EXHIBIT 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2002-A Owner Trust
Distribution Date of March 15, 2002 for the Collection Period February 1, 2002 through February 28, 2002
| | Total | Class A-1 Balance | Class A-2 Balance | Class A-3 Balance | Class A-4 Balance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pool Data—Original Deal Parameters | |||||||||||||||||
| Securities Balance | $ | 1,510,602,000.00 | $ | 459,670,000.00 | $ | 387,000,000.00 | $ | 429,000,000.00 | $ | 234,932,000.00 | |||||||
| Receivables Pool Balance | $ | 1,557,322,188.00 | |||||||||||||||
| Principal Factor | 1.00000000 | 1.00000000 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Rate | 1.69375 | % | 2.392 | % | 3.4440 | % | 4.000 | % | |||||||||
| Final Scheduled Payment Date | January 15, 2003 | July 15, 2004 | January 16, 2006 | July 15, 2008 | |||||||||||||
| Number of Contracts | 106,057 | ||||||||||||||||
| Weighted Average A.P.R. | 7.24 | % | |||||||||||||||
| Weighted Average Remaining Term | 49.86 | months | |||||||||||||||
| Servicing Fee Rate | 1.00 | % | |||||||||||||||
| Pool Data—Prior Month | |||||||||||||||||
| Securities Balance | $ | 1,399,794,110.28 | $ | 348,862,110.28 | $ | 387,000,000.00 | $ | 429,000,000.00 | $ | 234,932,000.00 | |||||||
| Receivables Pool Balance | $ | 1,446,514,298.28 | |||||||||||||||
| Securities Pool Factor | 0.92664654 | 0.75894035 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Number of Contracts | 102,828 | ||||||||||||||||
| Weighted Average A.P.R. | 7.24 | % | |||||||||||||||
| Weighted Average Remaining Term | 48.26 | months | |||||||||||||||
| Precompute and Simple Interest Advances | $ | 1,841,732.71 | |||||||||||||||
| Payahead Account Balance | $ | 619,002.25 | |||||||||||||||
| 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 | $ | 1,352,195,092.02 | $ | 301,263,092.02 | $ | 387,000,000.00 | $ | 429,000,000.00 | $ | 234,932,000.00 | |||||||
| Receivables Pool Balance | $ | 1,398,915,280.02 | |||||||||||||||
| Securities Pool Factor | 0.89513657 | 0.65538994 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Number of Contracts | 101,419 | ||||||||||||||||
| Weighted Average A.P.R. | 7.24 | % | |||||||||||||||
| Weighted Average Remaining Term | 47.52 | months | |||||||||||||||
| Precompute and Simple Interest Advances | $ | 2,247,377.99 | |||||||||||||||
| Payahead Account Balance | $ | 564,236.00 | |||||||||||||||
| 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) | $ | 74,370,730.06 | |||||||||||||||
Beginning Balance | $ | 0.00 | |||||||||||||||
| Total Withdraw | $ | 0.00 | |||||||||||||||
| Amount Available for Deposit to the Reserve Account | $ | 4,005,015.33 | |||||||||||||||
| Reserve Account Balance Prior to Release | $ | 4,005,015.33 | |||||||||||||||
| Reserve Account Required Amount | $ | 0.00 | |||||||||||||||
| Reserve Account Release to Seller | $ | 4,005,015.33 | |||||||||||||||
| Ending Reserve Account Balance | $ | 0.00 | |||||||||||||||
| Revolving Liquidity Note | |||||||||||||||||
| Total Amount Available | $ | 7,786,611.00 | |||||||||||||||
Beginning of Period Balance | $ | 0.00 | |||||||||||||||
| Draws | $ | 0.00 | |||||||||||||||
| Reimbursements | $ | 0.00 | |||||||||||||||
| End of Period Balance | $ | 0.00 | |||||||||||||||
| Current Period Undrawn Amount | $ | 7,786,611.00 | |||||||||||||||
Liquidation of Charge-offs and Repossessions
| | | | |||||
|---|---|---|---|---|---|---|---|
| Vehicles | Amount | ||||||
| Liquidated Contracts | 18 | ||||||
| Gross Principal Balance of Liquidated Receivables | $ | 196,503.42 | |||||
| Net Liquidation Proceeds Received During the Collection Period | ($ | 130,236.64) | |||||
| Recoveries on Previously Liquidated Contracts | $ | 0.00 | |||||
| Aggregate Credit Losses for the Collection Period | $ | 66,266.78 | |||||
| Cumulative Credit Losses for all Periods | 20 | $ | 80,045.66 | ||||
| Repossessed in Current Period | 32 | ||||||
| Ratio of Net Credit Losses to the Average Pool Balance for Each Collection Period: | Annualized Average Charge-Off Rate | ||||||
| Second Preceding Collection Period | 0.00 | % | |||||
| First Preceding Collection Period | 0.01 | % | |||||
| Current Collection Period | 0.06 | % | |||||
| Condition (i) (Charge-off Rate) | |||||||
| Three Month Average | 0.02 | % | |||||
| Charge-off Rate Indicator (> 2.25%) | condition not met | ||||||
Page 1
Delinquent and Repossessed Contracts
| | Percent | Contracts | Percent | Amount | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-60 Days Delinquent | 0.79 | % | 800 | 0.69 | % | $ | 9,699,376.73 | ||||
| 61-90 Days Delinquent | 0.10 | % | 106 | 0.10 | % | $ | 1,464,409.47 | ||||
| Over 90 Days Delinquent | 0.07 | % | 69 | 0.07 | % | $ | 997,363.01 | ||||
| Total Delinquencies | 975 | $ | 12,161,149.21 | ||||||||
| Repossessed Vehicle Inventory | 57* | ||||||||||
| * 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 | 0.01 | % | |||||||||
| First Preceding Collection Period | 0.16 | % | |||||||||
| Current Collection Period | 0.17 | % | |||||||||
| Condition (ii) (Delinquency Percentage) | |||||||||||
| Three Month Average | 0.11 | % | |||||||||
| Delinquency Percentage Indicator (> 2.25%) | condition not met | ||||||||||
Page 2
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2002-A Owner Trust
Distribution Date of March 15, 2002 for the Collection Period February 1, 2002 through February 28, 2002
| | | Class A-1 | Class A-2 | Class A-3 | Class A-4 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Total | Balance | Balance | Balance | Balance | |||||||||||
| Collections | ||||||||||||||||
| Principal Payments Received | $ | 47,402,514.84 | ||||||||||||||
| Interest Payments Received | $ | 8,061,633.21 | ||||||||||||||
| Net Precomputed Payahead Amount | $ | 54,766.25 | ||||||||||||||
| Aggregate Net Liquidation Proceeds Received | $ | 130,236.64 | ||||||||||||||
| Principal on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Interest on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Total Collections | $ | 55,649,150.94 | ||||||||||||||
| Net Simple Interest Advance Amount | $ | 301,593.22 | ||||||||||||||
| Net Precomputed Advance Amount | $ | 104,052.06 | ||||||||||||||
| Total Available Amount | $ | 56,054,796.22 | ||||||||||||||
Amounts Due | ||||||||||||||||
| Servicing Fee | $ | 1,205,428.58 | ||||||||||||||
| Accrued and Unpaid Interest | $ | 3,245,344.05 | ||||||||||||||
| Principal | $ | 47,599,018.26 | ||||||||||||||
| Reserve Fund | $ | 4,005,015.33 | ||||||||||||||
| Total Amount Due | $ | 56,054,796.22 | ||||||||||||||
Actual Distributions | ||||||||||||||||
| Servicing Fee | $ | 1,205,428.58 | ||||||||||||||
| Interest | $ | 3,245,334.05 | $ | 459,577.38 | $ | 771,420.00 | $ | 1,231,230.00 | $ | 783,106.67 | ||||||
| Principal | $ | 47,599,018.26 | $ | 47,599,018.26 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
| Reserve Fund | $ | 4,005,015.33 | ||||||||||||||
| Total Amount Distributed | $ | 56,054,796.22 | $ | 48,058,595.64 | $ | 771,420.00 | $ | 1,231,230.00 | $ | 783,106.67 | ||||||
| | | | ||||
|---|---|---|---|---|---|---|
| Monthly Information by Type of Loan | ||||||
Precomputed Contracts | ||||||
| Scheduled Principal Collections | $ | 1,702,246.64 | ||||
| Prepayments in Full | 95 contracts | $ | 672,533.09 | |||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Payments Behind/Ahead on Repurchased Receivables | $ | 0.00 | ||||
| Total Collections | $ | 2,501,287.87 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 104,052.06 | ||||
| Payahead Account—Payments Applied | $ | 54,766.25 | ||||
| Payahead Account—Additional Payaheads | $ | 0.00 | ||||
Simple Interest Contracts | ||||||
| Collected Principal | $ | 29,756,724.20 | ||||
| Prepayments in Full | 1296 contracts | $ | 15,271,010.91 | |||
| Collected Interest | $ | 7,935,125.07 | ||||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Repurchased Receivables Interest | $ | 0.00 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 301,593.22 | ||||
Page 3
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2002-A Owner Trust
Distribution Date of March 15, 2002 for the Collection Period of February 1 through February 28, 2002
| | Class A2 | Class A3 | ||||
|---|---|---|---|---|---|---|
| | Balance | Balance | ||||
| Note Rates for March 15, 2002 Payment Date | ||||||
| One Month LIBOR | 1.84750% | 1.84750% | ||||
| Spread | 0.05000% | 0.06000% | ||||
| Note Rates: | 1.89750% | 1.90750% | ||||
Number of Days in Interest Period (Days) | 28 | 28 | ||||
Interest Payments | ||||||
| Interest Calculation for Current Interest Period | 571,147.50 | 636,469.17 | ||||
| At Certificate Payment Date: | ||||||
| Due to Swap Counterparty (Swap Payments Outgoing) | 771,420.00 | 1,231,230.00 | ||||
| Paid to Swap Counterparty (Swap Payments Outgoing) | 771,420.00 | 1,231,230.00 | ||||
| Proration % 0.00% | ||||||
| Interest Due to Noteholders (Swap Payments Incoming) | 571,147.50 | 636,469.17 | ||||
| Interest Payment to Noteholders (Swap Payments Incoming) | 571,147.50 | 636,469.17 | ||||
Net Swap Payment due to / (received by) Swap Counterparty | (200,272.50 | ) | (594,760.83 | ) | ||
Principal Payments | ||||||
| Principal Payment due to Investors | — | — | ||||
| Ending Notional Balance | 387,000,000.00 | 429,000,000.00 | ||||
Swap Termination Payment | N/A | N/A | ||||
Note Rates for April 15, 2002 Payment Date | ||||||
| One Month LIBOR | 1.90000% | 1.90000% | ||||
| Spread | 0.05000% | 0.06000% | ||||
| Note Rates: | 1.95000% | 1.96000% | ||||
Number of Days in Interest Period (Days) | 31 | 31 | ||||
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 |
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