TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2002-A Owner Trust
Distribution Date of April 15, 2002 for the Collection Period March 1, 2002 through March 31, 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 | $ | 1,352,195,092.02 | $ | 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 | |||||||
Pool Data—Current Month | |||||||||||||||||
| Securities Balance | $ | 1,299,573,754.55 | $ | 248,641,754.55 | $ | 387,000,000.00 | $ | 429,000,000.00 | $ | 234,932,000.00 | |||||||
| Receivables Pool Balance | $ | 1,346,293,942.55 | |||||||||||||||
| Securities Pool Factor | 0.86030189 | 0.54091360 | 1.00000000 | 1.00000000 | 1.00000000 | ||||||||||||
| Number of Contracts | 99,765 | ||||||||||||||||
| Weighted Average A.P.R. | 7.25 | % | |||||||||||||||
| Weighted Average Remaining Term | 46.71 | months | |||||||||||||||
| Precompute and Simple Interest Advances | $ | 2,652,506.85 | |||||||||||||||
| Payahead Account Balance | $ | 543,900.04 | |||||||||||||||
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 ior ii met) | 5.50 | % | |||||||||||||||
| Specified Reserve Account Amount (if Condition ior ii met) | $ | 71,476,556.50 | |||||||||||||||
Beginning Balance | $ | 0.00 | |||||||||||||||
| Total Withdraw | $ | 0.00 | |||||||||||||||
| Amount Available for Deposit to the Reserve Account | $ | 4,031,750.58 | |||||||||||||||
| Reserve Account Balance Prior to Release | $ | 4,031,750.58 | |||||||||||||||
| Reserve Account Required Amount | $ | 0.00 | |||||||||||||||
| Reserve Account Release to Seller | $ | 4,031,750.58 | |||||||||||||||
| 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 | 34 | |||||||
| Gross Principal Balance of Liquidated Receivables | $ | 410,082.31 | ||||||
| Net Liquidation Proceeds Received During the Collection Period | ($ | 232,457.74) | ||||||
| Recoveries on Previously Liquidated Contracts | ($ | 2,312.08) | ||||||
| Aggregate Credit Losses for the Collection Period | $ | 175,312.49 | ||||||
| Cumulative Credit Losses for all Periods | 54 | $ | 255,358.15 | |||||
| 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 | 0.01 | % | ||||||
| First Preceding Collection Period | 0.06 | % | ||||||
| Current Collection Period | 0.15 | % | ||||||
| Condition (i) (Charge-off Rate) | ||||||||
| Three Month Average | 0.07 | % | ||||||
| Charge-off Rate Indicator (> 2.25%) | condition not met | |||||||
Page 1
Delinquent and Repossessed Contracts
| | Percent | Contracts | Percent | Amount | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31-60 Days Delinquent | 1.04 | % | 1,036 | 1.00 | % | $ | 13,446,349.93 | ||||
| 61-90 Days Delinquent | 0.13 | % | 125 | 0.12 | % | $ | 1,639,170.63 | ||||
| Over 90 Days Delinquent | 0.09 | % | 86 | 0.09 | % | $ | 1,181,954.75 | ||||
| Total Delinquencies | 1,247 | $ | 16,267,475.31 | ||||||||
Repossessed Vehicle Inventory | 61* | ||||||||||
| * 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 | 0.16 | % | |||||||||
| First Preceding Collection Period | 0.17 | % | |||||||||
| Current Collection Period | 0.21 | % | |||||||||
| Condition (ii) (Delinquency Percentage) | |||||||||||
| Three Month Average | 0.18 | % | |||||||||
| 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 April 15, 2002 for the Collection Period March 1, 2002 through March 31, 2002
| | Total | Class A-1 Balance | Class A-2 Balance | Class A-3 Balance | Class A-4 Balance | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Collections | ||||||||||||||||
| Principal Payments Received | $ | 52,211,255.16 | ||||||||||||||
| Interest Payments Received | $ | 8,172,511.96 | ||||||||||||||
| Net Precomputed Payahead Amount | $ | 20,335.96 | ||||||||||||||
| Aggregate Net Liquidation Proceeds Received | $ | 234,769.82 | ||||||||||||||
| Principal on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Interest on Repurchased Contracts | $ | 0.00 | ||||||||||||||
| Total Collections | $ | 60,638,872.90 | ||||||||||||||
| Net Simple Interest Advance Amount | $ | 453,939.50 | ||||||||||||||
| Net Precomputed Advance Amount | $ | (48,810.64 | ) | |||||||||||||
| Total Available Amount | $ | 61,044,001.76 | ||||||||||||||
Amounts Due | ||||||||||||||||
| Servicing Fee | $ | 1,165,762.73 | ||||||||||||||
| Accrued and Unpaid Interest | $ | 3,225,150.98 | ||||||||||||||
| Principal | $ | 52,621,337.47 | ||||||||||||||
| Reserve Fund | $ | 4,031,750.58 | ||||||||||||||
| Total Amount Due | $ | 61,044,001.76 | ||||||||||||||
Actual Distributions | ||||||||||||||||
| Servicing Fee | $ | 1,165,762.73 | ||||||||||||||
| Interest | $ | 3,225,150.98 | $ | 439,394.31 | $ | 771,420.00 | $ | 1,231,230.00 | $ | 783,106.67 | ||||||
| Principal | $ | 52,621,337.47 | $ | 52,621,337.47 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
| Reserve Fund | $ | 4,031,750.58 | ||||||||||||||
| Total Amount Distributed | $ | 61,044,001.76 | $ | 53,060,731.78 | $ | 771,420.00 | $ | 1,231,230.00 | $ | 783,106.67 | ||||||
| Monthly Information by Type of Loan | ||||||
Precomputed Contracts | ||||||
| Scheduled Principal Collections | $ | 1,667,444.11 | ||||
| Prepayments in Full | 132 contracts | $ | 677,344.41 | |||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Payments Behind/Ahead on Repurchased Receivables | $ | 0.00 | ||||
| Total Collections | $ | 2,643,246.29 | ||||
| Advances—Reimbursement of Previous Advances | $ | 48,810.64 | ||||
| Advances—Current Advance Amount | $ | 0.00 | ||||
| Payahead Account—Payments Applied | $ | 20,335.96 | ||||
| Payahead Account—Additional Payaheads | $ | 0.00 | ||||
Simple Interest Contracts | ||||||
| Collected Principal | $ | 33,015,544.13 | ||||
| Prepayments in Full | 1488 contracts | $ | 16,850,922.51 | |||
| Collected Interest | $ | 7,874,054.19 | ||||
| Repurchased Receivables Principal | $ | 0.00 | ||||
| Repurchased Receivables Interest | $ | 0.00 | ||||
| Advances—Reimbursement of Previous Advances | $ | 0.00 | ||||
| Advances—Current Advance Amount | $ | 453,939.50 | ||||
Page 3
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2002-A Owner Trust
Distribution Date of April 15, 2002 for the Collection Period of March 1 through March 31, 2002
| | Class A2 | Class A3 | ||||
|---|---|---|---|---|---|---|
| | Balance | Balance | ||||
| 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 | ||||
Interest Payments | ||||||
| Interest Calculation for Current Interest Period | 649,837.50 | 724,056.67 | ||||
| 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) | 649,837.50 | 724,056.67 | ||||
| Interest Payment to Noteholders (Swap Payments Incoming) | 649,837.50 | 724,056.67 | ||||
Net Swap Payment due to / (received by) Swap Counterparty | (121,582.50 | ) | (507,173.33 | ) | ||
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 May 15, 2002 Payment Date | ||||||
| One Month LIBOR | 1.86000% | 1.86000% | ||||
| Spread | 0.05000% | 0.06000% | ||||
| Note Rates: | 1.91000% | 1.92000% | ||||
Number of Days in Interest Period (Days) | 30 | 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 4
