UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 16, 2002
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Toyota Auto Finance Receivables LLC on Behalf of the
Toyota Auto Receivables 2002-C Owner Trust
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(Exact name of registrant as specified in its charter)
Delaware 333-74872 and 333-74872-01 95-4836519
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Toyota Auto Finance Receivables LLC
19300 Gramercy Place, North Building
Torrance, California 90509
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 468-7333
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Exhibit Index is on Page 2
Page 1 of 3
Item 5. Other Events
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On December 16, 2002, the principal and interest collected during the preceding
collection period, net of certain adjustments as provided for in the Sale and
Servicing Agreement dated as of October 1, 2002 ("Agreement"), between Toyota
Auto Finance Receivables LLC, as "Seller", Toyota Motor Credit Corporation, as
"Servicer", and Toyota Auto Receivables 2002-C Owner Trust, as "Issuer", were
distributed to the holders of Notes and Certificates issued by Toyota Auto
Receivables 2002-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 and Indenture Trustee for the benefit of the
Securityholders and was distributed by the Owner Trustee and Indenture Trustee
to the Securityholders. A copy of the Servicer's Certificate for the month of
November 2002 is filed as Exhibit 20 to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
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20 Servicer's Certificate for the month of
November 2002.
-2-
SIGNATURES
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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 2002-C OWNER TRUST
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: December 31, 2002 By: /s/ George E. Borst
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George E. Borst
President and
Chief Executive Officer
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TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2002-C OWNER TRUST
DISTRIBUTION DATE OF DECEMBER 16, 2002 FOR THE COLLECTION PERIOD
NOVEMBER 1, 2002 THROUGH NOVEMBER 30, 2002
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Class A-1 Class A-2
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Total Balance Balance
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Securities Balance $1,455,000,000.00 $430,000,000.00 $320,000,000.00
Subordinate Tranche $44,995,380.00
Receivables Pool Balance $1,499,995,380.00
Principal Factor 1.00000000 1.00000000 1.00000000
Rate 1.80000% 2.088%
Final Scheduled Payment Date November 17, 2003 March 15, 2005
Number of Contracts 94,755
Weighted Average A.P.R. 6.26%
Weighted Average Remaining Term 49.53 months
Servicing Fee Rate 1.00%
POOL DATA - PRIOR MONTH
- -----------------------
Securities Balance $1,400,290,264.08 $375,290,264.08 $320,000,000.00
Subordinate Tranche $44,995,380.00
Receivables Pool Balance $1,445,285,644.08
Securities Pool Factor 0.96239881 0.87276806 1.00000000
Number of Contracts 93,322
Weighted Average A.P.R. 6.26%
Weighted Average Remaining Term 48.67 months
Precompute and Simple Interest Advances $880,431.51
Payahead Account Balance $187,597.51
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
POOL DATA - CURRENT MONTH
- -------------------------
Securities Balance $1,353,643,586.75 $328,643,586.75 $320,000,000.00
Subordinate Tranche $44,995,380.00
Receivables Pool Balance $1,398,638,966.75
Securities Pool Factor 0.93033923 0.76428741 1.00000000
Number of Contracts 92,133
Weighted Average A.P.R. 6.25%
Weighted Average Remaining Term 47.86 months
Precompute and Simple Interest Advances $1,396,262.44
Payahead Account Balance $165,237.46
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
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Class A-3 Class A-4
--------- --------- Subordinated
Balance Balance Seller's Interest
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POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Securities Balance $498,000,000.00 $207,000,000.00
Subordinate Tranche $44,995,380.00
Receivables Pool Balance
Principal Factor 1.00000000 1.00000000 1.00000000
Rate 2.6500% 3.344% N/A
Final Scheduled Payment Date November 15, 2006 May 15, 2009 May 15, 2009
Number of Contracts
Weighted Average A.P.R.
Weighted Average Remaining Term
Servicing Fee Rate
POOL DATA - PRIOR MONTH
Securities Balance $498,000,000.00 $207,000,000.00
Subordinate Tranche $44,995,380.00
Receivables Pool Balance
Securities Pool Factor 1.00000000 1.00000000 1.00000000
Number of Contracts
Weighted Average A.P.R.
Weighted Average Remaining Term
Precompute and Simple Interest Advances
Payahead Account Balance
Interest Shortfall $0.00 $0.00 N/A
Principal Shortfall $0.00 $0.00 N/A
POOL DATA - CURRENT MONTH
Securities Balance $498,000,000.00 $207,000,000.00
Subordinate Tranche $44,995,380.00
Receivables Pool Balance
Securities Pool Factor 1.00000000 1.00000000 1.00000000
Number of Contracts
Weighted Average A.P.R.
Weighted Average Remaining Term
Precompute and Simple Interest Advances
Payahead Account Balance
Interest Shortfall $0.00 $0.00 N/A
Principal Shortfall $0.00 $0.00 N/A
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RESERVE ACCOUNT
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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) 3.50%
Specified Reserve Account Amount (IF CONDITION I OR II MET) $47,377,525.54
Beginning Balance $0.00
Total Withdraw $0.00
Amount Available for Deposit to the Reserve Account $3,708,588.76
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Reserve Account Balance Prior to Release $3,708,588.76
Reserve Account Required Amount $0.00
Reserve Account Release to Seller $3,708,588.76
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Ending Reserve Account Balance $0.00
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REVOLVING LIQUIDITY NOTE
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Total Amount Available $7,499,977.00
Beginning of Period Balance $0.00
Draws $0.00
Reimbursements $0.00
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End of Period Balance $0.00
Current Period Undrawn Amount $7,499,977.00
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LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS
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Vehicles Amount
-------- ------
Liquidated Contracts 3
-
Gross Principal Balance of Liquidated Receivables $38,521.50
Net Liquidation Proceeds Received During the Collection Period ($28,100.00)
Recoveries on Previously Liquidated Contracts $0.00
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Aggregate Credit Losses for the Collection Period $10,421.50
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Cumulative Credit Losses for all Periods 4 $11,822.89
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Repossessed in Current Period 19
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.00%
First Preceding Collection Period 0.00%
Current Collection Period 0.01%
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CONDITION (I) (CHARGE-OFF RATE)
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Three Month Average 0.00%
Charge-off Rate Indicator ( > 2.25%) CONDITION NOT MET
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DELINQUENT AND REPOSSESSED CONTRACTS
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Percent Contracts Percent Amount
------- --------- ------- ------
30-59 Days Delinquent 0.40% 370 0.42% $5,895,974.06
60-89 Days Delinquent 0.07% 65 0.07% $1,047,273.56
Over 89 Days Delinquent 0.01% 6 0.00% $61,392.62
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Total Delinquencies 441 $7,004,640.24
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Repossessed Vehicle Inventory 25*
* 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 0.00%
First Preceding Collection Period 0.01%
Current Collection Period 0.08%
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CONDITION (II) (DELINQUENCY PERCENTAGE)
- ---------
Three Month Average 0.03%
Delinquency Percentage Indicator ( > 2.25%) CONDITION NOT MET
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Page 1
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2002-C OWNER TRUST
DISTRIBUTION DATE OF DECEMBER 16, 2002 FOR THE COLLECTION PERIOD
NOVEMBER 1, 2002 THROUGH NOVEMBER 30, 2002
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Class A-1 Class A-2 Class A-3 Class A-4
--------- --------- --------- --------- Subordinated
Total Balance Balance Balance Balance Seller's Interest
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COLLECTIONS
- -----------
Principal Payments Received $46,608,155.83
Interest Payments Received $7,200,313.89
Net Precomputed Payahead Amount $22,360.05
Aggregate Net Liquidation Proceeds
Received $28,100.00
Principal on Repurchased Contracts $0.00
Interest on Repurchased Contracts $0.00
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Total Collections $53,858,929.77
Net Simple Interest Advance Amount $496,990.59
Net Precomputed Advance Amount $18,840.34
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Total Available Amount $54,374,760.70
AMOUNTS DUE
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Servicing Fee $1,204,404.70
Accrued and Unpaid Interest $2,815,089.91
Principal $46,646,677.33
Reserve Account $3,708,588.76
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Total Amount Due $54,374,760.70
ACTUAL DISTRIBUTIONS
- --------------------
Servicing Fee $1,204,404.70
Interest $2,815,089.91 $581,699.91 $556,800.00 $1,099,750.00 $576,840.00 N/A
Principal $46,646,677.33 $46,646,677.33 $0.00 $0.00 $0.00 $0.00
Reserve Account $3,708,588.76
-------------- -------------- ----------- ------------- ----------- -----
Total Amount Distributed $54,374,760.70 $47,228,377.24 $556,800.00 $1,099,750.00 $576,840.00 $0.00
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MONTHLY INFORMATION BY TYPE OF LOAN
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Precomputed Contracts
- ---------------------
Scheduled Principal Collections $495,450.57
Prepayments in Full 33 contracts $168,610.29
Repurchased Receivables Principal $0.00
Payments Behind/Ahead on Repurchased Receivables $0.00
Total Collections $692,597.51
Advances - Reimbursement of Previous Advances $0.00
Advances - Current Advance Amount $18,840.34
Payahead Account - Payments Applied $22,360.05
Payahead Account - Additional Payaheads $0.00
Simple Interest Contracts
- -------------------------
Collected Principal $29,436,843.96
Prepayments in Full 1153 contracts $16,507,251.01
Collected Interest $7,171,777.24
Repurchased Receivables Principal $0.00
Repurchased Receivables Interest $0.00
Advances - Reimbursement of Previous Advances $0.00
Advances - Current Advance Amount $496,990.59
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Page 2
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Receivables 2002-C Owner Trust
Distribution Date of December 16, 2002 for the Collection Period
of November 1, 2002 through November 30, 2002
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Class A2 Class A4
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Balance Balance
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NOTE RATES FOR DECEMBER 16, 2002 PAYMENT DATE
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One Month LIBOR 1.38125% 1.38125%
Spread 0.02000% 0.05000%
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Note Rates: 1.40125% 1.43125%
Number of Days in Interest Period (Days) 31 31
INTEREST PAYMENTS
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Interest Calculation for Current Interest Period 386,122.22 255,120.31
At Certificate Payment Date:
Due to Swap Counterparty (Swap Payments Outgoing) 556,800.00 576,840.00
Paid to Swap Counterparty (Swap Payments Outgoing) 556,800.00 576,840.00
Proration % 0.00%
Interest Due to Noteholders (Swap Payments Incoming) 386,122.22 255,120.31
Interest Payment to Noteholders (Swap Payments Incoming) 386,122.22 255,120.31
Net Swap Payment due to / (received from) Swap Counterparty (170,677.78) (321,719.69)
PRINCIPAL PAYMENTS
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Beginning Notional Balance 320,000,000.00 207,000,000.00
Principal Payment due to Investors - -
Ending Notional Balance 320,000,000.00 207,000,000.00
SWAP TERMINATION PAYMENT N/A N/A
NOTE RATES FOR JANUARY 15, 2003 PAYMENT DATE
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One Month LIBOR 1.42000% 1.42000%
Spread 0.02000% 0.05000%
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Note Rates: 1.44000% 1.47000%
Number of Days in Interest Period (Days) 30 30
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I hereby certify to the best of my knowledge that the report provided is true
and correct.
/s/ Angela Burraston
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Angela Burraston
ABS Accounting Manager