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Previous: PINNACLE GLOBAL GROUP INC, S-3, 2000-04-28 |
Next: PAPP SMALL & MID CAP GROWTH FUND INC, 485BPOS, 2000-04-28 |
<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): April 25, 2000
--------------
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 April 25, 2000, 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 March 2000 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
March, 2000.
-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: April 28, 2000 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 April 25, 2000 for the Collection
Period of March 1, 2000 through March 31, 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 694,975,531.98
Discounted Principal Balance 694,550,696.88
Servicer Advances 1,842,561.44
Servicer Pay Ahead Balance 2,290,979.25
Maturity Advances Outstanding --
Number of Current Contracts 36,637
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 17.2
</TABLE>
<TABLE>
<S> <C> <C> <C>
RESERVE FUND:
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage
(IF CONDITIONS i, ii AND iii NOT MET) 5.50%
Specified Reserve Fund Amount
(IF CONDITIONS i, ii AND iii NOT MET) 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 40,153,630.29 1,095,750.00 41,249,380.29
Withdrawal Amount - - -
Transferor Excess 826,273.46 826,273.46
--------------------------------------------------------------------------
Reserve Fund Balance Prior to Release 40,979,903.75 1,095,750.00 42,075,653.75
Specified Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
--------------------------------------------------------------------------
Release to Transferor 826,273.46 - 826,273.46
Ending Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
Prior Cumulative Withdrawal Amount - - -
Cumulative Withdrawal Amount - - -
</TABLE>
<TABLE>
<CAPTION>
VEHICLES
--------
<S> <C> <C>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS:
Liquidated Contracts 99
Discounted Principal Balance 1,871,300.45
Net Liquidation Proceeds (1,635,110.63)
Recoveries - Previously Liquidated Contracts (3,581.44)
-------------
Aggregate Credit Losses for the Collection Period 232,608.38
=============
Cumulative Credit Losses for all Periods 3,848,536.58
=============
Repossessed in Current Period 52
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE ANNUALIZED AVERAGE
FOR EACH COLLECTION PERIOD: CHARGE-OFF RATE
Second Preceding Collection Period 0.39%
First Preceding Collection Period 0.46%
Current Collection Period 0.40%
- -----------------------------------------------------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.42%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
<CAPTION>
PERCENT ACCOUNTS PERCENT ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
DELINQUENT CONTRACTS:
31-60 Days Delinquent 1.02% 374 1.01% 7,032,951.54
61-90 Days Delinquent 0.07% 24 0.06% 399,003.32
Over 90 Days Delinquent 0.02% 7 0.03% 179,138.19
------- -------------
Total Delinquencies 405 7,611,093.05
======= =============
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 0.12%
First Preceding Collection Period 0.11%
Current Collection Period 0.08%
- -----------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.10%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
<CAPTION>
Vehicles
--------
<S> <C> <C> <C> <C> <C>
RESIDUAL VALUE (GAIN) LOSS:
Matured Lease Vehicle Inventory Sold 26 436,253.50
Net Liquidation Proceeds (389,465.34)
------------
Net Residual Value (Gain) Loss 46,788.16
============
Cumulative Residual Value (Gain)
Loss all periods 440,431.32
============
AVERAGE AVERAGE
NUMBER SCHEDULED SALE NET LIQUIDATION RESIDUAL
SOLD MATURITIES RATIO PROCEEDS VALUE
------ ---------- ----- --------------- ---------
MATURED VEHICLES SOLD FOR
EACH COLLECTION PERIOD:
Second Preceding Collection Period 11 5 100.00% 16,468.76 17,961.29
First Preceding Collection Period 7 6 100.00% 18,196.95 19,792.78
Current Collection Period 26 10 100.00% 14,979.44 17,123.22
Three Month Average 15,863.64 17,757.44
-------------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 89.34%
-------------
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
-------------- ---------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 100.00% YES
b) Number of Scheduled Maturities > 500 10 NO
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. Residual Values 89.34% 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 April 25, 2000 for the Collection
Period of March 1, 2000 through March 31, 2000
<TABLE>
<CAPTION>
CERTIFICATE
BALANCE
-------------
TOTAL PERCENT
------------- -------------
<S> <C> <C>
INTEREST: 98.00%
Interest Collections 5,186,735.52
Net Investment Income 173,385.42
Non-recoverable Advances (52,449.95)
-------------
Available Interest 5,307,670.99
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25)
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 (591,725.13)
Capped Expenses (20,395.10)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
-------------
Total Unallocated Interest 1,337,623.09
Excess Interest to Transferor -
-------------
Net Interest Collections Available 1,337,623.09
-------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (273,656.41)
ACCELERATED PRINCIPAL DISTRIBUTION: (144,786.57)
DEPOSIT TO RESERVE FUND: 826,273.46
WITHDRAWAL FROM RESERVE FUND: -
LOSS REIMBURSEMENT FROM TRANSFEROR PRINCIPAL: -
NET WITHDRAWAL FROM THE RESERVE FUND: -
PRINCIPAL:
Current Loss Amount (279,396.54)
Loss Reimbursement from Transferor Interest 273,656.41
Loss Reimbursement from Reserve Fund -
-------------
Total (5,740.13)
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 294,822.93
Allocations - Current Period 14,794,056.03
Allocations - Accelerated Principal Distribution 144,786.57
Allocations - Not Disbursed Beginning of Period 39,518,045.01
Allocations - Not Disbursed End of Period 54,456,887.61
INTEREST DISTRIBUTIONS/ ALLOCATIONS:
Distribution - Current Period 919,180.11
Allocations - Current Period 3,357,927.67
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period 3,357,927.67
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund -
Due To Trust 19,337,387.89
-------------
Total Due To Trust 19,337,387.89
<CAPTION>
CERTIFICATE
BALANCE
------------- CLASS A1
BALANCE BALANCE
------------- -------------
<S> <C> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 5,202,188.50 1,337,705.61
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25) (829,237.50)
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 (579,568.30)
Capped Expenses (19,976.09)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
-------------
Total Unallocated Interest 1,244,716.44
Excess Interest to Transferor (1,244,716.44)
-------------
Net Interest Collections Available -
-------------
INTEREST COLLECTIONS ALLOCATED TO LOSSES:
ACCELERATED PRINCIPAL DISTRIBUTION:
DEPOSIT TO RESERVE FUND:
WITHDRAWAL FROM RESERVE FUND:
LOSS REIMBURSEMENT FROM TRANSFEROR PRINCIPAL:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount (273,656.41) (273,656.41)
Loss Reimbursement from Transferor Interest 273,656.41 273,656.41
Loss Reimbursement from Reserve Fund
-------------
Total - -
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 14,794,056.03 14,794,056.03
Allocations - Accelerated Principal Distribution 144,786.57 144,786.57
Allocations - Not Disbursed Beginning of Period 39,518,045.01 39,518,045.01
Allocations - Not Disbursed End of Period 54,456,887.61 54,456,887.61
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - -
Allocations - Current Period 3,357,927.67 829,237.50
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 3,357,927.67 829,237.50
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund
Due To Trust 18,123,384.85 15,723,495.28
------------- -------------
Total Due To Trust 18,123,384.85 15,723,495.28
<CAPTION>
CLASS A2 CLASS A3 CLASS B
BALANCE BALANCE BALANCE
------------- ----------- -----------
<S> <C> <C> <C>
INTEREST:
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 3,004,529.28 515,264.38 344,689.22
Class A1, A2, A3 Notional Interest Accrual Amount (1,914,848.75) (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
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:
LOSS REIMBURSEMENT FROM TRANSFEROR PRINCIPAL:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount - - -
Loss Reimbursement from Transferor Interest - - -
Loss Reimbursement from Reserve Fund
------------- ----------- -----------
Total - - -
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 1,914,848.75 331,422.00 282,419.42
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Not Disbursed End of Period 1,914,848.75 331,422.00 282,419.42
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund
Due To Trust 1,814,709.82 314,248.59 270,931.16
------------- ----------- -----------
Total Due To Trust 1,814,709.82 314,248.59 270,931.16
<CAPTION>
TRANSFEROR INTEREST
-------------------------
INTEREST PRINCIPAL
------------ -----------
<S> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 105,482.49
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal.
Class B Interest Carryover Shortfall
Servicer's Fee (12,156.83)
Capped Expenses (419.01)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
------------
Total Unallocated Interest 92,906.65
Excess Interest to Transferor 1,244,716.44
------------
Net Interest Collections Available 1,337,623.09
INTEREST COLLECTIONS ALLOCATED TO LOSSES: (273,656.41)
ACCELERATED PRINCIPAL DISTRIBUTION: (144,786.57)
------------
DEPOSIT TO RESERVE FUND: 919,180.11
------------
WITHDRAWAL FROM RESERVE FUND:
LOSS REIMBURSEMENT FROM TRANSFEROR PRINCIPAL:
NET WITHDRAWAL FROM THE RESERVE FUND:
PRINCIPAL:
Current Loss Amount (5,740.13)
Loss Reimbursement from Transferor Interest (273,656.41)
Loss Reimbursement from Reserve Fund
---------
Total (5,740.13)
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 294,822.93
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 919,180.11
Allocations - Current Period
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to/(Withdrawal from) Reserve Fund
Due To Trust 919,180.11 294,822.93
------------ ----------
Total Due To Trust 919,180.11 294,822.93
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of April 25, 2000 for the Collection
Period of March 1, 2000 through March 31, 2000
<TABLE>
<CAPTION>
CERTIFICATE BALANCE CLASS A1
----------------------------- -------------
TOTAL PERCENT BALANCE PERCENT
---------------- ----------- ---------------- -------------
<S> <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%
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Notional/Certificate Rate
Target Maturity Date
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 710,070,151.07
Discounted Principal Balance 709,669,928.01
Notional/Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 695,481,954.99
Percent of ANIV 97.95%
Certificate Factor 1.0000000
Servicer Advances 2,386,330.18
Servicer Pay Ahead Balance 1,894,745.85
Maturity Advances Outstanding -
Number of Current Contracts 37,029
Weighted Average Lease Rate 6.82%
Weighted Average Remaining Term 18.2
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 694,975,531.98
Discounted Principal Balance 694,550,696.88
Notional/Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 680,543,112.39
Percent of ANIV 97.92%
Certificate Factor 1.0000000
Servicer Advances 1,842,561.44
Servicer Pay Ahead Balance 2,290,979.25
Maturity Advances Outstanding -
Number of Current Contracts 36,637
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 17.2
Prior Certificate Interest Payment Date March 27, 2000
Next Certificate Interest Payment Date June 26, 2000
<CAPTION>
CLASS A2 CLASS A3
------------------------------- -------------
BALANCE PERCENT BALANCE PERCENT
---------------- ------------- ---------------- -------------
<S> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 189,000,000.00 57.76% 424,500,000.00 9.90%
Percent of ANIV 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.2650% 5.4130%
Target Maturity Date December 25, 2000 December 25, 2001
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
Adjusted Notional/Certificate Balance 149,481,954.99 424,500,000.00
Percent of ANIV 21.05% 59.78%
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 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 134,543,112.39 424,500,000.00
Percent of ANIV 19.36% 61.08%
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
<CAPTION>
TRANSFEROR
CLASS B INTEREST
------------------------------ ---------------
BALANCE PERCENT BALANCE BALANCE
---------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 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 5.4630% 6.9590%
Target Maturity Date 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 14,588,196.08
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,588,196.08
Percent of ANIV 10.25% 6.86% 2.05%
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 14,432,419.59
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,432,419.59
Percent of ANIV 10.48% 7.01% 2.08%
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
</TABLE>
<TABLE>
<CAPTION>
Vehicles
--------
<S> <C> <C>
CURRENT MONTH COLLECTION ACTIVITY
Principal Collections 7,413,778.62
Prepayments in Full 264 5,312,962.66
---
Reallocation Payment 3 60,323.86
-
Interest Collections 5,186,735.52
Net Liquidation Proceeds and Recoveries 1,638,692.07
Net Liquidation Proceeds - Vehicle Sales 389,465.34
Non-Recoverable Advances (52,449.95)
--------------
Total Available 19,949,508.12
</TABLE>
<TABLE>
<CAPTION>
AMOUNT ANNUAL AMOUNT
-------------------- --------------------------
<S> <C> <C>
CAPPED AND UNCAPPED EXPENSES:
Total Capped Expenses Paid 20,395.10 61,185.30
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Shortfall Carryforward -
Servicer's Fee Due Current Period 591,725.13
Servicer's Fee Paid 591,725.13
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 68,593.34
</TABLE>
<TABLE>
<CAPTION>
VEHICLES AMOUNT
-------- ------
<S> <C> <C>
REVOLVING PERIOD:
Beginning Unreinvested Principal Collections -
Principal Collections & Liquidated Contracts -
Allocation to Subsequent Contracts 0 -
- ------
Ending Unreinvested Principal Collections -
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of April 25, 2000 for the Collection
Period of March 1, 2000 through March 31, 2000
<TABLE>
<CAPTION>
CLASS A1 CLASS A2 CLASS A3
-------- -------- --------
BALANCE BALANCE BALANCE
-------------- -------------- --------------
<S> <C>
INTEREST RATE
Three Month LIBOR + 0.23% 0.27% 0.32%
PRINCIPAL PAYMENTS
Principal Payment due to Investors
Ending Certificate Balance 189,000,000.00 424,500,000.00 72,800,000.00
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 6.47750% 6.51750% 6.56750%
Number of Days 91 91 91
INTEREST FOR SUCCEEDING CERTIFICATE PAYMENT DATE 3,094,625.63 6,993,549.06 1,208,565.94
</TABLE>
<TABLE>
<CAPTION>
Class B Total Class
------- -----------
Balance Balance
------------- --------------
<S> <C> <C>
INTEREST RATE
Three Month LIBOR + 2.00%
PRINCIPAL PAYMENTS
Principal Payment due to Investors
Ending Certificate Balance 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 8.24750%
Number of Days 91
INTEREST FOR SUCCEEDING CERTIFICATE PAYMENT DATE 1,015,290.16 12,312,030.79
------------- --------------
</TABLE>
I hereby certify to the best of my knowledge that the report provided is true
and correct.
/s/ HOLLY PEARSON
- ------------------------------------------
Holly Pearson, Treasury Operations Manager
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