TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2002-B OWNER TRUST
DISTRIBUTION DATE OF MAY 15, 2003 FOR THE COLLECTION PERIOD APRIL 1,
2003 THROUGH APRIL 30, 2003
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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
Subordinated Seller's Interest $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 $964,223,317.95 $0.00 $243,223,317.95
Subordinated Seller's Interest $41,747,801.46
Receivables Pool Balance $1,005,971,119.41
Securities Pool Factor 0.62127791 0.00000000 0.62848403
Number of Contracts 80,019
Weighted Average A.P.R. 7.24%
Weighted Average Remaining Term 42.12 months
Precompute and Simple Interest Advances $2,183,821.27
Payahead Account Balance $279,017.14
Interest Shortfall $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00
POOL DATA - CURRENT MONTH
- -------------------------
Securities Balance $919,719,535.07 $0.00 $198,719,535.07
Subordinated Seller's Interest $39,820,929.27
Receivables Pool Balance $959,540,464.34
Securities Pool Factor 0.59260279 0.00000000 0.51348717
Number of Contracts 77,777
Weighted Average A.P.R. 7.24%
Weighted Average Remaining Term 41.30 months
Precompute and Simple Interest Advances $2,067,127.47
Payahead Account Balance $244,345.45
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
Subordinated Seller's Interest $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
Subordinated Seller's Interest $41,747,801.46
Receivables Pool Balance
Securities Pool Factor 1.00000000 1.00000000 0.86971347
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
Subordinated Seller's Interest $39,820,929.27
Receivables Pool Balance
Securities Pool Factor 1.00000000 1.00000000 0.82957179
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) $32,190,183.73
Beginning Balance $0.00
Total Withdraw $0.00
Amount Available for Deposit to the Reserve Account $1,773,687.35
--------------------
Reserve Account Balance Prior to Release $1,773,687.35
Reserve Account Required Amount $0.00
Reserve Account Release to Seller $1,773,687.35
--------------------
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
--------------------
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 55
--
Gross Principal Balance of Liquidated Receivables $651,839.34
Net Liquidation Proceeds Received During the Collection Period ($285,857.11)
Recoveries on Previously Liquidated Contracts ($48,777.84)
--------------------------
Aggregate Credit Losses for the Collection Period $317,204.39
--------------------------
--------------------------
Cumulative Credit Losses for all Periods 409 $2,473,259.27
--- --------------------------
Repossessed in Current Period 54
--
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
Second Preceding Collection Period 0.54%
First Preceding Collection Period 0.50%
Current Collection Period 0.39%
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CONDITION (I) (CHARGE-OFF RATE)
Three Month Average 0.48%
Charge-off Rate Indicator ( > 2.25%) CONDITION NOT MET
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DELINQUENT AND REPOSSESSED CONTRACTS
- ------------------------------------
Percent Contracts Percent Amount
------- --------- ------- ------
31-60 Days Delinquent 0.81% 630 0.96% $9,207,402.43
61-90 Days Delinquent 0.19% 144 0.23% $2,249,229.27
Over 90 Days Delinquent 0.21% 167 0.26% $2,507,266.85
-------- --------------------------
Total Delinquencies 941 $13,963,898.55
======== ==========================
Repossessed Vehicle Inventory 91 *
* 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 0.39%
Current Collection Period 0.40%
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CONDITION (II) (DELINQUENCY PERCENTAGE)
Three Month Average 0.40%
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-B 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
--------- ---------
Total Balance Balance
- --------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS
- -----------
Principal Payments Received $45,778,815.73
Interest Payments Received $5,974,450.66
Net Precomputed Payahead Amount $34,671.69
Aggregate Net Liquidation Proceeds Received $334,634.95
Principal on Repurchased Contracts $0.00
Interest on Repurchased Contracts $0.00
---------------------
Total Collections $52,122,573.03
Net Simple Interest Advance Amount ($107,748.32)
Net Precomputed Advance Amount ($8,945.48)
---------------------
Total Available Amount $52,005,879.23
AMOUNTS DUE
- -----------
Servicing Fee $838,309.27
Accrued and Unpaid Interest $2,963,227.54
Principal $46,430,655.07
Reserve Account $1,773,687.35
---------------------
Total Amount Due $52,005,879.23
ACTUAL DISTRIBUTIONS
- --------------------
Servicing Fee $838,309.27
Interest $2,963,227.54 $0.00 $565,494.21
Principal $46,430,655.07 $0.00 $44,503,782.88
Reserve Account $1,773,687.35
--------------------- --------------------- -----------------------
Total Amount Distributed $52,005,879.23 $0.00 $45,069,277.09
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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 $1,926,872.19
Reserve Account
-------------------- ---------------------------------------------
Total Amount Distributed $1,431,933.33 $965,800.00 $1,926,872.19
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MONTHLY INFORMATION BY TYPE OF LOAN
- -----------------------------------
Precomputed Contracts
- ---------------------
Scheduled Principal Collections $613,794.49
Prepayments in Full 141 contracts $356,656.54
Repurchased Receivables Principal $0.00
Payments Behind/Ahead on Repurchased Receivables $0.00
Total Collections $1,037,457.79
Advances - Reimbursement of Previous Advances $8,945.48
Advances - Current Advance Amount $0.00
Payahead Account - Payments Applied $34,671.69
Payahead Account - Additional Payaheads $0.00
Simple Interest Contracts
- -------------------------
Collected Principal $25,231,574.18
Prepayments in Full 2046 contracts $19,576,790.52
Collected Interest $5,907,443.90
Repurchased Receivables Principal $0.00
Repurchased Receivables Interest $0.00
Advances - Reimbursement of Previous Advances $107,748.32
Advances - Current Advance Amount $0.00
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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
Page 2