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 17, 2001
Toyota Auto Finance Receivables LLC on Behalf of the
Toyota Auto Receivables 2001-C Owner Trust
(Exact name of registrant as specified in its charter)
| California (State or other jurisdiction of incorporation) | 333-58164 (Commission File Number) | 95-4836519 (IRS Employer Identification No.) |
| Toyota Auto Finance Receivables LLC 19001 South Western Avenue Torrance, California (Address of principal executive offices) | 90509 (Zip Code) |
Registrant's telephone number, including area code:(310) 468-7333
Exhibit Index is on Page 2
Page 1 of 3
On December 17, 2001, 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 August 1, 2001 ("Agreement"), between Toyota Auto Finance Receivables LLC, as "Seller", Toyota Motor Credit Corporation, as "Servicer", and Toyota Auto Receivables 2001-C Owner Trust, as "Issuer", were distributed to the holders of Notes and Certificates issued by Toyota Auto Receivables 2001-C 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 2001 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 2001 |
2
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 2001-C OWNER TRUST | ||||||
BY: | TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER | |||||
| Date: | December 21, 2001 | By: | /s/ George E. Borst George E. Borst President and Chief Executive Officer | |||
3
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2001-C Owner Trust
Distribution Date of December 17, 2001 for the Collection Period November 1, 2001 through November 30, 2001
| | | Class A-1 | Class A-2 | Class A-3 | Class A-4 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Total | Balance | Balance | Balance | Balance | ||||||||||||
| Pool Data—Original Deal Parameters | |||||||||||||||||
| Securities Balance | $ | 1,455,000,000.00 | $ | 382,500,000.00 | $ | 462,000,000.00 | $ | 391,000,000.00 | $ | 219,500,000.00 | |||||||
| Receivables Pool Balance | $ | 1,500,000,001.00 | |||||||||||||||
| Principal Factor | 1.00000000 | 1.00000000 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Rate | 3.470 | % | 3.770 | % | 4.4749 | % | 4.720 | % | |||||||||
| Final Scheduled Payment Date | September 16, 2002 | July 15, 2004 | December 15, 2005 | September 15, 2008 | |||||||||||||
| Number of Contracts | 104,437 | ||||||||||||||||
| Weighted Average A.P.R. | 8.55 | % | |||||||||||||||
| Weighted Average Remaining Term | 50.65 | months | |||||||||||||||
| Servicing Fee Rate | 1.00 | % | |||||||||||||||
Pool Data—Prior Month | |||||||||||||||||
| Securities Balance | $ | 1,290,751,607.63 | $ | 218,251,607.63 | $ | 462,000,000.00 | $ | 391,000,000.00 | $ | 219,500,000.00 | |||||||
| Receivables Pool Balance | $ | 1,335,751,608.63 | |||||||||||||||
| Securities Pool Factor | 0.88711451 | 0.57059244 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Number of Contracts | 98,740 | ||||||||||||||||
| Weighted Average A.P.R. | 8.56 | % | |||||||||||||||
| Weighted Average Remaining Term | 48.26 | months | |||||||||||||||
| Precompute and Simple Interest Advances | $ | 2,501,970.34 | |||||||||||||||
| Payahead Account Balance | $ | 876,039.91 | |||||||||||||||
| Supplemental Servicing Fee Received | $ | 59,922.29 | |||||||||||||||
| Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
| Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
Pool Data—Current Month | |||||||||||||||||
| Securities Balance | $ | 1,236,480,469.25 | $ | 163,980,469.25 | $ | 462,000,000.00 | $ | 391,000,000.00 | $ | 219,500,000.00 | |||||||
| Receivables Pool Balance | $ | 1,281,480,470.25 | |||||||||||||||
| Securities Pool Factor | 0.84981476 | 0.42870711 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Number of Contracts | 96,331 | ||||||||||||||||
| Weighted Average A.P.R. | 8.57 | % | |||||||||||||||
| Weighted Average Remaining Term | 47.49 | months | |||||||||||||||
| Precompute and Simple Interest Advances | $ | 2,597,964.42 | |||||||||||||||
| Payahead Account Balance | $ | 838,844.04 | |||||||||||||||
| Supplemental Servicing Fee Received | $ | 54,668.26 | |||||||||||||||
| Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
| Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
Reserve Account | |||||||||||||||||
| Initial Deposit Amount | $ | 0.00 | |||||||||||||||
| Specified Reserve Account Percentage | 0.00 | % | |||||||||||||||
| Specified Reserve Account Amount | $ | 0.00 | |||||||||||||||
| Specified Reserve Account Percentage (if Condition i or ii met) | 5.50 | % | |||||||||||||||
| Specified Reserve Account Amount (if Condition i or ii met) | $ | 68,006,425.81 | |||||||||||||||
| Beginning Balance | $ | 0.00 | |||||||||||||||
| Total Withdraw | $ | 0.00 | |||||||||||||||
| Amount Available for Deposit to the Reserve Account | $ | 3,960,859.80 | |||||||||||||||
| Reserve Account Balance Prior to Release | $ | 3,960,859.80 | |||||||||||||||
| Reserve Account Required Amount | $ | 0.00 | |||||||||||||||
| Reserve Account Release to Seller | $ | 3,960,859.80 | |||||||||||||||
| Ending Reserve Account Balance | $ | 0.00 | |||||||||||||||
Revolving Liquidity Note | |||||||||||||||||
| Total Amount Available | $ | 7,500,000.00 | |||||||||||||||
| Beginning of Period Balance | $ | 0.00 | |||||||||||||||
| Draws | $ | 0.00 | |||||||||||||||
| Reimbursements | $ | 0.00 | |||||||||||||||
| End of Period Balance | $ | 0.00 | |||||||||||||||
| Current Period Undrawn Amount | $ | 7,500,000.00 | |||||||||||||||
Page 1
Liquidation of Charge-offs and Repossessions
| | Vehicles | Amount | |||||
|---|---|---|---|---|---|---|---|
| Liquidated Contracts | 19 | ||||||
| Gross Principal Balance of Liquidated Receivables | $ | 185,690.41 | |||||
| Net Liquidation Proceeds Received During the Collection Period | $ | (111,578.22 | ) | ||||
| Recoveries on Previously Liquidated Contracts | $ | (2,368.64 | ) | ||||
| Aggregate Credit Losses for the Collection Period | $ | 71,743.55 | |||||
| Cumulative Credit Losses for all Periods | 31 | $ | 107,986.94 | ||||
| Repossessed in Current Period | 48 | ||||||
Ratio of Net Credit Losses to the Average Pool Balance for Each Collection Period: | Annualized Average Charge-Off Rate | ||||||
| Second Preceding Collection Period | 0.02 | % | |||||
| First Preceding Collection Period | 0.02 | % | |||||
| Current Collection Period | 0.07 | % | |||||
Condition (i) (Charge-off Rate) | |||||||
| Three Month Average | 0.04 | % | |||||
| Charge-off Rate Indicator (> 1.25%) | condition not met | ||||||
Delinquent and Repossessed Contracts
| | Percent | Contracts | Percent | Amount | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 31-60 Days Delinquent | 0.93 | % | 900 | 0.89 | % | $ | 11,441,651.50 | |||
| 61-90 Days Delinquent | 0.13 | % | 127 | 0.15 | % | $ | 1,967,225.52 | |||
| Over 90 Days Delinquent | 0.09 | % | 84 | 0.08 | % | $ | 1,058,863.71 | |||
| Total Delinquencies | 1,111 | $ | 14,467,740.73 | |||||||
| Repossessed Vehicle Inventory | 95 | * | ||||||||
| 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 | 0.09 | % | ||
| First Preceding Collection Period | 0.13 | % | ||
| Current Collection Period | 0.22 | % | ||
| Condition (ii) (Delinquency Percentage) | ||||
| Three Month Average | 0.15 | % | ||
| Delinquency Percentage Indicator (> 1.25%) | condition not met | |||
Page 2
| | | Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Total | Balance | Balance | Balance | Balance | |||||||||||
Collections | ||||||||||||||||
| Principal Payments Received | $ | 54,085,447.97 | ||||||||||||||
| Interest Payments Received | $ | 9,458,612.95 | ||||||||||||||
| Net Precomputed Payahead Amount | $ | 37,195.87 | ||||||||||||||
| Aggregate Net Liquidation Proceeds Received | $ | 113,946.86 | ||||||||||||||
| Principal on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Interest on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Total Collections | $ | 63,695,203.65 | ||||||||||||||
| Net Simple Interest Advance Amount | $ | 71,963.69 | ||||||||||||||
| Net Precomputed Advance Amount | $ | 24,030.39 | ||||||||||||||
| Total Available Amount | $ | 63,791,197.73 | ||||||||||||||
Amounts Due | ||||||||||||||||
| Servicing Fee | $ | 1,113,126.34 | ||||||||||||||
| Accrued and Unpaid Interest | $ | 4,446,073.21 | ||||||||||||||
| Principal | $ | 54,271,138.38 | ||||||||||||||
| Reserve Fund | $ | 3,960,859.80 | ||||||||||||||
| Total Amount Due | $ | 63,791,197.73 | ||||||||||||||
Actual Distributions | ||||||||||||||||
| Servicing Fee | $ | 1,113,126.34 | ||||||||||||||
| Interest | $ | 4,446,073.21 | $ | 673,184.96 | $ | 1,451,450.00 | $ | 1,458,071.58 | $ | 863,366.67 | ||||||
| Principal | $ | 54,271,138.38 | $ | 54,271,138.38 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
| Reserve Fund | $ | 3,960,859.80 | ||||||||||||||
| Total Amount Distributed | $ | 63,791,197.73 | $ | 54,944,323.34 | $ | 1,451,450.00 | $ | 1,458,071.58 | $ | 863,366.67 | ||||||
Page 3
Monthly Information by Type of Loan
| Precomputed Contracts | ||||||
| Scheduled Principal Collections | $ | 1,975,980.44 | ||||
| Prepayments in Full | 286 | contracts | $ | 1,103,469.84 | ||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Payments Behind/Ahead on Repurchased Receivables | $ | 0.00 | ||||
| Total Collections | $ | 3,351,327.86 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 24,030.39 | ||||
| Payahead Account—Payments Applied | $ | 37,195.87 | ||||
| Payahead Account—Additional Payaheads | $ | 0.00 | ||||
Simple Interest Contracts | ||||||
| Collected Principal | $ | 28,188,681.28 | ||||
| Prepayments in Full | 2104 | contracts | $ | 22,817,316.41 | ||
| Collected Interest | $ | 9,186,735.37 | ||||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Repurchased Receivables Interest | $ | 0.00 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 71,963.69 | ||||
Page 4
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2001-C Owner Trust
Payment Date of December 17, 2001 for the Collection Period of November 1 through November 30, 2001
| | Class A3 | |||
|---|---|---|---|---|
| | Balance | |||
| Note Rates for December 17, 2001 Payment Date | ||||
| One Month LIBOR | 2.08000 | % | ||
| Spread | 0.07000 | % | ||
| Note Rates: | 2.15000 | % | ||
Number of Days in Interest Period (Days) | 32 | |||
Interest Payments | ||||
| Interest Calculation for Current Interest Period | 747,244.44 | |||
| At Certificate Payment Date: | ||||
| Due to Swap Counterparty (Swap Payments Outgoing) | 1,458,071.58 | |||
| Paid to Swap Counterparty (Swap Payments Outgoing) | 1,458,071.58 | |||
| Proration % | 0.00 | % | ||
| Interest Due to Noteholders (Swap Payments Incoming) | 747,244.44 | |||
| Interest Payment to Noteholders (Swap Payments Incoming) | 747,244.44 | |||
Net Swap Payment due to / (received by) Swap Counterparty | (710,827.14 | ) | ||
Principal Payments | ||||
| Principal Payment due to Investors | — | |||
| Ending Notional Balance | 391,000,000.00 | |||
Swap Termination Payment | N/A | |||
Note Rates for January 15, 2002 Payment Date | ||||
| One Month LIBOR | 1.89563 | % | ||
| Spread | 0.07000 | % | ||
| Note Rates: | 1.96563 | % | ||
Number of Days in Interest Period (Days) | 30 | |||
I hereby certify to the best of my knowledge that the report provided is true and correct.
| /s/ Angela Brown Angela Brown, ABS Accounting Manager |
Page 5
