TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2002-B OWNER TRUST
DISTRIBUTION DATE OF JANUARY 15, 2003 FOR THE COLLECTION PERIOD
DECEMBER 1, 2002 THROUGH DECEMBER 31, 2002
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Class A-1 Class A-2
Total Balance Balance
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POOL DATA - ORIGINAL DEAL PARAMETERS
Securities Balance $1,552,000,000.00 $444,000,000.00 $387,000,000.00
Senior Subordinate Tranche $48,001,788.00
Receivables Pool Balance $1,600,001,788.00
Principal Factor 1.00000000 1.00000000 1.00000000
Rate 1.91375% 2.79%
Final Scheduled Payment Date June 16, 2003 December 15, 2004
Number of Contracts 102,386
Weighted Average A.P.R. 7.24%
Weighted Average Remaining Term 51.97 months
Servicing Fee Rate 1.00%
POOL DATA - PRIOR MONTH
Securities Balance $1,146,498,143.93 $38,498,143.93 $387,000,000.00
Senior Subordinate Tranche $48,001,788.00
Receivables Pool Balance $1,194,499,931.93
Securities Pool Factor 0.73872303 0.08670753 1.00000000
Number of Contracts 88,065
Weighted Average A.P.R. 7.24%
Weighted Average Remaining Term 45.44 months
Precompute and Simple Interest Advances $2,370,559.86
Payahead Account Balance $305,149.54
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
POOL DATA - CURRENT MONTH
Securities Balance $1,100,309,092.56 $0.00 $379,309,092.56
Senior Subordinate Tranche $47,639,882.46
Receivables Pool Balance $1,147,948,975.02
Securities Pool Factor 0.70896204 0.00000000 0.98012685
Number of Contracts 86,248
Weighted Average A.P.R. 7.24%
Weighted Average Remaining Term 44.60 months
Precompute and Simple Interest Advances $2,404,998.54
Payahead Account Balance $337,960.56
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 $457,000,000.00 $264,000,000.00
Senior Subordinate Tranche $48,001,788.00
Receivables Pool Balance
Principal Factor 1.00000000 1.00000000
Rate 3.76% 4.39%
Final Scheduled Payment Date June 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 $457,000,000.00 $264,000,000.00
Senior Subordinate Tranche $48,001,788.00
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
Principal Shortfall $0.00 $0.00
POOL DATA - CURRENT MONTH
Securities Balance $457,000,000.00 $264,000,000.00
Senior Subordinate Tranche $47,639,882.46
Receivables Pool Balance
Securities Pool Factor 1.00000000 1.00000000 0.992460582
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
Principal Shortfall $0.00 $0.00
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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) 3.50%
Specified Reserve Account Amount
(if Condition i or ii met) $38,510,818.24
Beginning Balance $0.00
Total Withdraw $0.00
Amount Available for Deposit to the Reserve Account $2,637,499.09
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Reserve Account Balance Prior to Release $2,637,499.09
Reserve Account Required Amount $0.00
Reserve Account Release to Seller $2,637,499.09
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Ending Reserve Account Balance $0.00
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REVOLVING LIQUIDITY NOTE
Total Amount Available $8,000,009.00
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 $8,000,009.00
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LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS
Vehicles Amount
-------- ------
Liquidated Contracts 44
--
Gross Principal Balance of Liquidated Receivables $607,756.58
Net Liquidation Proceeds Received During the Collection Period ($315,857.74)
Recoveries on Previously Liquidated Contracts ($6,410.19)
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Aggregate Credit Losses for the Collection Period $285,488.65
--------------------------
Cumulative Credit Losses for all Periods 157 $947,903.84
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Repossessed in Current Period 29
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RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.21%
First Preceding Collection Period 0.20%
Current Collection Period 0.29%
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CONDITION (I) (CHARGE-OFF RATE)
Three Month Average 0.23%
Charge-off Rate Indicator ( (greater than) 2.25%) CONDITION NOT MET
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DELINQUENT AND REPOSSESSED CONTRACTS
Percent Contracts Percent Amount
------- --------- ------- ------
31-60 Days Delinquent 1.04% 899 1.16% $13,357,106.97
61-90 Days Delinquent 0.18% 158 0.21% $2,384,728.07
Over 90 Days Delinquent 0.20% 176 0.20% $2,346,065.08
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Total Delinquencies 1,233 $18,087,900.12
============= ==========================
Repossessed Vehicle Inventory 94 *
* 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 0.29%
First Preceding Collection Period 0.34%
Current Collection Period 0.39%
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CONDITION (II) (DELINQUENCY PERCENTAGE)
Three Month Average 0.34%
Delinquency Percentage Indicator ( (greater than) 2.25%) CONDITION NOT MET
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Page 1
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2002-B OWNER TRUST
DISTRIBUTION DATE OF JANUARY 15, 2003 FOR THE COLLECTION PERIOD
DECEMBER 1, 2002 THROUGH DECEMBER 31, 2002 002
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Class A-1 Class A-2
Total Balance Balance
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COLLECTIONS
Principal Payments Received $45,943,200.33
Interest Payments Received $7,275,681.54
Net Precomputed Payahead Amount ($32,811.02)
Aggregate Net Liquidation Proceeds Received $322,267.93
Principal on Repurchased Contracts $0.00
Interest on Repurchased Contracts $0.00
---------------------
Total Collections $53,508,338.78
Net Simple Interest Advance Amount $30,493.97
Net Precomputed Advance Amount $3,944.71
---------------------
Total Available Amount $53,542,777.46
AMOUNTS DUE
Servicing Fee $995,416.61
Accrued and Unpaid Interest $3,358,904.85
Principal $46,550,956.91
Reserve Account $2,637,499.09
---------------------
Total Amount Due $53,542,777.46
ACTUAL DISTRIBUTIONS
Servicing Fee $995,416.61
Interest $3,358,904.85 $61,396.52 $899,775.00
Principal $46,550,956.91 $38,498,143.93 $7,690,907.44
Reserve Account $2,637,499.09
--------------------- --------------------- -----------------------
Total Amount Distributed $53,542,777.46 $38,559,540.45 $8,590,682.44
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Class A-3 Class A-4 Subordinated
Balance Balance Seller's Interest
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COLLECTIONS
Principal Payments Received
Interest Payments Received
Net Precomputed Payahead Amount
Aggregate Net Liquidation Proceeds Received
Principal on Repurchased Contracts
Interest on Repurchased Contracts
Total Collections
Net Simple Interest Advance Amount
Net Precomputed Advance Amount
Total Available Amount
AMOUNTS DUE
Servicing Fee
Accrued and Unpaid Interest
Principal
Reserve Account
Total Amount Due
ACTUAL DISTRIBUTIONS
Servicing Fee
Interest $1,431,933.33 $965,800.00 N/A
Principal $0.00 $0.00 $361,905.54
Reserve Account
-------------------- ------------------------- ----------------------
Total Amount Distributed $1,431,933.33 $965,800.00 $361,905.54
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MONTHLY INFORMATION BY TYPE OF LOAN
Precomputed Contracts
Scheduled Principal Collections $773,628.42
Prepayments in Full 112 contracts $391,106.67
Repurchased Receivables Principal $0.00
Payments Behind/Ahead on Repurchased Receivables $0.00
Total Collections $1,315,010.11
Advances - Reimbursement of Previous Advances $0.00
Advances - Current Advance Amount $3,944.71
Payahead Account - Payments Applied $0.00
Payahead Account - Additional Payaheads $32,811.02
Simple Interest Contracts
Collected Principal $27,889,659.99
Prepayments in Full 1661 contracts $16,888,805.25
Collected Interest $7,125,406.52
Repurchased Receivables Principal $0.00
Repurchased Receivables Interest $0.00
Advances - Reimbursement of Previous Advances $0.00
Advances - Current Advance Amount $30,493.97
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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
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