<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): September 27, 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 5. Other Events
------------
On September 27, 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 August 1999 is filed as Exhibit 20 to this Current Report on
Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20 Servicer's Certificate for the month of
August, 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: September 30, 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 September 27, 1999 for the Collection Period of
August 1 through August 31, 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
Servicing Fee Percentage 1.00%
POOL DATA - CURRENT MONTH
Aggregate Net Investment Value 749,950,641.10
Discounted Principal Balance 748,818,301.92
Servicer Advances 1,978,695.40
Servicer Pay Ahead Balance 1,842,716.49
Maturity Advances Outstanding -
Number of Current Contracts 37,001
Weighted Average Lease Rate 6.83%
Weighted Average Remaining Term 24.0
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
------------ ----------- -------------
<S> <C> <C> <C>
Beginning Balance 38,868,213.23 1,095,750.00 39,963,963.83
Withdrawal Amount - - -
Transferor Excess 1,155,729.98 1,155,729.98
-------------------------------------------------
Ending Balance 40,023,943.81 1,095,750.00 41,119,693.81
Specified Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
-------------------------------------------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
-------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS:
Vehicles
--------
<S> <C> <C>
Liquidated Contracts 106
Discounted Principal Balance --- 2,044,407.65
Net Liquidation Proceeds (1,894,760.79)
Recoveries - Previously Liquidated Contracts (15,417.50)
-------------
Aggregate Credit Losses for the Collection Period 134,229.36
-------------
-------------
Cumulative Credit Losses for all Periods 1,873,544.76
-------------
-------------
Repossessed in Current Period 54
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE
FOR EACH COLLECTION PERIOD:
Annualized Average
Charge-Off Rate
------------------
<S> <C>
Second Preceding Collection Period 0.52%
First Preceding Collection Period 0.70%
Current Collection Period 0.21%
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.48%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DELINQUENT CONTRACTS:
Percent Accounts Percent ANIV
------- -------- ------- ------------
<S> <C> <C> <C> <C>
31-60 Days Delinquent 0.93% 343 0.91% 6,803,262.32
61-90 Days Delinquent 0.08% 28 0.08% 610,163.04
Over 90 Days Delinquent 0.03% 11 0.03% 249,033.54
-------- ------------
Total Delinquencies 382 7,662,458.90
-------- ------------
-------- ------------
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 0.08%
Current Collection Period 0.11%
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.09%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
RESIDUAL VALUE (GAIN) LOSS:
Vehicles
--------
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 19 279,706.10
Net Liquidation Proceeds -- (259,732.48)
----------
Net Residual Value (Gain) Loss 19,973.62
----------
----------
Cumulative Residual Value (Gain) Loss all periods 25,877.51
----------
----------
Average Average
MATURED VEHICLES SOLD FOR Number Scheduled Sale Net Liquidation Residual
EACH COLLECTION PERIOD: Sold Maturities Ratio Proceeds Value
----- ---------- ------ --------------- -----------
<S> <C> <C> <C> <C> <C>
Second Preceding Collection Period 1 0 100.00% 8,059.00 9,863.68
First Preceding Collection Period 3 0 100.00% 11,691.20 13,278.39
Current Collection Period 19 128 14.84% 13,670.13 14,822.29
Three Month Average 13,168.05 14,405.32
-----------
Ratio of Three Month Average Net Liquidation -----------
Proceeds to Average Residual Value 91.41%
-----------
CONDITION (iii) (RESIDUAL VALUE TEST)
CURRENT PERIOD
AMOUNT/RATIO TEST MET?
-------------- ---------
<S> <C> <C>
a) Number of Vehicles Sold greater than 25% of
Scheduled Maturities 14.84% NO
b) Number of Scheduled Maturities greater than 500 128 NO
c) 3 Month Average Matured Leased Vehicle Proceeds
less than 75% of Avg. Residual 91.41% 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 September 27, 1999 for the Collection Period of
August 1 through August 31, 1999
<TABLE>
<CAPTION>
Certificate Balance Class A1 Class A2
------------------------ -------- --------
Total Percent Balance Balance Balance
------------- ------- ------- -------- --------
<S> <C> <C> <C> <C> <C>
98.00%
INTEREST:
Interest Collections 5,334,020.06
Net Investment Income 29,210.16
Non-recoverable Advances (57,752.36)
------------
Available Interest 5,305,477.86 5,199,158.54 1,336,926.48 3,002,779.32
Class A1, A2, A3
Notional Interest
Accrual Amount (3,075,508.25) (3,075,508.25) (829,237.50) (1,914,848.75)
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 (624,961.45) (612,462.22)
Capped Expenses (15,745.94) (15,431.02)
Interest Accrual on
Class B. Cert. Prin.
Loss Amt. - -
Uncapped Expenses - -
------------- ------------
Total Unallocated Interest 1,306,842.80 1,213,337.63
Excess Interest to Transferor (1,213,337.63)
------------- ------------
Net Interest
Collections Available 1,306,842.80 -
Interest Collections
Allocated to Losses (151,112.82)
Accelerated Principal
Distribution -
-------------
Deposit to Reserve Fund 1,155,729.98
-------------
Withdrawal from Reserve Fund -
-------------
PRINCIPAL:
Certificate Principal
Loss Amounts:
Current Loss Amount (154,202.98) (151,112.82)
Loss Reimbursement
from Transferor 151,112.82 151,112.82
Loss Reimbursement
from Reserve Fund -
------------- ------------
Transferor Ending
Certificate Principal
Loss Amount (3,090.16) -
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 10,073,783.01 10,073,783.01 2,487,712.50 5,744,546.25
Allocations - Current Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
Allocations - Not Disbursed
Beginning of Period 6,715,855.34 6,715,855.34 1,658,475.00 3,829,697.50
Allocations - Not Disbursed
End of Period - - - -
DUE TO TRUST -
CURRENT PERIOD: -
Total Deposit to Reserve Fund 1,155,729.98
Total Allocation Amount 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
------------- ------------ ---------- ------------
Total Due To Trust 4,513,657.65 3,357,927.67 829,237.50 1,914,848.75
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of September 27, 1999 for the Collection Period of
August 1 through August 31, 1999
<TABLE>
<CAPTION>
Class A Class B Transferor Interest
-------- -------- ----------------------------
Balance Balance Interest Principal
------- -------- -------- ---------
<S> <C> <C> <C> <C>
INTEREST:
Interest Collections 2.00%
Net Investment Income
Non-recoverable Advances
Available Interest 514,964.27 344,488.46 106,319.33
Class A1, A2, A3 Notional Interest
Accrual Amount (331,422.00)
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 (12,499.23)
Capped Expenses (314.92)
Interest Accrual on
Class B. Cert. Prin.
Loss Amt. -
Uncapped Expenses -
------------
Total Unallocated Interest 93,505.17
Excess Interest to Transferor 1,213,337.63
------------
Net Interest
Collections Available 1,306,842.80
Interest Collections
Allocated to Losses (151,112.82)
Accelerated Principal
Distribution -
------------
Deposit to Reserve Fund 1,155,729.98
------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (151,112.82) (3,090.16)
Loss Reimbursement from Transferor 151,112.82 (151,112.82)
Loss Reimbursement from Reserve Fund
------------- ------------ ----------
Transferor Ending Certificate Principal
Loss Amount - (151,112.82) (3,090.16)
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 994,266.00 847,258.26 -
Allocations - Current Period 331,422.00 282,419.42 -
Allocations - Not Disbursed
Beginning of Period 662,844.00 564,838.84 -
Allocations - Not Disbursed
End of Period - - -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Total Allocation Amount 331,422.00 282,419.42 -
------------ ---------- ------------ ----------
Total Due To Trust 331,422.00 282,419.42 - -
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of September 27, 1999 for the Collection Period of
August 1 through August 31, 1999
<TABLE>
<CAPTION>
Certificate Balance Class A1 Class A2
----------------------- ---------------------- ---------------------
Total Percent Balance Percent Balance Percent Balance
------------- ------- ------------- ------- ------------ ------- ------------
<S> <C> <C> <C> <C> <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 25.71% 189,000,000.00 57.76% 424,500,000.00
Percent of ANIV 98.00% 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.265% 5.413%
Targeted Maturity Dates December 25, 2000 December 25, 2001
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 749,953,731.26
Discounted Principal Balance 749,642,328.82
Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Percent of ANIV 98.00% 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000 1.0000000
Servicer Advances 2,002,168.75
Servicer Pay Ahead Balance 1,819,059.93
Maturity Advances Outstanding -
Number of Current Contracts 36,726
Weighted Average Lease Rate 6.84%
Weighted Average Remaining Term 25.0
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 749,950,641.10
Discounted Principal Balance 748,818,301.92
Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Percent of ANIV 98.01% 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000 1.0000000
Servicer Advances 1,978,695.40
Servicer Pay Ahead Balance 1,842,716.49
Maturity Advances Outstanding -
Number of Current Contracts 37,001
Weighted Average Lease Rate 6.83%
Weighted Average Remaining Term 24.0
Prior Certificate Interest Payment Date June 25, 1999
Next Certificate Interest Payment Date September 27, 1999
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of September 27, 1999 for the Collection Period of
August 1 through August 31, 1999
<TABLE>
<CAPTION>
Class A3 Class B Transferor Interest
-------------------- -------------------- -------------------
Percent Balance Percent Balance Balance
------- ---------- ------- ---------- -------------------
<S> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 9.90% 72,800,000.00 6.63% 48,700,000.00 14,988,732.51
Percent of ANIV 9.71% 6.49% 2.00%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.463% 6.959%
Targeted Maturity Dates March 25, 2002 December 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 72,800,000.00 48,700,000.00 14,953,731.26
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,953,731.26
Percent of ANIV 9.71% 6.49% 2.00%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
POOL DATA CURRENT MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,950,641.10
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,950,641.10
Percent of ANIV 9.71% 6.49% 1.99%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
<S> <C> <C>
Principal Collections 6,983,533.73
Prepayments in Full 213 4,495,608.31
Reallocation Payment 4 76,780.16
Interest Collections 5,334,020.06
Net Liquidation Proceeds and Recoveries 1,910,178.29
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 259,732.48
Non-Recoverable Advances (57,752.36)
-------------
Total Available 19,002,100.67
Amount Annual Amount
---------- -------------
<S> <C> <C>
CAPPED AND UNCAPPED EXPENSES:
Total Capped Expenses Paid 15,745.94 157,459.40
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 624,961.45
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 65,187.63
Revolving Period:
Vehicles Amount
--------- -------------
<S> <C> <C>
Beginning Unreinvested Principal Collections 2,429.91
Principal Collections & Liquidated Contracts 13,876,945.79
Allocation to Subsequent Contracts 617 (13,869,900.70)
--- --------------
Ending Unrenvested Principal Collections 9,475,00
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of September 27, 1999 for the Collection Period of
August 1 through August 31, 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 5.44750% 5.48750% 5.53750% 7.21750%
Interest Calculation for
Current Interest Period 2,688,341.25 6,082,436.46 1,052,617.22 917,785.32 10,741,180.25
At Certificate Payment Date:
Paid to Swap Counterparty - 2,487,712.50 5,744,546.25 994,266.00 847,258.26 10,073,783.01
Due to Swap Counterparty - 2,487,712.50 5,744,546.25 994,266.00 847,258.26 10,073,783.01
Proration % 0.00%
Interest Due to Investors 2,688,341.25 6,082,436.46 1,052,617.22 917,785.32 10,741,180.25
Interest Payment to Investors 2,688,341.25 6,082,436.46 1,052,617.22 917,785.32 10,741,180.25
Net Settlement due to / (receive
by) Swap Counterparty 200,628.75 337,890.21 58,351.22 70,527.06 667,397.24
TOTAL PAYMENT TO INVESTORS
(PRINCIPAL AND INTEREST) 2,688,341.25 6,082,436.46 1,052,617.22 917,785.32 10,741,180.25
SWAP SHORTFALL
Prior Swap Interest Shortfall
Carryover - - - - -
Swap Interest Shortfall
Inc/(Dec) This Period - - - - -
Swap Swap Interest Shortfall
Carryover - - - - -
INTEREST RESET
Interest Rate TBD TBD TBD TBD
Number of Days TBD TBD TBD TBD
INTEREST FOR SUCCEEDING CERTIFICATE
PAYMENT DATE
</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
