<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of August 25, 2000 for the Collection Period of July 1,
2000 through July 31, 2000
<TABLE>
<CAPTION>
POOL DATA - ORIGINAL DEAL PARAMETERS
------------------------------------
<S> <C>
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 637,094,218.67
Discounted Principal Balance 634,695,295.70
Servicer Advances 2,120,667.86
Servicer Pay Ahead Balance 2,300,618.29
Maturity Advances Outstanding -
Number of Current Contracts 35,073
Weighted Average Lease Rate 6.80%
Weighted Average Remaining Term 13.3
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
RESERVE FUND:
<S> <C> <C> <C>
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage 9.44%
Specified Reserve Fund Amount 70,761,436.91
Class A Class B Total
Amount Amount Amount
------------- ------------ -------------
Beginning Balance 67,726,679.23 1,095,750.00 68,822,429.23
Withdrawal Amount - - -
Cash Capital Contribution
Transferor Excess 1,152,597.97 1,152,597.97
------------- ------------ -------------
Reserve Fund Balance Prior to Release 68,879,277.20 1,095,750.00 69,975,027.20
Specified Reserve Fund Balance 69,665,686.91 1,095,750.00 70,761,436.91
------------- ------------ -------------
Release to Transferor - - -
Ending Reserve Fund Balance 68,879,277.20 1,095,750.00 69,975,027.20
Prior Cumulative Withdrawal Amount - - -
Cumulative Withdrawal Amount - - -
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
<S> <C> <C>
Liquidated Contracts 73
--
Discounted Principal Balance 1,218,606.14
Net Liquidation Proceeds (1,023,000.13)
Recoveries - Previously Liquidated Contracts (445.21)
--------------
Aggregate Credit Losses for the Collection Period 195,160.80
==============
Cumulative Credit Losses for all Periods 4,383,697.31
==============
Repossessed in Current Period 44
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.45%
First Preceding Collection Period 0.30%
Current Collection Period 0.36%
-----------------------------------------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
--------------
Three Month Average 0.37%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
31-60 Days Delinquent 1.52% 534 1.44% 9,193,867.55
61-90 Days Delinquent 0.11% 37 0.10% 639,261.69
Over 90 Days Delinquent 0.05% 18 0.05% 349,351.41
-------- -------------
Total Delinquencies 589 10,182,480.65
======== =============
RATIO OF NUMBER OF CONTRACTS DELINQUENT 60 DAYS OR MORE TO THE OUTSTANDING
NUMBER OF RECEIVABLES AS OF EACH COLLECTION PERIOD (INCLUDES REPOSSESSIONS):
Second Preceding Collection Period 0.16%
First Preceding Collection Period 0.12%
Current Collection Period 0.16%
-----------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
--------------
Three Month Average 0.15%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
<S> <C> <C> <C> <C> <C>
Matured Lease Vehicle Inventory Sold 27 380,482.49
----
Net Liquidation Proceeds (362,072.63)
------------
Net Residual Value (Gain) Loss 18,409.86
============
Cumulative Residual Value (Gain) Loss all periods 454,980.14
============
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ------ ---------- ------- --------------- --------
Second Preceding Collection Period 12 2 100.00% 15,588.17 17,741.64
First Preceding Collection Period 27 134 20.15% 13,179.84 13,752.10
Current Collection Period 27 128 21.09% 13,410.10 14,154.89
Three Month Average 13,711.91 14,642.25
------------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 93.65%
------------
----------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
--------------- ------------ ---------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 21.09% NO
b) Number of Scheduled Maturities > 500 128 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 93.65% NO
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 August 25, 2000 for the Collection Period of July 1, 2000
through July 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE CLASS A1 CLASS A2
-------------------- -------- --------
Total Percent Balance Balance Balance
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 4,719,313.06
Net Investment Income 441,493.57
Non-recoverable Advances (38,722.26)
----------------
Available Interest 5,122,084.37 5,021,629.48 1,291,276.15 2,900,247.23
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 (543,399.32) (531,736.87)
Capped Expenses (20,395.10) (19,957.38)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
---------------- --------------
Total Unallocated Interest 1,200,362.28 1,112,007.56
Excess Interest to Transferor - (1,112,007.56)
---------------- --------------
Net Interest Collections Available 1,200,362.28 -
----------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (208,987.00)
ACCELERATED PRINCIPAL DISTRIBUTION: (132,727.96)
DEPOSIT TO RESERVE FUND: 1,152,597.97
WITHDRAWAL FROM RESERVE FUND: -
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN: 293,950.65
NET WITHDRAWAL FROM THE RESERVE FUND: -
PRINCIPAL:
Current Loss Amount (213,570.66) (208,987.00) (208,987.00) -
Loss Reimbursement from Transferor 208,987.00 208,987.00 208,987.00 -
Loss Reimbursement from Reserve Fund - - - -
---------------- -------------- -------------- ------------
Total (4,583.66) - - -
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 14,686,425.85 14,686,425.85 14,686,425.85 -
Allocations - Accelerated Principal Distribution 132,727.96 132,727.96 132,727.96 -
Allocations - Not Disbursed Beginning of Period 96,915,751.07 96,915,751.07 96,915,751.07 -
Allocations - Not Disbursed End of Period 111,734,904.88 111,734,904.88 111,734,904.88 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - - -
Allocations - Current Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
Allocations - Not Disbursed Beginning of Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
Allocations - Not Disbursed End of Period 6,715,855.34 6,715,855.34 1,658,475.00 3,829,697.50
DUE TO TRUST - CURRENT PERIOD: -
Total Deposit to/(Withdrawal from) Reserve Fund 1,152,597.97
Due To Trust 17,735,587.91 17,735,587.91 15,534,864.39 1,659,863.69
---------------- -------------- --------------- ------------
Total Due To Trust 18,888,185.88 17,735,587.91 15,534,864.39 1,659,863.69
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<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 497,380.44 332,725.65 100,454.89
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 (11,662.45)
Capped Expenses (437.72)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
------------
Total Unallocated Interest 88,354.72
Excess Interest to Transferor 1,112,007.56
------------
Net Interest Collections Available 1,200,362.28
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (208,987.00)
ACCELERATED PRINCIPAL DISTRIBUTION: (132,727.96)
------------
DEPOSIT TO RESERVE FUND: 858,647.32
------------
WITHDRAWAL FROM RESERVE FUND:
REIMBURSEMENT/DEPOSIT FROM TRANSFEROR PRIN:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - (4,583.66)
Loss Reimbursement from Transferor - - (208,987.00)
Loss Reimbursement from Reserve Fund - -
---------- ------------ ----------
Total - - (4,583.66)
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 331,422.00 282,419.42
Allocations - Not Disbursed Beginning of Period 331,422.00 282,419.42
Allocations - Not Disbursed End of Period 662,844.00 564,838.84
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund
Due To Trust 287,693.11 253,166.72 - -
---------- ---------- ------------ ----------
Total Due To Trust 287,693.11 253,166.72 - -
------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of August 25, 2000 for the Collection Period of July 1, 2000
through July 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE CLASS A1
--------------------- --------------------
Total Percent Balance Percent Balance
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV) 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 652,079,178.83
Discounted Principal Balance 650,950,416.85
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate Balance 638,084,248.93 92,084,248.93
Percent of ANIV 97.85% 14.12%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,095,261.70
Servicer Pay Ahead Balance 2,112,028.12
Maturity Advances Outstanding -
Number of Current Contracts 35,501
Weighted Average Lease Rate 6.80%
Weighted Average Remaining Term 14.3
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 637,094,218.67
Discounted Principal Balance 634,695,295.70
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate Balance 623,265,095.12 77,265,095.12
Percent of ANIV 97.83% 12.13%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,120,667.86
Servicer Pay Ahead Balance 2,300,618.29
Maturity Advances Outstanding -
Number of Current Contracts 35,073
Weighted Average Lease Rate 6.80%
Weighted Average Remaining Term 13.3
Prior Certificate Interest Payment Date June 26, 2000
Next Certificate Interest Payment Date September 25, 2000
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<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 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 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 65.10% 11.16% 7.47%
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 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 66.63% 11.43% 7.64%
Certificate Factor 1.0000000 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<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 13,994,929.90
Adjusted Notional/Certificate Balance 13,994,929.90
Percent of ANIV 2.15%
Certificate Factor
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 13,829,123.55
Adjusted Notional/Certificate Balance 13,829,123.55
Percent of ANIV 2.17%
Certificate Factor
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
-------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
--------------------------------- --------
<S> <C> <C>
Principal Collections 7,266,989.50
Prepayments in Full 326 6,071,224.69
---
Reallocation Payment 2 47,657.34
-
Interest Collections 4,719,313.06
Net Liquidation Proceeds and Recoveries 1,023,445.34
Net Liquidation Proceeds - Vehicle Sales 362,072.63
Non-Recoverable Advances (38,722.26)
-------------
Total Available 19,451,980.30
-----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
--------- -------------
<S> <C> <C>
Total Capped Expenses Paid 20,395.10 142,765.70
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period 543,399.32
Servicer's Fee Paid 543,399.32
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 60,678.21
--------------------------------------------------------------------------------------------------
</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 August 25, 2000 for the Collection Period of July 1
through July 31, 2000
<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 7.00250% 7.04250% 7.09250% 8.77250%
Number of Days 91 91 91 91
INTEREST FOR SUCCEEDING CERTIFICATE PAYMENT DATE 3,345,444.38 7,556,895.94 1,305,177.61 1,079,919.12 13,287,437.04
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
I hereby certify to the best of my knowledge that the servicing
report provided is true and correct.
/s/ Holly Pearson
--------------------------------------------------------
Holly Pearson, Treasury Operations Manager
