TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST
DISTRIBUTION DATE OF MAY 15, 2003 FOR THE COLLECTION PERIOD APRIL 1, 2003
THROUGH APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------------------
Class A-1 Class A-2 Class A-3A
--------- --------- ----------
Total Balance Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Securities Balance $1,502,500,000.00 $432,500,000.00 $375,000,000.00 $364,000,000.00
Subordinated Seller's Interest $46,570,312.00
Receivables Pool Balance $1,549,070,312.00
Principal Factor 1.00000000 1.00000000 1.00000000 1.00000000
Rate 1.17188% 1.28% 1.8925%
Final Scheduled Payment Date March 15, 2004 August 15, 2005 March 15, 2007
Number of Contracts 96,990
Weighted Average A.P.R. 5.51%
Weighted Average Remaining Term 48.29 months
Servicing Fee Rate 1.00%
POOL DATA - PRIOR MONTH
- -----------------------
Securities Balance $1,447,009,246.30 $377,009,246.30 $375,000,000.00 $364,000,000.00
Subordinated Seller's Interest $46,570,312.00
Receivables Pool Balance $1,493,579,558.30
Securities Pool Factor 0.96306772 0.87169768 1.00000000 1.00000000
Number of Contracts 95,615
Weighted Average A.P.R. 5.50%
Weighted Average Remaining Term 47.45 months
Precompute and Simple Interest Advances $1,078,857.63
Payahead Account Balance $90,596.57
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
POOL DATA - CURRENT MONTH
- -------------------------
Securities Balance $1,392,218,988.60 $322,218,988.60 $375,000,000.00 $364,000,000.00
Subordinated Seller's Interest $46,570,312.00
Receivables Pool Balance $1,438,789,300.60
Securities Pool Factor 0.92660166 0.74501500 1.00000000 1.00000000
Number of Contracts 94,112
Weighted Average A.P.R. 5.50%
Weighted Average Remaining Term 46.59 months
Precompute and Simple Interest Advances $1,230,564.87
Payahead Account Balance $84,515.06
Interest Shortfall $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Class A-3B Class A-4 Subordinated
---------- --------- ------------
Balance Balance Seller's Interest
- ----------------------------------------------------------------------------------------------------------------------
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Securities Balance $125,000,000.00 $206,000,000.00
Subordinated Seller's Interest $46,570,312.00
Receivables Pool Balance
Principal Factor 1.00000000 1.00000000
Rate 1.69% 2.20%
Final Scheduled Payment Date March 15, 2007 March 15, 2010
Number of Contracts
Weighted Average A.P.R.
Weighted Average Remaining Term
Servicing Fee Rate
POOL DATA - PRIOR MONTH
- -----------------------
Securities Balance $125,000,000.00 $206,000,000.00
Subordinated Seller's Interest $46,570,312.00
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 $125,000,000.00 $206,000,000.00
Subordinated Seller's Interest $46,570,312.00
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
- ----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
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) $48,727,664.60
Beginning Balance $0.00
Total Withdraw $0.00
Amount Available for Deposit to the Reserve Account $3,855,313.42
---------------
Reserve Account Balance Prior to Release $3,855,313.42
Reserve Account Required Amount $0.00
Reserve Account Release to Seller $3,855,313.42
---------------
Ending Reserve Account Balance $0.00
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
REVOLVING LIQUIDITY NOTE
- ------------------------
Total Amount Available $7,745,352.00
Beginning of Period Balance $0.00
Draws $0.00
Reimbursements $0.00
----------------
End of Period Balance $0.00
Current Period Undrawn Amount $7,745,352.00
- -----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS
- --------------------------------------------
Vehicles Amount
-------- ------
Liquidated Contracts 1
-
Gross Principal Balance of Liquidated Receivables $1,994.72
Net Liquidation Proceeds Received During the Collection Period ($1,674.69)
Recoveries on Previously Liquidated Contracts ($2,647.06)
------------------------
Aggregate Credit Losses for the Collection Period ($2,327.03)
------------------------
------------------------
Cumulative Credit Losses for all Periods 2 $17,915.64
- ------------------------
Repossessed in Current Period 13
--
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 0.02%
Current Collection Period 0.01%
- ----------------------------------------------------------------------------------------------------------
CONDITION (I) (CHARGE-OFF RATE)
- -------------
Three Month Average 0.01%
Charge-off Rate Indicator ( > 2.25%) CONDITION NOT MET
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
DELINQUENT AND REPOSSESSED CONTRACTS
- ------------------------------------
Percent Contracts Percent Amount
------- --------- ------- ------
30-59 Days Delinquent 0.34% 318 0.34% $4,855,285.19
60-89 Days Delinquent 0.05% 49 0.05% $725,316.36
Over 89 Days Delinquent 0.00% 1 0.00% $28,241.94
----------- ------------------------
Total Delinquencies 368 $5,608,843.49
=========== ========================
Repossessed Vehicle Inventory 14*
* 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 0.05%
- ----------------------------------------------------------------------------------------------------------
CONDITION (II) (DELINQUENCY PERCENTAGE)
- --------------
Three Month Average 0.02%
Delinquency Percentage Indicator ( > 2.25%) CONDITION NOT MET
- ----------------------------------------------------------------------------------------------------------
Page 1
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST
DISTRIBUTION DATE OF MAY 15, 2003 FOR THE COLLECTION PERIOD APRIL 1, 2003
THROUGH APRIL 30, 2003
- ------------------------------------------------------------------------------------------------------------------------------
Class A-1 Class A-2 Class A-3A Class A-3B
--------- --------- ---------- ----------
Total Balance Balance Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS
- -----------
Principal Payments Received $54,709,990.93
Interest Payments Received $6,832,695.06
Net Precomputed Payahead Amount $6,081.51
Aggregate Net Liquidation Proceeds Received $4,321.75
Principal on Repurchased Contracts $78,272.05
Interest on Repurchased Contracts $3,093.54
----------------
Total Collections $61,634,454.84
Net Simple Interest Advance Amount $147,557.93
Net Precomputed Advance Amount $4,149.31
----------------
Total Available Amount $61,786,162.08
AMOUNTS DUE
- -----------
Servicing Fee $1,244,649.63
Accrued and Unpaid Interest $1,895,941.33
Principal $54,790,257.70
Reserve Account $3,855,313.42
----------------
Total Amount Due $61,786,162.08
ACTUAL DISTRIBUTIONS
- --------------------
Servicing Fee $1,244,649.63
Interest $1,895,941.33 $368,174.66 $400,000.00 $574,058.33 $176,041.67
Principal $54,790,257.70 $54,790,257.70 $0.00 $0.00 $0.00
Reserve Account $3,855,313.42
---------------- ----------------- ------------- -------------- -------------
Total Amount Distributed $61,786,162.08 $55,158,432.36 $400,000.00 $574,058.33 $176,041.67
- ------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Class A-4 Subordinated
--------- ------------
Balance Seller's Interest
- ---------------------------------------------------------------------------------
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 $377,666.67 N/A
Principal $0.00 $0.00
Reserve Account
------------------------------
Total Amount Distributed $377,666.67 $0.00
- -----------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
MONTHLY INFORMATION BY TYPE OF LOAN
- -----------------------------------
Precomputed Contracts
- ---------------------
Scheduled Principal Collections $244,836.25
Prepayments in Full 25 contracts $94,798.61
Repurchased Receivables Principal $7,433.73
Payments Behind/Ahead on Repurchased Receivables $0.00
Total Collections $359,023.01
Advances - Reimbursement of Previous Advances $0.00
Advances - Current Advance Amount $4,149.31
Payahead Account - Payments Applied $6,081.51
Payahead Account - Additional Payaheads $0.00
Simple Interest Contracts
- -------------------------
Collected Principal $33,814,416.65
Prepayments in Full 1,468 contracts $20,555,939.42
Collected Interest $6,813,306.91
Repurchased Receivables Principal $70,838.32
Repurchased Receivables Interest $3,093.54
Advances - Reimbursement of Previous Advances $0.00
Advances - Current Advance Amount $147,557.93
- ----------------------------------------------------------------------------------------------------------
Page 2
TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE - TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST
DISTRIBUTION DATE OF MAY 15, 2003 FOR THE COLLECTION PERIOD OF APRIL 1, 2003
THROUGH APRIL 30, 2003
- -----------------------------------------------------------------------------------------------------------
Class A-3A
----------
Balance
- -----------------------------------------------------------------------------------------------------------
NOTE RATES FOR MAY 15, 2003 PAYMENT DATE
- ----------------------------------------
One Month LIBOR 1.31000%
Spread 0.02000%
------------------
Note Rates: 1.33000%
Number of Days in Interest Period (Days) 30
INTEREST PAYMENTS
- -----------------
Interest Calculation for Current Interest Period 403,433.33
At Certificate Payment Date:
Due to Swap Counterparty (Swap Payments Outgoing) 574,058.33
Paid to Swap Counterparty (Swap Payments Outgoing) 574,058.33
Proration % 0.00%
Interest Due to Noteholders (Swap Payments Incoming) 403,433.33
Interest Payment to Noteholders (Swap Payments Incoming) 403,433.33
Net Swap Payment due to / (received from) Swap Counterparty (170,625.00)
PRINCIPAL PAYMENTS
- ------------------
Beginning Notional Balance 364,000,000.00
Principal Payment due to Investors -
Ending Notional Balance 364,000,000.00
SWAP TERMINATION PAYMENT N/A
NOTE RATES FOR JUNE 16, 2003 PAYMENT DATE
- -----------------------------------------
One Month LIBOR 1.31000%
Spread 0.02000%
------------------
Note Rates: 1.33000%
Number of Days in Interest Period (Days) 32
- -----------------------------------------------------------------------------------------------------------
I hereby certify to the best of my knowledge that
the report provided is true and correct.
/s/ Angela Burraston
- ------------------------------------------------
Angela Burraston
ABS Accounting Manager