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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 28, 2000
TOYOTA AUTO LEASE TRUST 1998-C
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(Exact name of registrant as specified in its charter)
CALIFORNIA 333-65067 33-0755530
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
c/o Toyota Motor Credit Corporation
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices)
(310) 787-1310
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On April 28, 2000, Toyota Motor Credit Corporation made an
announcement that it will make a one-time cash capital contribution to Toyota
Leasing, Inc., who, as transferor for each of Toyota's four outstanding lease
securitizations, will deposit such amounts into the related reserve funds.
The press release is attached hereto as exhibit 20.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
20 Press release.
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
TOYOTA AUTO LEASE TRUST 1998-C
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
By: /S/ GEORGE E. BORST
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Name: George E. Borst
Title: Senior Vice President and General Manager
April 28, 2000
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION OF EXHIBIT
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20 Press release.
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FOR IMMEDIATE RELEASE
TOYOTA MOTOR CREDIT CORPORATION ANNOUNCES CHANGES TO
LEASE ASSET-BACKED TRANSACTIONS
TORRANCE, Calif. (April 28, 2000) -- Toyota Motor Credit Corporation (TMCC)
today announced that it will make a one-time cash capital contribution to Toyota
Leasing, Inc. (TLI) who will deposit the proceeds into the reserve funds of
Toyota's four outstanding lease securitizations. TLI is the transferor for
Toyota's lease securitizations. TMCC also announced that a portion of the
monthly excess cash flows in the transactions will be retained in these reserve
funds to supplement the capital contribution.
TMCC is taking these actions to address concerns recently raised by rating
agencies with respect to higher than originally expected aggregate residual
value losses on TMCC's lease portfolio. As a result of TMCC's stated intentions,
Moody's Investors Service and Standard and Poor's issued press releases in which
they affirmed the original credit ratings of Toyota's lease ABS securities.
These capital contributions do not imply any ongoing support or guarantee of the
securities issued in those transactions, as TMCC and TLI do not intend to take
any further actions in the future. TMCC does not expect its actions to affect
the legal conclusions reached by its counsel with respect to bankruptcy issues
or other matters at the time these securities were issued.
"The actions taken by TMCC reflect the company's confidence in the future
performance of the Toyota Auto Lease Trust transactions and the TMCC lease
portfolio as a whole," said David Tademaru, National Treasury Manager for TMCC.
"It also demonstrates TMCC's strong commitment to its ABS funding program" added
Tademaru.
TMCC is a California corporation, an indirect subsidiary of Toyota Motor
Corporation, and currently the captive finance company of Toyota Motor Sales,
USA. Its long term unsecured ratings of AAA by Standard and Poor's and Aa1 by
Moody's Investors Service were unaffected by these recent events.
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CONTACTS:
Dave Tademaru 310/468-6174
