Exhibit 20
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S Report—Toyota Auto Receivables 2001-B Owner Trust
Distribution Date of January 15, 2002 for the Collection Period December 1, 2001 through December 31, 2001
| | Total | Class A-1 Balance | Class A-2 Balance | Class A-3 Balance | Class A-4 Balance | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pool Data—Original Deal Parameters | ||||||||||||||||
| Securities Balance | $ | 1,452,840,000.00 | $ | 417,840,000.00 | $ | 500,000,000.00 | $ | 360,000,000.00 | $ | 175,000,000.00 | ||||||
| Receivables Pool Balance | $ | 1,497,783,044.00 | ||||||||||||||
| Principal Factor | 1.00000000 | 1.00000000 | 1.00000000 | 1.00000000 | 1.00000000 | |||||||||||
| Rate | 4.300 | % | 4.562 | % | 5.018% | 5.360% | ||||||||||
| Final Scheduled Payment Date | May 15, 2002 | December 15, 2003 | March 15, 2005 | October 15, 2007 | ||||||||||||
| Number of Contracts | 119,098 | |||||||||||||||
| Weighted Average Coupon | 9.137 | % | ||||||||||||||
| Weighted Average Remaining Term | 45.70 | months | ||||||||||||||
| Servicing Fee Rate | 1.00 | % | ||||||||||||||
| Pool Data—Prior Month | ||||||||||||||||
| Securities Balance | $ | 1,002,653,146.69 | $ | 0.00 | $ | 467,653,146.69 | $ | 360,000,000.00 | $ | 175,000,000.00 | ||||||
| Receivables Pool Balance | $ | 1,047,596,190.69 | ||||||||||||||
| Securities Pool Factor | 0.69013322 | 0.00000000 | 0.93530629 | 1.00000000 | 1.00000000 | |||||||||||
| Number of Contracts | 98,739 | |||||||||||||||
| Weighted Average Coupon | 9.227 | % | ||||||||||||||
| Weighted Average Remaining Term | 39.70 | months | ||||||||||||||
| Precompute and Simple Interest Advances | $ | 3,626,157.07 | ||||||||||||||
| Payahead Account Balance | $ | 1,527,613.58 | ||||||||||||||
| 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 | $ | 953,161,049.05 | $ | 0.00 | $ | 418,161,049.05 | $ | 360,000,000.00 | $ | 175,000,000.00 | ||||||
| Receivables Pool Balance | $ | 998,104,093.05 | ||||||||||||||
| Securities Pool Factor | 0.65606746 | 0.00000000 | 0.83632210 | 1.00000000 | 1.00000000 | |||||||||||
| Number of Contracts | 96,070 | |||||||||||||||
| Weighted Average Coupon | 9.242 | % | ||||||||||||||
| Weighted Average Remaining Term | 39.00 | months | ||||||||||||||
| Precompute and Simple Interest Advances | $ | 4,014,288.08 | ||||||||||||||
| Payahead Account Balance | $ | 1,419,642.91 | ||||||||||||||
| Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
| Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
Page 1
| | | |||
|---|---|---|---|---|
| Reserve Fund | ||||
| Initial Deposit Amount | $ | 3,744,458.00 | ||
| Specified Reserve Fund Percentage | 0.75% | |||
| Specified Reserve Fund Amount | $ | 7,488,915.22 | ||
| Specified Reserve Fund Percentage (if Condition i or ii met) | 5.50% | |||
| Specified Reserve Fund Amount (if Condition i or ii met) | $ | 52,423,857.70 | ||
| Beginning Balance | $ | 7,856,971.43 | ||
| Total Withdraw | $ | 0.00 | ||
| Amount Available for Deposit to the Reserve Fund | $ | 2,843,594.82 | ||
| Reserve Fund Balance Prior to Release | $ | 10,700,566.25 | ||
| Reserve Fund Required Amount | $ | 7,488,915.22 | ||
| Reserve Fund Release to Seller | $ | 3,211,651.03 | ||
| Ending Reserve Fund Balance | $ | 7,488,915.22 | ||
Liquidation of Charge-offs and Repossessions | Vehicles | Amount | |||||
|---|---|---|---|---|---|---|---|
| Liquidated Contracts | 66 | ||||||
| Gross Principal Balance of Liquidated Receivables | $ | 723,604.86 | |||||
| Net Liquidation Proceeds Received During the Collection Period | $ | (372,274.46 | ) | ||||
| Recoveries on Previously Liquidated Contracts | $ | (18,078.53 | ) | ||||
| Aggregate Credit Losses for the Collection Period | $ | 333,251.87 | |||||
| Cumulative Credit Losses for all Periods | 435 | $ | 2,046,445.71 | ||||
| Repossessed in Current Period | 60 | ||||||
Ratio of Net Credit Losses to the Average Pool Balance for Each Collection Period: | Annualized Average Charge-Off Rate | ||||||
| Second Preceding Collection Period | 0.46% | ||||||
| First Preceding Collection Period | 0.39% | ||||||
| Current Collection Period | 0.39% | ||||||
| Condition (i) (Charge-off Rate) | |||||||
| Three Month Average | 0.42% | ||||||
| Charge-off Rate Indicator (> 1.25%) | condition not met | ||||||
Page 2
| Delinquent and Repossessed Contracts | Percent | Contracts | Percent | Amount | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-60 Days Delinquent | 2.23 | % | 2,142 | 2.30 | % | $ | 22,929,108.41 | ||||
| 61-90 Days Delinquent | 0.39 | % | 378 | 0.43 | % | $ | 4,284,679.09 | ||||
| Over 90 Days Delinquent | 0.28 | % | 267 | 0.32 | % | $ | 3,147,302.56 | ||||
| Total Delinquencies | 2,787 | $ | 30,361,090.06 | ||||||||
Repossessed Vehicle Inventory | 162 | * | |||||||||
| * 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 | 0.42 | % | |||||||||
| First Preceding Collection Period | 0.49 | % | |||||||||
| Current Collection Period | 0.67 | % | |||||||||
Condition (ii) (Delinquency Percentage) | |||||||||||
| Three Month Average | 0.52 | % | |||||||||
| Delinquency Percentage Indicator (> 1.25%) | condition not met | ||||||||||
Page 3
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S Report—Toyota Auto Receivables 2001-B Owner Trust
Distribution Date of January 15, 2002 for the Collection Period December 1, 2001 through December 31, 2001
| | Total | Class A-1 Balance | Class A-2 Balance | Class A-3 Balance | Class A-4 Balance | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Collections | ||||||||||||||||
| Principal Payments Received | $ | 48,768,492.78 | ||||||||||||||
| Interest Payments Received | $ | 7,618,669.89 | ||||||||||||||
| Net Precomputed Payahead Amount | $ | 107,970.67 | ||||||||||||||
| Aggregate Net Liquidation Proceeds Received | $ | 390,352.99 | ||||||||||||||
| Principal on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Interest on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Total Collections | $ | 56,885,486.33 | ||||||||||||||
| Net Simple Interest Advance Amount | $ | 292,345.92 | ||||||||||||||
| Net Precomputed Advance Amount | $ | 95,785.09 | ||||||||||||||
| Total Available Amount | $ | 57,273,617.34 | ||||||||||||||
Amounts Due | ||||||||||||||||
| Servicing Fee | $ | 872,996.83 | ||||||||||||||
| Accrued and Unpaid Interest | $ | 4,064,928.05 | ||||||||||||||
| Principal | $ | 49,492,097.64 | ||||||||||||||
| Reserve Fund | $ | 2,843,594.82 | ||||||||||||||
| Total Amount Due | $ | 57,273,617.34 | ||||||||||||||
Actual Distributions | ||||||||||||||||
| Servicing Fee | $ | 872,996.83 | ||||||||||||||
| Interest | $ | 4,064,928.05 | $ | 0.00 | $ | 1,777,861.38 | $ | 1,505,400.00 | $ | 781,666.67 | ||||||
| Principal | $ | 49,492,097.64 | $ | 0.00 | $ | 49,492,097.64 | $ | 0.00 | $ | 0.00 | ||||||
| Reserve Fund | $ | 2,843,594.82 | ||||||||||||||
| Total Amount Distributed | $ | 57,273,617.34 | $ | 0.00 | $ | 51,269,959.02 | $ | 1,505,400.00 | $ | 781,666.67 | ||||||
Page 4
| Monthly Information by Type of Loan | | | ||||
|---|---|---|---|---|---|---|
| Precomputed Contracts | ||||||
| Scheduled Principal Collections | $ | 4,724,605.41 | ||||
| Prepayments in Full | 537 contracts | $ | 2,175,840.15 | |||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Payments Behind/Ahead on Repurchased Receivables | $ | 0.00 | ||||
| Total Collections | $ | 7,622,632.47 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 95,785.09 | ||||
| Payahead Account—Payments Applied | $ | 107,970.67 | ||||
| Payahead Account—Additional Payaheads | $ | 0.00 | ||||
Simple Interest Contracts | ||||||
| Collected Principal | $ | 25,095,683.82 | ||||
| Prepayments in Full | 2066 contracts | $ | 16,772,363.40 | |||
| Collected Interest | $ | 6,896,482.98 | ||||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Repurchased Receivables Interest | $ | 0.00 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 292,345.92 | ||||
Page 5
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2001-B Owner Trust
Distribution Date of January 15, 2002 for the Collection Period of December 1 through December 31, 2001
| | Class A2 Balance | Class A3 Balance | Class A4 Balance | |||||
|---|---|---|---|---|---|---|---|---|
| Note Rates for January 15, 2002 Payment Date | ||||||||
| One Month LIBOR | 1.89563 | % | 1.89563 | % | 1.89563 | % | ||
| Spread | 0.06000 | % | 0.08000 | % | 0.10000 | % | ||
| Note Rates: | 1.95563 | % | 1.97563 | % | 1.99563 | % | ||
| Number of Days in Interest Period (Days) | 29 | 29 | 29 | |||||
| Interest Payments | ||||||||
| Interest Calculation for Current Interest Period | 736,726.09 | 572,932.70 | 281,328.40 | |||||
| At Certificate Payment Date: | ||||||||
| Due to Swap Counterparty (Swap Payments Outgoing) | 1,777,861.38 | 1,505,400.00 | 781,666.67 | |||||
| Paid to Swap Counterparty (Swap Payments Outgoing) | 1,777,861.38 | 1,505,400.00 | 781,666.67 | |||||
| Proration % 0.00% | ||||||||
| Interest Due to Noteholders (Swap Payments Incoming) | 736,726.09 | 572,932.70 | 281,328.40 | |||||
| Interest Payment to Noteholders (Swap Payments Incoming) | 736,726.09 | 572,932.70 | 281,328.40 | |||||
| Net Swap Payment due to / (received by) Swap Counterparty | (1,041,135.29 | ) | (932,467.30 | ) | (500,338.27 | ) | ||
Principal Payments | ||||||||
| Beginning Notional Balance | 467,653,146.69 | 360,000,000.00 | 175,000,000.00 | |||||
| Principal Payment due to Investors | 49,492,097.64 | — | — | |||||
| Ending Notional Balance | 418,161,049.05 | 360,000,000.00 | 175,000,000.00 | |||||
Swap Termination Payment | N/A | N/A | N/A | |||||
Note Rates for February 15, 2002 Payment Date | ||||||||
| One Month LIBOR | 1.82000 | % | 1.82000 | % | 1.82000 | % | ||
| Spread | 0.06000 | % | 0.08000 | % | 0.10000 | % | ||
| Note Rates: | 1.88000 | % | 1.90000 | % | 1.92000 | % | ||
| Number of Days in Interest Period (Days) | 31 | 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
