,000,000.00 57.76% 424,500,000.00 9.90% 72,800,000.00
Percent of ANIV 25.20% 56.60% 9.71%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.265% 5.413% 5.463%
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 189,000,000.00 424,500,000.00 72,800,000.00
Adjusted Notional/Certificate Balance 189,000,000.00 424,500,000.00 72,800,000.00
Percent of ANIV 25.20% 56.60% 9.71%
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 189,000,000.00 424,500,000.00 72,800,000.00
Adjusted Notional/Certificate Balance 189,000,000.00 424,500,000.00 72,800,000.00
Percent of ANIV 25.20% 56.60% 9.71%
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
- -----------------------------------------------------------------------------------------------------------------------------------
<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 6.63% 48,700,000.00 14,988,732.51
Percent of ANIV 6.49% 2.00%
Certificate Factor 1.0000000
Notional/Certificate Rate 6.959%
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 48,700,000.00 14,969,025.55
Adjusted Notional/Certificate Balance 48,700,000.00 14,969,025.55
Percent of ANIV 6.49% 2.00%
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 48,700,000.00 14,962,490.69
Adjusted Notional/Certificate Balance 48,700,000.00 14,962,490.69
Percent of ANIV 6.49% 2.00%
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
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
Principal Collections 6,803,258.07
Prepayments in Full 164 3,384,182.48
Reallocation Payment 5 93,671.97
Interest Collections 5,605,960.04
Net Liquidation Proceeds and Recoveries 1,262,023.97
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 8,059.00
Non-Recoverable Advances (46,481.68)
------------------------
Total Available 17,110,673.85
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: AMOUNT ANNUAL AMOUNT
---------------------- ------------------------
<S> <C> <C>
Total Capped Expenses Paid 15,745.94 125,967.52
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
Servicer's Fee Due:
Servicer's Fee Paid 624,974.19
Servicer's Fee Balance Due -
Supplemental Servicer's Fees 64,250.52
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: VEHICLES AMOUNT
Beginning Unreinvested Principal Collections 7,454.50
Principal Collections & Liquidated Contracts 11,871,403.44
Allocation to Subsequent Contracts 542 (11,870,671.64)
------------------------
Ending Unreinvested Principal Collections 8,186.30
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of July 23, 1999 for the Collection Period
of June 1 through June 30, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A1 CLASS A2 CLASS A3 CLASS B TOTAL CLASS
BALANCE BALANCE BALANCE BALANCE BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST RATE
Three Month LIBOR + 0.23% 0.27% 0.32% 2.00%
PRINCIPAL PAYMENTS
Principal Payment due to Investors
Ending Certificate Balance 189,000,000.00 424,500,000.00 72,800,000.00 48,700,000.00 735,000,000.00
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 - - - - -
Net Settlement due to / (receive by)
Swap Counterparty - - - - -
Total Payment to Investors
(Principal and Interest) - - - - -
SWAP SHORTFALL
Prior Swap Interest Shortfall
Carryover - - - - -
Swap Interest Shortfall Inc/(Dec)
This Period - - - -
Swap Swap Interest Shortfall
Carryover - - - -
INTEREST RESET
Interest Rate 5.44750% 5.48750% 5.53750% 7.21750%
Number of Days 94 94 94 94
Interest for Succeeding Certificate
Payment Date 2,688,341.25 6,082,436.46 1,052,617.22 917,785.32
- -----------------------------------------------------------------------------------------------------------------------------------
</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>
Composition of Aggregate Revolving Period Subsequent Contracts Allocated
Between December 31, 1998 and June 30, 1999
<TABLE>
<CAPTION>
<S> <C>
Aggregate Outstanding Principal Balance as of Transfer Date $79,506,056.03
Aggregate Discounted Principal Balance as of Transfer Date $77,297,481.91
Aggregate Net Investment Value as of Transfer Date $77,297,481.91
Number of Subsequent Contracts 3,478
Average Outstanding Principal Balance as of Transfer Date (2) $22,859.71
Average Discounted Principal Balance as of Transfer Date $22,224.69
Range of Original Principal Balances of Subsequent Contracts $9,428.95 to $59,120.57
Weighted Average Lease Rate (1) (2) 7.22%
Range of Lease Rates (2) 1.086% to 13.673%
Weighted Average Original Number of Monthly Payments (1) 38.2 months
Range of Original Number of Monthly Payments 12 months to 60 months
Weighted Average Remaining Number of Monthly Payments (1) 30.1 months
Range of Remaining Number of Monthly Payments 6 months to 56 months
Average Original Residual Value (2) $15,707.05
Range of Original Residual Values (2) $3,544.00 to $43,107.80
Aggregate of Residual Values as a Percentage of Aggregate Net Investment
Value as of Transfer Date 70.67%
Percentage of Lease Contracts for Lexus Vehicles (by Discounted Principal
Balance as of Transfer Date) 33.20%
Percentage of Lease Contracts for Toyota Vehicles (by Discounted Principal
Balance as of Transfer Date) 66.80%
Percentage of Lease Contracts for New Vehicles (by Outstanding Principal
Balance) (2) 98.33%
Percentage of Lease Contracts for Used Vehicles (by Outstanding Principal
Balance) (2) 1.67%
Percentage of Subsequent Contracts By State of Origination (3) (by
Outstanding Principal Balance) (2)
California 54.97%
Ohio 15.81%
Pennsylvania 10.08%
Michigan 9.58%
Florida 9.56%
Total (4) 100.00%
</TABLE>
(1) Weighted by Outstanding Principal Balance as of the Transfer Date.
(2) Without giving effect to discounting for calculation of Discounted
Principal Balances.
(3) By Dealer Location.
(4) Percentages may not add to 100% due to rounding.
