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UNITED STATES SECURITIES AND EXCHANGE COMMISSION PRIVATE
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the period June 27, 2000 (date of formation) to September 30, 2000
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or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
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Commission file number: 333-76505
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TOYOTA AUTO RECEIVABLES 2000-A OWNER TRUST
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(Exact name of registrant as specified in its charter)
California 33-0593804
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State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
Toyota Motor Credit Receivables Corporation
19001 South Western Avenue
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 468-1310
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Securities registered pursuant to section 12(b) of the Act: None
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Securities registered pursuant to Section 12(g) of the Act: None
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
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Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The registrant is a trust with no voting securities outstanding.
Exhibit Index is on Page 7.
Page 1 of 7
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This Annual Report on Form 10-K is filed by Toyota Motor Credit Receivables
Corporation ("TMCRC") on behalf of the Toyota Auto Receivables 2000-A Owner
Trust (the "Trust") pursuant to Section 15(d) of the Securities Exchange Act of
1934, as amended. This Annual Report on Form 10-K omits responses or responds
in a modified fashion to certain Items required by Form 10-K in accordance with
the responses of the Office of Chief Counsel, Division of Corporation Finance
of the Securities and Exchange Commission, contained in a letter dated November
5, 1993 and made orally to Toyota Motor Credit Corporation's ("TMCC's") counsel
in response to TMCC's requests for exemptive relief from such reporting
requirements.
PART I
ITEM 1. BUSINESS.
Omitted.
ITEM 2. PROPERTIES.
The Trust was formed on June 27, 2000 pursuant to a Trust Agreement (the
"Agreement"), dated as of June 1, 2000, among TMCRC as seller (the "Seller"),
TMCC as servicer (the "Servicer"), and U.S. Bank National Association as
trustee (the "Trustee"). Pursuant to an Indenture executed in conjunction with
the Agreement, the Trust issued asset-backed notes (the "Notes") representing
undivided fractional ownership interests in the Trust. The Notes consist of
four classes of senior notes (the "Class A-1 6.83375% Notes", "Class A-2
7.12000% Notes", "Class A-3 7.18000% Notes" and "Class A-4 7.21000% Notes").
The Notes were registered and publicly offered and sold. The Trust also issued
a fractional undivided interest in certificated form (the "subordinated
seller's interest"). The subordinated seller's interest was retained by the
Seller.
The assets of the Trust primarily include a pool of retail installment sales
contracts (the "Receivables"), secured by new and used Toyota and Lexus and
other vehicles. The Trust's business activities include acquiring and holding
the assets of the Trust, issuing the Notes and distributing proceeds to the
Note holders.
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ITEM 2. PROPERTIES. (continued)
The following tables set forth information relating to Trust asset delinquency
as of September 30, 2000 and net losses for the period from June 1, 2000
through September 30, 2000:
September 30, 2000
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Aggregate
Contracts Balances
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Delinquent Contracts:
(i) 31-60 Days Delinquent 1,875 $24,021,111
(ii) 61-90 Days Delinquent 238 $3,132,748
(iii) Over 90 Days Delinquent 168 $2,202,451
September 30, 2000
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% of % of
Aggregate
Contracts Balances
Outstanding Outstanding
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Delinquency Rates:
(i) 31-60 Days Delinquent 2.03% 1.85%
(ii) 61-90 Days Delinquent 0.26% 0.24%
(iii) Over 90 Days Delinquent 0.18% 0.17%
Period Ending
September 30, 2000
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Contracts Amount
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Aggregate Net Losses: 168 $669,153
ITEM 3. LEGAL PROCEEDINGS.
There is nothing to report with regard to this item.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There is nothing to report with regard to this item.
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PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS.
The holder of record of all Notes as of September 30, 2000, was Cede & Co., the
nominee of The Depository Trust Company ("DTC") in the United States. Direct
participants active in the DTC system include Morgan Guaranty Trust Company of
New York, Brussels & Belgium, as the nominee of the Euroclear System in Europe
and Asia, Citibank N.A., as the nominee of Cedel Bank in Europe and Asia, and
securities brokers and dealers, banks, trust companies and clearing
corporations. The Notes are not listed on any securities exchange.
The Toyota Auto Receivables 2000-A Owner Trust issued and publicly offered the
following four classes of securities covered by Registration Statement
No. 333-76505 (declared effective July 9, 1999): $374,106,000 aggregate
principal amount of 6.83375% Asset Backed Notes, Class A-1, $305,000,000
aggregate principal amount of 7.12000% Asset Backed Notes, Class A-2,
$523,000,000 aggregate principal amount of 7.1880% Asset Backed Notes, Class A-
3, $277,079,000 aggregate principal amount of 7.21000% Asset Backed Notes,
Class A-4 pursuant to the Indenture. The aggregate offering prices of Class A-
1, Class A-2, Class A-3, and Class A-4 Notes, expenses incurred and
underwriting discounts, fees and commissions paid by the issuer through the
date hereof (all of which were paid to unaffiliated third party service
providers) are all as disclosed in the related Prospectus and Registration
Statement.
Subject to the terms and conditions of the Underwriting Agreement relating to
the Notes, TMCRC sold the principal amount of all Notes to Merrill Lynch,
Pierce, Fenner and Smith Incorporated, Morgan Stanley & Co. Incorporated, Chase
Securities Inc., Deutsch Bank Securities Inc., Goldman Sachs & Co., Lehman
Brothers Inc., and Salomon Smith Barney, Inc. The offering has terminated and
all of the Notes have been sold.
The net proceeds received by TMCRC from the sale of the Notes was used to
purchase the Receivables from TMCC pursuant to the Receivables Purchase
Agreement and to fund the segregated trust account maintained by the Trustee
for the benefit of the Note holders.
ITEM 6. SELECTED FINANCIAL DATA.
Omitted.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
Omitted.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Omitted.
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
There is nothing to report with regard to this item.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Omitted.
ITEM 11. EXECUTIVE COMPENSATION.
Omitted.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
Omitted.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Omitted.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
Exhibits
The exhibits listed on the accompanying Exhibit Index, page 7, are filed as
part of this Report.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
TOYOTA AUTO RECEIVABLES 2000-A OWNER TRUST
BY: TOYOTA MOTOR CREDIT CORPORATION,
AS SERVICER
Date: December 22, 2000 By: /S/ GEORGE E. BORST
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George E. Borst
President and
Chief Executive Officer
(Principal Executive Officer)
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT
TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting
material has been sent to Note holders during the period covered by this report
and the registrant does not intend to furnish such materials to Note holders
subsequent to the filing of this report.
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EXHIBIT INDEX
Exhibit Method
Number Description of Filing
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20(a) Report of Independent Accountants on Compliance Filed
with Specified Retail Receivable Servicing Standards Herewith
and Related Exhibits
20(b) Annual Statement as to Compliance Filed
Herewith
20(c) Aggregate Monthly Report Information Filed
Herewith
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