<PAGE>
EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 2000 for the Collection Period of
September 1, 2000 through September 30, 2000
<TABLE>
<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 597,582,764.27
Discounted Principal Balance 593,687,397.09
Servicer Advances 2,330,415.35
Servicer Pay Ahead Balance 2,062,668.41
Maturity Advances Outstanding -
Number of Current Contracts 33,633
Weighted Average Lease Rate 6.78%
Weighted Average Remaining Term 11.6
</TABLE>
<TABLE>
<S> <C>
-------------------------------------------------------------------------------------------------------------------------
RESERVE FUND:
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage 9.44%
Specified Reserve Fund Amount 70,761,436.91
<CAPTION>
CLASS A CLASS B TOTAL
AMOUNT AMOUNT AMOUNT
------ ------ ------
<S> <C> <C> <C>
Beginning Balance 69,665,686.91 1,095,750.00 70,761,436.91
Withdrawal Amount 0.00 - 00.0
Cash Capital Contribution
Transferor Excess - -
------------------------------------------------------------------
Reserve Fund Balance Prior to Release 69,665,686.91 1,095,750.00 70,761,436.91
Specified Reserve Fund Balance 69,665,686.91 1,095,750.00 70,761,436.91
------------------------------------------------------------------
Release to Transferor - - -
Ending Reserve Fund Balance 69,665,686.91 1,095,750.00 70,761,436.91
Prior Cumulative Withdrawal Amount - - -
Cumulative Withdrawal Amount 0.00 - 00.0
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: VEHICLES
--------
Liquidated Contracts 95
Discounted Principal Balance -- 1,584,035.06
Net Liquidation Proceeds (1,280,580.00)
Recoveries - Previously Liquidated Contracts (7,260.52)
----------------------------
Aggregate Credit Losses for the Collection Period 296,194.54
============================
Cumulative Credit Losses for all Periods 4,823,548.13
============================
Repossessed in Current Period 55
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.36%
First Preceding Collection Period 0.27%
Current Collection Period 0.59%
-------------------------------------------------------------------------------------------------------------------------
CONDITION (i)i (CHARGE-OFF RATE)
Three Month Average 0.41%
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 2.06% 693 1.98% 11,809,711.42
61-90 Days Delinquent 0.15% 49 0.14% 815,757.47
Over 90 Days Delinquent 0.05% 17 0.05% 273,830.13
-------------------- --------------------------
Total Delinquencies 759 12,899,299.02
==================== ==========================
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 0.16%
First Preceding Collection Period 0.23%
Current Collection Period 0.20%
--------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.20%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
--------
Matured Lease Vehicle Inventory Sold 332 5,714,055.17
---
Net Liquidation Proceeds (5,025,593.55)
--------------------------
Net Residual Value (Gain) Loss 688,461.62
==========================
Cumulative Residual Value (Gain) Loss 1,270,843.26
all periods ==========================
AVERAGE AVERAGE
NUMBER SCHEDULED SALE NET LIQUIDATION RESIDUAL
MATURED VEHICLES SOLD FOR SOLD MATURITIES RATIO PROCEEDS VALUE
EACH COLLECTION PERIOD:
Second Preceding Collection Period 27 128 21.09% 13,410.10 14,154.89
First Preceding Collection Period 93 847 10.98% 14,757.03 16,133.42
Current Collection Period 332 465 71.40% 15,137.33 17,262.67
Three Month Average 14,955.91 16,844.68
--------------------------
Ratio of Three Month Average Net Liquidation 88.79%
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 71.40% YES
b) Number of Scheduled Maturities > 500 465 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% 88.79% NO
of Avg. Residual Values
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 2000 for the Collection Period of
September 1, 2000 through September 30, 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 4,460,046.92
Net Investment Income 575,096.00
Non-recoverable Advances (77,810.74)
-----------------
Available Interest 4,957,332.18 4,861,048.09 1,249,983.79 2,807,503.28
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 (514,575.97) (503,269.99)
Capped Expenses (20,395.10) (19,946.99)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
----------------- ---------------
Total Unallocated Interest 1,064,433.44 979,903.44
Excess Interest to Transferor - (979,903.44)
----------------- ---------------
Net Interest Collections Available 1,064,433.44 0.00
-----------------
LOSSES ALLOCABLE TO INVESTOR CERTIFICATES: (963,021.84)
ACCELERATED PRINCIPAL DISTRIBUTION: (16,881.60)
DEPOSIT TO RESERVE FUND: -
WITHDRAWAL FROM RESERVE FUND: 0.00
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: -
NET WITHDRAWAL FROM THE RESERVE FUND: 0.00
PRINCIPAL:
Current Loss Amount (984,656.16) (963,021.84) (963,021.84) -
Loss Reimbursement from Transferor 963,021.84 963,021.84 963,021.84 -
Loss Reimbursement from Reserve Fund - - - -
----------------- --------------- ------------- -------------
Total (21,634.32) - - -
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 376,582.52 - - -
Allocations - Current Period 19,510,184.22 19,510,184.22 19,510,184.22 -
Allocations - Accelerated Principal Distribution 16,881.60 16,881.60 16,881.60 -
Allocations - Not Disbursed Beginning of Period 131,076,011.77 131,076,011.77 131,076,011.77 -
Allocations - Not Disbursed End of Period 150,603,077.59 150,603,077.59 150,603,077.59 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 84,530.00 - - -
Allocations - Current Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
Allocations - Not Disbursed Beginning of Period - - - -
Allocations - Not Disbursed End of Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/ (Withdrawal from) Reserve Fund (0.00)
Due To Trust 22,771,010.01 22,309,897.49 20,208,421.49 1,582,701.47
----------------- ------------- ------------- -------------
Total Due To Trust 22,771,010.01 22,309,897.49 20,208,421.49 1,582,701.47
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
CLASS A3 CLASS B TRANSFEROR INTEREST
BALANCE BALANCE INTEREST PRINCIPAL
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 481,475.24 322,085.77 96,284.09
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 (11,305.98)
Capped Expenses (448.11)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
-----------------
Total Unallocated Interest 84,530.00
Excess Interest to Transferor 979,903.44
-----------------
Net Interest Collections Available 1,064,433.44
LOSSES ALLOCABLE TO INVESTOR CERTIFICATES: (963,021.84)
ACCELERATED PRINCIPAL DISTRIBUTION: (16,881.60)
-----------------
DEPOSIT TO RESERVE FUND: 84,530.84
-----------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - (21,634.32)
Loss Reimbursement from Transferor - - (963,021.84)
Loss Reimbursement from Reserve Fund - -
-------------- --------------- --------------
Total - - (21,634.32)
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 - - 376,582.52
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 - - 84,530.00
Allocations - Current Period 331,422.00 282,419.42
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 331,422.00 282,419.42
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust 274,460.11 244,314.42 84,530.00 376,582.52
--------------- --------------- ----------------- --------------
Total Due To Trust 274,460.11 244,314.42 84,530.00 376,582.52
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 2000 for the Collection Period of
September 1, 2000 through September 30, 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) 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
Percent of ANIV 98.00% 25.20%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.2650%
Target Maturity Date December 25, 2000
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 617,491,165.33
Discounted Principal Balance 609,145,507.42
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate Balance 603,923,988.23 57,923,988.23
Percent of ANIV 97.80% 9.38%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,110,893.87
Servicer Pay Ahead Balance 2,086,704.80
Maturity Advances Outstanding
Number of Current Contracts 34,374
Weighted Average Lease Rate 6.79%
Weighted Average Remaining Term 12.4
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 597,582,764.27
Maturity Advance Outstanding 593,687,397.09
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate Balance 584,396,922.41 38,396,922.41
Percent of ANIV 97.79% 6.43%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,330,415.35
Servicer Pay Ahead Balance 2,062,668.41
Maturity Advances Outstanding -
Number of Current Contracts 33,633
Weighted Average Lease Rate 6.78%
Weighted Average Remaining Term 11.6
Prior Certificate Interest Payment Date September 25, 2000
Next Certificate Interest Payment Date December 26, 2000
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
CLASS A2 CLASS A3 CLASS B
PERCENT BALANCE PERCENT BALANCE PERCENT BALANCE
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 57.76% 424,500,000.00 9.90% 72,800,000.00 6.63% 48,700,000.00
Percent of ANIV 56.60% 9.71% 6.49%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.4130% 5.4630% 6.9590%
Target Maturity Date December 25, 2001 March 25, 2002 Decmeber 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 424,500,000.00 72,800,000.00 48,700,000.00
Adjusted Notional/Certificate Balance 424,500,000.00 72,800,000.00 48,700,000.00
Percent of ANIV 68.75% 11.79% 7.89%
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
Maturity Advance Outstanding
ANIV Net of Maturity Advance**
Discounted Principal Balance
Notional/Certificate Balance 424,500,000.00 72,800,000.00 48,700,000.00
Adjusted Notional/Certificate Balance 424,500,000.00 72,800,000.00 48,700,000.00
Percent of ANIV 71.04% 12.18% 8.15%
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 March 27, 2000
Next Certificate Interest Payment Date September 25, 2000
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TRANSFEROR INTEREST
BALANCE
------------------------------------------------------------------------
<S> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 14,988,732.51
Percent of ANIV 2.00%
Certificate Factor
Notional/Certificate Rate
Target Maturity Date
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
POOL DATA PRIOR MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 13,567,177.10
Adjusted Notional/Certificate Balance 13,567,177.10
Percent of ANIV 2.20%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advance 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 13,185,841.86
Adjusted Notional/Certificate Balance 13,185,841.86
Percent of ANIV 2.21%
Certificate Factor
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advance Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date March 27, 2000
Next Certificate Interest Payment Date September 25, 2000
** Strictly for purposes of calculating Transferors Interest.
</TABLE>
------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
--------
<S> <C> <C>
Principal Collections 7,009,678.15
Prepayments in Full 308 5,500,410.07
---
Reallocation Payment 6 100,222.61
---
Interest Collections 4,460,046.92
Net Liquidation Proceeds and Recoveries 1,287,840.52
Net Liquidation Proceeds - Vehicle Sales 5,025,593.55
Non-Recoverable Advances (77,810.74)
-----------------------
Total Available 23,305,981.08
--------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: AMOUNT ANNUAL AMOUNT
------------------------- -----------------------------
<S> <C> <C>
Total Capped Expenses Paid 20,395.10 183,555.90
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period 514,575.97
Servicer's Fee Paid 514,575.97
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 57,208.55
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: VEHICLES AMOUNT
-------- ------
<S> <C> <C>
Beginning Unreinvested Principal Collections -
Principal Collections & Liquidated Contracts -
Allocation to Subsequent Contracts 0 -
----- -----------------------------
Ending Unreinvested Principal Collections -
------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 2000 for the Collection Period of
September 1, 2000 through September 30, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
CLASS A1 CLASS A2 CLASS A3 CLASS B TOTAL CLASS
-------- -------- -------- ------- -----------
BALANCE BALANCE BALANCE BALANCE BALANCE
-----------------------------------------------------------------------------------------------------------------------------------
<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 6.89000% 6.93000% 6.98000% 8.66000%
Number of Days 92 92 92 92
INTEREST FOR SUCCEEDING CERTIFICATE PAYMENT DATE 3,327,870.00 7,517,895.00 1,298,590.22 1,077,785.11 13,222,140.33
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
I hereby certify to the best of my knowledge that the
servicing report provided is true and correct.
/s/ ROBERT WOODIE
-----------------------------------------------------
Robert Woodie, National Treasury Manager
