TOYOTA AUTO LEASE TRUST 1998 C, 8-K, EX-20, 2001-01-05

TOYOTA AUTO LEASE TRUST 1998 C
8-K, EX-20, 2001-01-05
ASSET-BACKED SECURITIES

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Exhibit 20

TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Lease Trust 1998-C
Distribution Date of December 26, 2000 for the Collection Period of November 1, 2000 through November 30, 2000

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	567,903,223.85
Discounted Principal Balance	566,626,444.82
Servicer Advances	2,214,134.18
Servicer Pay Ahead Balance	2,061,824.16
Maturity Advances Outstanding	9,070,724.91
Number of Current Contracts	32,742
Weighted Average Lease Rate	6.78	%
Weighted Average Remaining Term	9.7

Reserve Fund
Initial Deposit Amount	28,124,577.47
Specified Reserve Fund Percentage	9.44	%
Specified Reserve Fund Amount	70,761,436.91

	Class A Amount		Class B Amount		Total Amount

Beginning Balance		69,665,686.91		1,095,750.00		70,761,436.91
Withdrawal Amount		—		—		—
Cash Capital Contribution
Transferor Excess		360,397.40				360,397.40

Reserve Fund Balance Prior to Release		70,026,084.31		1,095,750.00		71,121,834.31
Specified Reserve Fund Balance		69,665,686.91		1,095,750.00		70,761,436.91

Release to Transferor		360,397.40		—		360,397.40
Ending Reserve Fund Balance		69,665,686.91		1,095,750.00		70,761,436.91
Prior Cumulative Withdrawal Amount		—		—		—
Cumulative Withdrawal Amount		—		—		—

Liquidation of Charge-offs and Repossessions

	Vehicles

Liquidated Contracts		114
Discounted Principal Balance			1,997,208.65
Net Liquidation Proceeds			(1,630,914.36	)
Recoveries—Previously Liquidated Contracts			(19,282.50	)

Aggregate Credit Losses for the Collection Period			347,011.79

Cumulative Credit Losses for all Periods			5,321,622.25

Repossessed in Current Period		39

Ratio of Net Credit Losses to the Average Pool Balance for Each Collection Period:	Annualized Average Charge-Off Rate
Second Preceding Collection Period	0.59	%
First Preceding Collection Period	0.31	%
Current Collection Period	0.72	%

Condition (i) (Charge-off Rate)
Three Month Average	0.54	%
Charge-off Rate Indicator ( > 1.25%)	condition not met

Delinquent Contracts

	Percent			Accounts		Percent			ANIV

31-60 Days Delinquent		1.98	%		648		1.83	%		10,377,254.89
61-90 Days Delinquent		0.16	%		54		0.16	%		883,943.80
Over 90 Days Delinquent		0.04	%		13		0.03	%		188,385.16

Total Delinquencies					715					11,449,583.85

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	0.20	%
First Preceding Collection Period	0.21	%
Current Collection Period	0.20	%

Condition (ii) (Delinquency Percentage)
Three Month Average	0.20	%
Delinquency Percentage Indicator ( > 1.25%)	condition not met

Residual Value (Gain) Loss

	Vehicles

Matured Lease Vehicle Inventory Sold		45	809,317.32
Net Liquidation Proceeds			(717,412.08	)

Net Residual Value (Gain) Loss			91,905.24

Cumulative Residual Value (Gain) Loss all periods			1,741,732.16

Matured Vehicles Sold for each Collection Period

	Number Sold		Scheduled Maturities		Sale Ratio			Average Net Liquidation Proceeds		Average Residual Value

Second Preceding Collection Period		332		465		71.40	%		15,137.33		17,262.67
First Preceding Collection Period		174		5		100.00	%		15,310.22		17,559.79
Current Collection Period		45		8		100.00	%		15,942.49		18,317.93
Three Month Average									15,257.68		17,442.68

Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value											87.47	%

Condition (iii) (Residual Value Test)

	Current Period Amount/Ratio			Test Met?

a) Number of Vehicles Sold > 25% of Scheduled Maturities		100.00	%		YES
b) Number of Scheduled Maturities > 500		8			NO
c) 3 Month Average Matured Leased Vehicle Proceeds <75% of Avg. Residual Values		87.47	%		NO
Residual Value Indicator (condition met if tests a, b and c = YES)					condition not met

				Certificate Balance						Class A1

	Total			Percent			Balance			Balance

Interest:					98.00	%
Interest Collections		4,156,756.88
Net Investment Income		759,576.69
Non-recoverable Advances		(65,374.47	)

Available Interest		4,850,959.10						4,759,594.88			1,223,895.83
Class A1, A2, A3 Notional Interest Accrual Amount		(3,075,508.25	)					(3,075,508.25	)		(829,237.50	)
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		(484,725.72	)					(473,901.36	)
Capped Expenses		(20,395.10	)					(19,939.66	)
Interest Accrual on Class B. Cert. Prin. Loss Amt.		—						—
Uncapped Expenses		—						—

Total Unallocated Interest		987,910.61						907,826.19
Excess Interest to Transferor		—						(907,826.19	)

Net Interest Collections Available		987,910.61						0.00

Losses Allocable to Investors' Certificates:		(429,115.62	)
Accelerated Principal Distribution:		(118,313.17	)
Deposit to Reserve Fund:		360,397.40
Withdrawal from Reserve Fund:		—
Reimbursement/Deposit from Transferor Prin:		—
Net withdrawal from the Reserve Fund:		—
Principal:
Current Loss Amount		(438,917.03	)					(429,115.62	)		(429,115.62	)
Loss Reimbursement from Transferor		429,115.62						429,115.62			429,115.62
Loss Reimbursement from Reserve Fund		—						—			—

Total		(9,801.41	)					—			—
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		189,265,241.52						189,000,000.00			189,000,000.00
Allocations—Current Period		22,563,318.53						22,563,318.53			22,563,318.53
Allocations—Accelerated Principal Distribution		118,313.17						118,313.17			118,313.17
Allocations—Not Disbursed Beginning of Period		166,318,368.30						166,318,368.30			166,318,368.30
Allocations—Not Disbursed End of Period		(0.00	)					(0.00	)		(0.00	)
Interest Distributions/Allocations:
Distribution—Current Period		10,514,264.83						10,073,783.01			2,487,712.50
Allocations—Current Period		3,357,927.67						3,357,927.67			829,237.50
Allocations—Not Disbursed Beginning of Period		6,715,855.34						6,715,855.34			1,658,475.00
Allocations—Not Disbursed End of Period		—						—			—
Due To Trust—Current Period:								—
Total Deposit to/ (Withdrawal from) Reserve Fund		—
Due To Trust		199,779,506.35						199,073,783.01			191,487,712.50

Total Due To Trust		199,779,506.35						199,073,783.01			191,487,712.50

										Transferor Interest
	Class A2			Class A3			Class B
	Balance			Balance			Balance			Interest			Principal

Interest:											2.00	%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest		2,748,908.88			471,426.54			315,363.63			91,364.22
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											(10,824.36	)
Capped Expenses											(455.44	)
Interest Accrual on Class B. Cert. Prin. Loss Amt.								—
Uncapped Expenses											—
Total Unallocated Interest											80,084.42
Excess Interest to Transferor											907,826.19
Net Interest Collections Available											987,910.61
Losses Allocable to Investors' Certificates:											(429,115.62	)
Accelerated Principal Distribution:											(118,313.17	)
Deposit to Reserve Fund:											440,481.82
Withdrawal from Reserve Fund:
Reimbursement/Deposit from Transferor Prin:
Net withdrawal from the Reserve Fund:
Principal:
Current Loss Amount		—			—			—						(9,801.41	)
Loss Reimbursement from Transferor		—			—			—			(429,115.62	)
Loss Reimbursement from Reserve Fund		—			—			—

Total		—			—			—						(9,801.41	)
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		—			—			—						265,241.52
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		5,744,546.25			994,266.00			847,258.26			440,481.82
Allocations—Current Period		1,914,848.75			331,422.00			282,419.42
Allocations—-Not Disbursed Beginning of Period		3,829,697.50			662,844.00			564,838.84
Allocations—Not Disbursed End of Period		—			—			—
Due To Trust—Current Period:
Total Deposit to/ (Withdrawal from) Reserve Fund
Due To Trust		5,744,546.25			994,266.00			847,258.26			440,481.82			265,241.52

Total Due To Trust		5,744,546.25			994,266.00			847,258.26			440,481.82			265,241.52

				Certificate Balance						Class A1

	Total			Percent			Balance			Percent			Balance

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		581,670,860.40
Maturity Advances Outstanding		—
ANIV Net of Maturity Advance **		581,670,860.40
Discounted Principal Balance		580,510,805.72
Notional/Certificate Balance								735,000,000.00						189,000,000.00
Adjusted Notional/Certificate Balance								568,681,631.70						22,681,631.70
Percent of ANIV								97.77	%					3.90	%
Certificate Factor								1.0000000						1.0000000
Servicer Advances		2,103,172.57
Servicer Pay Ahead Balance		2,289,326.88
Number of Current Contracts		33,127
Weighted Average Lease Rate		6.78	%
Weighted Average Remaining Term		10.6

Pool Data Current Month
Aggregate Net Investment Value		567,903,223.85
Maturity Advances Outstanding		9,070,724.91
ANIV Net of Maturity Advance **		558,832,498.94
Discounted Principal Balance		566,626,444.82
Notional/Certificate Balance								546,000,000.00						(0.00	)
Adjusted Notional/Certificate Balance								546,000,000.00						(0.00	)
Percent of ANIV								97.70	%					0.00	%
Certificate Factor								1.0000000						(0.0000000	)
Servicer Advances		2,214,134.18
Servicer Pay Ahead Balance		2,061,824.16
Number of Current Contracts		32,742
Weighted Average Lease Rate		6.78	%
Weighted Average Remaining Term		9.7
Prior Certificate Interest Payment Date		September 25, 2000
Next Certificate Interest Payment Date		December 26, 2000

	Class A2					Class A3						Class B						Transferor Interest

	Percent		Balance			Percent			Balance			Percent			Balance			Balance

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			14,988,732.51
Percent of ANIV				56.60	%					9.71	%					6.49	%		2.00	%
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
Maturity Advances Outstanding
ANIV Net of Maturity Advance **
Discounted Principal Balance
Notional/Certificate Balance				424,500,000.00						72,800,000.00						48,700,000.00			12,989,228.70
Adjusted Notional/Certificate Balance				424,500,000.00						72,800,000.00						48,700,000.00			12,989,228.70
Percent of ANIV				72.98	%					12.52	%					8.37	%		2.23	%
Certificate Factor				1.0000000						1.0000000						1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Pool Data Current Month
Aggregate Net Investment Value
Maturity Advances Outstanding
ANIV Net of Maturity Advance **
Discounted Principal Balance
Notional/Certificate Balance				424,500,000.00						72,800,000.00						48,700,000.00			12,832,498.94
Adjusted Notional/Certificate Balance				424,500,000.00						72,800,000.00						48,700,000.00			12,832,498.94
Percent of ANIV				75.96	%					13.03	%					8.71	%		2.30	%
Certificate Factor				1.0000000						1.0000000						1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date

______________

	**		Strictly for purposes of calculating Transferors Interest.

Current Month Collection Activity

	Vehicles

Principal Collections			6,965,796.45
Prepayments in Full		222	3,937,739.82
Reallocation Payment		4	57,574.31
Interest Collections			4,156,756.88
Net Liquidation Proceeds and Recoveries			1,650,196.86
Net Liquidation Proceeds—Vehicle Sales			717,412.08
Non-Recoverable Advances			(65,374.47	)

Total Available			17,420,101.93

	Amount		Annual Amount

Capped and Uncapped Expenses:
Total Capped Expenses Paid		20,395.10		224,346.10
Total Uncapped Expenses Paid		—		—
Capped and Uncapped Expenses Due		—		—
Servicer's Fee Due:
Servicer's Fee Shortfall Carryforward		—
Servicer's Fee Due Current Period		484,725.72
Servicer's Fee Paid		484,725.72
Servicer's Fee Balance Due		—
Supplemental Servicer's Fees		59,252.86

Revolving Period

	Vehicles		Amount

Beginning Unreinvested Principal Collections				—
Principal Collections & Liquidated Contracts				—
Allocation to Subsequent Contracts		0		—

Ending Unreinvested Principal Collections				—

			Class A1 Balance			Class A2 Balance			Class A3 Balance			Class B Balance			Total Class Balance


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				6.89000	%		6.93000	%		6.98000	%		8.66000	%
Interest Calculation for Current Interest Period				3,327,870.00			7,517,895.00			1,298,590.22			1,077,785.11			13,222,140.33
At Certificate Payment Date:
Paid to Swap Counterparty	—			2,515,353.75			5,744,546.25			994,266.00			847,258.26			10,101,424.26
Due to Swap Counterparty	—			2,515,353.75			5,744,546.25			994,266.00			847,258.26			10,101,424.26
Proration %	0.00	%
Interest Due to Investors				3,327,870.00			7,517,895.00			1,298,590.22			1,077,785.11			13,222,140.33
Interest Payment to Investors				3,327,870.00			7,517,895.00			1,298,590.22			1,077,785.11			13,222,140.33
Net Settlement due to / (receive by) Swap Counterparty				812,516.25			1,773,348.75			304,324.22			230,526.85			3,120,716.07
Total Payment to Investors (Principal and Interest)				3,327,870.00			7,517,895.00			1,298,590.22			1,077,785.11			13,222,140.33
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

I hereby certify to the best of my knowledge that the report provided is true and correct.


/s/ ROBERT WOODIE

Robert Woodie, National Treasury Manager