<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): December 15, 1999
--------------------
Toyota Auto Receivables 1999-A Owner Trust
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(Exact name of registrant as specified in its charter)
California 333-76505 33-0593804
- ------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Toyota Motor Credit Receivables 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 December 15, 1999, the principal and interest collected during the preceding
calendar month, net of certain adjustments as provided for in the Sale and
Servicing Agreement dated as of July 1, 1999 ("Agreement"), between Toyota Motor
Credit Receivables Corporation, as "Seller", Toyota Motor Credit Corporation, as
"Servicer", and Toyota Auto Receivables 1999-A Owner Trust, as "Issuer", were
distributed to the holders of Notes and Certificates issued by Toyota Auto
Receivables 1999-A Owner Trust (the "Securityholders"). In accordance with the
Agreement, the Servicer's Certificate, as defined in the Agreement, was
furnished to the Owner Trustee for the benefit of the Securityholders and was
distributed by the Owner Trustee to the Securityholders. A copy of the
Servicer's Certificate for the month of November 1999 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
November, 1999.
-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 of the
undersigned hereunto duly authorized.
TOYOTA AUTO RECEIVABLES 1999-A OWNER TRUST
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: December 23, 1999 By: /S/ GEORGE E. BORST
----------------- -------------------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S Report -- Toyota Auto Receivables 1999-A Owner Trust
Distribution Date of December 15, 1999 for the Collection Period
November 1, 1999 through November 30, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 CLASS A-2 CLASS A-3
--------- --------- ---------
Total Balance Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Securities Balance $961,976,586.54 $303,000,000.00 284,000,000.00 $334,093,000.00
Receivables Pool Balance $961,976,586.54
Principal Factor 1.00000000 1.00000000 1.00000000 1.00000000
Rate 5.365% 5.800% 6.150%
Targeted Maturity Date July 17,2000 December 17, 2001 August 16, 2004
Number of Contracts 86,327
Weighted Average Coupon 9.85%
Weighted Average Remaining Term 57.57 months
Servicing Fee Rate 1.00%
POOL DATA - PRIOR MONTH
- -----------------------
Securities Balance $808,580,358.36 $149,603,771.82 $284,000,000.00 $334,093,000.00
Receivables Pool Balance $808,580,358.36
Securities Pool Factor 0.84054058 0.49374182 1.00000000 1.00000000
Number of Contracts 79,920
Weighted Average Coupon 9.85%
Weighted Average Remaining Term 36.10 months
Precompute and Simple Interest Advances $ 3,417,944.57
Payahead Account Balance $ 2,765,043.89
Supplemental Servicing Fee Received $ 114,753.42
Interest Shortfall $ - $ - $ - $ -
Principal Shortfall $ -
POOL DATA - CURRENT MONTH
- -------------------------
Securities Balance $772,211,295.88 $113,234,709.34 284,000,000.00 $334,093,000.00
Receivables Pool Balance $772,211,295.88
Targeted Principal Balance na na $334,093,000.00
Securities Pool Factor 0.80273398 0.37371191 1.00000000 1.00000000
Number of Contracts 78,227
Weighted Average Coupon 9.85%
Weighted Average Remaining Term 35.27 months
Precompute and Simple Interest Advances $ 3,346,036.01
Payahead Account Balance $ 2,794,538.06
Supplemental Servicing Fee Received $ 117,295.40
Interest Shortfall $ - $ - $ - $ -
Principal Shortfall $ -
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CLASS B CLASS C
------- -------
Balance Balance
- --------------------------------------------------------------------------------
<S> <C> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Securities Balance $26,454,000.00 $14,429,586.54
Receivables Pool Balance
Principal Factor 1.00000000 1.00000000
Rate 6.300% 6.70%
Targeted Maturity Date August 16, 2004 August 16, 2004
Number of Contracts
Weighted Average Coupon
Weighted Average Remaining Term
Servicing Fee Rate
POOL DATA - PRIOR MONTH
Securities Balance $26,454,000.00 $14,429,586.54
Receivables Pool Balance
Securities Pool Factor 1.00000000 1.00000000
Number of Contracts
Weighted Average Coupon
Weighted Average Remaining Term
Precompute and Simple Interest Advances
Payahead Account Balance
Supplemental Servicing Fee Received
Interest Shortfall $ - $ -
Principal Shortfall
POOL DATA - CURRENT MONTH
- -------------------------
Securities Balance $26,454,000.00 $14,429,586.54
Receivables Pool Balance
Targeted Principal Balance $26,454,000.00 $14,429,586.54
Securities Pool Factor 1.00000000 1.00000000
Number of Contracts
Weighted Average Coupon
Weighted Average Remaining Term
Precompute and Simple Interest Advances
Payahead Account Balance
Supplemental Servicing Fee Received
Interest Shortfall $ - $ -
Principal Shortfall
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
RESERVE FUND
<S> <C>
Initial Deposit Amount $ 7,214,824.00
Specified Reserve Fund Percentage 0.75%
Specified Reserve Fund Amount $ 7,214,824.00
Specified Reserve Fund Percentage (if Condition i or ii met) 5.50%
Specified Reserve Fund Amount (if Condition i or ii met) $42,471,621.27
Beginning Balance $ 7,214,824.00
Withdraw for Servicing Fee Due -
Withdraw for Class A Interest Due -
Withdraw for First Allocation of Principal Due -
Withdraw for Class B Interest Due -
Withdraw for Second Allocation of Principal Due -
Withdraw for Class C Interest Due -
---------------
Total Withdraw -
Amount Available for Deposit to the Reserve Fund 1,696,854.19
---------------
Reserve Fund Balance Prior to Release 8,911,678.19
Reserve Fund Required Amount 7,214,824.00
Reserve Fund Release to Seller 1,696,854.19
---------------
Ending Reserve Fund Balance $ 7,214,824.00
- -----------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS
- --------------------------------------------
VEHICLES AMOUNT
-------- ------
Liquidated Contracts 63
--
Gross Principal Balance of Liquidated Receivables $ 602,621.61
Net Liquidation Proceeds Received During the Collection Period (344,224.46)
Recoveries on Previously Liquidated Contracts (3,196.91)
----------------
Aggregate Credit Losses for the Collection Period $255,200.24
----------------
----------------
Cumulative Credit Losses for all Periods 174 $686,293.30
--- ----------------
Repossessed in Current Period 73
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.20%
First Preceding Collection Period 0.35%
Current Collection Period 0.39%
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CONDITION (i) (CHARGE-OFF RATE)
-------------------------------
Three Month Average 0.31%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
DELINQUENT AND REPOSSESSED CONTRACTS
------------------------------------
PERCENT CONTRACTS PERCENT AMOUNT
------- ------------- -------- --------
<S> <C> <C> <C> <C>
31-60 Days Delinquent 1.66% 1,297 1.71% $13,171,559.49
61-90 Days Delinquent 0.17% 134 0.18% 1,423,668.72
Over 90 Days Delinquent 0.12% 95 0.14% 1,116,944.11
------------- -----------------
Total Delinquencies 1,526 $15,712,172.32
============= =================
Repossessed Vehicle Inventory 121 *
* Included with delinquencies above
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 0.17%
First Preceding Collection Period 0.24%
Current Collection Period 0.29%
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CONDITION (ii) (DELINQUENCY PERCENTAGE)
---------------------------------------
Three Month Average 0.23%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S Report -- Toyota Auto Receivables 1999-A Owner Trust
Distribution Date of December 15, 1999 for the Collection Period
November 1, 1999 through November 30, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
CLASS A-1 CLASS A-2
--------- ---------
Total Balance Balance
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COLLECTIONS
Principal Payments Received $ 35,766,440.87
Interest Payments Received 6,700,469.65
Net Precomputed Payahead Amount (29,494.17)
Aggregate Net Liquidation Proceeds Received 347,421.37
Principal on Repurchased Contracts -
Interest on Repurchased Contracts -
---------------------
Total Collections $ 42,784,837.72
Net Simple Interest Advance Amount (99,895.28)
Net Precomputed Advance Amount 27,986.72
---------------------
Total Available Amount $ 42,712,929.16
AMOUNTS DUE
- -----------
Servicing Fee $ 673,816.97
Accrued and Unpaid Interest - Class A 3,753,746.83
First Allocation Principal Distribution -
Accrued and Unpaid Interest - Class B 138,883.50
Second Allocation Principal Distribution 21,939,475.94
Accrued and Unpaid Interest - Class C 80,565.19
Regular Principal Distribution Amount 14,429,586.54
Deposit to Reserve Fund 1,696,854.19
---------------------
Total Amount Due $ 42,712,929.16
ACTUAL DISTRIBUTIONS
Servicing Fee $ 673,816.97
Interest 3,973,195.52 $ 668,853.53 $ 1,372,666.67
Principal 36,369,062.48 36,369,062.48 -
Deposit to Reserve Fund 1,696,854.19
--------------------- ------------------ ---------------------
Total Amount Distributed $ 42,712,929.16 $ 37,037,916.01 $ 1,372,666.67
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
CLASS A-3 CLASS B CLASS C
--------- ------- -------
Balance Balance Balance
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COLLECTIONS
Principal Payments Received
Interest Payments Received
Net Precomputed Payahead Amount
Aggregate Net Liquidation Proceeds Received
Principal on Repurchased Contracts
Interest on Repurchased Contracts
Total Collections
Net Simple Interest Advance Amount
Net Precomputed Advance Amount
Total Available Amount
AMOUNTS DUE
- -----------
Servicing Fee
Accrued and Unpaid Interest - Class A
First Allocation Principal Distribution
Accrued and Unpaid Interest - Class B
Second Allocation Principal Distribution
Accrued and Unpaid Interest - Class C
Regular Principal Distribution Amount
Deposit to Reserve Fund
Total Amount Due
ACTUAL DISTRIBUTIONS
Servicing Fee
Interest $ 1,712,226.63 $ 138,883.50 $ 80,565.19
Principal - - -
Deposit to Reserve Fund
----------------- ------------------ ------------------
Total Amount Distributed $ 1,712,226.63 $ 138,883.50 $ 80,565.19
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
MONTHLY INFORMATION BY TYPE OF LOAN
- -----------------------------------
PRECOMPUTED CONTRACTS
<S> <C> <C>
Scheduled Principal Collections $ 6,168,310.24
Prepayments in Full 457 contracts $ 3,126,812.75
Repurchased Receivables Principal -
Payments Behind/Ahead on Repurchased Receivables -
Total Collections $11,132,982.90
Advances - Reimbursement of Previous Advances -
Advances - Current Advance Amount $ 27,986.72
Payahead Account - Payments Applied -
Payahead Account - Additional Payaheads $ 29,494.17
SIMPLE INTEREST CONTRACTS
Collected Principal $16,332,784.90
Prepayments in Full 1173 contracts $10,138,532.98
Collected Interest $4,862,609.74
Repurchased Receivables Principal -
Repurchased Receivables Interest -
Advances - Reimbursement of Previous Advances 99,895.28
Advances - Current Advance Amount $0.00
- ----------------------------------------------------------------------------------------------------
</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
