Subject to Completion and Amendment, Dated January 29, 2020
|
Filed Pursuant to Rule 424(h)
|
$1,250,000,000(1)
|
Toyota Auto Receivables 2020-A Owner Trust
Issuing Entity (CIK Number: 0001797057) |
|
Toyota Motor Credit Corporation
Sponsor, Administrator and Servicer (CIK Number: 0000834071) |
Toyota Auto Finance Receivables LLC
Depositor (CIK Number: 0001131131) |
|
You should review carefully the factors described under “Risk Factors” beginning on page 23 of this prospectus.
The primary assets of the issuing entity will include a pool of fixed rate motor vehicle retail installment sales contracts secured by new or used cars,
minivans, light-duty trucks and sport utility vehicles. The assets of the issuing entity will also include related security interests in the financed vehicles, proceeds from claims on related insurance policies, amounts deposited in specified
bank accounts and all proceeds of the foregoing.
The notes are asset-backed securities issued by the issuing entity and will be paid only from the assets of the issuing entity. The notes represent the
obligations of the issuing entity only and do not represent the obligations of or interests in Toyota Motor Credit Corporation or any of its affiliates. Neither the notes nor the receivables owned by the issuing entity are insured or
guaranteed by any governmental agency.
|
•
The issuing entity will issue the five classes of notes described in the table below with an aggregate initial principal amount of $1,250,000,000 or an aggregate initial principal amount of
$1,750,000,000. The issuing entity will also issue a certificate representing the equity interest in the issuing entity, which will be retained initially by Toyota Auto Finance Receivables LLC and is not being offered hereby.
•
The principal of and interest on the notes will generally be payable on the 15th day of each month, unless the 15th day is not a business day, in which case payment will be made on the
following business day. The first payment will be made on March 16, 2020.
•
Credit enhancement for the notes consists of a reserve account, overcollateralization, a yield supplement overcollateralization amount, excess interest on the receivables and, in the case
of the Class A Notes, subordination of the Class B Notes (which will have a 0.00% interest rate).
|
||||||
Initial Principal Amount(1)
|
Interest Rate
|
Accrual Method
|
Final Scheduled Payment Date
|
|||
Class A‑1 Notes(2)
|
$315,000,000
|
____%
|
Actual/360
|
May 17, 2021
|
||
Class A‑2 Notes(2)
|
$445,000,000
|
____%
|
30/360
|
November 15, 2022
|
||
Class A‑3 Notes(2)
|
$363,700,000
|
____%
|
30/360
|
May 15, 2024
|
||
Class A‑4 Notes(2)
|
$95,000,000
|
____%
|
30/360
|
May 15, 2025
|
||
Class B Notes(2)
|
$31,300,000
|
0.00%
|
30/360
|
September 15, 2026
|
||
Initial Public Offering Price
|
Underwriting Discounts and Commissions
|
Proceeds To Depositor(3)
|
||||
Per Class A-1 Note
|
_____%
|
_____%
|
_____%
|
|||
Per Class A-2 Note
|
_____%
|
_____%
|
_____%
|
|||
Per Class A-3 Note
|
_____%
|
_____%
|
_____%
|
|||
Per Class A-4 Note
|
_____%
|
_____%
|
_____%
|
|||
Total
|
$__________(4)
|
$__________(4)
|
$__________(4)
|
|||
(1) Represents the aggregate initial principal amount of the notes if the aggregate initial principal amount of the notes is $1,250,000,000. The aggregate
initial principal amount of the notes may be $1,750,000,000. If the aggregate initial principal amount of the notes is $1,750,000,000, the following notes will be issued: $441,000,000 of Class A-1 Notes, $622,000,000 of Class A-2 Notes,
$508,200,000 of Class A-3 Notes, $135,000,000 of Class A-4 Notes and $43,800,000 of Class B Notes. Toyota Motor Credit Corporation will make the determination regarding the initial principal amount of the notes based on, among other
considerations, market conditions at the time of pricing. See “Risk Factors—Risks associated with unknown aggregate initial principal amount of the notes.”
(2) The Class B Notes and approximately, but not less than, 5% (by initial principal amount) of each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes will be retained initially by Toyota Auto Finance Receivables LLC.
(3) Before deducting expenses, estimated to be $1,000,000.
(4) Calculated using the initial principal amount of the underwritten notes.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved the
notes or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
If the aggregate initial principal amount of the notes is $1,250,000,000, then $299,250,000 of Class A-1 Notes,
$422,750,000 of Class A-2 Notes, $345,515,000 of Class A-3 Notes and $90,250,000 of Class A-4 Notes are offered by the underwriters and if the aggregate initial principal amount of the notes is $1,750,000,000, then $418,950,000 of Class A-1
Notes, $590,900,000 of Class A-2 Notes, $482,790,000 of Class A-3 Notes and $128,250,000 of Class A-4 Notes are offered by the underwriters, in each case, if and when issued by the issuing entity, delivered to and accepted by the underwriters
and subject to their right to reject orders in whole or in part. The notes will be delivered in book-entry form through The Depository Trust Company, on or about February ___, 2020 against payment in immediately available funds.
The issuing entity will be relying on an exemption from the definition of “investment company” under the Investment Company Act of 1940,
as amended, contained in Rule 3a-7 thereunder, although there may be additional exemptions or exclusions available to the issuing entity. The issuing entity is being structured so as not to constitute a “covered fund” for purposes of the
regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
|
||||||
Joint Bookrunners
|
||||||
MUFG
|
Lloyds Securities
|
TD Securities
|
||||
Co-Managers
|
||||||
Loop Capital Markets
|
Scotiabank
|
US Bancorp
|
Title of Each Class of
Securities to be Registered
|
Amount to
be Registered
|
Proposed Maximum Offering Price Per Unit (1)
|
Proposed Maximum Aggregate Offering Price (1)
|
Amount of Registration Fee (2)
|
Asset-Backed Notes
|
$1,750,000,000
|
100%
|
$1,750,000,000
|
$227,150
|
SUMMARY OF PARTIES TO THE TRANSACTION
|
5
|
SUMMARY OF MONTHLY DISTRIBUTIONS OF COLLECTIONS
|
6
|
SUMMARY OF TERMS
|
7
|
RISK FACTORS
|
23
|
THE ISSUING ENTITY
|
46
|
CAPITALIZATION OF THE ISSUING ENTITY
|
48
|
THE DEPOSITOR
|
49
|
THE SPONSOR, ADMINISTRATOR AND SERVICER
|
50
|
Credit Risk Retention
|
51
|
Underwriting of Motor Vehicle Retail Installment Sales Contracts
|
51
|
Electronic Contracts and Electronic Contracting
|
52
|
Servicing of Motor Vehicle Retail Installment Sales Contracts
|
53
|
Securitization Experience
|
55
|
THE TRUSTEES
|
55
|
Duties of the Owner Trustee and Indenture Trustee
|
57
|
FEES AND EXPENSES
|
59
|
ASSET REPRESENTATIONS REVIEWER
|
59
|
General
|
59
|
Fees and Expenses
|
60
|
Resignation and Removal
|
60
|
Indemnity and Liability
|
61
|
AFFILIATIONS AND CERTAIN RELATIONSHIPS
|
61
|
THE RECEIVABLES
|
61
|
Asset-Level Data for the Receivables
|
71
|
POOL UNDERWRITING
|
71
|
REVIEW OF POOL ASSETS
|
71
|
DELINQUENCIES, REPOSSESSIONS AND NET LOSSES
|
72
|
ASSET REPRESENTATIONS REVIEW
|
75
|
Delinquency Trigger
|
77
|
REPURCHASES OF RECEIVABLES
|
78
|
Dispute Resolution
|
80
|
STATIC POOLS
|
81
|
USE OF PROCEEDS
|
81
|
PREPAYMENT AND YIELD CONSIDERATIONS
|
81
|
WEIGHTED AVERAGE LIVES OF THE NOTES
|
83
|
POOL FACTORS AND TRADING INFORMATION
|
98
|
DESCRIPTION OF THE NOTES
|
98
|
General
|
98
|
Payments of Interest
|
98
|
Payments of Principal
|
99
|
Allocation of Losses
|
100
|
Indenture
|
100
|
Notices
|
104
|
Governing Law
|
104
|
Minimum Denominations
|
104
|
Book-Entry Registration
|
104
|
Definitive Securities
|
108
|
List of Securityholders
|
109
|
Reports to Securityholders
|
109
|
PAYMENTS TO NOTEHOLDERS
|
110
|
Calculation of Available Collections
|
111
|
Calculation of Principal Distribution Amounts
|
111
|
Priority of Payments
|
112
|
Payments After Occurrence of Event of Default Resulting in Acceleration
|
113
|
Credit and Cash Flow Enhancement
|
114
|
TRANSFER AND SERVICING AGREEMENTS
|
116
|
The Transfer and Servicing Agreements
|
116
|
Sale and Assignment of Receivables
|
117
|
Accounts
|
117
|
Servicing Procedures
|
117
|
Servicing Compensation and Payment of Expenses
|
119
|
Insurance on Financed Vehicles
|
119
|
Collections
|
119
|
Eligible Investments
|
120
|
Payments
|
122
|
Net Deposits
|
122
|
Optional Purchase of Receivables and Redemption of Notes
|
122
|
Removal of Servicer
|
122
|
Statements to Trustees and Issuing Entity
|
123
|
Evidence as to Compliance
|
123
|
Certain Matters Regarding the Servicer; Servicer Liability
|
123
|
Rights upon Servicer Default
|
124
|
Waiver of Past Defaults
|
125
|
Amendment
|
125
|
Non-Petition
|
126
|
Payment of Notes
|
126
|
Depositor Liability
|
126
|
Termination
|
126
|
Administration Agreement
|
127
|
Investor Communications
|
127
|
CERTAIN LEGAL ASPECTS OF THE RECEIVABLES
|
128
|
General
|
128
|
Security Interests
|
128
|
Repossession of Financed Vehicles
|
130
|
Notice of Sale of Financed Vehicles; Reinstatement and Redemption Rights
|
130
|
Deficiency Judgments and Excess Proceeds
|
131
|
Certain Bankruptcy Considerations
|
131
|
Dodd-Frank Act Orderly Liquidation Authority Provisions
|
132
|
Consumer Finance Regulation
|
134
|
Forfeiture for Drug, RICO and Money Laundering Violations
|
137
|
Other Limitations
|
137
|
LEGAL PROCEEDINGS
|
138
|
ERISA CONSIDERATIONS
|
138
|
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
|
140
|
Tax Characterization of the Issuing Entity
|
141
|
Changes Made by the Bipartisan Budget Act of 2015
|
141
|
Tax Consequences to Owners of the Notes
|
142
|
CERTAIN STATE TAX CONSEQUENCES
|
145
|
WHERE YOU CAN FIND MORE INFORMATION ABOUT YOUR NOTES
|
146
|
The Issuing Entity
|
146
|
The Depositor
|
146
|
UNDERWRITING
|
146
|
European Economic Area
|
149
|
European Securitization Rules
|
149
|
United Kingdom
|
150
|
LEGAL OPINIONS
|
150
|
INDEX OF TERMS
|
151
|
ANNEX A: GLOBAL CLEARANCE, SETTLEMENT AND TAX DOCUMENTATION PROCEDURES
|
A-1
|
ANNEX B: STATIC POOL INFORMATION
|
B-1
|
Issuing Entity
|
Toyota Auto Receivables 2020-A Owner Trust, a Delaware statutory trust.
|
|
Depositor
|
Toyota Auto Finance Receivables LLC, a Delaware limited liability company, is a wholly-owned, limited purpose subsidiary of Toyota Motor Credit Corporation. The principal
executive offices of Toyota Auto Finance Receivables LLC are located at 6565 Headquarters Drive, W2-3D, Plano, Texas 75024-5965, its telephone number is (469) 486-9020 and its facsimile number is (310) 381-7739.
|
|
Sponsor, Administrator
and Servicer |
Toyota Motor Credit Corporation, a California corporation (“TMCC”). The principal executive offices of TMCC are located at 6565 Headquarters Drive, Plano, Texas 75024-5965, its
telephone number is (469) 486-9300 and its facsimile number is (310) 381-7739.
|
|
Asset Representations Reviewer
|
Clayton Fixed Income Services LLC, a Delaware limited liability company.
|
|
Indenture Trustee
|
U.S. Bank National Association, a national banking association.
|
|
Owner Trustee
|
Wilmington Trust, National Association, a national banking association.
|
|
Relevant Agreements
|
||
Indenture
|
The indenture between the issuing entity and the indenture trustee. The indenture provides for the terms of the notes.
|
|
Trust Agreement
|
The trust agreement, as amended and restated, between the depositor and the owner trustee. The trust agreement establishes and governs the issuing entity and provides for the
terms of the certificate.
|
|
Receivables Purchase Agreement
|
The receivables purchase agreement between the depositor and TMCC. The receivables purchase agreement governs the sale of the receivables from TMCC, as the originator of the
receivables, to the depositor.
|
|
Sale and Servicing Agreement
|
The sale and servicing agreement among the issuing entity, the servicer and the depositor. The sale and servicing agreement governs the sale of the receivables by the depositor
to the issuing entity and the servicing of the receivables by the servicer.
|
|
Administration Agreement
|
The administration agreement among the administrator, the issuing entity and the indenture trustee. The administration agreement governs the provision of reports by the
administrator and the performance by the administrator of other administrative duties for the issuing entity.
|
|
Asset Representations Review Agreement
|
The asset representations review agreement among the asset representations reviewer, the issuing entity, the servicer and the administrator. The asset representations review
agreement governs the performance by the asset representations reviewer of asset representations reviews.
|
Relevant Dates
|
||
Closing Date
|
On or about February ___, 2020.
|
|
Cutoff Date
|
The issuing entity will purchase the receivables as of the close of business on December 31, 2019. The issuing entity will be entitled to all collections in respect of the
receivables received after the cutoff date.
|
|
Statistical Information
|
The statistical information concerning the receivables in this prospectus is based on the receivables as of the cutoff date.
|
|
Collection Period
|
The collection period related to a payment date is the period commencing on the first day of the calendar month immediately preceding such payment date (or in the case of the
first collection period, from, but excluding, the cutoff date) and ending on the last day of such calendar month.
|
|
Payment Dates
|
The issuing entity will generally pay interest on and principal of the notes on the 15th day of each month. If the 15th day of the month is not a business day, payments on the
notes will be made on the next business day. The date that any payment is made is called a “payment date.” The first payment date will be March 16, 2020.
|
|
A “business day” is any day except:
|
||
• a Saturday or Sunday; or
|
||
• a day on which banks in New York, New York or Wilmington, Delaware are closed.
|
||
Final Scheduled Payment Dates
|
The final principal payment for each class of notes is due on the related final scheduled payment date specified on the front cover of this prospectus.
|
|
Record Date
|
So long as the notes are in book-entry form, the issuing entity will make payments on the notes to the related holders of record on the day immediately preceding the related
payment date. If the notes are issued in definitive form, the record date will be the last day of the month preceding the related payment date.
|
|
Description of the Notes
|
The class A-1 notes, the class A-2 notes, the class A‑3 notes and the class A‑4 notes are referred to in this prospectus collectively as the “class A notes.” The class A notes
and the class B notes are referred to in this prospectus collectively as the “notes.”
The class B notes and approximately, but not less than, 5% (by initial principal amount) of each of the class A-1 notes, the class A-2 notes, the class A-3 notes and the class A-4
notes will be retained initially by the depositor.
TMCC will make the determination regarding the initial principal amount of the notes based on, among other considerations, market conditions at the time of pricing. See “Risk Factors—Risks associated with unknown aggregate initial principal amount of the notes.”
All of the notes issued by the issuing entity will be secured by the assets of the issuing entity pursuant to the indenture and by funds on deposit in the accounts of the issuing
entity.
|
For a description of how payments of interest on and principal of the notes will be made on each payment date, you should refer to “Description
of the Notes” and “Payments to Noteholders” in this prospectus.
|
||
Certificate
|
The issuing entity will also issue a certificate representing the equity or residual interest in the issuing entity and the right to receive amounts that remain after the issuing
entity makes full payment of interest on and principal of the notes payable on a given payment date, required deposits to the reserve account on that payment date and other required payments. The depositor will initially retain the
certificate. The certificate is not being offered by this prospectus.
|
|
Any information in this prospectus regarding the certificate is included only for informational purposes to facilitate a better understanding of the notes.
|
||
Minimum Denominations
|
The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
|
|
Registration of the Notes
|
You will generally hold your interests in the notes through The Depository Trust Company in the United States, or Clearstream Banking, société anonyme or the Euroclear Bank SA/NV,
as operator for the Euroclear System. This is referred to as book-entry form. You will not receive a definitive note except under limited circumstances.
|
|
For additional information, you should refer to “Description of the Notes––Book-Entry Registration” and “Annex A: Global Clearance, Settlement and Tax Documentation Procedures” in this prospectus.
|
||
U.S. Credit Risk Retention
|
The risk retention regulations in Regulation RR of the Securities Exchange Act of 1934, as amended, require the sponsor, either directly or through its majority-owned affiliates,
to retain an economic interest in the credit risk of the receivables (the “U.S. retained interest”).
The class B notes, the certificate, and approximately, but not less than, 5% (by initial principal amount) of each of the class A-1 notes, the class A-2 notes, the class A-3 notes
and the class A-4 notes will be retained initially by the depositor. The depositor is a wholly-owned subsidiary of TMCC and will initially retain the U.S. retained interest.
The sponsor will agree that it will not, and will cause the depositor and each affiliate of the sponsor not to, sell, transfer, finance or hedge the U.S. retained interest, except
to the extent permitted by Regulation RR.
For more information regarding Regulation RR and TMCC’s method of compliance with that regulation, see “The Sponsor, Administrator and
Servicer––Credit Risk Retention” and “Underwriting––European Securitization Rules” in this prospectus.
|
|
Structural Summary
|
||
Assets of the Issuing Entity;
the Receivables and Statistical Information |
The primary assets of the issuing entity will include a pool of fixed rate retail installment sales contracts used to finance new and used cars, minivans, light-duty trucks or
sport utility vehicles. We refer to these contracts as the “receivables.” The assets of the issuing entity will also include related security interests in the financed vehicles, proceeds from
|
claims on related insurance policies, amounts deposited in specified bank accounts and all proceeds of the foregoing.
Purchasers of new and used cars, minivans, light-duty trucks and sport utility vehicles often finance their purchases by entering into retail installment sales contracts with
Toyota and Lexus dealers who then sell the contracts to TMCC. The purchasers of the financed vehicles are referred to as the “obligors” under the receivables. The terms of the contracts must meet requirements specified by TMCC.
The receivables will be sold by the sponsor to the depositor and then transferred by the depositor to the issuing entity. The sale by the sponsor to the depositor will be made
pursuant to the receivables purchase agreement between the sponsor and the depositor. The sale by the depositor to the issuing entity will be made pursuant to the sale and servicing agreement among the depositor, the servicer and the issuing
entity. The receivables sold to the depositor and then transferred to the issuing entity will be selected based on certain eligibility criteria described under “The Receivables” in this prospectus.
The issuing entity will grant a security interest in the receivables and other specified assets of the issuing entity, and the depositor will grant a security interest in the
amounts on deposit in the reserve account, in each case to the indenture trustee for the benefit of the noteholders.
The issuing entity’s main source of funds for making payments on the notes will be the receivables.
The statistical information concerning the receivables presented throughout this prospectus is based on the receivables as of the cutoff date.
As of the cutoff date, if the aggregate initial principal amount of the notes is $1,250,000,000, the receivables had the following characteristics:
|
Total Principal Balance
|
$1,325,720,384.46
|
||
Number of Receivables
|
69,725
|
||
Average Principal Balance
|
$19,013.56
|
||
Range of Principal Balances
|
$251.06 - $94,365.12
|
||
Average Original Amount Financed
|
$28,073.98
|
||
Range of Original Amounts Financed
|
$1,026.11 - $109,500.00
|
||
Weighted Average Annual Percentage
|
|||
Rate (“APR”)(1)
|
3.19%
|
||
Range of APRs
|
0.00% - 19.19%
|
||
Weighted Average Original Number of
|
|||
Scheduled Payments(1)
|
65.72 payments
|
||
Range of Original Number of
|
|||
Scheduled Payments
|
12 - 72 payments
|
||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Payments Greater Than 60 Months
|
54.04%
|
||
Weighted Average Remaining Number of Scheduled Payments(1)
|
49.89 payments
|
||
Range of Remaining Number
|
|||
of Scheduled Payments
|
4 - 68 payments
|
||
Weighted Average FICO® score (1) (2)
|
766
|
||
Range of FICO® scores (2)
|
620 - 900
|
||
___________________
(1) Weighted by principal balance as of the cutoff date.
(2) FICO® is a
federally registered servicemark of Fair Isaac Corporation.
|
As of the cutoff date, if the aggregate initial principal amount of the notes is $1,750,000,000, the receivables had the following characteristics:
|
|||
Total Principal Balance
|
$1,855,904,868.20
|
||
Number of Receivables
|
97,464
|
||
Average Principal Balance
|
$19,041.95
|
||
Range of Principal Balances
|
$252.37 - $97,962.64
|
||
Average Original Amount Financed
|
$28,098.39
|
||
Range of Original Amounts Financed
|
$1,026.11 - $109,500.00
|
||
Weighted Average Annual Percentage
|
|||
Rate (“APR”)(1)
|
3.20%
|
||
Range of APRs
|
0.00% - 19.45%
|
||
Weighted Average Original Number of
|
|||
Scheduled Payments(1)
|
65.76 payments
|
||
Range of Original Number of
|
|||
Scheduled Payments
|
12 - 72 payments
|
||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Payments Greater Than 60 Months
|
54.29%
|
||
Weighted Average Remaining Number of Scheduled Payments(1)
|
49.96 payments
|
||
Range of Remaining Number
|
|||
of Scheduled Payments
|
4 - 68 payments
|
||
Weighted Average FICO® score (1) (2)
|
766
|
||
Range of FICO® scores (2)
|
620 - 900
|
___________________
(1) Weighted by principal balance as of the cutoff date.
(2) FICO® is a
federally registered servicemark of Fair Isaac Corporation.
|
||
For additional information regarding the characteristics of the receivables as of the cutoff date, you should refer to “The Receivables”
in this prospectus.
TMCC does not consider any of the receivables to be exceptions to its underwriting standards. For additional information regarding TMCC’s underwriting standards, you should refer
to “The Sponsor, Administrator and Servicer—Underwriting of Motor Vehicle Retail Installment Sales Contracts” in this prospectus.
|
||
The receivables must satisfy the eligibility criteria specified in the transaction documents. For additional information regarding the eligibility criteria for receivables being
acquired by the issuing entity, you should refer to “The Receivables” in this prospectus.
|
||
The assets of the issuing entity will also include:
|
||
• certain monies due or received under the receivables after the cutoff date;
|
||
• security interests in the vehicles financed under the receivables;
|
||
• certain bank accounts and the proceeds of those accounts; and
|
||
• proceeds from claims under certain insurance policies relating to the financed vehicles or the obligors under the receivables and certain rights of the depositor under the receivables purchase agreement.
|
For additional information regarding the assets of the issuing entity, you should refer to “The Issuing Entity” in this prospectus.
|
||
Review of Pool Assets
|
In connection with the offering of the notes, the depositor has performed a review of the receivables and certain disclosure in this prospectus relating to the receivables and
certain asset-level data disclosures incorporated by reference into this prospectus, and has concluded that it has reasonable assurance that such disclosure is accurate in all material respects, as described under “Review of Pool Assets” in this prospectus.
As described in “The Sponsor, Administrator and Servicer—Underwriting of Motor Vehicle Retail Installment Sales Contracts” in this
prospectus, under TMCC’s origination process, credit applications are evaluated when received and are either automatically approved, automatically declined or forwarded for review by a TMCC credit analyst with appropriate approval authority.
The credit analyst decisions applications based on an evaluation that considers an applicant’s creditworthiness and projected ability to meet the monthly payment obligation, which is derived, among other things, from the amount financed (as
defined in the sale and servicing agreement), the term, and the assigned contractual interest rate.
If the aggregate initial principal amount of the notes is $1,250,000,000, approximately 65.15% of the aggregate principal balance of the receivables as of the cutoff date were
automatically approved, while approximately 34.85% of the aggregate principal balance of the receivables as of the cutoff date were evaluated and approved by a TMCC credit analyst with appropriate authority in accordance with TMCC’s written
underwriting guidelines. If the aggregate initial principal amount of the notes is $1,750,000,000, approximately 64.93% of the aggregate principal balance of the receivables as of the cutoff date were automatically approved, while
approximately 35.07% of the aggregate principal balance of the receivables as of the cutoff date were evaluated and approved by a TMCC credit analyst with appropriate authority in accordance with TMCC’s written underwriting guidelines. TMCC
determined that whether a receivable was accepted automatically by TMCC’s electronic credit decision system or was accepted following review by a TMCC credit analyst was not indicative of the related receivable’s quality.
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Asset Representations Review
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The asset representations reviewer will perform a review of certain of the receivables for compliance with the representations made about the receivables if:
• a delinquency trigger for the receivables is reached; and
• the required amount of noteholders vote to direct the review.
For additional information about the asset representations review, the delinquency trigger, voting requirements for a review, the representations and warranties to be reviewed
and the cost of the review, you should refer to “Asset Representations Review” in this prospectus.
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Repurchase Dispute Resolution
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If a request is made for the repurchase of a receivable due to a breach of a representation or warranty, and the request is not resolved within 180 days of the receipt by TMCC or
the depositor of such request, the party submitting the request will have the right to refer the matter to either mediation (including non-binding arbitration) or third-party binding
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arbitration. See “Repurchases of Receivables—Dispute Resolution” in this prospectus.
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Servicing and
Servicer Compensation |
TMCC will act as servicer for the receivables owned by the issuing entity. The servicer will handle all collections, administer defaults and delinquencies and otherwise service
the contracts. On each payment date, the issuing entity will pay the servicer a fee equal to one-twelfth of 1.00% multiplied by the aggregate principal balance of the receivables as of the first day of the related collection period; provided
that, for the first payment date, the issuing entity will pay the servicer a fee equal to two-twelfths of 1.00% of the aggregate principal balance of the receivables as of the cutoff date. The servicer will also receive additional servicing
compensation in the form of certain net investment earnings, late fees, extension fees and other administrative fees and expenses or similar charges received by the servicer during the related collection period.
For additional information regarding the compensation payable to the servicer, you should refer to “Transfer and Servicing Agreements––Servicing
Compensation and Payment of Expenses” in this prospectus.
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Trustees Fees and Expenses
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The issuing entity will pay the indenture trustee an annual fee equal to $5,000. The issuing entity will also pay the owner trustee an annual fee equal to $3,000. Each trustee
will also be entitled to reimbursement or payment by the issuing entity for certain expenses and indemnification amounts incurred in connection with the performance of its duties under the applicable transaction agreements.
For additional information regarding fees, expenses and indemnification amounts reimbursable or payable to the trustees, you should refer to “Fees
and Expenses” in this prospectus.
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Asset Representations Reviewer Fees and Expenses
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The issuing entity will pay the asset representations reviewer an annual fee equal to $5,000. The asset representations reviewer will also be entitled to reimbursement or
payment by the issuing entity for all expenses and indemnification amounts incurred in connection with the performance of its duties under the asset representations review agreement. In the event an asset representations review occurs, the
issuing entity will also pay the asset representations reviewer a fee equal to $200 for each receivable reviewed by it.
For additional information regarding fees, expenses and indemnification amounts reimbursable or payable to the asset representations reviewer, you should refer to “Fees and Expenses” in this prospectus.
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Administration Fee
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As compensation for the performance of the administrator’s obligations and as reimbursement for its expenses related thereto, the administrator will be entitled to a monthly
administration fee, which will be paid by the servicer from the total servicing fee.
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Interest and Principal Payments
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Interest Rates
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The notes will bear interest for each interest period at the interest rates specified on the front cover of this prospectus.
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Interest Accrual
|
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The class A-1 notes will accrue interest on an actual/360 basis from (and including) a payment date to (but excluding) the next payment date,
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except that the first interest period for the class A-1 notes will be from (and including) the closing date to (but excluding) the initial payment date. This means that the
interest due on the class A-1 notes on each payment date will be the product of: (i) the outstanding principal amount of the class A-1 notes; (ii) the interest rate on the class A-1 notes; and (iii) the actual number of days since the
previous payment date (or, in the case of the first payment date, from (and including) the closing date to (but excluding) the initial payment date) divided by 360.
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The class A-2 notes, the class A-3 notes, the class A-4 notes and the class B notes will accrue interest on a 30/360 basis from (and including) the 15th day of the calendar month
preceding a payment date to (but excluding) the 15th day of the calendar month in which the payment date occurs, except that the first interest period for the class A-2 notes, the class A-3 notes, the class A-4 notes and the class B notes
will be from (and including) the closing date to (but excluding) March 15, 2020. This means that the interest due on each of the class A-2 notes, the class A-3 notes, the class A-4 notes and the class B notes on each payment date will be the
product of: (i) the outstanding principal amount of such class of notes; (ii) the related interest rate; and (iii) 30 (or, in the case of the first payment date, the number of days from (and including) the closing date to (but excluding)
March 15, 2020 (assuming a 30-day calendar month)) divided by 360.
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If the full amount of interest due on the controlling class is not paid within five business days of a payment date, an event of default will occur, which may result in an
acceleration of the notes. If noteholders of any class do not receive all interest owed on their notes on any payment date, the issuing entity will make payments of interest on later payment dates to make up the shortfall (together with
interest on such amounts at the applicable interest rate for such class, to the extent permitted by law) to the extent funds are available to do so pursuant to the payment priorities described in this prospectus. The class A notes will be the
“controlling class” under the indenture while any class A notes are outstanding. After the class A notes have been paid in full, the class B notes will be the controlling class.
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||
For additional information regarding the payment of interest on the notes, you should refer to “Description of the Notes––Payments of Interest”
and “Payments to Noteholders” in this prospectus.
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Principal Payments
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On each payment date, except after the acceleration of the notes following an event of default, from the amounts allocated to the noteholders to pay principal described in clauses
(4), (6) and (8) under “—Priority of Payments” below, the issuing entity will pay principal of the notes in the following order of priority:
1. to the class A-1 notes, until the principal amount of the class A‑1 notes is reduced to zero; then
2. to the class A-2 notes, until the principal amount of the class A-2 notes is reduced to zero; then
3. to the class A-3 notes, until the principal amount of the class A‑3 notes is reduced to zero; then
4. to the class A-4 notes, until the principal amount of the class
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A‑4 notes is reduced to zero; and then
5. to the class B notes, until the principal amount of the class B notes is reduced to zero.
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If the notes are declared to be due and payable following the occurrence of an event of default, the issuing entity will pay principal of the notes from funds allocated to the
noteholders, first, pro rata, based upon their respective unpaid principal amounts, to the class A-1 notes, the class A-2 notes, the class A-3 notes and the class A-4 notes until the principal amount of each such class of notes is reduced to
zero, and second, to the class B notes until the principal amount of the class B notes is reduced to zero.
All outstanding principal and interest with respect to a class of notes will be payable in full on its final scheduled payment date.
For additional information regarding the payment of principal of the notes, you should refer to “Payments to Noteholders” in this
prospectus.
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Priority of Payments
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On each payment date, except after the acceleration of the notes following an event of default, the issuing entity will make payments in the following order of priority (after
payment to the servicer of the supplemental servicing fee, to the extent not previously retained by the servicer) from available collections received during the related collection period (and, if applicable, amounts withdrawn from the reserve
account):
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1. Servicing Fee –– to the servicer, the servicing fee;
2. Transaction Fees and Expenses — to the indenture trustee, the owner trustee and the asset representations reviewer, the amount of any fees, expenses and indemnification amounts due to
each such party, pro rata, based on amounts due to each such party, in an aggregate amount not to exceed $300,000 in any calendar year;
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3. Class A Note Interest –– to the class A noteholders (pro rata, based upon the aggregate amount of interest due to each class of the class A notes), accrued and unpaid interest on each
class of class A notes;
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4. Class A Note Principal –– to the noteholders, to be paid in the priority described under “—Principal Payments” above, the first priority
principal distribution amount;
the “first priority principal distribution amount” means, with respect to any payment date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal
amount of the class A notes as of such payment date (before giving effect to any principal payments made on the class A notes on such payment date), over (b) the aggregate principal balance of the receivables less the yield supplement
overcollateralization amount (which amount is referred to in this prospectus as the “adjusted pool balance”), in each case, as of the last day of the related collection period; provided, that, for the final scheduled payment date of any class
of class A notes, the “first priority principal distribution amount” will not be less than the amount necessary to reduce the outstanding principal amount of such class of class A notes to zero;
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5. Class B Note Interest –– to the class B noteholders, accrued and unpaid interest on the class B notes;
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6. Note Principal –– to the noteholders, to be paid in the priority described under “—Principal Payments” above, the second priority principal
distribution amount;
the “second priority principal distribution amount” means, with respect to any payment date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal
amount of the class A notes and class B notes as of such payment date (before giving effect to any principal payments made on the class A notes and class B notes on such payment date), over (ii) the adjusted pool balance as of the last day of
the related collection period, minus (b) the first priority principal distribution amount for such payment date; provided, that, for the final scheduled payment date of the class B notes, the “second priority principal distribution amount”
will not be less than the amount necessary to reduce the outstanding principal amount of the class B notes to zero;
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7. Reserve Account Deposit –– to the reserve account, to the extent amounts then on deposit in the reserve account are less than the specified reserve account balance described below under
“—Credit Enhancement—Reserve Account,” until the amount on deposit in the reserve account equals such specified reserve account balance;
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8. Note Principal –– to the noteholders, to be paid in the priority described under “—Principal Payments” above, the regular principal distribution
amount;
the “regular principal distribution amount” means, with respect to any payment date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal amount
of the notes as of such payment date (before giving effect to any principal payments made on the notes on such payment date), over (ii) the adjusted pool balance as of the last day of the related collection period less the
overcollateralization target amount, minus (b) the sum of the first priority principal distribution amount and the second priority principal distribution amount for such payment date;
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9. Additional Transaction Fees and Expenses –– to the indenture trustee, the owner trustee, and the asset representations reviewer, the amount of any fees, expenses and indemnification
amounts due to each such party and remaining unpaid, pro rata, based on amounts due to each such party; and
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10. Excess Amounts –– to the certificateholder, any remaining amounts.
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For additional information regarding the priority of payments on the notes, you should refer to “Payments to Noteholders—Calculation of Available
Collections” and “—Priority of Payments” in this prospectus.
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Change in Priority of Distribution upon Events of Default Resulting in an Acceleration of the Notes
Following the occurrence of an event of default under the indenture that results in the acceleration of the maturity of the notes, and unless and until such acceleration has been
rescinded, the issuing entity will make the following payments in the following order of priority (after payment to the servicer of the supplemental servicing fee, to the extent not
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previously retained by the servicer) from available collections received during the related collection period:
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1. Servicing Fee –– to the servicer, the servicing fee;
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2. Transaction Fees and Expenses –– to the indenture trustee, the owner trustee and the asset representations reviewer, the amount of any fees, expenses and indemnification amounts due to
each such party, pro rata, based on amounts due to each such party;
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3. Class A Note Interest –– to the class A noteholders (pro rata, based upon the aggregate amount of interest due to each class of the Class A notes), accrued and unpaid interest on each
class of class A notes;
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4. Class A Note Principal –– to the class A noteholders, to be paid in the priority described under “—Principal Payments” above;
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5. Class B Note Interest –– to the class B noteholders, accrued and unpaid interest on the class B notes;
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6. Class B Note Principal –– to the class B noteholders, until the principal amount of the class B notes is reduced to zero; and
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7. Excess Amounts –– to the certificateholder, any remaining amounts.
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Following the occurrence of an event of default under the indenture that results in the acceleration of the maturity of the notes, amounts on deposit in the reserve account will
be withdrawn and used to the extent necessary to pay principal of the notes as described in clauses (4) and (6) above, in that order of priority.
For additional information regarding the priority of payments on the notes after the acceleration of the notes following an event of default, you should refer to “Payments to Noteholders—Calculation of Available Collections” and “—Priority of Payments” in this prospectus.
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Final Scheduled Payment Dates
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The issuing entity is required to pay the outstanding principal amount of each class of notes in full on or before the related final scheduled payment date specified on the front
cover of this prospectus.
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Events of Default
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Each of the following will constitute an event of default under the indenture:
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(a) a default for five business days or more in the payment of any interest on any of the outstanding classes of the controlling class;
(b) a default in the payment in full of the principal of any note on its final scheduled payment date or the redemption date for such note;
(c) a default in the observance or performance of any covenant or agreement of the issuing entity made in the indenture which materially and adversely affects the noteholders, subject to notice and cure provisions;
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(d) any representation or warranty made by the issuing entity in the indenture having been incorrect in a material respect as of the time made, subject to notice and cure provisions; or
(e) certain events of bankruptcy, insolvency, receivership or liquidation of the issuing entity;
provided, however, that a delay in or failure of performance referred to in clause (a), (b), (c) or (d) above will not constitute an event of default for a period of 30 days
after the applicable cure period under the indenture if that delay or failure was caused by force majeure or other similar occurrence.
If an event of default under the indenture should occur and is continuing, the indenture trustee or the holders of notes evidencing not less than a majority of the aggregate
principal amount of the notes of the controlling class then outstanding (excluding for these purposes the outstanding principal amount of any notes held of record or beneficially owned by TMCC, the depositor or any of their affiliates),
acting together as a single class, may declare an acceleration of the notes and the principal of the notes to be immediately due and payable.
For additional information regarding the events of default, you should refer to “Description of the Notes—Indenture—Events of Default; Rights
Upon Event of Default” in this prospectus.
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Credit Enhancement
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Credit enhancement is intended to protect you against losses and delays in payments on your notes. If losses on the receivables and other shortfalls in cash flows exceed the
amount of available credit enhancement, such losses will not be allocated to write down the principal amount of any class of notes. Instead, the amount available to make payments on the notes will be reduced to the extent of such losses. The
credit enhancement for the notes is:
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• the reserve account;
• overcollateralization;
• the yield supplement overcollateralization amount;
• in the case of the class A notes, subordination of the class B notes; and
• excess interest on the receivables.
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If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later scheduled final payment date generally will bear a greater risk of loss
than notes having an earlier final scheduled payment date. For additional information, you should refer to “Risk Factors—Payment priorities increase risk of loss or delay in payment to certain classes of
notes,” “Risk Factors—You must rely for repayment only upon payments from the issuing entity’s assets, which may not be sufficient to make full payments on your notes” and “Payments to Noteholders” in this prospectus.
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Reserve Account
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On each payment date, funds will be withdrawn from the reserve account (1) to cover shortfalls in the amounts required to be paid on that payment date with respect to clauses (1)
through (6) under “—Priority of
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Payments” above, (2) after an event of default that results in the acceleration of the maturity of the notes, to pay principal on the
notes, and (3) to pay principal on any class of notes on the final scheduled payment date of that class of notes.
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On the closing date, (i) if the aggregate initial principal amount of the notes is $1,250,000,000, the depositor will cause to be deposited $3,125,030.98 into the reserve account,
and (ii) if the aggregate initial principal amount of the notes is $1,750,000,000, the depositor will cause to be deposited $4,375,011.36 into the reserve account, which in each case is approximately 0.25% of the related adjusted pool balance
as of the cutoff date. On each payment date, after making required payments to the servicer, the indenture trustee, the owner trustee, the asset representations reviewer and the noteholders, any remaining available collections will be
deposited into the reserve account to the extent necessary to maintain the amount on deposit in the reserve account at the specified reserve account balance.
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On any payment date prior to an event of default that results in an acceleration of the maturity of the notes, if the amount in the reserve account exceeds the specified reserve
account balance, the excess will be distributed to the depositor. If the aggregate initial principal amount of the notes is $1,250,000,000, the “specified reserve account balance” is, on any payment date, the lesser of (a) $3,125,030.98
(which is approximately 0.25% of the adjusted pool balance as of the cutoff date) and (b) the aggregate outstanding balance of the notes after giving effect to all payments of principal on that payment date. If the aggregate initial
principal amount of the notes is $1,750,000,000, the “specified reserve account balance” is, on any payment date, the lesser of (a) $4,375,011.36 (which is approximately 0.25% of the adjusted pool balance as of the cutoff date) and (b) the
aggregate outstanding balance of the notes after giving effect to all payments of principal on that payment date. In addition, on any payment date prior to an event of default that results in an acceleration of the maturity of the notes, net
investment earnings on the amounts on deposit in the reserve account will be distributed to the depositor.
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For additional information regarding the reserve account, you should refer to “Payments to Noteholders—Credit and Cash Flow Enhancement—Reserve
Account” in this prospectus.
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Overcollateralization
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Overcollateralization represents the amount by which the adjusted pool balance exceeds the aggregate outstanding principal amount of the notes. Overcollateralization will be
available as an additional source of funds to absorb losses on the receivables that are not otherwise covered by excess collections on the receivables. The adjusted pool balance as of the cutoff date is expected to be approximately equal to
the aggregate initial principal amount of the notes.
The application of funds according to clause (8) under “—Interest and Principal Payments—Priority of
Payments” above is designed to achieve and maintain the level of overcollateralization as of any payment date to a target amount of 0.85% of the adjusted pool balance as of the cutoff date. This amount is referred to in this
prospectus as the “overcollateralization target amount.”
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For additional information regarding overcollateralization, you should refer to “Payments to Noteholders—Credit and Cash Flow
Enhancement—Overcollateralization” in this prospectus.
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Yield Supplement Overcollateralization Amount
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The yield supplement overcollateralization amount for each payment date or with respect to the closing date is the aggregate amount by which the principal balance as of the last
day of the related collection period or the cutoff date, as applicable, of each receivable with an APR below 6.00% (referred to herein as the “required rate”), other than any defaulted receivable, exceeds the present value of the future
payments on such receivables, calculated as if their APRs were equal to the required rate, assuming such future payment is made on the last day of each month and each month has 30 days.
For additional information regarding the calculation of the yield supplement overcollateralization amount and its effect on the payment of principal, you should refer to “Payments to Noteholders—Credit and Cash Flow Enhancement—Yield Supplement Overcollateralization Amount” and “—Overcollateralization”
in this prospectus.
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Subordination
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Payments of interest on the class B notes will be subordinated to payments of interest on the class A notes and certain other payments on each payment date (including principal
payments of the class A notes in specified circumstances). No payments of principal will be made on the class B notes until the principal of and interest on the class A notes has been paid in full.
If an event of default that results in the acceleration of payment of the notes occurs, no payments of interest or principal will be made on the class B notes until the class A
notes are paid in full. Consequently, the holders of the class B notes will incur losses and shortfalls because of delinquencies and losses on the receivables before the holders of the class A notes incur those losses and shortfalls.
While any class A notes are outstanding, the failure to pay interest on the class B notes will not be an event of default.
For additional information, you should refer to “Payments to Noteholders—Credit and Cash Flow Enhancement—Subordination of Principal and Interest”
in this prospectus.
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Excess Interest
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More interest is expected to be paid by the obligors in respect of the receivables than is necessary to pay the sum of (i) the servicing fee, (ii) fees required to be paid to the
indenture trustee, the owner trustee and the asset representations reviewer and (iii) interest on the notes each month. Any such excess in interest payments from obligors will serve as additional credit enhancement.
For additional information, you should refer to “Payments to Noteholders—Credit and Cash Flow Enhancement—Excess Interest” in this
prospectus.
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Optional Redemption;
Clean-Up Call |
The servicer may purchase the receivables remaining in the issuing entity at a price equal to at least the unpaid principal amount of the notes plus any accrued and unpaid
interest thereon on any payment date when the
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aggregate outstanding principal balance of the receivables has declined to 5% or less of the aggregate principal balance of the receivables as of the cutoff date. Upon the
exercise of this clean-up call option by the servicer, the issuing entity must redeem the notes in whole, and not in part.
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||
For additional information, you should refer to “Transfer and Servicing Agreements––Optional Purchase of Receivables and Redemption of Notes”
in this prospectus.
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Removal of Pool Assets
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Breaches of Representations and Warranties. Upon sale of the receivables to the depositor, TMCC will make certain representations and
warranties to the depositor regarding the receivables, and upon sale of the receivables to the issuing entity, the depositor will make certain corresponding representations and warranties to the issuing entity regarding the receivables. The
depositor is required to repurchase from the issuing entity, and TMCC is required to repurchase from the depositor, in turn, any receivable for which a representation or warranty has been breached if such breach materially and adversely
affects the issuing entity or the noteholders and such breach has not been cured in all material respects.
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For additional information, you should refer to “Repurchases of Receivables” in this prospectus.
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Breach of Servicer Covenants. The servicer will be required to purchase any receivable with respect to which specified servicing
covenants made by the servicer under the sale and servicing agreement are breached and are not cured in all material respects.
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CUSIP Numbers
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Class A-1 Notes: 8923HA A32
Class A-2 Notes: 8923HA B15
Class A-3 Notes: 8923HA C97
Class A-4 Notes: 8923HA D70
Class B Notes: 8923HA E53
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Tax Status
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Subject to important considerations described under “Material U.S. Federal Income Tax Considerations” and “Certain State Tax Consequences” in this prospectus, Morgan, Lewis & Bockius LLP, special tax counsel to the issuing entity, will deliver its opinion that:
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• the notes held by parties unaffiliated with the issuing entity will be classified as debt for U.S. federal income tax purposes; and
|
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• the issuing entity will not be classified as an association or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.
|
||
If you purchase the notes, you will agree to treat the notes as debt for purposes of U.S. federal and state income tax, franchise tax and any other tax measured in whole or in
part by income. You should consult your own tax advisor regarding the U.S. federal tax considerations applicable to the purchase, ownership and disposition of the notes, and the tax consequences arising under the laws of any state or other
taxing jurisdiction.
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For additional information regarding the application of U.S. federal income and state tax laws to the issuing entity and the notes, you should refer to “Material U.S. Federal Income Tax Considerations” and “Certain State Tax Consequences” in this prospectus.
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ERISA Considerations
|
The notes sold to parties unaffiliated with the issuing entity may be purchased by employee benefit plans and individual retirement accounts, subject to those considerations
discussed under “ERISA Considerations” in this prospectus.
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For additional information, you should refer to “ERISA Considerations” in this prospectus. If you are a benefit plan fiduciary
considering the purchase of the notes you should, among other things, consult with your counsel in determining whether all required conditions have been satisfied.
|
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Certain Investment Company Act Considerations
|
The issuing entity will be relying on an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended, contained in
Rule 3a-7 under the Investment Company Act of 1940, as amended, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a “covered fund” for
purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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The notes are not suitable
investments for all investors. |
The notes are not a suitable investment for any investor that requires a regular or predictable schedule of payments or payment on specific dates. The notes
are complex investments that should be considered only by sophisticated investors. We suggest that only investors who, either alone or with their financial, tax and legal advisors, have the expertise to analyze the prepayment, reinvestment
and default risks, the tax consequences of an investment and the interaction of these factors should consider investing in the notes.
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Risks associated with unknown aggregate initial principal amount of the notes.
|
Whether the issuing entity will issue notes with an aggregate initial principal amount of $1,250,000,000 or $1,750,000,000 is not expected to be known until
the day of pricing. TMCC will make the determination regarding the aggregate initial principal amount of the notes based on, among other considerations, market conditions at the time of pricing. The size of a class of notes may affect
liquidity of that class, with smaller classes being less liquid than larger classes. In addition, if your class of notes is larger than you expected, then you will hold a smaller percentage of that class of notes and the voting power of your
notes will be diluted.
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You must rely for repayment only upon payments from the issuing entity’s assets, which may not be sufficient to make full payments on your
notes.
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The notes represent indebtedness of the issuing entity and will not be insured or guaranteed by the depositor, sponsor, administrator, servicer or any of their
respective affiliates, any governmental entity, the trustees or any other person. The only sources of payment on your notes are payments received on the receivables and, to the extent available, any funds on deposit in the accounts of the
issuing entity, including amounts on deposit in the reserve account. The amounts deposited in the reserve account will be limited. If the entire reserve account has been used and the available credit enhancement is exhausted, the issuing
entity will depend solely on current collections on the receivables to make payments on the notes. The issuing entity will also have the benefit of overcollateralization (including the yield supplement overcollateralization amount) to
provide limited protection against low-interest yielding receivables. For additional information, you should refer to “Payments to Noteholders—Credit and Cash Flow Enhancement—Overcollateralization,”
“—Yield Supplement Overcollateralization Amount,” “—Reserve Account” and “Risk Factors—Risks associated with unknown aggregate
initial principal amount of the notes” in this prospectus. If the assets of the issuing entity are not sufficient to pay interest on and principal of the notes you hold, you will suffer a loss.
Certain events (including some that are not within the control of the issuing entity, the depositor, the sponsor, the administrator, the servicer, the indenture
trustee, the owner trustee or of their respective affiliates) may result in events of default under the indenture and cause acceleration of all outstanding notes. If so directed by the holders of notes evidencing not less than a majority of
principal amount of the notes of the controlling class then outstanding, acting together as a single class, following an event of default resulting in an acceleration of the notes, the indenture trustee will liquidate the assets of the
issuing entity only in limited circumstances, and the issuing entity may be required promptly to sell the receivables, liquidate its assets and apply the proceeds to the payment of the notes. Liquidation would be likely to accelerate payment
of all notes that are then outstanding. If a liquidation occurs close to the date when any class otherwise would have been paid in full, repayment of that class might be delayed while liquidation of the assets is occurring. The issuing
entity cannot predict the length of time that will be
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required for liquidation of its assets to be completed. In addition, the amounts received from a sale in these circumstances may not be sufficient to pay all amounts owed to the
holders of all classes of notes or any class of notes, and you may suffer a loss. This deficiency will be more severe in the case of any notes where the aggregate outstanding principal amount of the notes exceeds the aggregate principal
balance of the receivables. Even if liquidation proceeds are sufficient to repay the notes in full, any liquidation that causes principal of a class of notes to be paid before the related final scheduled payment date will involve the
prepayment risks described under “—Prepayments on receivables may cause prepayments on the notes, resulting in reduced returns on your investment and reinvestment risk to you” below. Also, an event of
default that results in the acceleration of the maturity of the notes will cause priority of payments of the notes to change, as described under “Payments to Noteholders—Payments After Occurrence of Event of
Default Resulting in Acceleration” in this prospectus. Therefore, all outstanding notes may be affected by any shortfall in liquidation proceeds. For additional information, you should refer to “—Prepayments
on receivables may cause prepayments on the notes, resulting in reduced returns on your investment and reinvestment risk to you” below.
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The absence of a secondary market for the notes or a lack of liquidity in the secondary markets could limit your ability to resell the
notes or adversely affect the market value of your notes.
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The notes will not be listed on any securities exchange. Therefore, to sell your notes, you must first locate a willing purchaser. The underwriters may, but are
not obligated to, provide a secondary market for the notes and even if the underwriters make a market in the notes, the underwriters may stop making offers at any time. In addition, the prices offered, if any, may not reflect prices that
other potential purchasers would be willing to pay, were they to be given the opportunity.
For several years after the 2008 financial crisis, major disruptions in the global financial markets caused a significant reduction in liquidity in the
secondary market for asset-backed securities. While conditions in the financial markets and the secondary markets have improved, periods of illiquidity could occur again and affect the secondary market, thereby adversely affecting the value
of your notes and limiting your ability to locate a willing purchaser of your notes. Furthermore, the global financial markets have in the past experienced increased volatility due to uncertainty surrounding the level and sustainability of
the sovereign debt of various countries. Concerns regarding sovereign debt may spread to other countries at any time. There can be no assurance that this uncertainty related to the sovereign debt of various countries will not lead to
disruption of the credit markets in the United States. Accordingly, you may not be able to sell your notes when you want to do so or you may be unable to obtain the price that you wish to receive for your notes and, as a result, you could
suffer a loss on your investment.
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Economic developments, geopolitical conditions and other market events may adversely affect the performance and market value of your notes.
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The United States has in the past experienced, and may in the future experience, a recession or period of economic contraction. During the economic downturn
following the 2008 financial crisis, elevated unemployment, decreases in home values and lack of available credit led to increased delinquency and default rates by obligors, as well as decreased consumer demand for automobiles and declining
market values of the automobiles securing the receivables. If an economic downturn were to occur again, delinquencies and credit losses on the receivables could increase, which could result in losses on your notes.
Although the economy has improved in the years since the 2008 financial crisis, consumer debt levels remain elevated as a result of increased consumer
spending, and there have been increasing trends in rates of delinquency and default frequency. As consumers assume higher debt levels,
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delinquencies and losses on the receivables may increase, which could result in losses on your notes.
Events in the global financial markets, including downgrades of sovereign debt, devaluation of currencies by foreign governments and slowing economic growth
have caused or may cause a significant reduction in liquidity in the secondary market for asset-backed securities, which could adversely affect the market value of the notes and limit the ability of an investor to sell its notes. On January
31, 2020, the United Kingdom will withdraw from the European Union (“Brexit”). There is considerable uncertainty surrounding the implementation of Brexit (e.g. how it will be conducted, how negotiations of trade agreements will proceed and
the impact on the value of the British pound, etc.). Brexit, or the exit by any other country out of the European Union or the abandonment by any country of the euro, may have a destabilizing effect on all eurozone countries and their
economies and a negative effect on the global economy as a whole. No prediction or assurance can be made as to the effect of economic developments on the rate of delinquencies, prepayments or losses on the receivables or the market value of
your notes.
Geopolitical conditions and other market events may impact TMCC and your notes. Restrictive exchange or import controls or other disruptive trade policies,
changes to or withdrawals from trade agreements, disruption of operations as a result of systemic political or economic instability, outbreak of war or expansion of hostilities, and acts of terrorism, could each have a material adverse effect
on TMCC’s business, results of operations and financial condition. Developments related to Brexit have created significant political and economic uncertainty in the United Kingdom and in other European Union member states. The global
financial, trade, and legal implications of Brexit could lead to declines in market liquidity and activity levels, volatile market conditions, a contraction of available credit, fluctuations in interest rates, weaker economic growth, and
reduced business confidence on an international level, each of which could have a material adverse effect on TMCC’s business, results of operations and financial condition.
Any such events could also adversely affect TMCC’s ability to service the receivables and perform its other obligations under the transaction agreements, which
could have an adverse effect on your notes.
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Additionally, higher future energy and fuel prices could reduce the amount of disposable income that the affected obligors have available to make monthly
payments on their automobile finance contracts. Higher energy costs could also cause business disruptions, which could cause unemployment and a deepening economic downturn. Such obligors could potentially become delinquent in making monthly
payments or default if they were unable to make payments due to increased energy or fuel bills or unemployment. The issuing entity’s ability to make payments on the notes could be adversely affected if the related obligors were unable to
make timely payments.
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Delinquencies and losses with respect to automobile finance contracts may increase during the term of your notes. These increases in delinquencies and losses
may be related to increases in consumer debt levels, increases in interest rates and a rising supply of used vehicles. For delinquency and loss information regarding certain automobile loans originated and serviced by TMCC, you should refer
to “Delinquencies,
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Repossessions and Net Losses” and “Static Pools” in this prospectus. Increased delinquencies and losses may lead to
decreased collections on the receivables and the issuing entity may not have sufficient available collections to pay amounts due on the notes on any payment date or to pay any class of the notes in full on the related final scheduled payment
date.
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The issuing entity’s interests in financed vehicles may be unenforceable or defeated.
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The certificates of title for vehicles financed by TMCC name TMCC as the secured party. The certificates of title for financed vehicles under contracts
assigned to the issuing entity will not be amended to identify the issuing entity as the new secured party because it would be administratively burdensome to do so. However, financing statements showing the transfer to the issuing entity of
TMCC’s and the depositor’s interest in the receivables and the transfer to the indenture trustee of the issuing entity’s interest in the receivables will be filed with the appropriate governmental authorities. TMCC, as servicer, will retain
the documentation for the receivables and the certificates of title.
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Because of these arrangements, another person could acquire an interest in the receivables and the financed vehicles that is judged by a court of law to be
superior to the issuing entity’s or the indenture trustee’s interest. Examples of these persons are other creditors of the obligor, a subsequent purchaser of a financed vehicle or another lender who finances the vehicle. Some of the ways
this could happen are described under “Certain Legal Aspects of the Receivables” in this prospectus. In some circumstances, either the depositor or the servicer will be required to purchase
receivables if a security interest superior to the claims of others has not been properly established and maintained. The details of this obligation are described under “Repurchases of Receivables” in
this prospectus.
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If the servicer does not maintain control of the receivables evidenced by electronic contracts, the issuing entity may not have a perfected
interest in those receivables.
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As described in “The Sponsor, Administrator and Servicer—Electronic Contracts and Electronic Contracting” in this
prospectus, for some receivables, TMCC acquires possession of the related contracts from dealers and converts them to electronic form and maintains control of the electronic copies through TMCC’s own technology system. Other receivables may
be originated electronically through a third-party custodian using the third-party custodian’s technology system. Both of these technology systems are designed to enable TMCC to perfect its interest in the receivables evidenced by electronic
contracts by satisfying the Uniform Commercial Code’s requirements for “control” of electronic chattel paper. TMCC will obtain “control” of an electronic contract if (a) there is a “single authoritative copy” of the electronic contract that
is readily distinguishable from all other copies and which identifies TMCC as the owner, (b) all other copies of the electronic contract indicate that they are not the “authoritative copy” of the electronic contract, (c) any revisions to the
authoritative copy of the electronic contract are readily identifiable as either authorized or unauthorized revisions, and (d) authorized revisions of the electronic contract cannot be made without TMCC’s participation.
However, it is possible that another person could acquire an interest in an electronic contract that is superior to TMCC’s interest (and accordingly, the
issuing entity’s interest). This could occur if TMCC ceases to have “control” over the electronic contract that is maintained by TMCC or on behalf of TMCC by the third-party custodian and another party purchases that electronic contract
(without knowledge that such purchase violates TMCC’s rights in the electronic contract) and obtains “control” over the electronic contract. TMCC also could lose control over an electronic contract if through fraud, forgery, negligence or
error, or as a result of a computer virus or a failure of or weakness in TMCC’s or the third-party custodian’s technology
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system, as applicable, a person other than TMCC were able to modify or duplicate the authoritative copy of the contract.
Although TMCC will perfect its assignment of its interest in the electronic contracts to the issuing entity and the indenture trustee by filing financing
statements, the fact that TMCC’s interest in the receivables may not be perfected by control may affect the priority of the issuing entity’s interest in the receivables. The issuing entity’s interest in the receivables could be junior to
another party with a perfected security interest in the inventory of the originating dealer.
There can be no assurances that the third-party’s technology system will perform as represented to the servicer in maintaining the systems and controls required
to provide assurance that TMCC maintains control over an electronic contract. In that event, there may be delays in obtaining copies of the electronic contract or confirming ownership and control of the electronic contract.
TMCC and the depositor will represent that TMCC has a perfected interest in the receivables to the extent evidenced by electronic contracts by means of control
and that the interest has been transferred to the depositor and thereafter to the issuing entity.
From time to time, the receivables evidenced by electronic contracts may be amended, including, without limitation, by extensions of the final maturity date.
To the extent any of those amendments is evidenced in tangible form, TMCC and the depositor will represent that TMCC has a perfected interest in the receivables (consisting of the electronic contract and tangible amendment) by possession of
the tangible amendment and control of the electronic contract.
Additionally, there is a risk that the systems employed by TMCC or the third-party to maintain control of the electronic contracts may not be sufficient as a
matter of law to give TMCC (and accordingly, the issuing entity) a perfected interest in the receivables evidenced by electronic contracts.
As a result of the foregoing, TMCC (and accordingly, the issuing entity) may not have a perfected interest in certain receivables or its interest, although
perfected, could be junior to that of another party. Either circumstance could affect TMCC’s ability on behalf of the issuing entity to repossess and sell the underlying financed vehicles. Therefore, you may be subject to delays in payment
on your notes and you may incur losses on your investment in the notes.
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The bankruptcy of the issuing entity could result in losses or delays in payments on your notes.
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If the issuing entity were to become subject to bankruptcy proceedings, you could experience losses or delays in the payments on your notes as a result of,
among other things, an “automatic stay,” which prevents secured creditors from exercising remedies against a debtor in bankruptcy without permission from the applicable court, and provisions of the U.S. Bankruptcy Code that permit
substitution of collateral in limited circumstances.
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The bankruptcy of TMCC or the depositor could result in losses or delays in payments on the notes.
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If TMCC or the depositor were to become subject to bankruptcy proceedings, you could experience losses or delays in the payments on your notes. TMCC will sell
the receivables to the depositor, and the depositor will in turn sell the receivables to the issuing entity. However, if TMCC or the depositor
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were to become subject to a bankruptcy proceeding, the court in the bankruptcy proceeding could conclude that TMCC or the depositor effectively still owns the receivables by concluding that the sale
to the depositor by TMCC or the sale to the issuing entity by the depositor was not a “true sale” or that the issuing entity should be consolidated with TMCC or the depositor for bankruptcy purposes. If a court were to reach this conclusion,
you could experience losses or delays in payments on the notes as a result of, among other things:
• an “automatic stay” which prevents secured creditors from exercising remedies against a debtor in bankruptcy without permission from the court and provisions of the U.S. Bankruptcy Code that permit substitution of
collateral in certain circumstances;
• certain tax or government liens on TMCC’s or the depositor’s property (that arose prior to the transfer of a receivable to the issuing entity) having a prior claim on collections before the collections are used to make
payments on your notes; and
• the fact that neither the issuing entity nor the indenture trustee has a perfected security interest in (a) one or more of the vehicles securing the receivables or (b) any cash collections held by TMCC or the depositor
at the time TMCC or the depositor were to become the subject of a bankruptcy proceeding.
The depositor will take steps in structuring the transactions described in this prospectus to minimize the risk that a court would consolidate the issuing
entity with the depositor for bankruptcy purposes or conclude that the sale of receivables to the issuing entity was not a “true sale.” For additional information, you should refer to “Certain Legal Aspects
of the Receivables—Certain Bankruptcy Considerations” in this prospectus.
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Failure to pay principal on your notes will not constitute an event of default until maturity.
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The amount of principal required to be paid to the noteholders will generally be limited to amounts available in the collection account (including amounts
transferred to the collection account from the reserve account). Therefore, the failure to pay principal of your notes generally will not result in the occurrence of an event of default until the final scheduled payment date for your notes.
For additional information, you should refer to “Description of the Notes—Indenture—Events of Default; Rights Upon Event of Default” in this prospectus.
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Receivables that fail to comply with consumer protection laws may be unenforceable, which may result in losses on your investment.
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Numerous federal and state consumer protection laws regulate consumer contracts such as the receivables. Also, some of these laws may provide that the
assignee of a consumer contract (such as the issuing entity) is liable to the related obligor for any failure of the contract to comply with these laws. If any of the receivables do not comply with one or more of these laws, the servicer may
be prevented from or delayed in collecting payments on such receivables, and the issuing entity, as assignee of the related originator, could be held liable for any applicable penalties or damages. If that happens, payments on your notes
could be delayed or reduced.
Although the Military Lending Act, by its terms, would not apply to any credit transaction that is expressly intended to finance the purchase of a motor
vehicle when the credit is secured by the vehicle being purchased, the Department of Defense issued an interpretive rule on December 11, 2017 indicating that retail installment contracts made on or after October 3, 2016 to active-duty service
members (including those on active guard or reserve duty) and their dependents, and which contracts include one or more credit-related ancillary products, such as guaranteed auto protection (GAP) insurance, credit life insurance, and similar
credit products, need to comply with the
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requirements of the Military Lending Act. In November 2019, the Department of Defense announced that it was planning to propose amendments to the regulations implementing the Military Lending Act in
early 2020. At this point in time, the exact timing and substance of these amendments are unknown. Current regulations implementing the Military Lending Act place a limit on the total interest rate that may be charged, adjust arbitration
rules and require additional disclosures, in each case in respect of the related contract. Contracts that contain provisions that are otherwise prohibited by the Military Lending Act are void from the inception of the contract. As a result
of certain restrictions imposed by the Military Lending Act, TMCC is unable to determine, and there can be no assurance as to whether, or to what extent, the receivables sold to the issuing entity on the closing date are affected by the
Military Lending Act. Financial services industry groups are continuing to seek further clarification regarding the interpretation of the Military Lending Act. However, if the existing interpretations are ultimately unchanged, it could
result in repurchase obligations of TMCC and the Depositor, or indemnification obligations of TMCC, and it could impact the cashflows available to the issuing entity.
TMCC, the depositor and the servicer will make representations and warranties relating to the receivables’ compliance with law and the issuing entity’s ability
to enforce the contracts. If the depositor breaches any of these representations or warranties, the issuing entity’s sole remedy (other than the indemnification available to the issuing entity as described below) will be to require the
depositor to repurchase the related receivable if such breach materially and adversely affects the interest of the issuing entity in such receivable and such breach has not been cured in all material respects within any applicable cure
period. TMCC will also indemnify the depositor for any failure of a receivable to have been originated in compliance with all applicable requirements of law, and the depositor’s right to such indemnification will be assigned to the issuing
entity. Any failure by TMCC, the depositor or the servicer to repurchase any affected receivables, or to indemnify the issuing entity, as applicable, could result in delays or reductions in payments on your notes. For additional
information, you should refer to “Certain Legal Aspects of the Receivables—Consumer Finance Regulation” and “Repurchases of Receivables” in this prospectus.
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The regulatory environment in which TMCC operates could have an adverse effect on TMCC, the depositor and the issuing entity, which could
result in losses or delays in payments on your notes.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the “Dodd-Frank Act,” and its implementing regulations have broad implications for the
consumer financial services industry. The current administration under President Trump has sought and passed legislation to revise elements of the Dodd-Frank Act. Although the current administration has indicated a goal of further reforming
aspects of its existing financial services regulations, it is unknown at this time to what extent new legislation will be passed into law, whether pending or new regulatory proposals will be adopted or modified, or what effect such passage,
adoption or modification will have, whether positive or negative, on TMCC or on the auto industry.
As a provider of finance and insurance products, TMCC operates in a highly regulated environment. TMCC is subject to licensing requirements at the state level,
and to laws and regulations, as well as periodic examinations and investigations at the state and federal levels. Compliance with applicable law is costly and can affect TMCC’s results of operations. Compliance requires forms, processes,
procedures, controls and the infrastructure to support these requirements. Compliance may create operational constraints and place limits on pricing, as the laws and regulations in the financial services industry are designed primarily for
the protection of
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consumers. Changes in regulation could restrict TMCC’s ability to operate its business as currently operated, could impose substantial additional costs or require it to implement new processes,
which could adversely affect TMCC’s business, prospects, financial performance or financial condition. The failure to comply could result in significant statutory civil and criminal fines, penalties, monetary damages, attorneys’ fees and
costs, restrictions on TMCC’s ability to operate its business, possible revocation of licenses and damage to TMCC’s reputation, brand and valued customer relationships. Any such costs, restrictions, revocations or damage could adversely
affect TMCC’s business, prospects, results of operations or financial condition.
TMCC’s principal consumer finance regulator at the federal level is the Consumer Financial Protection Bureau, or the “CFPB,” which has broad regulatory,
supervisory and enforcement authority over TMCC. The CFPB’s supervisory authority allows it, among other things, to conduct comprehensive and rigorous examinations to assess TMCC’s compliance with consumer financial protection laws, which
could result in enforcement actions, regulatory fines and mandated changes to TMCC’s business, products, policies and procedures.
The CFPB’s rulemaking authority includes the authority to promulgate rules regarding, among other practices, debt collection practices that would apply to
third-party collectors and first-party collectors, such as TMCC, and rules regarding consumer credit reporting practices. The timing and impact of these rules on TMCC’s business remain uncertain. In addition, the CFPB has questioned the
value and increased scrutiny of the marketing and sale of certain ancillary or add-on products, including products similar to those financed by TMCC or sold through its affiliates.
The CFPB and the Federal Trade Commission, or the “FTC,” may investigate the products, services and operations of credit providers, including banks and other
finance companies engaged in auto finance activities. As a result of such investigations, the CFPB and the FTC have announced various enforcement actions against lenders in the past few years involving significant penalties, consent orders,
cease and desist orders and similar remedies that, if applicable to TMCC or the products, services and operations TMCC offers, may require TMCC to cease or alter certain business practices, which could have a material effect on TMCC’s results
of operations, financial condition, and liquidity. Supervision and investigations by these agencies, if any, may result in monetary penalties, increase TMCC’s compliance costs, require changes in its business practices, affect its
competitiveness, impair its profitability, harm its reputation or otherwise adversely affect its business.
At the state level, state regulators are taking a more stringent approach to supervising and regulating financial products and services subject to their
jurisdiction. TMCC expects to continue to face greater supervisory scrutiny and enhanced supervisory requirements for the foreseeable future. For example, on January 28, 2015, TMCC received a request for documents and information from the
New York State Department of Financial Services relating to its lending practices (including fair lending). TMCC provided the requested documents and information, but it has not had further communication with the New York State Department of
Financial Services regarding their review. As described under “Certain Legal Aspects of the Receivables—Consumer Finance Regulation” and “—Other Federal Regulation”
in this prospectus, TMCC may take certain actions relating to certain of the receivables, including modifying their terms or making certain payments to obligors. There can be no assurance that TMCC will take any of these actions or, if it
does, whether any of these actions will result in the repurchase of some or all of the affected receivables. For additional
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information regarding state consumer protection laws and related regulations that may affect TMCC, you should refer to “Certain Legal Aspects of the
Receivables—Consumer Finance Regulation” in this prospectus.
The Dodd-Frank Act also established the Financial Stability Oversight Council, or the “FSOC,” which may designate non-bank financial companies that pose
systemic risk to the U.S. financial system, or “SIFIs,” to be supervised by the Board of Governors of the Federal Reserve System, or the “Federal Reserve.” The Federal Reserve is required to establish and apply enhanced prudential standards
to SIFIs, including capital, liquidity, counterparty exposure, resolution plan and overall risk management standards. The FSOC uses a multi-stage review process to evaluate non-bank financial companies for potential designation and
supervision by the Federal Reserve. If TMCC were designated for supervision after this multi-stage review process and any available appeal processes, TMCC could experience increased compliance costs, the need to change its business
practices, impairments to TMCC’s profitability and competitiveness and other adverse effects on its business.
Additionally, no assurances can be given that the liquidation framework for the resolution of “covered financial companies” would not apply to TMCC or its
affiliates, including the depositor and the issuing entity. For additional information, you should refer to “Certain Legal Aspects of the Receivables—Dodd-Frank Act Orderly Liquidation Authority
Provisions—Potential Applicability to TMCC, the Depositor and the Issuing Entity” in this prospectus.
If the Federal Deposit Insurance Corporation, or the “FDIC,” were appointed receiver of TMCC, the depositor or the issuing entity under the Orderly Liquidation
Authority provisions of the Dodd-Frank Act, the FDIC could repudiate contracts deemed burdensome to the estate, including secured debt. TMCC has structured the transfers of the receivables to the depositor and the issuing entity as a valid
and perfected sale under applicable state law and under the U.S. Bankruptcy Code to mitigate the risk of the recharacterization of the sale as a grant of security interest to secure debt of TMCC. Any attempt by the FDIC to recharacterize the
transfer of the receivables as a grant of a security interest to secure debt that the FDIC then repudiates would cause delays in payments or losses on the notes. In addition, if the issuing entity were to become subject to the Orderly
Liquidation Authority, the FDIC may repudiate the debt of the issuing entity and the noteholders would have a secured claim in the receivership of the issuing entity. Also, if the issuing entity were subject to Orderly Liquidation Authority,
the noteholders would not be permitted to accelerate the debt, exercise remedies against the collateral or replace the servicer without the FDIC’s consent for 90 days after the receiver is appointed. As a result of any of these events,
delays in payments on the notes would occur and possible reductions in the amount of those payments could occur. For additional information, you should refer to “Certain Legal Aspects of the
Receivables—Dodd-Frank Act Orderly Liquidation Authority Provisions—FDIC’s Repudiation Power Under the OLA” in this prospectus.
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Payment priorities increase risk of loss or delay in payment to certain classes of notes.
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Based on the priorities described under “Payments to Noteholders” in this prospectus, classes of notes that receive
principal payments before other classes will be repaid more rapidly than the other classes. Because principal of the notes will be paid sequentially, except in the case of the class A-1 notes, the class A-2 notes, the class A-3 notes and the
class A-4 notes after an event of default resulting in an acceleration of the notes, classes of notes that have higher sequential numerical class designations or higher alphabetical sequential class designations will be outstanding longer and
therefore will be exposed to the risk of losses on the receivables during periods after other classes have received most or all amounts payable on their notes, and after which a disproportionate amount of credit enhancement may have been
applied and not replenished.
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Because of the priority of payment on the notes, the yields of the higher numerically designated classes or higher alphabetically designated classes will be
more sensitive to losses on the receivables and the timing of such losses than the lower numerically designated classes and lower alphabetically designated classes. Accordingly, the class A-2 notes will be more sensitive to losses on the
receivables and the timing of such losses than the class A-1 notes; the class A-3 notes will be relatively more sensitive to losses on the receivables and the timing of such losses than the class A-1 notes and the class A-2 notes; the class
A-4 notes will be relatively more sensitive to losses on the receivables and the timing of such losses than the class A-1 notes, the class A-2 notes and the class A-3 notes; and the class B notes will be relatively more sensitive to losses on
the receivables and the timing of such losses than the class A notes. If the actual rate and amount of losses exceed your expectations, and if amounts in the reserve account are insufficient to cover the resulting shortfalls, the yield to
maturity on your notes may be lower than anticipated, and you could suffer a loss.
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Classes of notes that receive payments of principal earlier than expected are exposed to greater reinvestment risk, and classes of notes that receive payments
of principal later than expected are exposed to greater risk of loss. In either case, the yields on your notes could be materially and adversely affected.
In addition, the notes are subject to risk because payments of principal and interest on the notes on each payment date are subordinated to the payment of the
total servicing fee and certain amounts payable to the indenture trustee, the owner trustee and the asset representations reviewer in respect of fees, expenses and indemnification amounts. This subordination could result in reduced or
delayed payments of principal and interest on the notes.
For additional information, you should refer to “—You must rely for repayment only upon payments from the issuing entity’s
assets, which may not be sufficient to make full payments on your notes” above.
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The class B notes are subject to greater risk because of subordination.
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The class B notes are subordinated to the class A notes and are more likely to be impacted by delinquent payments and defaults on the receivables than the
class A notes. Interest payments on the class B notes on each payment date will be subordinated to both (i) interest payments on the class A notes and (ii) principal payments to the class A notes in an amount equal to the first priority
principal distribution amount.
In addition, in the event the notes are declared to be due and payable after the occurrence of an event of default resulting from the failure to make a
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payment on the notes, no interest will be paid to the class B notes until all principal of and interest on the class A notes have been paid in full.
Principal payments on the class B notes will be subordinated in priority to the class A notes, as described under “Description
of the Notes—Payments of Principal” in this prospectus. No principal will be paid on the class B notes until all principal of the class A notes has been paid in full. In addition, principal payments on the class B notes will be
subordinated to payments of interest on the class A notes and the class B notes. For additional information, you should refer to “Description of the Notes—Payments of Principal” in this prospectus.
Therefore, if there are insufficient amounts available to pay all classes of notes the amounts due on such classes, delays in payments or losses will be borne
by the most junior class of notes outstanding.
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The amounts received upon disposition of the financed vehicles may be adversely affected by a variety of factors, including discount pricing
incentives, marketing incentive programs and other used car market factors, which may increase the risk of loss on your notes.
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The market for used Toyota or Lexus vehicles could be adversely affected by factors such as governmental action, changes in
consumer demand, new vehicle incentive programs, new vehicle pricing, new vehicle sales, styling changes (including future plans for new Toyota and Lexus product introductions), recalls, the actual or perceived quality, safety or reliability of Toyota and Lexus vehicles, used vehicle supply (such as an overabundance of used cars, minivans, light-duty trucks and sport utility vehicles in the
marketplace), the level of current used vehicle values, fuel prices, increased competition, fluctuations in interest rates, decreased or delayed new vehicle production due to natural disasters, supply chain interruptions or other events and
economic conditions generally. Any such adverse change could result in reduced proceeds upon the liquidation or other disposition of financed vehicles, and therefore could result in reduced proceeds on defaulted receivables. If
losses on the receivables exceed the credit enhancement available, you may suffer a loss on your investment.
Many manufacturers have increased their level of discount pricing incentives or other marketing incentive programs on new vehicles in an attempt to maintain and
grow market share. Discount pricing incentives or other marketing incentive programs on new vehicles by Toyota Motor North America, Inc., TMCC or any of their competitors that effectively reduce the prices of new vehicles may have the effect
of reducing demand by consumers for used cars, minivans, light-duty trucks and sport utility vehicles. The reduced demand for used cars, minivans, light-duty
trucks and sport utility vehicles resulting from discount pricing incentives or other marketing incentive programs introduced by Toyota Motor North America, Inc. TMCC or any of their competitors or other factors may reduce the
prices consumers will be willing to pay for used cars, minivans, light-duty trucks and sport utility vehicles, including the vehicles that secure the receivables. As a result, the proceeds received
by the issuing entity upon any repossession of financed vehicles may be reduced and may not be sufficient to pay the receivables. The servicer remarkets used Toyota and Lexus vehicles through certain programs, but there can be no assurance
that such programs will continue to be successful.
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Prepayments on receivables may cause prepayments on the notes, resulting in reduced returns on your investment and reinvestment risk to you.
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If you receive payment of principal on your notes earlier than you expected, you may not be able to reinvest the principal you receive at a rate as high as the
rate on your notes. Prepayments on the receivables will shorten the life of the notes to an extent that cannot be predicted.
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Prepayments may occur for a number of reasons. Some prepayments may be caused by the obligors under the receivables. For example, obligors may:
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• make early payments, since receivables will be prepayable at any time without penalty;
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• default, resulting in the repossession and sale of the financed vehicle;
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• damage the vehicle or become unable to pay due to death or disability, resulting in payments to the issuing entity under any existing physical damage, credit life or other insurance; or
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• sell their vehicles or be delinquent or default on their receivables as a result of a manufacturer recall.
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Some prepayments may be caused by the sponsor, the depositor or the servicer. For example, the sponsor and the depositor will make representations and
warranties regarding the receivables, and the servicer will agree to take or refrain from taking certain actions with respect to the receivables. If the sponsor or the depositor breaches any such representation or warranty, or if the
servicer breaches any such agreement, and such breach is material and cannot be remedied, the breaching party will be required to purchase the affected receivables from the issuing entity. This will result, in effect, in the prepayment of
the purchased receivables. The servicer will also have the option to purchase the receivables from the issuing entity on or after the payment date when the aggregate outstanding principal balance of the receivables has declined to 5% or less
of the aggregate principal balance of the receivables as of the cutoff date. In addition, an event of default under the indenture could cause your notes to be prepaid.
Additionally, under its current servicing practices, the servicer will modify the terms of any receivable impacted by the Servicemembers Civil Relief Act, as
amended, and will be obligated to purchase any such modified receivable by depositing an amount equal to the remaining outstanding principal balance of such impacted receivable into the collection account. The Servicemembers Civil Relief Act
provides, and similar laws of many states may provide, relief to obligors who enter active military service (including national guard members) and to obligors in reserve status who are called to active duty after the origination of their
receivables. In addition, relief may also be granted to obligors who are dependents of persons eligible for benefits under the Servicemembers Civil Relief Act. Global conflicts and tensions may continue to involve military operations that
will increase the number of U.S. citizens who have been called or will be called to active duty. The Servicemembers Civil Relief Act provides, generally, that an obligor who is covered by the Servicemembers Civil Relief Act may not be
charged interest on the related receivable in excess of 6% per annum during the period of the obligor’s active duty. The Servicemembers Civil Relief Act also limits the ability of the servicer to repossess the financed vehicle securing a
receivable during the related obligor’s period of active duty and, in some cases, may require the servicer to extend the maturity of the receivable, lower the monthly payments and readjust the payment schedule for a period of time after the
completion of the obligor’s military service. We do not know how many receivables may be impacted by the Servicemembers Civil Relief Act.
For additional information, you should refer to the risk factor entitled “—You must rely for repayment only upon payments
from the issuing
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entity’s assets, which may not be sufficient to make full payments on your notes” above.
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The rate of prepayments on the receivables may be influenced by a variety of economic, social and other factors. The sponsor cannot predict the actual
prepayment rates for the receivables. The depositor, however, believes that the actual rate of payments, including prepayments, will result in the weighted average life of each class of notes being shorter than the period from the closing
date to the related final scheduled payment date. If this is the case, the weighted average life of each class of notes will be correspondingly shorter. You will bear any reinvestment risks resulting from a faster or slower rate of payments
of the receivables.
For additional information, you should refer to “Weighted Average Lives of the Notes” in this prospectus.
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The return on the notes could be reduced by shortfalls due to state laws limiting collections on certain receivables.
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Pursuant to laws of various states, payments on retail installment sales contracts or installment loans, such as the receivables, by residents in those states
who are called into active duty with the national guard or the reserves, will be deferred under certain circumstances. These state laws and related regulations may also limit the ability of the servicer to repossess the financed vehicle
securing a receivable. As a result of such state legislation or regulations, there may be delays or reductions in payment of, and increased losses on the receivables and you may suffer a loss on your notes. We do not know how many
receivables may be impacted by such state legislation or regulations.
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Paid-ahead simple interest contracts may affect the weighted average lives of the notes.
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If an obligor on a simple interest contract makes a payment on the contract ahead of schedule (for example, because the obligor intends to go on vacation), the
weighted average life of the notes could be affected. This is because the additional scheduled payments will be treated as a principal prepayment and applied to reduce the principal balance of the related contract and the obligor will
generally not be required to make any scheduled payments during the period for which it was paid ahead. During this paid ahead period, interest will continue to accrue on the principal balance of the contract, as reduced by the application
of the additional scheduled payments, but the obligor’s contract would not be considered delinquent during this period. Furthermore, when the obligor resumes his required payments, the payments so paid may be insufficient to cover the
interest that has accrued since the last payment by the obligor. This situation will continue until the regularly scheduled payments are once again sufficient to cover all accrued interest and to reduce the principal balance of the contract.
The payment by the issuing entity of the paid ahead principal amount on the notes will generally shorten the weighted average lives of the notes. However,
depending on the length of time during which a paid ahead simple interest contract is not amortizing as described above, the weighted average lives of the notes may be extended.
TMCC’s portfolio of retail installment sales contracts has historically included simple interest contracts which have been paid ahead by one or more scheduled
monthly payments. There can be no assurance as to the number of contracts in the issuing entity which may become paid ahead simple interest contracts as described above or the number or the principal amount of the scheduled payments which may
be paid ahead.
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There may be potential adverse effects on the servicer, the receivables and your notes in the event any Toyota or Lexus models are subject
to recalls.
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Toyota Motor North America, Inc. periodically conducts vehicle recalls which could include temporary suspensions of
sales and production of certain Toyota and Lexus models. Because TMCC’s business is substantially dependent upon the sale of Toyota and Lexus vehicles, such events could adversely affect TMCC’s business. A decline in values of used Toyota
and Lexus vehicles would have a negative effect on realized values and return rates which, in turn, could increase credit losses to TMCC. Further, as described above in “—The regulatory environment in which
TMCC operates could have an adverse effect on TMCC, the depositor and the issuing entity, which could result in losses or delays in payments on your notes,” TMCC and its affiliates have been or may continue to become subject to
litigation or governmental investigations and have been or may become subject to fines or other penalties. These factors could affect sales of Toyota and Lexus vehicles and, accordingly, could have a negative effect on TMCC’s business,
results of operations and financial condition.
If the demand for used Toyota or Lexus vehicles decreases due to recalls or other factors, the resale value of the vehicles related to the receivables may also
decrease. As a result, the amount of proceeds received upon the liquidation or other disposition of financed vehicles may decrease. A decrease in the level of sales, including as a result of the
actual or perceived quality, safety or reliability of Toyota and Lexus vehicles, or a change in standards of regulatory bodies, will have a negative impact on the level of TMCC’s financing volume, insurance volume, earnings assets and
revenues. The credit performance of TMCC’s dealer and consumer lending portfolios may also be adversely affected. In addition, as a result of any recalls, obligors of related receivables may be more
likely to be delinquent in or default on payments on their receivables.
If any of these events materially affect collections on the receivables, you may experience delays in payments or principal losses on your notes if the
available credit enhancement has been exhausted.
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There may be potential adverse effects of credit ratings-related matters on the servicer, which could have an adverse effect on your notes.
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Several credit rating agencies rate the long-term corporate credit and/or debt of TMCC and its affiliates. The credit ratings of TMCC depend, in large part, on
the existence of the credit support arrangements with Toyota Financial Services Corporation and Toyota Motor Corporation and on the financial condition and results of operations of Toyota Motor Corporation. If these arrangements (or
replacement arrangements acceptable to the applicable rating agencies) become unavailable to TMCC, or if the credit ratings of the credit support providers were lowered, TMCC’s credit ratings would be adversely impacted. The cost and
availability of financing is influenced by credit ratings, which are intended to be an indicator of the creditworthiness of a particular company, security or obligation.
Credit rating agencies which rate the credit of Toyota Motor Corporation and its affiliates, including TMCC, may qualify or alter ratings at any time. Global
economic conditions and other geopolitical factors may directly or indirectly affect such ratings and your notes. Any downgrade in the sovereign credit ratings of the United States or Japan may directly or indirectly have a negative effect
on the ratings of Toyota Motor Corporation and TMCC. Downgrades or placement on review for possible downgrades could result in an increase in TMCC’s borrowing costs as well as reduced access to global unsecured debt capital markets. These
factors would have a negative impact on TMCC’s competitive position, results of operations and financial condition, which could affect the ability of the servicer to collect on the receivables and therefore result in delays in payments or
principal losses on your notes if the available credit enhancement has been exhausted.
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Funds held by the servicer that are intended to be used to make payments on the notes may be exposed to a risk of loss.
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The servicer generally may retain all payments and proceeds collected on the receivables during each collection period. The servicer is generally not required
to segregate those funds from its own accounts until the funds are deposited in the collection account on or prior to each payment date. Until any collections or proceeds are deposited into the collection account, the servicer will be able
to invest those amounts for its own benefit at its own risk. The issuing entity and noteholders are not entitled to any amount earned on the funds held by the servicer. If the servicer does not deposit the funds in the collection account as
required on any payment date, the issuing entity may be unable to make the payments owed on your notes.
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A servicer default may result in additional costs, increased servicing fees by a substitute servicer or a diminution in servicing
performance, including higher delinquencies and defaults, all of which may have an adverse effect on your notes.
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If a servicer default occurs, the indenture trustee or the holders of notes evidencing not less than a majority of principal amount of the notes of the
controlling class then outstanding, acting together as a single class, may remove the servicer without the consent of the owner trustee or the certificateholders. In the event of the removal of the servicer and the appointment of a successor
servicer, we cannot predict:
• the cost of the transfer of servicing to the successor;
• the ability of the successor to perform the obligations and duties of the servicer under the servicing agreement; or
• the servicing fees charged by the successor.
In addition, the holders of notes evidencing not less than a majority of principal amount of the notes of the controlling class then outstanding, acting
together as a single class, have the ability, with some exceptions, to waive defaults by the servicer.
Furthermore, the indenture trustee or the holders of notes evidencing not less than a majority of the principal amount of the notes of the controlling class
then outstanding, acting together as a single class, may experience difficulties in appointing a successor servicer and during any transition phase, it is possible that normal servicing activities could be disrupted, resulting in increased
delinquencies and/or defaults on the receivables.
Additionally, because the servicing fee is based on a percentage of the aggregate outstanding amount of the receivables, the fee the servicer receives each
month will be reduced as the size of the pool decreases over time. At some point, if the need arises to obtain a successor servicer, the fee that such successor servicer would earn might not be sufficient to induce a potential successor
servicer to agree to service the remaining receivables in the pool, which could result in increased delinquencies and/or defaults on the receivables.
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The insolvency or bankruptcy of the servicer could delay the appointment of a successor servicer or reduce payments on your notes.
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In the event of default by the servicer resulting solely from certain events of insolvency or the bankruptcy of the servicer, neither the indenture trustee nor
the noteholders of the controlling class could either appoint a successor servicer or prevent the servicer from appointing a sub-servicer, as the case may be, without the consent of the bankruptcy trustee or the bankruptcy court, and delays
in the collection of payments on the receivables may occur. Any delay in the collection of payments on the receivables may delay or reduce payments to noteholders.
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A security breach or a cyber-attack affecting TMCC could adversely affect TMCC’s business, results of operations and financial condition,
which could have an adverse effect on your notes.
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TMCC collects and stores certain personal and financial information from customers, employees, and other third parties. Security breaches or cyber-attacks
involving TMCC’s systems or facilities, or the systems or facilities of TMCC’s service providers, could expose TMCC to a risk of loss of personally identifiable information of customers, employees and third parties or other confidential,
proprietary or competitively sensitive information, business interruptions, regulatory scrutiny, actions and penalties, litigation, reputational harm, a loss of confidence, and other financial and non-financial costs, all of which could
potentially have an adverse impact on TMCC’s future business with current and potential customers, results of operations and financial condition.
TMCC relies on encryption and other information security technologies licensed from third parties to provide security controls necessary to help in securing
online transmission of confidential information pertaining to customers, employees and other aspects of TMCC’s business. Advances in information system capabilities, new discoveries in the field of cryptography or other events or
developments may result in a compromise or breach of the technology that TMCC uses to protect sensitive data. A party who is able to circumvent TMCC’s security measures by methods such as hacking, fraud, trickery or other forms of deception
could misappropriate proprietary information or cause interruption in TMCC’s operations. TMCC may be required to expend capital and other resources to protect against such security breaches or cyber-attacks or to remediate problems caused by
such breaches or attacks. TMCC’s security measures are designed to protect against security breaches and cyber-attacks, but TMCC’s failure to prevent such security breaches and cyber-attacks could subject TMCC to liability, decrease TMCC’s
profitability and damage TMCC’s reputation. Even if a failure of, or interruption in, TMCC’s systems or facilities is resolved timely or an attempted cyber incident or other security breach is successfully avoided or thwarted, it may require
TMCC to expend substantial resources or to take actions that could adversely affect customer satisfaction or behavior and expose TMCC to reputational harm.
TMCC could also be subjected to cyber-attacks that could result in slow performance and loss or temporary unavailability of TMCC’s information systems.
Information security risks have increased because of new technologies, the use of the internet and telecommunications technologies (including mobile devices) to conduct financial and other business transactions, and the increased
sophistication and activities of organized crime, perpetrators of fraud, hackers, terrorists, and others. TMCC may not be able to anticipate or implement effective preventative measures against all security breaches of these types,
especially because the techniques used change frequently and because attacks can originate from a wide variety of sources.
The occurrence of any of these events could have a material adverse effect on TMCC’s business, results of operations and financial condition, could adversely
affect TMCC’s ability to service the receivables and perform its other obligations under the transaction agreements, and could have an adverse effect on your notes.
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TMCC’s enterprise data practices, including the collection, use, sharing, and security of personally identifiable and financial information
of TMCC’s customers and employees, are subject to increasingly complex, restrictive, and punitive regulations.
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Under current regulations, the failure to maintain compliant data practices could result in consumer complaints and regulatory inquiry, resulting in civil or
criminal penalties, as well as brand impact or other harm to TMCC’s business. In addition, increased consumer sensitivity to real or perceived failures in maintaining acceptable data practices could damage TMCC’s reputation and deter current
and potential customers from using TMCC’s products and services. Recent, well-publicized allegations involving the misuse or inappropriate sharing of personal information have led to expanded governmental scrutiny of practices relating to
the safeguarding of personal information and the use or sharing of personal data by companies in the U.S. and other countries. That scrutiny has in some cases resulted in, and could in the future lead to, the adoption of stricter laws and
regulations relating to the use and sharing of personal information. For example, in late calendar year 2018, California enacted a new data protection regime, which will take effect in calendar year 2020. These types of laws and regulations
could prohibit or significantly restrict financial services providers such as TMCC from sharing information among affiliates or with third parties such as vendors, and thereby increase compliance costs, or could restrict TMCC’s use of
personal data when developing or offering products or services to customers. These restrictions could inhibit TMCC’s development or marketing of certain products or services, or increase the costs of offering them to customers. Because many
of these laws are new, there is little clarity as to their interpretation, as well as a lack of precedent for the scope of enforcement. The cost of compliance with these laws and regulations will be high and is likely to increase in the
future. Any failure or perceived failure to comply with applicable privacy or data protection laws and regulations could result in requirements to modify or cease certain operations or practices, significant liabilities or fines, penalties
or other sanctions, which could adversely affect TMCC’s ability to service the receivables and perform its other obligations under the transaction agreements, and could have an adverse effect on your notes.
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A failure or interruption of TMCC’s information systems, including in connection with any consolidation of or change in servicing
operations, could have an adverse effect on your notes.
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TMCC relies on internal and third party information and technological systems to manage its operations, which creates meaningful operational risk for TMCC.
Any failure or interruption of TMCC’s information systems or the third party information systems on which it relies as a result of inadequate or failed processes or systems, human errors, employee misconduct, catastrophic events, external or
internal security breaches, acts of vandalism, computer viruses, malware, ransomware, misplaced or lost data, or other events could disrupt TMCC’s normal operating procedures, damage its reputation and have an adverse effect on TMCC’s
business, results of operations and financial condition, which could adversely affect TMCC’s ability to service the receivables and perform its other obligations under the transaction agreements, and could have an adverse effect on your
notes.
From time to time, TMCC may update its servicing systems in order to improve operating efficiency, update technology and enhance customer services. For
example, TMCC is in the process of implementing a new core servicing system to replace its legacy core servicing system, which includes building a new enterprise integration platform that also accommodates downstream systems. In connection
with any such updates, TMCC may experience limited disruptions in servicing activities both during and following roll-out of the new servicing systems or platforms caused by, among other things, periods of system down-time and periods devoted
to user training. These and other implementation related difficulties may contribute to higher delinquencies. It is not possible to predict with any degree of certainty all of the potential adverse consequences that may be experienced,
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and there can also be no assurance that any such disruptions in servicing activities will not adversely affect TMCC’s ability to service the receivables, which could have an adverse effect on your
notes.
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The timing of principal payments is uncertain, and losses and delinquencies on the receivables may differ from TMCC’s historical loss and
delinquency levels.
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The amount of distributions of principal on the notes and the time when you receive those distributions depend on the rate of payments and losses relating to
the receivables, which cannot be predicted with certainty. Increased delinquency and credit losses are significantly influenced by the combined impact of a number of factors, including the effects of changes in a servicer’s servicing
operations, lower used vehicle values, continued economic weakness, longer term financing and tiered/risk based pricing. TMCC cannot guarantee that the delinquency and loss levels of the receivables will correspond to the delinquency and
loss levels TMCC has experienced in the past on its loan portfolio. There is a risk that delinquencies and losses could increase or decline from historical levels for various reasons including changes in underwriting standards or changes in
local, regional or national economies.
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The geographic concentration of the obligors and performance of the receivables may increase the risk of loss on your investment.
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The concentration of the receivables in specific geographic areas may increase the risk of loss. A deterioration in economic conditions in the states where
obligors reside could adversely affect the ability and willingness of obligors to meet their payment obligations under the receivables and may consequently affect the delinquency, loss and repossession experience of the issuing entity with
respect to the receivables. An improvement in economic conditions could result in prepayments by the obligors of their payment obligations under the receivables. As a result, you may receive principal payments of your notes earlier than
anticipated.
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As of the cutoff date, TMCC’s records indicate that, based on the mailing addresses of the obligors of the receivables, if the aggregate initial principal
amount of the notes is $1,250,000,000, the aggregate principal balance of the receivables was concentrated in the following states:
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State
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Percentage of Aggregate Principal Balance of the Receivables as of the Cutoff Date
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California
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24.68%
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Texas
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14.93%
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As of the cutoff date, TMCC’s records indicate that, based on the mailing addresses of the obligors of the receivables, if the aggregate initial principal
amount of the notes is $1,750,000,000, the aggregate principal balance of the receivables was concentrated in the following states:
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State
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Percentage of Aggregate Principal Balance of the Receivables as of the Cutoff Date
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California
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24.70%
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Texas
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15.02%
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In either case, no other state, based on the mailing addresses of the related obligors, accounts for more than 5.00% of the aggregate principal balance of the
receivables as of the cutoff date.
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Certain obligors’ ability to make timely payments on the receivables, and the condition of the financed vehicles, may be adversely affected
by extreme weather conditions, natural disasters and other similar events.
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Extreme weather conditions and natural disasters, such as floods, hurricanes, earthquakes, tornadoes, wildfires and other similar events, could result in
substantial business disruptions, economic losses and unemployment, and could have a negative effect on general economic conditions, consumer confidence and general market liquidity. As a result of such events, the obligors’ ability to make
timely payments could be adversely affected, and the issuing entity’s ability to make payments on the notes could be adversely affected if obligors are unable to make timely payments on the receivables.
In addition, any such events may adversely affect the condition of the financed vehicles. No representation or warranty will be made by TMCC or any other
entity regarding the condition of any financed vehicle as of the cutoff date or any other date. Under the terms of the receivables, obligors are required to maintain physical damage insurance. However, there can be no assurance that such
insurance has been maintained in all cases or would fully cover any damage to the related financed vehicle. For additional information, you should refer to “Transfer and Servicing Agreements—Insurance on
Financed Vehicles” in this prospectus.
No prediction can be made, and no assurance may be given, as to the effect of extreme weather conditions, natural disasters and other similar events on the rate
of delinquencies, prepayments and/or losses on the receivables or the market value of your notes.
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The ratings for the notes may be lowered or withdrawn at any time and do not consider the suitability of the notes for you.
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The ratings assigned to the notes by any rating agency will be based on, among other things, the adequacy of the assets of the issuing entity, any credit
enhancement and any other information such rating agency considers material to such determination. The rating considers only the likelihood that the issuing entity will pay interest on time and will ultimately pay principal in full or make
full distributions of note balances. Ratings on the notes do not address the timing of distributions of principal on the notes prior to their applicable final scheduled payment date. The ratings do not consider the prices of the notes or
their suitability to a particular investor. The ratings may be lowered or withdrawn at any time. If any rating agency changes its rating or withdraws its rating, no one has an obligation to provide additional credit enhancement or to
restore the original rating.
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Withdrawal or downgrading of the initial ratings of the notes will, and any adverse changes to a rating may, affect the prices for the
notes upon resale, and the payment of rating agency fees by the sponsor may present a conflict of interest.
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A security rating is not a recommendation to buy, sell or hold securities. Similar ratings on different types of securities do not necessarily mean the same
thing. To the extent the notes are rated by any rating agency, any such rating agency may change its rating of the notes if that rating agency believes that circumstances have changed. Any subsequent change in a rating will likely affect
the price that a subsequent purchaser would be willing to pay for the notes and your ability to resell your notes.
The depositor expects that the notes will receive ratings from two nationally recognized statistical rating organizations, or NRSROs, hired by the sponsor to
rate the notes. Ratings initially assigned to the notes will be paid for by the sponsor. The sponsor is not aware that any other NRSRO, other than the NRSROs hired by the sponsor to rate the notes, has assigned ratings on the
notes. Securities and Exchange Commission rules state that the payment of fees by the sponsor, the issuing entity or an underwriter to rating agencies to issue or maintain a credit rating on asset-backed securities is a conflict of interest
for rating agencies. In the view of the Securities and Exchange Commission, this conflict is particularly acute because arrangers of asset-backed securities transactions provide repeat business to the rating agencies. Under Securities and
Exchange Commission rules, information provided by the sponsor or the underwriters to a hired NRSRO for the
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purpose of assigning or monitoring the ratings on the notes is required to be made available to each non-hired NRSRO in order to make it possible for such non-hired NRSROs to assign unsolicited
ratings on the notes. An unsolicited rating could be assigned at any time, including prior to the closing date, and none of the depositor, the sponsor, the underwriters or any of their affiliates will have any obligation to inform you of any
unsolicited ratings assigned to the notes and such parties may be aware of such unsolicited ratings. NRSROs, including the hired rating agencies, may have different methodologies, criteria, models and requirements. If any non-hired NRSRO
assigns an unsolicited rating on the notes, there can be no assurance that such rating will not be lower than the ratings provided by the hired rating agencies, which could adversely affect the market value of your notes and/or limit your
ability to resell your notes. In addition, if the sponsor fails to make available to the non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the notes, a hired rating
agency could withdraw its ratings on the notes, which could adversely affect the market value of your notes and/or limit your ability to resell your notes.
Furthermore, Congress or the Securities and Exchange Commission may determine that any NRSRO that assigns ratings to the notes no longer qualifies as a
nationally recognized statistical rating organization for purposes of the federal securities laws and that determination may also have an adverse effect on the market price of the notes.
Potential investors in the notes are urged to make their own evaluation of the creditworthiness of the receivables and the credit enhancement on the notes, and
not to rely solely on the ratings on the notes.
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The rate of depreciation of certain financed vehicles could exceed the amortization of the outstanding principal balance of the loan on
those financed vehicles, which may result in losses.
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There can be no assurance that the value of any financed vehicle will be greater than the outstanding principal balance of the related receivable. New
vehicles normally experience an immediate decline in value after purchase because they are no longer considered new. As a result, it is highly likely that the principal balance of the related receivable will exceed the value of the related
vehicle during the earlier years of a receivable’s term. Defaults during these earlier years are likely to result in losses because the proceeds of repossession are less likely to pay the full amount of interest and principal owed on the
receivable. The frequency and amount of losses may be greater for receivables with longer terms, because these receivables tend to have a somewhat greater frequency of delinquencies and defaults and because the slower rate of amortization of
the principal balance of a longer term receivable may result in a longer period during which the value of the financed vehicle is less than the remaining principal balance of the receivable. See the tables entitled “Composition of the Receivables as of the Cutoff Date (if the Aggregate Initial Principal Amount of the Notes is $1,250,000,000)” and “Composition of the Receivables as of the Cutoff Date (if
the Aggregate Initial Principal Amount of the Notes is $1,750,000,000)” under “The Receivables” in this prospectus for the percentage of the aggregate principal balance of the receivables as
of the cutoff date consisting of receivables with original scheduled payments greater than 60 months. The frequency and amount of losses may also be greater for obligors with little or no equity in their vehicles because the principal
balances for such obligors are likely to be greater for similar loan terms and vehicles than for obligors with a more significant amount of equity in the vehicle. Additionally, although the frequency of delinquencies and defaults tends to be
greater for receivables secured by used vehicles, the amount of any loss tends to be greater for receivables secured by new vehicles because of the higher rate of depreciation described above.
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You may suffer losses due to receivables with low annual percentage rates.
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The receivables include receivables that have APRs that are less than the interest rates on your securities. Obligors with higher APR receivables may prepay
at a faster rate than obligors with lower APR receivables. Higher rates of prepayments of receivables with higher APRs may result in the issuing entity holding receivables that will generate insufficient collections to cover delinquencies or
chargeoffs on the receivables or to make current payments of interest on or principal of your notes. Similarly, higher rates of prepayments of receivables with higher APRs will decrease the amounts available to be deposited in the reserve
account, reducing the protection against losses and shortfalls afforded thereby to the notes. For additional information, you should refer to the tables entitled “Distribution of the Receivables as of the
Cutoff Date by APR (if the Aggregate Initial Principal Amount of the Notes is $1,250,000,000)” and “Distribution of the Receivables as of the Cutoff Date by APR (if the Aggregate Initial Principal
Amount of the Notes is $1,750,000,000)” under “The Receivables” and “Prepayment and Yield Considerations” in this prospectus.
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Retention of the class B notes and approximately, but not less than, 5% of the class A-1 notes, the class A-2 notes, the class A-3 notes and
the class A-4 notes may reduce the liquidity of such classes of notes.
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The class B notes and approximately, but not less than, 5% (by initial principal amount) of each of the class A-1 notes, the class A-2 notes, the class A-3
notes and the class A-4 notes will be retained initially by the depositor, but, to the extent not necessary to satisfy Regulation RR, as described under “The Sponsor, Administrator and Servicer––Credit Risk
Retention” in this prospectus, may subsequently be sold directly, including through a placement agent, or through underwriters, in one or more negotiated transactions or otherwise at varying prices to be determined at the time of
sale. If only a portion of the class B notes are sold, the market for such class of notes may be less liquid than would otherwise be the case. In addition, if any retained notes are subsequently sold in the secondary market, demand for and
the market price of notes already in the market could be adversely affected. Additionally, if any retained notes are subsequently sold, the voting power of the noteholders of the outstanding notes may be diluted.
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The notes are not a suitable investment for investors subject to the E.U. Securitization Regulation
|
None of TMCC, the depositor, the issuing entity, the owner trustee, the indenture trustee, the underwriters, their respective affiliates nor any other party to
the transactions described in this prospectus intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy the
requirements of Regulation (E.U.) 2017/2402 of the European Parliament and of the Council of December 12, 2017 (as amended, the “E.U. Securitization Regulation” and, together with any applicable regulatory technical standards, implementing
technical standards and official guidance supplementing such regulation and any implementation measures in respect of such regulation in the European Union or the European Economic Area, the “European Securitization Rules”).
In addition, no such person undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in
connection with, compliance by any investor with any requirement of, the European Securitization Rules. The arrangements described under “Summary of Terms––U.S. Credit Risk Retention” above and under
“The Sponsor, Administrator and Servicer––Credit Risk Retention” in this prospectus have not been structured with the objective of ensuring compliance with the requirements of the European
Securitization Rules by any person. Consequently, the notes are not a suitable investment for investors who are subject to the European Securitization Rules. As a result, the price and liquidity of the notes in the secondary market may be
adversely affected.
|
Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own advisors regarding the
suitability of the notes for investment and compliance with the European Securitization Rules. For more information regarding the European Securitization Rules, see “Underwriting––European Securitization
Rules” in this prospectus.
|
||
Holders of the notes that are subordinate to the controlling class may suffer losses because they have limited control over actions of the
issuing entity and conflicts between classes of notes may occur.
|
The class A notes will be the “controlling class” under the indenture while any class A notes are outstanding. After the class A notes have been paid in full,
the class B notes will be the controlling class. The rights of the controlling class will include the following:
• following an event of default, to direct the indenture trustee to exercise one or more of the remedies specified in the indenture relating to the property of the issuing entity, including a sale of the receivables;
• following certain servicer defaults, to waive such servicer default or to terminate the servicer;
• to appoint a successor indenture trustee; and
• to consent to specified types of amendments.
In exercising any rights or remedies under the indenture, the controlling class may act solely in its own interests or direct the indenture trustee to act
solely in the interest of the controlling class. Therefore, holders of notes that are subordinated to the controlling class will not be able to participate in the determination of any proposed actions that are within the purview of the
controlling class, and the controlling class, or the indenture trustee at the direction of the controlling class, could take actions that would adversely affect the holders of notes that are subordinated to the controlling class.
|
|
Because the notes are in book-entry form, your rights can only be exercised indirectly.
|
Because the notes will be issued in book-entry form, you will be required to hold your interest in the notes through The Depository Trust Company in the United
States, or Clearstream Banking, société anonyme or the Euroclear Bank SA/NV, as operator for the Euroclear System or their successors or assigns. Transfers of interests in the notes within The Depository Trust Company, Clearstream Banking,
société anonyme or the Euroclear System must be made in accordance with the usual rules and operating procedures of those systems. So long as the notes are in book-entry form, you will not be entitled to receive a definitive note representing
your interest. The notes will remain in book-entry form except in the limited circumstances described under “Description of the Notes—Book-Entry Registration” in this prospectus. Unless and until the
notes cease to be held in book-entry form, the indenture trustee will not recognize you as a “noteholder,” as the term is used in the indenture. As a result, you will only be able to exercise the rights of noteholders indirectly through The
Depository Trust Company (if in the United States) and its participating organizations, or Clearstream Banking, société anonyme or the Euroclear Bank SA/NV, as operator for the Euroclear System and their participating organizations. Holding
the notes in book-entry form could also limit your ability to pledge your notes to persons or entities that do not participate in The Depository Trust Company, Clearstream Banking, société anonyme or the Euroclear System and to take other
actions that require a physical certificate representing the notes.
|
Interest and principal on the notes will be paid by the issuing entity to The Depository Trust Company as the record holder of the notes while they are held in
book-entry form. The Depository Trust Company will credit payments received from the issuing entity to the accounts of its participants which, in turn, will credit those amounts to noteholders either directly or indirectly through indirect
participants. This process may delay your receipt of principal and interest payments from the issuing entity.
|
||
Class A-1 Notes
|
$ 315,000,000.00
|
Class A-2 Notes
|
$ 445,000,000.00
|
Class A-3 Notes
|
$ 363,700,000.00
|
Class A-4 Notes
|
$ 95,000,000.00
|
Class B Notes
|
$ 31,300,000.00
|
Reserve Account Initial Deposit(1)
|
$ 3,125,030.98
|
Yield Supplement Overcollateralization Amount
|
$ 75,707,992.13
|
Initial Overcollateralization
|
$ 12,392.33
|
Total
|
$1,328,845,415.44
|
(1) |
The Reserve Account is pledged to the Indenture Trustee for the benefit of the Noteholders and, although the Issuing Entity does not have rights to the Reserve Account, funds on
deposit therein will be applied to payments of the Notes in certain circumstances, as described in this prospectus.
|
Class A-1 Notes
|
$ 441,000,000.00
|
Class A-2 Notes
|
$ 622,000,000.00
|
Class A-3 Notes
|
$ 508,200,000.00
|
Class A-4 Notes
|
$ 135,000,000.00
|
Class B Notes
|
$ 43,800,000.00
|
Reserve Account Initial Deposit(1)
|
$ 4,375,011.36
|
Yield Supplement Overcollateralization Amount
|
$ 105,900,324.35
|
Initial Overcollateralization
|
$ 4,543.85
|
Total
|
$1,860,279,879.56
|
(1) |
The Reserve Account is pledged to the Indenture Trustee for the benefit of the Noteholders and, although the Issuing Entity does not have rights to the Reserve Account, funds on
deposit therein will be applied to payments of the Notes in certain circumstances, as described in this prospectus.
|
• |
Finance – TMCC acquires retail installment sales contracts from Dealers in the U.S.A. and Puerto Rico (“retail contracts”) and leasing contracts accounted for as operating leases (“lease
contracts”) from Dealers in the U.S.A. TMCC also provides dealer financing, including wholesale financing, working capital loans, revolving lines of credit and real estate financing to Dealers in the U.S.A. and Puerto Rico.
|
• |
Insurance – Through Toyota Motor Insurance Services, Inc., a wholly-owned subsidiary, and its insurance company subsidiaries (collectively referred to as “TMIS”), TMCC provides marketing,
underwriting, and claims administration for vehicle and payment protection products sold by Dealers in the U.S.A. TMCC’s vehicle and payment protection products include vehicle service agreements, guaranteed auto protection agreements,
prepaid maintenance contracts, excess wear and use agreements, tire and wheel protection agreements and key replacement protection. TMIS also provides coverage and related administrative services to certain of TMCC’s affiliates in the
U.S.A. Although the vehicle and payment protection products are generally not regulated as insurance products, for ease of reference the group of products provided by TMIS are collectively referred to herein as “insurance products.”
|
• |
the Servicer under the Servicing Agreement;
|
• |
the Administrator under the Trust Agreement, the Administration Agreement or the Indenture;
|
• |
the Depositor under the Receivables Purchase Agreement or the Trust Agreement; or
|
• |
the Indenture Trustee under the Indenture.
|
Party
|
Amount
|
Servicer(1)
|
(i) One-twelfth of 1.00% multiplied by the outstanding Principal Balance of the Receivables as of the first day of the related Collection Period or, in the case of the first
Payment Date, two-twelfths of 1.00% multiplied by the outstanding Principal Balance of the Receivables as of the Cutoff Date (the “Servicing Fee”), plus (ii) any investment earnings on amounts on deposit in the Collection Account and all
late fees, extension fees and other administrative fees and expenses or similar charges allowed by applicable law with respect to the Receivables received by the Servicer during the related Collection Period (the “Supplemental Servicing
Fee”).
|
Indenture Trustee(2)
|
An annual fee equal to $5,000, payable on the Payment Date occurring in February of each year, commencing in February 2021.
|
Owner Trustee(2)
|
An annual fee equal to $3,000, payable on the Payment Date occurring in February of each year, commencing in February 2021.
|
Asset Representations Reviewer(2)
|
An annual fee equal to $5,000 per annum, payable on the Payment Date occurring in February of each year, commencing in February 2021. In the event of an Asset Representations
Review, the Asset Representations Reviewer will also be entitled to receive a fee equal to $200 for each Receivable reviewed by it.
|
(1) |
To be paid before any amounts are distributed to Noteholders. The Administrator will be entitled to a monthly administration fee, which will be paid to it by the Servicer from
the Total Servicing Fee.
|
(2) |
Fees, expenses and indemnification amounts payable to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer prior to the payment of any amounts to
Noteholders are subject to an aggregate cap equal to $300,000 in any calendar year prior to the occurrence of an Event of Default under the Indenture that results in the acceleration of the maturity of the Notes.
|
•
|
falls within the range of:
|
|
remaining Principal Balance as of the Cutoff Date
|
$250.00 to $100,000.00
|
|
original Principal Balance
|
$1,000.00 to $110,000.00
|
|
APR
|
0.00% to 24.00%
|
|
original number of monthly payments (“Scheduled Payments”)
|
12 to 72 payments
|
|
remaining number of Scheduled Payments as of the Cutoff Date
|
4 to 68 payments
|
|
•
|
as of the Cutoff Date, had a FICO® score of at least 620; and
|
|
•
|
as of the Cutoff Date, does not relate to a vehicle as to which the related obligor is an employee of TMCC or any of its affiliates.
|
Total Principal Balance
|
$1,325,720,384.46
|
Number of Receivables
|
69,725
|
Average Principal Balance
|
$19,013.56
|
Range of Principal Balances
|
$251.06 - $94,365.12
|
Average Original Amount Financed
|
$28,073.98
|
Range of Original Amounts Financed
|
$1,026.11 - $109,500.00
|
Weighted Average APR(1)
|
3.19%
|
Range of APRs
|
0.00% - 19.19%
|
Weighted Average Original Number of Scheduled Payments(1)
|
65.72 payments
|
Range of Original Number of Scheduled Payments
|
12 - 72 payments
|
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Payments Greater Than
60 Months
|
54.04%
|
Weighted Average Remaining Number of Scheduled Payments(1)
|
49.89 payments
|
Range of Remaining Number of Scheduled Payments
|
4 - 68 payments
|
Weighted Average FICO® score(1) (2)
|
766
|
Range of FICO® scores(2)
|
620 - 900
|
(1) |
Weighted by Principal Balance as of the Cutoff Date.
|
(2) |
FICO® is a federally registered servicemark
of Fair Isaac Corporation.
|
New vehicles
|
80.14%
|
Used vehicles
|
19.86%
|
Cars
|
35.03%
|
Minivans
|
5.08%
|
Light-duty trucks
|
18.24%
|
Sport utility vehicles
|
41.65%
|
Toyota vehicles
|
87.36%
|
Lexus vehicles
|
12.64%
|
Total Principal Balance
|
$1,855,904,868.20
|
Number of Receivables
|
97,464
|
Average Principal Balance
|
$19,041.95
|
Range of Principal Balances
|
$252.37 - $97,962.64
|
Average Original Amount Financed
|
$28,098.39
|
Range of Original Amounts Financed
|
$1,026.11 - $109,500.00
|
Weighted Average APR(1)
|
3.20%
|
Range of APRs
|
0.00% - 19.45%
|
Weighted Average Original Number of Scheduled Payments(1)
|
65.76 payments
|
Range of Original Number of Scheduled Payments
|
12 - 72 payments
|
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Payments Greater Than
60 Months
|
54.29%
|
Weighted Average Remaining Number of Scheduled Payments(1)
|
49.96 payments
|
Range of Remaining Number of Scheduled Payments
|
4 - 68 payments
|
Weighted Average FICO® score(1) (2)
|
766
|
Range of FICO® scores(2)
|
620 - 900
|
(1) |
Weighted by Principal Balance as of the Cutoff Date.
|
(2) |
FICO® is a federally registered servicemark
of Fair Isaac Corporation.
|
New vehicles
|
80.06%
|
Used vehicles
|
19.94%
|
Cars
|
34.99%
|
Minivans
|
5.20%
|
Light-duty trucks
|
18.28%
|
Sport utility vehicles
|
41.53%
|
Toyota vehicles
|
87.24%
|
Lexus vehicles
|
12.76%
|
Range of APRs
|
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
0.00 - 0.99%
|
21,857
|
31.35
|
%
|
$
|
381,134,013.83
|
28.75
|
%
|
|||||||||
1.00 - 1.99%
|
9,465
|
13.57
|
199,655,708.32
|
15.06
|
||||||||||||
2.00 - 2.99%
|
7,904
|
11.34
|
151,199,203.01
|
11.41
|
||||||||||||
3.00 - 3.99%
|
9,345
|
13.40
|
186,426,470.67
|
14.06
|
||||||||||||
4.00 - 4.99%
|
6,633
|
9.51
|
130,520,513.53
|
9.85
|
||||||||||||
5.00 - 5.99%
|
6,166
|
8.84
|
122,924,512.45
|
9.27
|
||||||||||||
6.00 - 6.99%
|
3,024
|
4.34
|
57,530,002.27
|
4.34
|
||||||||||||
7.00 - 7.99%
|
1,858
|
2.66
|
35,800,775.60
|
2.70
|
||||||||||||
8.00 - 8.99%
|
1,120
|
1.61
|
20,153,520.93
|
1.52
|
||||||||||||
9.00 - 9.99%
|
756
|
1.08
|
12,322,123.29
|
0.93
|
||||||||||||
10.00 - 10.99%
|
532
|
0.76
|
9,149,855.94
|
0.69
|
||||||||||||
11.00 - 11.99%
|
406
|
0.58
|
7,225,077.18
|
0.54
|
||||||||||||
12.00 - 12.99%
|
280
|
0.40
|
4,871,188.79
|
0.37
|
||||||||||||
13.00 - 13.99%
|
153
|
0.22
|
2,867,573.56
|
0.22
|
||||||||||||
14.00 - 14.99%
|
110
|
0.16
|
1,977,105.25
|
0.15
|
||||||||||||
15.00 - 15.99%
|
52
|
0.07
|
940,493.23
|
0.07
|
||||||||||||
16.00 - 16.99%
|
39
|
0.06
|
680,478.53
|
0.05
|
||||||||||||
17.00 - 17.99%
|
22
|
0.03
|
311,242.67
|
0.02
|
||||||||||||
18.00 - 18.99%
|
1
|
*
|
9,409.84
|
*
|
||||||||||||
19.00 or greater
|
2
|
*
|
21,115.57
|
*
|
||||||||||||
Total(1):
|
69,725
|
100.00
|
%
|
$
|
1,325,720,384.46
|
100.00
|
%
|
(1) |
Percentages may not add to 100% due to rounding.
|
* |
Represents a number greater than 0.000% but less than 0.005%.
|
Range of APRs
|
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
0.00 - 0.99%
|
30,491
|
31.28
|
%
|
$
|
532,085,255.10
|
28.67
|
%
|
|||||||||
1.00 - 1.99%
|
13,195
|
13.54
|
278,730,458.27
|
15.02
|
||||||||||||
2.00 - 2.99%
|
11,034
|
11.32
|
211,586,441.05
|
11.40
|
||||||||||||
3.00 - 3.99%
|
13,137
|
13.48
|
262,389,443.42
|
14.14
|
||||||||||||
4.00 - 4.99%
|
9,269
|
9.51
|
182,827,726.86
|
9.85
|
||||||||||||
5.00 - 5.99%
|
8,639
|
8.86
|
171,862,199.27
|
9.26
|
||||||||||||
6.00 - 6.99%
|
4,277
|
4.39
|
81,267,041.02
|
4.38
|
||||||||||||
7.00 - 7.99%
|
2,564
|
2.63
|
49,495,794.39
|
2.67
|
||||||||||||
8.00 - 8.99%
|
1,587
|
1.63
|
28,437,035.06
|
1.53
|
||||||||||||
9.00 - 9.99%
|
1,073
|
1.10
|
17,873,300.47
|
0.96
|
||||||||||||
10.00 - 10.99%
|
758
|
0.78
|
13,307,205.42
|
0.72
|
||||||||||||
11.00 - 11.99%
|
555
|
0.57
|
10,217,903.53
|
0.55
|
||||||||||||
12.00 - 12.99%
|
369
|
0.38
|
6,576,258.33
|
0.35
|
||||||||||||
13.00 - 13.99%
|
214
|
0.22
|
4,016,552.94
|
0.22
|
||||||||||||
14.00 - 14.99%
|
141
|
0.14
|
2,680,142.39
|
0.14
|
||||||||||||
15.00 - 15.99%
|
70
|
0.07
|
1,191,663.10
|
0.06
|
||||||||||||
16.00 - 16.99%
|
55
|
0.06
|
917,132.31
|
0.05
|
||||||||||||
17.00 - 17.99%
|
29
|
0.03
|
382,518.20
|
0.02
|
||||||||||||
18.00 - 18.99%
|
4
|
*
|
29,124.93
|
*
|
||||||||||||
19.00 or greater
|
3
|
*
|
31,672.14
|
*
|
||||||||||||
Total(1):
|
97,464
|
100.00
|
%
|
$
|
1,855,904,868.20
|
100.00
|
%
|
(1) |
Percentages may not add to 100% due to rounding.
|
* |
Represents a number greater than 0.000% but less than 0.005%.
|
Geographic Distribution
|
Number of
Receivables |
Percentage of Total Number of Receivables
|
Cutoff Date
Aggregate Principal Balance |
Percentage of Cutoff
Date Aggregate Principal Balance |
||||||||||||
Alabama
|
128
|
0.18
|
%
|
$
|
2,843,248.49
|
0.21
|
%
|
|||||||||
Alaska
|
125
|
0.18
|
2,562,048.97
|
0.19
|
||||||||||||
Arizona
|
1,965
|
2.82
|
39,519,981.81
|
2.98
|
||||||||||||
Arkansas
|
811
|
1.16
|
15,566,544.15
|
1.17
|
||||||||||||
California
|
16,972
|
24.34
|
327,128,452.68
|
24.68
|
||||||||||||
Colorado
|
1,452
|
2.08
|
29,142,231.74
|
2.20
|
||||||||||||
Connecticut
|
876
|
1.26
|
14,162,060.70
|
1.07
|
||||||||||||
Delaware
|
259
|
0.37
|
4,461,861.13
|
0.34
|
||||||||||||
District of Columbia
|
120
|
0.17
|
1,984,154.63
|
0.15
|
||||||||||||
Florida
|
809
|
1.16
|
16,090,643.27
|
1.21
|
||||||||||||
Georgia
|
326
|
0.47
|
7,275,595.79
|
0.55
|
||||||||||||
Idaho
|
218
|
0.31
|
4,047,138.17
|
0.31
|
||||||||||||
Illinois
|
3,474
|
4.98
|
63,393,287.70
|
4.78
|
||||||||||||
Indiana
|
835
|
1.20
|
16,816,913.08
|
1.27
|
||||||||||||
Iowa
|
403
|
0.58
|
7,378,441.82
|
0.56
|
||||||||||||
Kansas
|
532
|
0.76
|
9,895,464.44
|
0.75
|
||||||||||||
Kentucky
|
671
|
0.96
|
11,695,777.42
|
0.88
|
||||||||||||
Louisiana
|
1,199
|
1.72
|
24,096,970.38
|
1.82
|
||||||||||||
Maine
|
250
|
0.36
|
4,424,665.75
|
0.33
|
||||||||||||
Maryland
|
2,336
|
3.35
|
41,585,799.00
|
3.14
|
||||||||||||
Massachusetts
|
1,963
|
2.82
|
31,201,278.55
|
2.35
|
||||||||||||
Michigan
|
573
|
0.82
|
10,200,619.77
|
0.77
|
||||||||||||
Minnesota
|
1,440
|
2.07
|
27,026,536.52
|
2.04
|
||||||||||||
Mississippi
|
571
|
0.82
|
11,673,112.80
|
0.88
|
||||||||||||
Missouri
|
1,223
|
1.75
|
21,196,399.63
|
1.60
|
||||||||||||
Montana
|
172
|
0.25
|
3,550,065.06
|
0.27
|
||||||||||||
Nebraska
|
332
|
0.48
|
6,084,470.40
|
0.46
|
||||||||||||
Nevada
|
1,307
|
1.87
|
28,421,313.63
|
2.14
|
||||||||||||
New Hampshire
|
458
|
0.66
|
7,024,759.48
|
0.53
|
||||||||||||
New Jersey
|
2,680
|
3.84
|
47,075,928.35
|
3.55
|
||||||||||||
New Mexico
|
279
|
0.40
|
5,740,130.68
|
0.43
|
||||||||||||
New York
|
2,375
|
3.41
|
38,971,681.66
|
2.94
|
||||||||||||
North Carolina
|
332
|
0.48
|
7,185,718.85
|
0.54
|
||||||||||||
North Dakota
|
107
|
0.15
|
2,297,567.96
|
0.17
|
||||||||||||
Oklahoma
|
467
|
0.67
|
9,531,057.37
|
0.72
|
||||||||||||
Oregon
|
889
|
1.28
|
15,506,834.52
|
1.17
|
||||||||||||
Pennsylvania
|
3,137
|
4.50
|
52,537,539.80
|
3.96
|
||||||||||||
Rhode Island
|
234
|
0.34
|
3,775,786.63
|
0.28
|
||||||||||||
South Carolina
|
124
|
0.18
|
2,347,905.92
|
0.18
|
||||||||||||
South Dakota
|
95
|
0.14
|
1,694,241.39
|
0.13
|
||||||||||||
Tennessee
|
1,076
|
1.54
|
20,872,626.82
|
1.57
|
||||||||||||
Texas
|
9,240
|
13.25
|
197,913,682.97
|
14.93
|
||||||||||||
Utah
|
406
|
0.58
|
8,558,486.89
|
0.65
|
||||||||||||
Vermont
|
317
|
0.45
|
5,462,693.50
|
0.41
|
||||||||||||
Virginia
|
2,749
|
3.94
|
50,135,038.69
|
3.78
|
||||||||||||
Washington
|
1,690
|
2.42
|
32,976,572.01
|
2.49
|
||||||||||||
West Virginia
|
428
|
0.61
|
8,499,798.40
|
0.64
|
||||||||||||
Wisconsin
|
1,195
|
1.71
|
21,876,076.39
|
1.65
|
||||||||||||
Wyoming
|
105
|
0.15
|
2,311,178.70
|
0.17
|
||||||||||||
Total(2):
|
69,725
|
100.00
|
%
|
$
|
1,325,720,384.46
|
100.00
|
%
|
(1) |
Based solely on the mailing addresses of the Obligors.
|
(2) |
Percentages may not add to 100% due to rounding.
|
Geographic Distribution
|
Number of
Receivables |
Percentage of Total Number of Receivables
|
Cutoff Date
Aggregate Principal Balance |
Percentage of Cutoff
Date Aggregate Principal Balance |
||||||||||||
Alabama
|
184
|
0.19
|
%
|
$
|
4,119,954.23
|
0.22
|
%
|
|||||||||
Alaska
|
175
|
0.18
|
3,689,051.37
|
0.20
|
||||||||||||
Arizona
|
2,792
|
2.86
|
56,939,725.18
|
3.07
|
||||||||||||
Arkansas
|
1,151
|
1.18
|
22,482,201.90
|
1.21
|
||||||||||||
California
|
23,738
|
24.36
|
458,364,389.53
|
24.70
|
||||||||||||
Colorado
|
2,076
|
2.13
|
42,210,797.27
|
2.27
|
||||||||||||
Connecticut
|
1,252
|
1.28
|
20,239,209.72
|
1.09
|
||||||||||||
Delaware
|
354
|
0.36
|
6,171,052.48
|
0.33
|
||||||||||||
District of Columbia
|
161
|
0.17
|
2,540,626.85
|
0.14
|
||||||||||||
Florida
|
1,090
|
1.12
|
21,672,925.55
|
1.17
|
||||||||||||
Georgia
|
431
|
0.44
|
9,574,654.39
|
0.52
|
||||||||||||
Idaho
|
300
|
0.31
|
5,833,429.43
|
0.31
|
||||||||||||
Illinois
|
4,820
|
4.95
|
88,496,680.65
|
4.77
|
||||||||||||
Indiana
|
1,131
|
1.16
|
22,893,508.09
|
1.23
|
||||||||||||
Iowa
|
558
|
0.57
|
10,275,739.07
|
0.55
|
||||||||||||
Kansas
|
735
|
0.75
|
13,792,684.80
|
0.74
|
||||||||||||
Kentucky
|
940
|
0.96
|
16,323,513.97
|
0.88
|
||||||||||||
Louisiana
|
1,664
|
1.71
|
33,909,187.51
|
1.83
|
||||||||||||
Maine
|
336
|
0.34
|
5,770,086.63
|
0.31
|
||||||||||||
Maryland
|
3,284
|
3.37
|
58,188,925.92
|
3.14
|
||||||||||||
Massachusetts
|
2,770
|
2.84
|
44,560,588.26
|
2.40
|
||||||||||||
Michigan
|
834
|
0.86
|
14,599,373.43
|
0.79
|
||||||||||||
Minnesota
|
2,015
|
2.07
|
37,653,948.73
|
2.03
|
||||||||||||
Mississippi
|
745
|
0.76
|
14,969,078.41
|
0.81
|
||||||||||||
Missouri
|
1,688
|
1.73
|
29,104,397.36
|
1.57
|
||||||||||||
Montana
|
235
|
0.24
|
4,701,850.64
|
0.25
|
||||||||||||
Nebraska
|
459
|
0.47
|
8,708,893.35
|
0.47
|
||||||||||||
Nevada
|
1,804
|
1.85
|
39,793,817.03
|
2.14
|
||||||||||||
New Hampshire
|
639
|
0.66
|
9,741,853.62
|
0.52
|
||||||||||||
New Jersey
|
3,745
|
3.84
|
64,920,967.47
|
3.50
|
||||||||||||
New Mexico
|
375
|
0.38
|
7,884,864.16
|
0.42
|
||||||||||||
New York
|
3,299
|
3.38
|
54,336,407.17
|
2.93
|
||||||||||||
North Carolina
|
456
|
0.47
|
9,821,968.18
|
0.53
|
||||||||||||
North Dakota
|
142
|
0.15
|
3,061,202.26
|
0.16
|
||||||||||||
Oklahoma
|
687
|
0.70
|
14,042,613.08
|
0.76
|
||||||||||||
Oregon
|
1,297
|
1.33
|
22,913,947.82
|
1.23
|
||||||||||||
Pennsylvania
|
4,418
|
4.53
|
74,295,338.11
|
4.00
|
||||||||||||
Rhode Island
|
325
|
0.33
|
5,123,669.70
|
0.28
|
||||||||||||
South Carolina
|
158
|
0.16
|
2,991,575.37
|
0.16
|
||||||||||||
South Dakota
|
137
|
0.14
|
2,573,954.19
|
0.14
|
||||||||||||
Tennessee
|
1,457
|
1.49
|
27,526,770.10
|
1.48
|
||||||||||||
Texas
|
12,984
|
13.32
|
278,701,228.25
|
15.02
|
||||||||||||
Utah
|
536
|
0.55
|
11,427,444.93
|
0.62
|
||||||||||||
Vermont
|
455
|
0.47
|
7,624,975.69
|
0.41
|
||||||||||||
Virginia
|
3,850
|
3.95
|
70,064,681.85
|
3.78
|
||||||||||||
Washington
|
2,351
|
2.41
|
45,896,046.42
|
2.47
|
||||||||||||
West Virginia
|
625
|
0.64
|
12,262,223.21
|
0.66
|
||||||||||||
Wisconsin
|
1,659
|
1.70
|
29,905,868.37
|
1.61
|
||||||||||||
Wyoming
|
147
|
0.15
|
3,206,976.50
|
0.17
|
||||||||||||
Total(2):
|
97,464
|
100.00
|
%
|
$
|
1,855,904,868.20
|
100.00
|
%
|
|||||||||
(1) |
Based solely on the mailing addresses of the Obligors.
|
(2) |
Percentages may not add to 100% due to rounding.
|
Remaining Principal Balance
|
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date
Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
0.00 - 2,499.99
|
2,234
|
3.20
|
%
|
$
|
3,863,491.98
|
0.29
|
%
|
|||||||||
2,500.00 - 4,999.99
|
4,093
|
5.87
|
15,324,186.97
|
1.16
|
||||||||||||
5,000.00 - 9,999.99
|
8,605
|
12.34
|
65,593,271.23
|
4.95
|
||||||||||||
10,000.00 - 14,999.99
|
12,145
|
17.42
|
153,413,698.00
|
11.57
|
||||||||||||
15,000.00 - 19,999.99
|
13,519
|
19.39
|
236,220,805.32
|
17.82
|
||||||||||||
20,000.00 - 24,999.99
|
10,932
|
15.68
|
244,941,111.35
|
18.48
|
||||||||||||
25,000.00 - 29,999.99
|
7,682
|
11.02
|
210,023,604.83
|
15.84
|
||||||||||||
30,000.00 - 34,999.99
|
4,730
|
6.78
|
152,835,272.87
|
11.53
|
||||||||||||
35,000.00 - 39,999.99
|
2,848
|
4.08
|
106,136,394.17
|
8.01
|
||||||||||||
40,000.00 - 44,999.99
|
1,546
|
2.22
|
65,291,287.54
|
4.92
|
||||||||||||
45,000.00 - 49,999.99
|
755
|
1.08
|
35,694,412.46
|
2.69
|
||||||||||||
50,000.00 - 54,999.99
|
349
|
0.50
|
18,225,236.34
|
1.37
|
||||||||||||
55,000.00 - 59,999.99
|
135
|
0.19
|
7,716,137.50
|
0.58
|
||||||||||||
60,000.00 - 64,999.99
|
61
|
0.09
|
3,778,736.06
|
0.29
|
||||||||||||
65,000.00 - 69,999.99
|
40
|
0.06
|
2,692,710.01
|
0.20
|
||||||||||||
70,000.00 - 74,999.99
|
21
|
0.03
|
1,516,602.16
|
0.11
|
||||||||||||
75,000.00 - 79,999.99
|
15
|
0.02
|
1,166,180.09
|
0.09
|
||||||||||||
80,000.00 - 84,999.99
|
7
|
0.01
|
575,875.98
|
0.04
|
||||||||||||
85,000.00 or greater
|
8
|
0.01
|
711,369.60
|
0.05
|
||||||||||||
Total(1):
|
69,725
|
100.00
|
%
|
$
|
1,325,720,384.46
|
100.00
|
%
|
|||||||||
(1) |
Percentages may not add to 100% due to rounding.
|
Remaining Principal Balance
|
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date
Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
0.00 - 2,499.99
|
3,077
|
3.16
|
%
|
$
|
5,307,357.40
|
0.29
|
%
|
|||||||||
2,500.00 - 4,999.99
|
5,761
|
5.91
|
21,556,896.27
|
1.16
|
||||||||||||
5,000.00 - 9,999.99
|
11,928
|
12.24
|
90,734,269.27
|
4.89
|
||||||||||||
10,000.00 - 14,999.99
|
16,921
|
17.36
|
213,555,174.50
|
11.51
|
||||||||||||
15,000.00 - 19,999.99
|
18,912
|
19.40
|
330,291,690.47
|
17.80
|
||||||||||||
20,000.00 - 24,999.99
|
15,377
|
15.78
|
344,602,959.75
|
18.57
|
||||||||||||
25,000.00 - 29,999.99
|
10,725
|
11.00
|
293,354,193.20
|
15.81
|
||||||||||||
30,000.00 - 34,999.99
|
6,690
|
6.86
|
216,114,286.55
|
11.64
|
||||||||||||
35,000.00 - 39,999.99
|
3,987
|
4.09
|
148,659,539.14
|
8.01
|
||||||||||||
40,000.00 - 44,999.99
|
2,132
|
2.19
|
90,039,190.31
|
4.85
|
||||||||||||
45,000.00 - 49,999.99
|
1,056
|
1.08
|
49,918,281.75
|
2.69
|
||||||||||||
50,000.00 - 54,999.99
|
473
|
0.49
|
24,649,302.36
|
1.33
|
||||||||||||
55,000.00 - 59,999.99
|
189
|
0.19
|
10,808,095.59
|
0.58
|
||||||||||||
60,000.00 - 64,999.99
|
99
|
0.10
|
6,136,561.26
|
0.33
|
||||||||||||
65,000.00 - 69,999.99
|
50
|
0.05
|
3,363,288.24
|
0.18
|
||||||||||||
70,000.00 - 74,999.99
|
37
|
0.04
|
2,680,467.20
|
0.14
|
||||||||||||
75,000.00 - 79,999.99
|
23
|
0.02
|
1,782,383.91
|
0.10
|
||||||||||||
80,000.00 - 84,999.99
|
10
|
0.01
|
825,203.97
|
0.04
|
||||||||||||
85,000.00 or greater
|
17
|
0.02
|
1,525,727.06
|
0.08
|
||||||||||||
Total(1):
|
97,464
|
100.00
|
%
|
$
|
1,855,904,868.20
|
100.00
|
%
|
|||||||||
(1) |
Percentages may not add to 100% due to rounding.
|
Original Number
of Scheduled Payments |
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
1 - 12
|
7
|
0.01
|
%
|
$
|
40,309.65
|
*
|
||||||||||
13 - 24
|
108
|
0.15
|
821,650.27
|
0.06
|
%
|
|||||||||||
25 - 36
|
1,189
|
1.71
|
11,754,020.77
|
0.89
|
||||||||||||
37 - 48
|
2,878
|
4.13
|
36,746,010.86
|
2.77
|
||||||||||||
49 - 60
|
32,604
|
46.76
|
559,906,366.17
|
42.23
|
||||||||||||
61 - 72
|
32,939
|
47.24
|
716,452,026.74
|
54.04
|
||||||||||||
Total(1):
|
69,725
|
100.00
|
%
|
$
|
1,325,720,384.46
|
100.00
|
%
|
|||||||||
(1) |
Percentages may not add to 100% due to rounding.
|
* |
Represents a number greater than 0.000% but less than 0.005%.
|
Original Number
of Scheduled Payments |
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
1 - 12
|
9
|
0.01
|
%
|
$
|
61,261.28
|
*
|
||||||||||
13 - 24
|
160
|
0.16
|
1,189,188.04
|
0.06
|
%
|
|||||||||||
25 - 36
|
1,648
|
1.69
|
16,344,708.84
|
0.88
|
||||||||||||
37 - 48
|
3,980
|
4.08
|
50,687,717.91
|
2.73
|
||||||||||||
49 - 60
|
45,482
|
46.67
|
780,053,774.94
|
42.03
|
||||||||||||
61 - 72
|
46,185
|
47.39
|
1,007,568,217.19
|
54.29
|
||||||||||||
Total(1):
|
97,464
|
100.00
|
%
|
$
|
1,855,904,868.20
|
100.00
|
%
|
|||||||||
(1) |
Percentages may not add to 100% due to rounding.
|
* |
Represents a number greater than 0.000% but less than 0.005%.
|
Remaining Number
of Scheduled Payments |
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date
Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
1 - 12
|
4,897
|
7.02
|
%
|
$
|
16,326,467.97
|
1.23
|
%
|
|||||||||
13 - 24
|
5,444
|
7.81
|
44,103,314.58
|
3.33
|
||||||||||||
25 - 36
|
8,967
|
12.86
|
116,485,506.38
|
8.79
|
||||||||||||
37 - 48
|
18,268
|
26.20
|
334,231,114.33
|
25.21
|
||||||||||||
49 - 60
|
22,493
|
32.26
|
539,741,416.79
|
40.71
|
||||||||||||
61 - 72
|
9,656
|
13.85
|
274,832,564.41
|
20.73
|
||||||||||||
Total(1):
|
69,725
|
100.00
|
%
|
$
|
1,325,720,384.46
|
100.00
|
%
|
|||||||||
(1) |
Percentages may not add to 100% due to rounding.
|
Remaining Number
of Scheduled Payments |
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date
Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
1 - 12
|
6,863
|
7.04
|
%
|
$
|
22,953,175.03
|
1.24
|
%
|
|||||||||
13 - 24
|
7,674
|
7.87
|
61,874,254.91
|
3.33
|
||||||||||||
25 - 36
|
12,418
|
12.74
|
161,313,799.69
|
8.69
|
||||||||||||
37 - 48
|
25,406
|
26.07
|
464,441,701.42
|
25.03
|
||||||||||||
49 - 60
|
31,400
|
32.22
|
755,501,974.10
|
40.71
|
||||||||||||
61 - 72
|
13,703
|
14.06
|
389,819,963.05
|
21.00
|
||||||||||||
Total(1):
|
97,464
|
100.00
|
%
|
$
|
1,855,904,868.20
|
100.00
|
%
|
|||||||||
(1) |
Percentages may not add to 100% due to rounding.
|
FICO® Score Range(1)
|
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
620 - 650
|
2,292
|
3.29
|
%
|
$
|
44,111,142.89
|
3.33
|
%
|
|||||||||
651 - 700
|
9,726
|
13.95
|
192,841,660.34
|
14.55
|
||||||||||||
701 - 750
|
17,610
|
25.26
|
342,246,429.19
|
25.82
|
||||||||||||
751 - 800
|
15,985
|
22.93
|
300,308,203.52
|
22.65
|
||||||||||||
801 - 850
|
16,270
|
23.33
|
292,065,575.07
|
22.03
|
||||||||||||
Greater than or equal to 851
|
7,842
|
11.25
|
154,147,373.45
|
11.63
|
||||||||||||
Total(2):
|
69,725
|
100.00
|
%
|
$
|
1,325,720,384.46
|
100.00
|
%
|
|||||||||
(1) |
FICO® is a federally registered servicemark of Fair Isaac Corporation.
|
(2) |
Percentages may not add to 100% due to rounding.
|
FICO® Score Range(1)
|
Number of Receivables
|
Percentage of Total Number of Receivables
|
Cutoff Date Aggregate Principal Balance
|
Percentage of Cutoff Date Aggregate Principal Balance
|
||||||||||||
620 - 650
|
3,165
|
3.25
|
%
|
$
|
61,188,939.54
|
3.30
|
%
|
|||||||||
651 - 700
|
13,687
|
14.04
|
271,388,976.25
|
14.62
|
||||||||||||
701 - 750
|
24,645
|
25.29
|
478,318,870.97
|
25.77
|
||||||||||||
751 - 800
|
22,323
|
22.90
|
417,633,129.04
|
22.50
|
||||||||||||
801 - 850
|
22,861
|
23.46
|
414,314,531.69
|
22.32
|
||||||||||||
Greater than or equal to 851
|
10,783
|
11.06
|
213,060,420.71
|
11.48
|
||||||||||||
Total(2):
|
97,464
|
100.00
|
%
|
$
|
1,855,904,868.20
|
100.00
|
%
|
|||||||||
(1) |
FICO® is a federally registered servicemark of Fair Isaac Corporation.
|
(2) |
Percentages may not add to 100% due to rounding.
|
At December 31,
|
At March 31,
|
|||||||||||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||
Outstanding Contracts(2)
|
3,156,567
|
3,115,010
|
3,097,464
|
3,158,375
|
3,181,143
|
3,163,189
|
3,209,872
|
|||||||||||||||||||||
Number of Accounts Past Due in the following categories
|
||||||||||||||||||||||||||||
30 - 59 days
|
48,914
|
45,442
|
38,498
|
37,044
|
36,396
|
35,795
|
31,130
|
|||||||||||||||||||||
60 - 89 days
|
13,096
|
11,941
|
9,576
|
9,464
|
8,018
|
7,822
|
6,569
|
|||||||||||||||||||||
Over 89 days
|
11,340
|
9,205
|
8,240
|
8,063
|
7,633
|
6,776
|
5,616
|
|||||||||||||||||||||
Delinquencies as a Percentage of Contracts Outstanding(3)
|
||||||||||||||||||||||||||||
30 - 59 days
|
1.55
|
%
|
1.46
|
%
|
1.24
|
%
|
1.17
|
%
|
1.14
|
%
|
1.13
|
%
|
0.97
|
%
|
||||||||||||||
60 - 89 days
|
0.41
|
%
|
0.38
|
%
|
0.31
|
%
|
0.30
|
%
|
0.25
|
%
|
0.25
|
%
|
0.20
|
%
|
||||||||||||||
Over 89 days
|
0.36
|
%
|
0.30
|
%
|
0.27
|
%
|
0.26
|
%
|
0.24
|
%
|
0.21
|
%
|
0.17
|
%
|
(1) |
The historical delinquency data reported in this table includes all retail installment sales contracts purchased by TMCC, excluding those purchased by a subsidiary of TMCC in
Puerto Rico. The historical delinquency data reported in this table also includes contracts that have been sold but are still being serviced by TMCC.
|
(2) |
Number of contracts outstanding at end of period.
|
(3) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
For the Nine Months Ended December 31,
|
For the Fiscal Years Ended March 31,
|
|||||||||||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||
Principal Balance Outstanding(2)
|
$
|
56,579,394
|
$
|
53,328,709
|
$
|
53,236,380
|
$
|
52,760,041
|
$
|
50,759,341
|
$
|
49,716,914
|
$
|
49,645,354
|
||||||||||||||
Average Principal Balance Outstanding(3)
|
$
|
54,907,887
|
$
|
53,044,375
|
$
|
52,998,211
|
$
|
51,759,691
|
$
|
50,238,127
|
$
|
49,681,134
|
$
|
49,203,259
|
||||||||||||||
Number of Contracts Outstanding
|
3,156,567
|
3,115,010
|
3,097,464
|
3,158,375
|
3,181,143
|
3,163,189
|
3,209,872
|
|||||||||||||||||||||
Average Number of Contracts Outstanding(3)
|
3,127,016
|
3,136,693
|
3,127,920
|
3,169,759
|
3,172,166
|
3,186,531
|
3,215,257
|
|||||||||||||||||||||
Number of Repossessions(4)
|
25,618
|
26,904
|
35,694
|
38,580
|
45,883
|
37,741
|
34,780
|
|||||||||||||||||||||
Number of Repossessions as a Percent of the Number of Contracts Outstanding
|
1.08
|
%(7)
|
1.15
|
%(7)
|
1.15
|
%
|
1.22
|
%
|
1.44
|
%
|
1.19
|
%
|
1.08
|
%
|
||||||||||||||
Number of Repossessions as a Percent of the Average Number of Contracts Outstanding
|
1.09
|
%(7)
|
1.14
|
%(7)
|
1.14
|
%
|
1.22
|
%
|
1.45
|
%
|
1.18
|
%
|
1.08
|
%
|
||||||||||||||
Gross Charge-Offs(5)
|
$
|
265,809
|
$
|
234,334
|
$
|
323,962
|
$
|
351,634
|
$
|
395,109
|
$
|
322,814
|
$
|
267,835
|
||||||||||||||
Recoveries(6)
|
$
|
38,476
|
$
|
37,776
|
$
|
48,871
|
$
|
49,567
|
$
|
49,474
|
$
|
47,966
|
$
|
59,931
|
||||||||||||||
Net Losses
|
$
|
227,333
|
$
|
196,558
|
$
|
275,091
|
$
|
302,067
|
$
|
345,635
|
$
|
274,848
|
$
|
207,904
|
||||||||||||||
Net Losses as a Percentage of Principal Balance Outstanding
|
0.54
|
%(7)
|
0.49
|
%(7)
|
0.52
|
%
|
0.57
|
%
|
0.68
|
%
|
0.55
|
%
|
0.42
|
%
|
||||||||||||||
Net Losses as a Percentage of Average Principal Balance Outstanding
|
0.55
|
%(7)
|
0.49
|
%(7)
|
0.52
|
%
|
0.58
|
%
|
0.69
|
%
|
0.55
|
%
|
0.42
|
%
|
(1) |
The net loss and repossession data reported in this table includes all retail installment sales contracts purchased by TMCC, excluding those purchased by a subsidiary of TMCC in
Puerto Rico. The net loss and repossession data reported in this table also includes contracts that have been sold but are still being serviced by TMCC.
|
(2) |
Principal Balance Outstanding includes payoff amount for simple interest contracts and net principal balance for actuarial contracts.
Actuarial contracts do not comprise any of the Receivables.
|
(3) |
Average of the principal balance or number of contracts outstanding as of the beginning and end of the indicated periods.
|
(4) |
Includes bankrupt repossessions but excludes bankruptcies.
|
(5) |
Amount charged off is the net remaining principal balance, including earned but not yet received finance charges, repossession expenses and unpaid extension fees, less any
proceeds from the liquidation of the related vehicle. Also includes dealer reserve charge‑offs.
|
(6) |
Includes all recoveries from post‑disposition monies received on previously charged‑off contracts including any proceeds from the liquidation of the related vehicle after the
related charge‑off. Also includes recoveries for dealer reserve charge‑offs and dealer reserve chargebacks.
|
(7) |
Annualized.
|
• |
a Delinquency Trigger occurs; and
|
• |
the required amount of Noteholders vote to direct an Asset Representations Review.
|
• |
a trade confirmation;
|
• |
an account statement;
|
• |
a letter from a broker dealer that is acceptable to the Indenture Trustee or Administrator, as applicable; or
|
• |
any other form of documentation that is acceptable to the Indenture Trustee or Administrator, as applicable.
|
• |
it was originated in the United States by a Dealer for the retail sale of the related Financed Vehicle in the ordinary course of such Dealer’s business, it has been fully and properly executed
or electronically authenticated by the parties thereto, it has been purchased by TMCC from such Dealer under an existing agreement with TMCC, and it has been validly assigned by such Dealer to TMCC;
|
• |
as of the Closing Date, TMCC has, or has started procedures that will result in TMCC having, a perfected, first priority security interest in the related Financed Vehicle, which security
interest was validly created and is assignable to the related transferee;
|
• |
it provides for scheduled monthly payments that fully amortize the amount financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable)
and it provides for a finance charge or yield interest at its APR, in either case calculated based on the simple interest method;
|
• |
it allows for prepayment without penalty;
|
• |
to the Seller’s knowledge, it complied in all material respects at the time it was originated with all requirements of applicable federal, state and local laws, and regulations thereunder;
|
• |
it is on a form contract containing customary and enforceable provisions that includes rights and remedies allowing the holder to enforce the obligation and realize on the related Financed
Vehicle and represents the legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a
proceeding in equity or at law;
|
• |
it is not due from the United States or any state or local government, or from any agency, department or instrumentality of the United States or any state or local government;
|
• |
as of the Cutoff Date, it has not been satisfied, nor has the related Financed Vehicle been released in whole or in part from the lien granted by the such Receivable;
|
• |
as of the Cutoff Date, no material provision of the Receivable has been amended, modified or waived in a manner that is prohibited by the provisions of the Sale and Servicing Agreement;
|
• |
to the Seller’s knowledge, as of the Closing Date, it is not subject to any right of rescission, setoff, counterclaim or defense, nor has any such right been asserted or threatened with respect
to such Receivable;
|
• |
except for payment delinquencies that have been continuing for a period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date;
|
• |
the related Financed Vehicle has not been repossessed without reinstatement as of the Cutoff Date;
|
• |
the terms of such Receivable require the related Obligor to obtain and maintain physical damage insurance covering the related Financed Vehicle in accordance with TMCC’s normal requirements,
and the related Financed Vehicle was not subject to force-placed insurance;
|
• |
immediately prior to the transfer and assignment contemplated by the related Transfer and Servicing Agreement, the Seller thereof had good and marketable title to such Receivable free and clear
of all liens and rights of others (other than pursuant to the Transfer and Servicing Agreements) and, immediately upon the transfer and assignment thereof, the purchaser thereof will have good and marketable title to such Receivable,
free and clear of all liens and rights of others (other than pursuant to the Transfer and Servicing Agreements);
|
• |
it has not been originated in, and is not subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under the applicable Transfer and Servicing
Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable, and the terms of such Receivable do not limit the right of the owner of such Receivable to sell such Receivable; and
|
• |
(A) it is being serviced by TMCC as of the Closing Date; (B) as of the Cutoff Date, it is secured by a new or used car, minivan, light-duty truck or sport utility vehicle; (C) it was no more
than 29 days past due as of the Cutoff Date; and (D) as of the Cutoff Date, it was not noted in the records of TMCC or the Servicer as being the subject of a bankruptcy proceeding or insolvency proceeding.
|
• |
the price paid for the Notes,
|
• |
the rate of prepayments of the Receivables, and
|
• |
the investor’s assumed reinvestment rate.
|
• |
the Issuing Entity issues Notes with an aggregate initial principal amount of $1,250,000,000 or $1,750,000,000, as applicable;
|
• |
the Receivables prepay in full at the specified constant percentage of the absolute prepayment model monthly, with no defaults, losses or repurchases on any of the Receivables;
|
• |
each scheduled monthly payment on the Receivables is made on the last day of each month commencing in January 2020 and each month has 30 days;
|
• |
payments on the Notes are made on each Payment Date (and each Payment Date is assumed to be the 15th day of each applicable month) commencing on March 15, 2020;
|
• |
the closing date is February 12, 2020;
|
• |
the Servicer exercises its option to purchase all of the Receivables and cause a redemption of the Notes when the aggregate Principal Balance of the Receivables is equal to 5% or less of the
aggregate Principal Balance of the Receivables as of the Cutoff Date;
|
• |
the Servicing Fee for each Payment Date is equal to a rate of 1/12 of 1.00% times the aggregate Principal Balance of the Receivables as of the first day of the related Collection Period;
provided that, in the case of the first Payment Date, the Servicing Fee is equal to a rate of 2/12 of 1.00% times the aggregate Principal Balance of the Receivables as of the Cutoff Date;
|
• |
the aggregate amount of fees, expenses and indemnification amounts payable to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer on each Payment Date is equal to
|
• |
interest on the Class A-1 Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year and interest on the other classes of Notes will be
calculated on the basis of a 360-day year of twelve 30-day months;
|
• |
if (i) the aggregate initial principal amount of the Notes is $1,250,000,000, the initial outstanding principal amounts of the Class A-1 Notes will be $315,000,000, of the Class A-2 Notes will
be $445,000,000, of the Class A-3 Notes will be $363,700,000, of the Class A-4 Notes will be $95,000,000 and of the Class B Notes will be $31,300,000, and (ii) the aggregate initial principal amount of the Notes is $1,750,000,000, the
initial outstanding principal amounts of the Class A-1 Notes will be $441,000,000, of the Class A-2 Notes will be $622,000,000, of the Class A-3 Notes will be $508,200,000, of the Class A-4 Notes will be $135,000,000 and of the Class B
Notes will be $43,800,000;
|
• |
interest accrues on the Class A-1 Notes at 1.88913% per annum, on the Class A-2 Notes at 2.08% per annum, on the Class A-3 Notes at 2.06% per annum, on the Class A-4 Notes at 2.13% per annum
and on the Class B Notes at 0.00% per annum;
|
• |
no Event of Default has occurred; and
|
• |
the Yield Supplement Overcollateralization Amount at each Payment Date is the amount described in the schedule below.
|
Payment Date
|
Yield Supplement Overcollateralization Amount
|
Payment Date
|
Yield Supplement Overcollateralization Amount
|
|||
Closing Date
|
$75,707,992.13
|
December 2022
|
$8,414,058.71
|
|||
March 2020
|
$69,730,212.04
|
January 2023
|
$7,589,364.24
|
|||
April 2020
|
$66,841,436.98
|
February 2023
|
$6,819,226.64
|
|||
May 2020
|
$64,019,970.42
|
March 2023
|
$6,102,261.63
|
|||
June 2020
|
$61,266,239.17
|
April 2023
|
$5,437,106.01
|
|||
July 2020
|
$58,579,983.11
|
May 2023
|
$4,822,617.88
|
|||
August 2020
|
$55,960,760.71
|
June 2023
|
$4,257,144.20
|
|||
September 2020
|
$53,408,090.51
|
July 2023
|
$3,738,693.83
|
|||
October 2020
|
$50,921,519.86
|
August 2023
|
$3,265,230.61
|
|||
November 2020
|
$48,500,655.76
|
September 2023
|
$2,834,751.37
|
|||
December 2020
|
$46,144,949.40
|
October 2023
|
$2,445,357.88
|
|||
January 2021
|
$43,853,976.04
|
November 2023
|
$2,095,059.35
|
|||
February 2021
|
$41,627,386.31
|
December 2023
|
$1,781,479.04
|
|||
March 2021
|
$39,464,823.19
|
January 2024
|
$1,502,888.45
|
|||
April 2021
|
$37,366,007.12
|
February 2024
|
$1,257,380.89
|
|||
May 2021
|
$35,330,813.88
|
March 2024
|
$1,042,633.40
|
|||
June 2021
|
$33,359,128.72
|
April 2024
|
$856,644.63
|
|||
July 2021
|
$31,450,779.39
|
May 2024
|
$697,335.49
|
|||
August 2021
|
$29,605,437.53
|
June 2024
|
$562,259.57
|
|||
September 2021
|
$27,822,771.68
|
July 2024
|
$449,119.12
|
|||
October 2021
|
$26,102,554.27
|
August 2024
|
$355,454.27
|
|||
November 2021
|
$24,444,594.89
|
September 2024
|
$278,401.14
|
|||
December 2021
|
$22,848,601.73
|
October 2024
|
$215,530.34
|
|||
January 2022
|
$21,314,493.40
|
November 2024
|
$163,836.47
|
|||
February 2022
|
$19,841,870.95
|
December 2024
|
$120,824.35
|
|||
March 2022
|
$18,430,198.55
|
January 2025
|
$85,773.19
|
|||
April 2022
|
$17,079,124.73
|
February 2025
|
$58,043.82
|
|||
May 2022
|
$15,788,453.72
|
March 2025
|
$36,832.26
|
|||
June 2022
|
$14,558,033.26
|
April 2025
|
$21,352.28
|
|||
July 2022
|
$13,387,582.16
|
May 2025
|
$10,879.03
|
|||
August 2022
|
$12,276,687.57
|
June 2025
|
$4,439.80
|
|||
September 2022
|
$11,224,651.47
|
July 2025
|
$1,112.03
|
|||
October 2022
|
$10,230,750.35
|
August 2025
|
$0.05
|
|||
November 2022
|
$9,294,268.40
|
September 2025
|
$0.00
|
Payment Date
|
Yield Supplement Overcollateralization Amount
|
Payment Date
|
Yield Supplement Overcollateralization Amount
|
|||
Closing Date
|
$105,900,324.35
|
December 2022
|
$11,834,202.13
|
|||
March 2020
|
$97,549,129.39
|
January 2023
|
$10,677,917.37
|
|||
April 2020
|
$93,513,278.31
|
February 2023
|
$9,597,811.14
|
|||
May 2020
|
$89,571,380.72
|
March 2023
|
$8,592,007.06
|
|||
June 2020
|
$85,724,032.64
|
April 2023
|
$7,658,587.95
|
|||
July 2020
|
$81,970,877.17
|
May 2023
|
$6,795,957.98
|
|||
August 2020
|
$78,311,352.75
|
June 2023
|
$6,001,770.63
|
|||
September 2020
|
$74,744,804.45
|
July 2023
|
$5,273,356.11
|
|||
October 2020
|
$71,270,552.92
|
August 2023
|
$4,607,886.00
|
|||
November 2020
|
$67,888,065.09
|
September 2023
|
$4,002,567.77
|
|||
December 2020
|
$64,596,519.34
|
October 2023
|
$3,454,809.31
|
|||
January 2021
|
$61,395,297.10
|
November 2023
|
$2,961,796.59
|
|||
February 2021
|
$58,283,908.09
|
December 2023
|
$2,520,211.22
|
|||
March 2021
|
$55,261,890.39
|
January 2024
|
$2,127,620.97
|
|||
April 2021
|
$52,328,877.93
|
February 2024
|
$1,781,380.38
|
|||
May 2021
|
$49,484,706.59
|
March 2024
|
$1,478,328.00
|
|||
June 2021
|
$46,729,217.77
|
April 2024
|
$1,215,553.58
|
|||
July 2021
|
$44,062,096.31
|
May 2024
|
$990,197.76
|
|||
August 2021
|
$41,482,876.28
|
June 2024
|
$798,877.42
|
|||
September 2021
|
$38,991,072.69
|
July 2024
|
$638,363.45
|
|||
October 2021
|
$36,586,332.84
|
August 2024
|
$505,335.30
|
|||
November 2021
|
$34,268,418.67
|
September 2024
|
$395,782.70
|
|||
December 2021
|
$32,036,903.54
|
October 2024
|
$306,324.90
|
|||
January 2022
|
$29,891,649.25
|
November 2024
|
$232,724.07
|
|||
February 2022
|
$27,832,116.80
|
December 2024
|
$171,509.33
|
|||
March 2022
|
$25,857,543.93
|
January 2025
|
$121,651.02
|
|||
April 2022
|
$23,967,425.10
|
February 2025
|
$82,214.34
|
|||
May 2022
|
$22,161,511.30
|
March 2025
|
$52,057.69
|
|||
June 2022
|
$20,439,554.14
|
April 2025
|
$30,087.52
|
|||
July 2022
|
$18,801,218.95
|
May 2025
|
$15,259.46
|
|||
August 2022
|
$17,245,886.80
|
June 2025
|
$6,184.97
|
|||
September 2022
|
$15,772,548.61
|
July 2025
|
$1,548.75
|
|||
October 2022
|
$14,380,218.25
|
August 2025
|
$1.85
|
|||
November 2022
|
$13,067,943.47
|
September 2025
|
$0.00
|
Pool
|
Aggregate Principal Balance
|
Weighted Average APR
|
Weighted Average Original Number of Scheduled Monthly Payments
|
Weighted Average Remaining Number of Scheduled Monthly Payments
|
||||||||||||
1
|
$
|
14,168,914.23
|
1.034
|
%
|
60
|
9
|
||||||||||
2
|
$
|
36,624,456.44
|
1.303
|
%
|
58
|
19
|
||||||||||
3
|
$
|
97,069,445.74
|
1.435
|
%
|
60
|
32
|
||||||||||
4
|
$
|
274,265,968.81
|
1.411
|
%
|
64
|
43
|
||||||||||
5
|
$
|
373,738,310.64
|
1.986
|
%
|
65
|
54
|
||||||||||
6
|
$
|
125,115,471.94
|
2.609
|
%
|
72
|
64
|
||||||||||
7
|
$
|
2,157,553.74
|
6.313
|
%
|
65
|
9
|
||||||||||
8
|
$
|
7,478,858.14
|
6.428
|
%
|
60
|
19
|
||||||||||
9
|
$
|
19,416,060.64
|
6.043
|
%
|
58
|
31
|
||||||||||
10
|
$
|
59,965,145.52
|
6.012
|
%
|
64
|
44
|
||||||||||
11
|
$
|
166,003,106.15
|
6.221
|
%
|
67
|
55
|
||||||||||
12
|
$
|
149,717,092.47
|
6.692
|
%
|
72
|
64
|
||||||||||
$
|
1,325,720,384.46
|
Pool
|
Aggregate Principal Balance
|
Weighted Average APR
|
Weighted Average Original Number of Scheduled Monthly Payments
|
Weighted Average Remaining Number of Scheduled Monthly Payments
|
||||||||||||
1
|
$
|
19,891,358.32
|
1.052
|
%
|
60
|
9
|
||||||||||
2
|
$
|
51,565,743.44
|
1.292
|
%
|
59
|
19
|
||||||||||
3
|
$
|
134,264,082.07
|
1.452
|
%
|
60
|
32
|
||||||||||
4
|
$
|
381,971,611.48
|
1.420
|
%
|
64
|
43
|
||||||||||
5
|
$
|
522,358,054.86
|
1.980
|
%
|
65
|
54
|
||||||||||
6
|
$
|
178,591,435.68
|
2.612
|
%
|
72
|
64
|
||||||||||
7
|
$
|
3,061,816.71
|
6.294
|
%
|
65
|
9
|
||||||||||
8
|
$
|
10,308,511.47
|
6.422
|
%
|
59
|
19
|
||||||||||
9
|
$
|
27,049,717.62
|
6.083
|
%
|
58
|
31
|
||||||||||
10
|
$
|
82,470,089.94
|
6.006
|
%
|
63
|
44
|
||||||||||
11
|
$
|
233,143,919.24
|
6.230
|
%
|
67
|
55
|
||||||||||
12
|
$
|
211,228,527.37
|
6.690
|
%
|
72
|
64
|
||||||||||
$
|
1,855,904,868.20
|
Class A-1 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
81.33
|
76.96
|
71.67
|
67.83
|
64.81
|
58.35
|
|||||||
April 15, 2020
|
72.62
|
66.19
|
58.44
|
52.84
|
48.45
|
39.50
|
|||||||
May 15, 2020
|
64.53
|
56.16
|
46.10
|
38.84
|
33.19
|
22.03
|
|||||||
June 15, 2020
|
56.40
|
46.19
|
33.94
|
25.14
|
18.34
|
5.43
|
|||||||
July 15, 2020
|
48.22
|
36.28
|
21.97
|
11.74
|
3.88
|
0.00
|
|||||||
August 15, 2020
|
40.00
|
26.42
|
10.20
|
0.00
|
0.00
|
0.00
|
|||||||
September 15, 2020
|
31.74
|
16.63
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
October 15, 2020
|
23.44
|
6.90
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2020
|
15.68
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2020
|
7.87
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2021
|
0.02
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2021
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
0.46
|
0.37
|
0.29
|
0.26
|
0.23
|
0.20
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
0.46
|
0.37
|
0.29
|
0.26
|
0.23
|
0.20
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-1 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
81.35
|
76.97
|
71.69
|
67.85
|
64.83
|
58.34
|
|||||||
April 15, 2020
|
72.64
|
66.22
|
58.47
|
52.87
|
48.49
|
39.50
|
|||||||
May 15, 2020
|
64.56
|
56.20
|
46.14
|
38.89
|
33.24
|
22.03
|
|||||||
June 15, 2020
|
56.44
|
46.23
|
33.99
|
25.20
|
18.39
|
5.44
|
|||||||
July 15, 2020
|
48.27
|
36.33
|
22.04
|
11.81
|
3.95
|
0.00
|
|||||||
August 15, 2020
|
40.06
|
26.49
|
10.27
|
0.00
|
0.00
|
0.00
|
|||||||
September 15, 2020
|
31.81
|
16.70
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
October 15, 2020
|
23.52
|
6.97
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2020
|
15.76
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2020
|
7.97
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2021
|
0.13
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2021
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
0.46
|
0.37
|
0.29
|
0.26
|
0.23
|
0.20
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
0.46
|
0.37
|
0.29
|
0.26
|
0.23
|
0.20
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-2 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
92.63
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
99.04
|
92.80
|
81.74
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
99.02
|
89.99
|
83.14
|
71.17
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
90.96
|
81.15
|
73.77
|
60.94
|
|||||||
November 15, 2020
|
100.00
|
98.42
|
83.37
|
72.77
|
64.82
|
51.03
|
|||||||
December 15, 2020
|
100.00
|
91.99
|
75.90
|
64.58
|
56.11
|
41.44
|
|||||||
January 15, 2021
|
100.00
|
85.60
|
68.54
|
56.58
|
47.63
|
32.19
|
|||||||
February 15, 2021
|
94.43
|
79.25
|
61.32
|
48.76
|
39.39
|
23.28
|
|||||||
March 15, 2021
|
88.82
|
72.94
|
54.22
|
41.13
|
31.38
|
14.69
|
|||||||
April 15, 2021
|
83.17
|
66.67
|
47.24
|
33.69
|
23.62
|
6.45
|
|||||||
May 15, 2021
|
77.50
|
60.44
|
40.38
|
26.43
|
16.09
|
0.00
|
|||||||
June 15, 2021
|
71.80
|
54.25
|
33.66
|
19.37
|
8.81
|
0.00
|
|||||||
July 15, 2021
|
66.07
|
48.10
|
27.06
|
12.50
|
1.77
|
0.00
|
|||||||
August 15, 2021
|
60.31
|
41.99
|
20.58
|
5.82
|
0.00
|
0.00
|
|||||||
September 15, 2021
|
55.05
|
36.38
|
14.59
|
0.00
|
0.00
|
0.00
|
|||||||
October 15, 2021
|
49.77
|
30.81
|
8.71
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2021
|
44.45
|
25.27
|
2.94
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2021
|
39.11
|
19.77
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2022
|
33.74
|
14.30
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2022
|
28.34
|
8.88
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
March 15, 2022
|
22.91
|
3.48
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2022
|
17.45
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2022
|
11.97
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2022
|
6.45
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2022
|
0.91
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
August 15, 2022
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
1.72
|
1.46
|
1.20
|
1.05
|
0.96
|
0.82
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
1.72
|
1.46
|
1.20
|
1.05
|
0.96
|
0.82
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-2 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
92.63
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
99.10
|
92.85
|
81.74
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
99.08
|
90.04
|
83.18
|
71.17
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
91.02
|
81.19
|
73.81
|
60.93
|
|||||||
November 15, 2020
|
100.00
|
98.48
|
83.42
|
72.81
|
64.86
|
51.02
|
|||||||
December 15, 2020
|
100.00
|
92.05
|
75.94
|
64.62
|
56.14
|
41.44
|
|||||||
January 15, 2021
|
100.00
|
85.66
|
68.59
|
56.61
|
47.66
|
32.19
|
|||||||
February 15, 2021
|
94.51
|
79.31
|
61.36
|
48.79
|
39.42
|
23.28
|
|||||||
March 15, 2021
|
88.89
|
72.99
|
54.25
|
41.16
|
31.41
|
14.70
|
|||||||
April 15, 2021
|
83.25
|
66.72
|
47.27
|
33.72
|
23.65
|
6.46
|
|||||||
May 15, 2021
|
77.58
|
60.49
|
40.41
|
26.46
|
16.12
|
0.00
|
|||||||
June 15, 2021
|
71.87
|
54.29
|
33.68
|
19.40
|
8.84
|
0.00
|
|||||||
July 15, 2021
|
66.14
|
48.14
|
27.08
|
12.52
|
1.80
|
0.00
|
|||||||
August 15, 2021
|
60.38
|
42.02
|
20.60
|
5.84
|
0.00
|
0.00
|
|||||||
September 15, 2021
|
55.12
|
36.41
|
14.61
|
0.00
|
0.00
|
0.00
|
|||||||
October 15, 2021
|
49.84
|
30.84
|
8.72
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2021
|
44.53
|
25.30
|
2.95
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2021
|
39.18
|
19.80
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2022
|
33.81
|
14.33
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2022
|
28.41
|
8.90
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
March 15, 2022
|
22.99
|
3.51
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2022
|
17.53
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2022
|
12.05
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2022
|
6.54
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2022
|
1.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
August 15, 2022
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
1.72
|
1.46
|
1.20
|
1.05
|
0.96
|
0.82
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
1.72
|
1.46
|
1.20
|
1.05
|
0.96
|
0.82
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-3 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
98.23
|
|||||||
June 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
88.99
|
|||||||
July 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
80.14
|
|||||||
August 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
93.84
|
71.62
|
|||||||
September 15, 2021
|
100.00
|
100.00
|
100.00
|
99.48
|
85.99
|
63.44
|
|||||||
October 15, 2021
|
100.00
|
100.00
|
100.00
|
92.05
|
78.40
|
55.59
|
|||||||
November 15, 2021
|
100.00
|
100.00
|
100.00
|
84.82
|
71.05
|
48.09
|
|||||||
December 15, 2021
|
100.00
|
100.00
|
96.68
|
77.79
|
63.96
|
40.92
|
|||||||
January 15, 2022
|
100.00
|
100.00
|
89.90
|
70.97
|
57.13
|
34.10
|
|||||||
February 15, 2022
|
100.00
|
100.00
|
83.25
|
64.36
|
50.55
|
27.62
|
|||||||
March 15, 2022
|
100.00
|
100.00
|
76.75
|
57.95
|
44.23
|
21.48
|
|||||||
April 15, 2022
|
100.00
|
97.71
|
70.38
|
51.74
|
38.16
|
15.69
|
|||||||
May 15, 2022
|
100.00
|
91.20
|
64.16
|
45.75
|
32.36
|
10.30
|
|||||||
June 15, 2022
|
100.00
|
84.73
|
58.07
|
39.96
|
26.82
|
5.29
|
|||||||
July 15, 2022
|
100.00
|
78.31
|
52.13
|
34.39
|
21.54
|
0.57
|
|||||||
August 15, 2022
|
94.30
|
71.94
|
46.33
|
29.03
|
16.52
|
0.00
|
|||||||
September 15, 2022
|
87.64
|
65.77
|
40.78
|
23.94
|
11.80
|
0.00
|
|||||||
October 15, 2022
|
81.80
|
60.32
|
35.83
|
19.34
|
7.46
|
0.00
|
|||||||
November 15, 2022
|
75.92
|
54.92
|
30.99
|
14.91
|
3.33
|
0.00
|
|||||||
December 15, 2022
|
70.01
|
49.55
|
26.28
|
10.66
|
0.00
|
0.00
|
|||||||
January 15, 2023
|
64.07
|
44.22
|
21.68
|
6.57
|
0.00
|
0.00
|
|||||||
February 15, 2023
|
58.10
|
38.93
|
17.20
|
2.67
|
0.00
|
0.00
|
|||||||
March 15, 2023
|
52.09
|
33.67
|
12.84
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2023
|
46.06
|
28.46
|
8.61
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2023
|
39.99
|
23.29
|
4.49
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2023
|
33.90
|
18.15
|
0.50
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2023
|
27.77
|
13.06
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
August 15, 2023
|
21.62
|
8.01
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
September 15, 2023
|
17.23
|
4.36
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
October 15, 2023
|
13.24
|
1.04
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2023
|
9.23
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2023
|
5.19
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2024
|
1.13
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2024
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
3.17
|
2.90
|
2.54
|
2.28
|
2.09
|
1.81
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
3.17
|
2.90
|
2.54
|
2.28
|
2.09
|
1.81
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-3 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
98.29
|
|||||||
June 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
89.09
|
|||||||
July 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
80.23
|
|||||||
August 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
93.88
|
71.70
|
|||||||
September 15, 2021
|
100.00
|
100.00
|
100.00
|
99.51
|
86.02
|
63.51
|
|||||||
October 15, 2021
|
100.00
|
100.00
|
100.00
|
92.06
|
78.42
|
55.65
|
|||||||
November 15, 2021
|
100.00
|
100.00
|
100.00
|
84.82
|
71.06
|
48.13
|
|||||||
December 15, 2021
|
100.00
|
100.00
|
96.68
|
77.79
|
63.96
|
40.95
|
|||||||
January 15, 2022
|
100.00
|
100.00
|
89.89
|
70.96
|
57.11
|
34.11
|
|||||||
February 15, 2022
|
100.00
|
100.00
|
83.24
|
64.33
|
50.52
|
27.62
|
|||||||
March 15, 2022
|
100.00
|
100.00
|
76.73
|
57.91
|
44.19
|
21.46
|
|||||||
April 15, 2022
|
100.00
|
97.73
|
70.35
|
51.69
|
38.11
|
15.65
|
|||||||
May 15, 2022
|
100.00
|
91.22
|
64.12
|
45.69
|
32.29
|
10.24
|
|||||||
June 15, 2022
|
100.00
|
84.75
|
58.03
|
39.89
|
26.73
|
5.21
|
|||||||
July 15, 2022
|
100.00
|
78.33
|
52.08
|
34.30
|
21.44
|
0.47
|
|||||||
August 15, 2022
|
94.40
|
71.95
|
46.27
|
28.93
|
16.40
|
0.00
|
|||||||
September 15, 2022
|
87.74
|
65.77
|
40.71
|
23.83
|
11.66
|
0.00
|
|||||||
October 15, 2022
|
81.88
|
60.32
|
35.74
|
19.21
|
7.31
|
0.00
|
|||||||
November 15, 2022
|
76.00
|
54.90
|
30.89
|
14.76
|
3.16
|
0.00
|
|||||||
December 15, 2022
|
70.08
|
49.52
|
26.16
|
10.49
|
0.00
|
0.00
|
|||||||
January 15, 2023
|
64.13
|
44.18
|
21.55
|
6.40
|
0.00
|
0.00
|
|||||||
February 15, 2023
|
58.14
|
38.88
|
17.06
|
2.47
|
0.00
|
0.00
|
|||||||
March 15, 2023
|
52.13
|
33.61
|
12.69
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2023
|
46.09
|
28.39
|
8.43
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2023
|
40.01
|
23.20
|
4.31
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2023
|
33.90
|
18.06
|
0.30
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2023
|
27.77
|
12.95
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
August 15, 2023
|
21.60
|
7.89
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
September 15, 2023
|
17.20
|
4.23
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
October 15, 2023
|
13.19
|
0.89
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2023
|
9.15
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2023
|
5.09
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2024
|
1.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2024
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
3.17
|
2.90
|
2.54
|
2.28
|
2.09
|
1.81
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
3.17
|
2.90
|
2.54
|
2.28
|
2.09
|
1.81
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-4 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
85.16
|
|||||||
September 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
69.19
|
|||||||
October 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
54.30
|
|||||||
November 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
40.49
|
|||||||
December 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
97.78
|
28.45
|
|||||||
January 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
83.63
|
18.26
|
|||||||
February 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
70.31
|
0.00
|
|||||||
March 15, 2023
|
100.00
|
100.00
|
100.00
|
95.94
|
57.82
|
0.00
|
|||||||
April 15, 2023
|
100.00
|
100.00
|
100.00
|
82.35
|
46.18
|
0.00
|
|||||||
May 15, 2023
|
100.00
|
100.00
|
100.00
|
69.44
|
35.37
|
0.00
|
|||||||
June 15, 2023
|
100.00
|
100.00
|
100.00
|
57.22
|
25.42
|
0.00
|
|||||||
July 15, 2023
|
100.00
|
100.00
|
87.11
|
45.69
|
0.00
|
0.00
|
|||||||
August 15, 2023
|
100.00
|
100.00
|
72.79
|
34.86
|
0.00
|
0.00
|
|||||||
September 15, 2023
|
100.00
|
100.00
|
62.00
|
26.21
|
0.00
|
0.00
|
|||||||
October 15, 2023
|
100.00
|
100.00
|
52.23
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2023
|
100.00
|
91.41
|
42.74
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2023
|
100.00
|
78.90
|
33.55
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2024
|
100.00
|
66.49
|
24.64
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2024
|
88.68
|
54.18
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
March 15, 2024
|
72.96
|
41.96
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2024
|
57.16
|
29.84
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2024
|
41.29
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2024
|
25.33
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2024
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
4.25
|
4.06
|
3.74
|
3.43
|
3.19
|
2.75
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
4.25
|
4.08
|
3.76
|
3.46
|
3.21
|
2.76
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class A-4 Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
84.94
|
|||||||
September 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
69.16
|
|||||||
October 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
54.43
|
|||||||
November 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
40.76
|
|||||||
December 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
97.11
|
28.83
|
|||||||
January 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
83.12
|
18.56
|
|||||||
February 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
69.95
|
0.00
|
|||||||
March 15, 2023
|
100.00
|
100.00
|
100.00
|
95.21
|
57.60
|
0.00
|
|||||||
April 15, 2023
|
100.00
|
100.00
|
100.00
|
81.78
|
46.08
|
0.00
|
|||||||
May 15, 2023
|
100.00
|
100.00
|
100.00
|
69.02
|
35.38
|
0.00
|
|||||||
June 15, 2023
|
100.00
|
100.00
|
100.00
|
56.94
|
25.52
|
0.00
|
|||||||
July 15, 2023
|
100.00
|
100.00
|
86.53
|
45.55
|
0.00
|
0.00
|
|||||||
August 15, 2023
|
100.00
|
100.00
|
72.39
|
34.84
|
0.00
|
0.00
|
|||||||
September 15, 2023
|
100.00
|
100.00
|
61.72
|
26.26
|
0.00
|
0.00
|
|||||||
October 15, 2023
|
100.00
|
100.00
|
52.05
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2023
|
100.00
|
90.91
|
42.67
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2023
|
100.00
|
78.54
|
33.57
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2024
|
100.00
|
66.26
|
24.76
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2024
|
88.32
|
54.08
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
March 15, 2024
|
72.77
|
42.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2024
|
57.15
|
30.01
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2024
|
41.45
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2024
|
25.68
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2024
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
4.25
|
4.06
|
3.74
|
3.43
|
3.19
|
2.76
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
4.26
|
4.08
|
3.76
|
3.46
|
3.21
|
2.76
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class B Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
March 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
April 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
May 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
June 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
July 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
|||||||
August 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
|||||||
September 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
|||||||
October 15, 2023
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2023
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2023
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2024
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2024
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
March 15, 2024
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2024
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2024
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2024
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2024
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
4.43
|
4.26
|
4.01
|
3.68
|
3.43
|
3.01
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
4.84
|
4.67
|
4.42
|
4.17
|
3.89
|
3.32
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
Class B Notes
|
|||||||||||||
Payment Date
|
0.00%
|
0.50%
|
1.00%
|
1.30%
|
1.50%
|
1.80%
|
|||||||
Closing Date
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2020
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2021
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
March 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
April 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
May 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
June 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
July 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
August 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
September 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
October 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
November 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
December 15, 2022
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
January 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
|||||||
February 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
March 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
April 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
May 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
June 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
|||||||
July 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
|||||||
August 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
|||||||
September 15, 2023
|
100.00
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
|||||||
October 15, 2023
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
November 15, 2023
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
December 15, 2023
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
January 15, 2024
|
100.00
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
|||||||
February 15, 2024
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
March 15, 2024
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
April 15, 2024
|
100.00
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
May 15, 2024
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
June 15, 2024
|
100.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
July 15, 2024
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|||||||
Weighted Average Life to Call (Years)(2)
|
4.43
|
4.26
|
4.01
|
3.68
|
3.43
|
3.01
|
|||||||
Weighted Average Life to Maturity (Years)(2)
|
4.85
|
4.68
|
4.43
|
4.18
|
3.89
|
3.32
|
(1) |
Other than the weighted average life to maturity, the numbers in this table were calculated based on the assumption that the Servicer will exercise its clean-up call option to
purchase the Receivables.
|
(2) |
The weighted average life of a note is determined by (x) multiplying the amount of each principal payment on a note by the number of years from the date of issuance of the
note to the related Payment Date, (y) adding the results and (z) dividing the sum by the original principal amount of the note.
|
(1) |
to the Class A-1 Notes until the principal amount of the Class A-1 Notes is reduced to zero; then
|
(2) |
to the Class A-2 Notes, until the principal amount of the Class A-2 Notes is reduced to zero; then
|
(3) |
to the Class A-3 Notes until the principal amount of the Class A-3 Notes is reduced to zero; then
|
(4) |
to the Class A-4 Notes until the principal amount of the Class A-4 Notes is reduced to zero; and then
|
(5) |
to the Class B Notes until the principal amount of the Class B Notes is reduced to zero.
|
(i) |
the Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient to pay:
|
(A) |
all payments of principal of and interest on the Notes and all other amounts that would then be due on such Notes if the Event of Default giving rise to such acceleration had not occurred;
and
|
(B) |
all sums paid by the Indenture Trustee under the Indenture or the Owner Trustee under the Trust Agreement and the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee and the Owner Trustee and their respective agents and counsel; and
|
(ii) |
all Events of Default, other than the nonpayment of the principal or interest of the Notes that has become due solely by such acceleration, have been cured or waived.
|
• |
the amount paid or distributed in respect of interest on each class of Notes;
|
• |
the First Priority Principal Distribution Amount, the Second Priority Principal Distribution Amount, the Regular Principal Distribution Amount and the amount paid or distributed in respect of
principal on or with respect to each Class of Notes;
|
• |
the amount paid or distributed to the Certificateholders;
|
• |
the number of Receivables, the Pool Balance and the Adjusted Pool Balance as of the close of business on the first day and the last day of the related Collection Period;
|
• |
the aggregate outstanding principal amount and the Pool Factor for each class of Notes, before and after giving effect to all payments in respect of principal on such Payment Date;
|
• |
the amount of the Servicing Fee paid to the Servicer, with respect to the related Collection Period and the amount of any unpaid Servicing Fees from the prior Payment Date;
|
• |
the amount of any shortfall of interest applicable to each class of Notes after giving effect to all payments on interest on such Payment Date, and the change in such amounts from the
preceding Payment Date;
|
• |
the amount of fees, expenses and indemnification amounts due and payable to each of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, before and after giving
effect to payments on such Payment Date;
|
• |
the balance of the Reserve Account on such Payment Date and the Specified Reserve Account Balance for such Payment Date, before and after giving effect to changes thereto on such Payment
Date;
|
• |
the Yield Supplement Overcollateralization Amount for such Payment Date;
|
• |
the amount of Available Collections for the related Collection Period;
|
• |
delinquency and loss information with respect to the Receivables for the related Collection Period;
|
• |
any material change in practices with respect to charge-offs, collection and management of delinquent Receivables, and the effect of any grace period, re-aging, re-structure, partial payments
or other practices on delinquency and loss experience;
|
• |
any material modifications, extensions or waivers to Receivables terms, fees, penalties or payments during the related Collection Period, or that have cumulatively become material over time;
|
• |
any material breaches of representations and warranties made with respect to the Receivables, or covenants, contained in the Transfer and Servicing Agreements; and
|
• |
whether a Delinquency Trigger has occurred as of the end of the related Collection Period.
|
(i) |
all collections of interest and principal on or in respect of the Receivables other than Defaulted Receivables;
|
(ii) |
all insurance proceeds and proceeds of the liquidation of Defaulted Receivables, net of expenses incurred by the Servicer in accordance with its Customary Servicing Practices in connection
with such liquidation, including amounts received in subsequent Collection Periods as and when received;
|
(iii) |
all Warranty Purchase Payments with respect to Warranty Receivables repurchased by the Sponsor and Administrative Purchase Payments with respect to Administrative Receivables purchased by the
Servicer, in each case in respect of such Collection Period;
|
(iv) |
any recovery in respect of any Receivable pursuant to any Dealer Recourse; and
|
(v) |
the amount paid by the Servicer pursuant to any exercise of the Servicer’s option, if any, to purchase the Receivables.
|
1. |
Servicing Fee –– to the Servicer, the Servicing Fee;
|
2. |
Transaction Fees and Expenses –– to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, the amount of any fees, expenses
and indemnification amounts due to each such party, pro rata, based on amounts due to each such party, in an aggregate amount not to exceed $300,000 in any calendar year;
|
3. |
Class A Note Interest –– to the Class A Noteholders (pro rata, based upon the aggregate amount of interest due to each class of the Class A Notes),
accrued and unpaid interest on each class of the Class A Notes, together with any amounts that were to be paid pursuant to this clause (3) on any prior Payment Date but were not paid because Available Collections were not sufficient
to make such payment (with interest accrued on such unpaid amounts at the rate or rates at which interest accrued on the related Notes during the relevant Interest Period or Interest Periods);
|
4. |
Class A Note Principal –– to the Noteholders, for distribution in respect of principal of the Notes, in the priority described above under “Description of the Notes—Payments of Principal,” an amount equal to the First Priority Principal Distribution Amount for such Payment Date;
|
5. |
Class B Note Interest –– to the Class B Noteholders, accrued and unpaid interest on the Class B Notes, together with any amounts that were to be paid
pursuant to this clause (5) on any prior Payment Date but were not paid because Available Collections were not sufficient to make such payment (with interest accrued on such unpaid amounts at the rate at which interest accrued on the
|
6. |
Note Principal –– to the Noteholders, for distribution in respect of principal of the Notes, in the priority described above under “Description of the Notes—Payments of Principal,” an amount equal to the Second Priority Principal Distribution Amount for such Payment Date;
|
7. |
Reserve Account Deposit –– to the Reserve Account, to the extent amounts then on deposit in the Reserve Account are less than the Specified Reserve
Account Balance described below under “—Credit and Cash Flow Enhancement—Reserve Account,” until the amount on deposit in the Reserve Account equals such Specified Reserve Account Balance;
|
8. |
Note Principal –– to the Noteholders, for distribution in respect of principal of the Notes, in the priority described above under “Description of the Notes—Payments of Principal,” an amount equal to the Regular Principal Distribution Amount for such Payment Date;
|
9. |
Additional Transaction Fees and Expenses –– to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, the amount of any
fees, expenses and indemnification amounts due to each such party and not paid in clause (2) above, pro rata, based on amounts due to each such party; and
|
10. |
Excess Amounts –– to the Certificateholder, any remaining Available Collections for such Payment Date.
|
1. |
Servicing Fee –– to the Servicer, the Servicing Fee;
|
2. |
Transaction Fees and Expenses ––to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, the amount of any fees, expenses
and indemnification amounts due to each such party, pro rata, based on amounts due to each such party;
|
3. |
Class A Note Interest––to the Class A Noteholders (pro rata, based upon the aggregate amount of interest due to each class of the Class A Notes),
accrued and unpaid interest on each class of the Class A Notes, together with any amounts that were to be paid as interest on the Class A Notes on any prior Payment Date but were not paid because Available Collections were not
sufficient to make such payment (with interest accrued on such unpaid amounts at the rate or rates at which interest accrued on the related Notes during the relevant Interest Period or Interest Periods);
|
4. |
Class A Note Principal –– pro rata, based upon their respective unpaid principal amounts, to the holders of the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes, until the principal amount of each such class of Notes is reduced to zero;
|
5. |
Class B Note Interest –– to the Class B Noteholders, accrued and unpaid interest on the Class B Notes, together with any amounts that were to be paid
as interest on the Class B Notes on any prior Payment Date but were not paid because Available Collections were not sufficient to make such payment (with interest accrued on such unpaid amounts at the rate at which interest accrued on
the Class B Notes during the relevant Interest Period or Interest Periods);
|
6. |
Class B Note Principal –– to the holders of the Class B Notes, until the principal amount of the Class B Notes is reduced to zero; and
|
7. |
Excess Amounts –– to the Certificateholder, any remaining Available Collections for such Payment Date.
|
Percentage of Initial Pool Balance
|
Percentage of Adjusted Pool Balance
|
||
Class A Notes
|
91.93%
|
97.50%
|
|
Class B Notes
|
2.36%
|
2.50%
|
|
Total
|
94.29%
|
100.00%
|
Percentage of Initial Pool Balance
|
Percentage of Adjusted Pool Balance
|
||
Class A Notes
|
91.93%
|
97.50%
|
|
Class B Notes
|
2.36%
|
2.50%
|
|
Total
|
94.29%
|
100.00%
|
(A) |
extend such Receivable for credit-related reasons that would be acceptable to the Servicer with respect to comparable Receivables that it services for itself, but only if the Final Scheduled
Payment Date of such Receivable as extended would not be later than the Class B Final Scheduled Payment Date; or
|
(B) |
reduce an Obligor’s monthly payment amount in the event of a prepayment resulting from refunds of credit life and disability insurance premiums and service contracts and make similar
adjustments in an Obligor’s payment terms to the extent required by law.
|
(a) |
any failure by the Servicer to deliver to the Indenture Trustee for deposit in the Collection Account or Reserve Account any required payment or to direct the Indenture Trustee to make any
required payment or distribution therefrom, which failure continues unremedied for a period of five Business Days after discovery of the failure by an officer of the Servicer or written notice of such failure is received (i) by the
Servicer from the Owner Trustee or the Indenture Trustee or (ii) by the Servicer and the Owner Trustee or the Indenture Trustee, as applicable, from the holders of Notes evidencing not less than a majority of principal amount of the
Notes of the Controlling Class then outstanding, acting together as a single class;
|
(b) |
failure by the Servicer to duly observe or to perform in any material respect any other covenants or agreements of the Servicer described in the Sale and Servicing Agreement, which failure
materially and adversely affects the rights of the Certificateholder or Noteholders and continues unremedied for a period of 90 days after the date on which written notice of such failure is received (i) by the Servicer from the Owner
Trustee or the Indenture Trustee or (ii) by the Servicer and the Owner Trustee and Indenture Trustee, from the holders of Notes evidencing not less than a majority of principal amount of the Notes of the Controlling Class then
outstanding, acting together as a single class; or
|
(c) |
the occurrence of an Insolvency Event with respect to the Servicer;
|
• |
the name of the requesting Noteholder or Verified Note Owner,
|
• |
the date the request was received,
|
• |
a statement that the Administrator has received the request from that Noteholder or Verified Note Owner that it is interested in communicating with other Noteholders and Note Owners about the
possible exercise of rights under the transaction documents, and
|
• |
a description of the method by which the other Noteholders and Note Owners may contact the requesting Noteholder or Verified Note Owner.
|
1. |
a court were to conclude that the assets and liabilities of the Issuing Entity should be consolidated with those of TMCC or the Depositor in the event of the application of applicable
Insolvency Laws to TMCC or the Depositor;
|
2. |
a filing were made under any Insolvency Law by or against the Depositor or the Issuing Entity; and
|
3. |
an attempt were made to litigate any of the foregoing issues.
|
• |
Reports on Form 8-K (Current Report), including as exhibits thereto the transaction agreements;
|
• |
Reports on Form 8-K (Current Report) following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K
related to the type of event;
|
• |
Reports on Form 10-D (Asset-Backed Issuer Distribution Report) containing the distribution and pool performance information required on Form 10-D, which are required to be filed 15 days
following each Payment Date;
|
• |
Reports on Form ABS-EE (Submission of Electronic Exhibits for Asset-Backed Securities), including as exhibits thereto monthly asset-level data for the related Collection Period and the
Receivables, which exhibits will be incorporated by reference into the related Form 10-D; and
|
• |
Report on Form 10-K (Annual Report) containing the items specified in Form 10-K with respect to a fiscal year, and the items required pursuant to Items 1122 and 1123 of Regulation AB of the
Exchange Act.
|
Principal
Amount of Class A-1 Notes |
Principal
Amount of Class A-2 Notes |
Principal
Amount of Class A-3 Notes
|
|
Principal
Amount of Class A-4 Notes
|
|||
MUFG Securities Americas Inc.
|
$__________
|
$__________
|
$__________
|
$__________
|
|||
Lloyds Securities Inc.
|
$__________
|
$__________
|
$__________
|
$__________
|
|||
TD Securities (USA) LLC
|
$__________
|
$__________
|
$__________
|
$__________
|
|||
Loop Capital Markets LLC
|
$__________
|
$__________
|
$__________
|
$__________
|
|||
Scotia Capital (USA) Inc.
|
$__________
|
$__________
|
$__________
|
$__________
|
|||
U.S. Bancorp Investments, Inc.
|
$__________
|
$__________
|
$__________
|
$__________
|
|||
Total
|
$299,250,000(1)
|
$422,750,000(1)
|
$345,515,000(1)
|
$90,250,000(1)
|
(1) |
Represents the initial principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes to be underwritten if the aggregate initial
principal amount of the Notes is $1,250,000,000. If the aggregate initial principal amount of the Notes is $1,750,000,000, the initial principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes to be underwritten will be $418,950,000, $590,900,000, $482,790,000 and $128,250,000, respectively.
|
Underwriting Discount and Commissions
|
Net Proceeds to the Depositor(1)
|
Selling Concessions Not to Exceed(2)
|
Reallowance Not to Exceed
|
||||
Class A-1 Notes
|
____%
|
____%
|
____%
|
____%
|
|||
Class A-2 Notes
|
____%
|
____%
|
____%
|
____%
|
|||
Class A-3 Notes
|
____%
|
____%
|
____%
|
____%
|
|||
Class A-4 Notes
|
____%
|
____%
|
____%
|
____%
|
|||
Total for the Notes
|
$_________
|
$_________
|
(1) |
Before deducting expenses estimated to be $1,000,000.
|
(2) |
In the event of possible sales to affiliates, one or more of the underwriters may be required to forego a de minimis portion of the selling concession they would otherwise be
entitled to receive.
|
(a) |
the expression “retail investor” means a person who is one (or more) of the following:
|
(i) |
a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or
|
(ii) |
a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or
|
(iii) |
not a qualified investor as defined in Regulation (EU) 2017/1129; and
|
(b) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to
decide to purchase or subscribe for the Notes.
|
(a) |
it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”)) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuing
Entity or the Depositor; and
|
(b) |
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.
|
60-Day Delinquent Receivable
|
75
|
AAA
|
80
|
ABS
|
84
|
ABS Tables
|
84
|
Adjusted Pool Balance
|
112
|
Administration Agreement
|
47
|
Administrative Purchase Payment
|
79
|
Administrative Receivable
|
79
|
Administrator
|
47
|
Affected Investors
|
149
|
Agencies
|
136
|
APR
|
10, 11
|
ARR Receivables
|
76
|
Asset Representations Review
|
75
|
Asset Representations Review Agreement
|
59
|
Asset Representations Reviewer
|
59
|
Available Collections
|
111
|
Bankruptcy Code
|
131
|
Beneficial Owners
|
104
|
Budget Act
|
141
|
Business Day
|
98
|
Certificate
|
46
|
Certificateholders
|
46
|
CFPB
|
135
|
Class A Notes
|
47
|
Class A-1 Final Scheduled Payment Date
|
100
|
Class A‑1 Notes
|
46
|
Class A-2 Final Scheduled Payment Date
|
100
|
Class A‑2 Notes
|
46
|
Class A-3 Final Scheduled Payment Date
|
100
|
Class A‑3 Notes
|
46
|
Class A-4 Final Scheduled Payment Date
|
100
|
Class A‑4 Notes
|
46
|
Class B Final Scheduled Payment Date
|
100
|
Class B Notes
|
46
|
Clayton
|
59
|
Clearstream
|
104, A-1
|
Clearstream Participants
|
106
|
Closing Date
|
48
|
Code
|
103
|
Collection Account
|
117
|
Collection Period
|
110
|
Consent Orders
|
136
|
Controlling Class
|
82
|
Converted Electronic Contracts
|
52
|
Covered Entities
|
135
|
CRR
|
149
|
Customary Servicing Practices
|
53
|
Cutoff Date
|
48
|
Dealer Agreements
|
50
|
Dealer Recourse
|
47
|
Dealers
|
47
|
Defaulted Receivable
|
111
|
Definitive Certificate
|
108
|
Definitive Notes
|
108
|
Definitive Securities
|
108
|
Delinquency Trigger
|
75
|
Delinquency Trigger Percentage
|
77
|
Depositor
|
46
|
Depository
|
104
|
Determination Date
|
110
|
Dodd-Frank Act
|
132
|
DSTs
|
56
|
DTC
|
104, A-1
|
DTC Participants
|
104
|
DTCC
|
107
|
E.U. Securitization Regulation
|
149
|
Eligible Deposit Account
|
121
|
Eligible Institution
|
121
|
Eligible Investments
|
120
|
ERISA
|
138
|
Euroclear
|
104, A-1
|
Euroclear Participants
|
106
|
European Securitization Rules
|
149
|
Event of Default
|
101
|
Excess Payment
|
120
|
Exchange Act
|
51
|
FATCA
|
145
|
FDIC
|
120
|
FDIC Counsel
|
133
|
FDIC Counsel Opinion
|
133
|
Federal Reserve
|
137
|
Final Rule
|
134
|
Final Scheduled Payment Date
|
100
|
Financed Vehicles
|
48
|
FINRA
|
148
|
First Priority Principal Distribution Amount
|
111
|
Foreign Owner
|
143
|
FSMA
|
150
|
FSOC
|
136
|
FTC Rule
|
135
|
Global Notes
|
A-1
|
HDC Rule
|
135
|
Indenture
|
46
|
Indenture Trustee
|
46
|
Initial Asset-Level Data
|
71
|
Insolvency Event
|
123
|
Insolvency Laws
|
131
|
Interest Period
|
98
|
Interest Rate
|
98
|
Investment Earnings
|
121
|
Issuing Entity
|
46
|
Mazda
|
50
|
MiFID II
|
149
|
Non-U.S. Person
|
A-4
|
Note Owners
|
142
|
Noteholders
|
46
|
Notes
|
47
|
Obligor
|
47
|
OID
|
140
|
OID regulations
|
142
|
OLA
|
132
|
Original Electronic Contracts
|
53
|
Overcollateralization Target Amount
|
112
|
Owner Trustee
|
46
|
Payment Date
|
98
|
Plan
|
138
|
Pool Balance
|
111
|
Pool Factor
|
98
|
Prepayment Assumption
|
142
|
Principal Balance
|
112
|
PTCE
|
139
|
Rating Agency
|
100
|
Receivables
|
48
|
Receivables Purchase Agreement
|
47
|
Redemption Price
|
122
|
Registration Statement
|
55
|
Regular Principal Distribution Amount
|
112
|
Regulation
|
139
|
Related Documents
|
103
|
Requesting Noteholders
|
75
|
Required Rate
|
85
|
Reserve Account
|
114
|
Retained Notes
|
148
|
RMBS
|
56
|
Rule 193 Information
|
71
|
Sale and Servicing Agreement
|
47
|
Sample
|
71
|
Scheduled Payments
|
62
|
SCRA
|
54
|
SEC
|
55
|
Second Priority Principal Distribution Amount
|
112
|
Securities
|
47
|
Securities Act
|
108
|
Securityholders
|
47
|
Servicer
|
47
|
Servicer Default
|
122
|
Servicing Fee
|
59
|
Short-Term Note
|
142
|
SIFIs
|
136
|
Similar Law
|
139
|
Simple Interest Receivables
|
61
|
Specified Reserve Account Balance
|
114
|
Sponsor
|
47
|
Student Loans
|
56
|
Supplemental Servicing Fee
|
59
|
TAFR LLC
|
46
|
Tax Counsel
|
140
|
Tax Cuts and Jobs Act
|
140
|
Terms and Conditions
|
108
|
TFSC
|
50
|
TFSS USA
|
61
|
TIA
|
58
|
TMC
|
50
|
TMCC
|
7
|
TMIS
|
50
|
Total Servicing Fee
|
119
|
Transfer and Servicing Agreements
|
57
|
Transfer Notice
|
117
|
Trust Accounts
|
120
|
Trust Agreement
|
46
|
Trust Estate
|
48
|
U.S. Bank
|
55
|
U.S. Person
|
144, A-4
|
U.S. Retained Interest
|
51
|
U.S.A.
|
50
|
UCC
|
114
|
Underwriters
|
146
|
Underwritten Notes
|
147
|
Verified Note Owner
|
75
|
Warranty Purchase Payment
|
79
|
Warranty Receivable
|
79
|
weighted average life
|
83
|
WTNA
|
55
|
Yield Supplement Overcollateralization Amount
|
116
|
Original Summary Characteristics
by Prior Securitization:
|
TAOT 2015-A
|
TAOT 2015-B
|
TAOT 2015-C
|
TAOT 2016-A
|
||||||||||||
Number of Pool Assets
|
96,067
|
80,216
|
113,017
|
75,279
|
||||||||||||
Original Pool Balance
|
$
|
1,598,310,293.48
|
$
|
1,325,639,344.01
|
$
|
1,852,012,326.06
|
$
|
1,331,797,102.57
|
||||||||
Average Loan Balance
|
$
|
16,637.45
|
$
|
16,525.87
|
$
|
16,387.02
|
$
|
17,691.48
|
||||||||
Weighted Average Interest Rate
|
1.97
|
%
|
2.03
|
%
|
2.10
|
%
|
2.00
|
%
|
||||||||
Weighted Average Original Term
|
61 months
|
61 months
|
62 months
|
62 months
|
||||||||||||
Weighted Average Remaining Term
|
46 months
|
46 months
|
46 months
|
47 months
|
||||||||||||
Weighted Average FICO® Score(1)
|
757
|
757
|
755
|
757
|
||||||||||||
Minimum FICO® Score(1)
|
620
|
620
|
620
|
620
|
||||||||||||
Maximum FICO® Score(1)
|
886
|
883
|
885
|
883
|
||||||||||||
Geographic Distribution of Receivables representing the 5 states with the greatest aggregate original principal balance:
|
||||||||||||||||
CA - 23.2%
|
CA - 24.0%
|
CA - 24.3%
|
CA - 25.1%
|
|||||||||||||
TX - 13.7%
|
TX - 13.7%
|
TX - 14.3%
|
TX - 15.4%
|
|||||||||||||
IL - 4.7%
|
IL - 4.8%
|
IL - 4.8%
|
IL - 4.5%
|
|||||||||||||
PA - 4.3%
|
PA - 4.0%
|
PA - 4.0%
|
PA - 4.1%
|
|||||||||||||
VA - 4.0%
|
NJ - 3.9%
|
VA - 3.8%
|
NY - 3.8%
|
|||||||||||||
Distribution of Receivables by Contract Rate(2):
|
||||||||||||||||
Less than 2.00%
|
63.42
|
%
|
62.81
|
%
|
61.50
|
%
|
62.39
|
%
|
||||||||
2.00%-3.99%
|
21.87
|
%
|
22.22
|
%
|
22.38
|
%
|
22.01
|
%
|
||||||||
4.00%-5.99%
|
9.16
|
%
|
9.23
|
%
|
9.86
|
%
|
9.57
|
%
|
||||||||
6.00%-7.99%
|
3.13
|
%
|
3.25
|
%
|
3.58
|
%
|
3.67
|
%
|
||||||||
8.00%-9.99%
|
1.37
|
%
|
1.45
|
%
|
1.56
|
%
|
1.71
|
%
|
||||||||
10.00%-11.99%
|
0.58
|
%
|
0.56
|
%
|
0.63
|
%
|
0.56
|
%
|
||||||||
12.00%-13.99%
|
0.20
|
%
|
0.17
|
%
|
0.20
|
%
|
0.09
|
%
|
||||||||
14.00%-15.99%
|
0.18
|
%
|
0.20
|
%
|
0.20
|
%
|
0.00
|
%
|
||||||||
16.00% and greater
|
0.08
|
%
|
0.11
|
%
|
0.09
|
%
|
0.00
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Vehicle Type(2):
|
||||||||||||||||
Percentage of Cars
|
51.57
|
%
|
51.60
|
%
|
50.93
|
%
|
49.06
|
%
|
||||||||
Percentage of Minivans
|
8.08
|
%
|
7.80
|
%
|
7.60
|
%
|
8.00
|
%
|
||||||||
Percentage of Light-Duty Trucks
|
11.32
|
%
|
11.52
|
%
|
12.40
|
%
|
13.45
|
%
|
||||||||
Percentage of Sport Utility Vehicles
|
29.03
|
%
|
29.08
|
%
|
29.06
|
%
|
29.49
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Make(2):
|
||||||||||||||||
Percentage of Toyota Vehicles
|
85.92
|
%
|
85.52
|
%
|
85.64
|
%
|
86.76
|
%
|
||||||||
Percentage of Lexus Vehicles
|
14.08
|
%
|
14.48
|
%
|
14.36
|
%
|
13.24
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Share of Original Assets:
|
||||||||||||||||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Monthly Payments Greater Than 60 Months
|
24.74
|
%
|
26.08
|
%
|
28.82
|
%
|
29.41
|
%
|
||||||||
Percentage of Used Vehicles
|
19.44
|
%
|
19.61
|
%
|
19.56
|
%
|
18.92
|
%
|
Original Summary Characteristics
by Prior Securitization:
|
TAOT 2016-B
|
TAOT 2016-C
|
TAOT 2016-D
|
TAOT 2017-A
|
||||||||||||
Number of Pool Assets
|
100,329
|
79,847
|
77,139
|
93,151
|
||||||||||||
Original Pool Balance
|
$
|
1,702,881,151.52
|
$
|
1,327,630,184.94
|
$
|
1,327,874,627.72
|
$
|
1,610,505,281.69
|
||||||||
Average Loan Balance
|
$
|
16,972.97
|
$
|
16,627.18
|
$
|
17,214.05
|
$
|
17,289.19
|
||||||||
Weighted Average Interest Rate
|
2.11
|
%
|
2.20
|
%
|
2.23
|
%
|
2.20
|
%
|
||||||||
Weighted Average Original Term
|
62 months
|
62 months
|
62 months
|
63 months
|
||||||||||||
Weighted Average Remaining Term
|
47 months
|
47 months
|
48 months
|
48 months
|
||||||||||||
Weighted Average FICO® Score(1)
|
755
|
755
|
755
|
757
|
||||||||||||
Minimum FICO® Score(1)
|
620
|
620
|
620
|
620
|
||||||||||||
Maximum FICO® Score(1)
|
883
|
883
|
886
|
900
|
||||||||||||
Geographic Distribution of Receivables representing the 5 states with the greatest aggregate original principal balance:
|
||||||||||||||||
CA - 24.7%
|
CA - 24.8%
|
CA - 24.6%
|
CA - 24.1%
|
|||||||||||||
TX - 15.5%
|
TX - 16.3%
|
TX - 16.3%
|
TX - 16.3%
|
|||||||||||||
IL - 4.7%
|
IL - 4.5%
|
IL - 4.6%
|
IL - 4.5%
|
|||||||||||||
PA - 4.0%
|
PA - 3.9%
|
PA - 3.9%
|
NJ - 4.1%
|
|||||||||||||
NJ - 3.8%
|
NJ - 3.7%
|
NJ - 3.9%
|
PA - 4.0%
|
|||||||||||||
Distribution of Receivables by Contract Rate(2):
|
||||||||||||||||
Less than 2.00%
|
60.76
|
%
|
57.93
|
%
|
57.70
|
%
|
57.96
|
%
|
||||||||
2.00%-3.99%
|
22.69
|
%
|
24.54
|
%
|
24.33
|
%
|
24.60
|
%
|
||||||||
4.00%-5.99%
|
9.58
|
%
|
10.32
|
%
|
10.40
|
%
|
10.16
|
%
|
||||||||
6.00%-7.99%
|
3.78
|
%
|
3.90
|
%
|
4.24
|
%
|
4.10
|
%
|
||||||||
8.00%-9.99%
|
1.97
|
%
|
2.06
|
%
|
2.13
|
%
|
2.05
|
%
|
||||||||
10.00%-11.99%
|
0.86
|
%
|
0.89
|
%
|
0.88
|
%
|
0.87
|
%
|
||||||||
12.00%-13.99%
|
0.25
|
%
|
0.25
|
%
|
0.23
|
%
|
0.20
|
%
|
||||||||
14.00%-15.99%
|
0.08
|
%
|
0.07
|
%
|
0.06
|
%
|
0.04
|
%
|
||||||||
16.00% and greater
|
0.04
|
%
|
0.04
|
%
|
0.03
|
%
|
0.02
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Vehicle Type(2):
|
||||||||||||||||
Percentage of Cars
|
48.63
|
%
|
48.31
|
%
|
47.55
|
%
|
45.50
|
%
|
||||||||
Percentage of Minivans
|
7.82
|
%
|
7.87
|
%
|
7.82
|
%
|
8.04
|
%
|
||||||||
Percentage of Light-Duty Trucks
|
13.77
|
%
|
13.66
|
%
|
13.65
|
%
|
13.01
|
%
|
||||||||
Percentage of Sport Utility Vehicles
|
29.78
|
%
|
30.15
|
%
|
30.98
|
%
|
33.44
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Make(2):
|
||||||||||||||||
Percentage of Toyota Vehicles
|
86.61
|
%
|
86.59
|
%
|
86.26
|
%
|
85.70
|
%
|
||||||||
Percentage of Lexus Vehicles
|
13.39
|
%
|
13.41
|
%
|
13.74
|
%
|
14.30
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Share of Original Assets:
|
||||||||||||||||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Monthly Payments Greater Than 60 Months
|
29.22
|
%
|
31.11
|
%
|
30.75
|
%
|
34.58
|
%
|
||||||||
Percentage of Used Vehicles
|
19.40
|
%
|
20.09
|
%
|
21.08
|
%
|
21.40
|
%
|
Original Summary Characteristics
by Prior Securitization:
|
TAOT 2017-B
|
TAOT 2017-C
|
TAOT 2017-D
|
TAOT 2018-A
|
||||||||||||
Number of Pool Assets
|
106,118
|
102,754
|
106,107
|
105,677
|
||||||||||||
Original Pool Balance
|
$
|
1,884,009,090.55
|
$
|
1,889,438,548.44
|
$
|
1,903,254,413.53
|
$
|
1,914,792,886.79
|
||||||||
Average Loan Balance
|
$
|
17,753.91
|
$
|
18,387.98
|
$
|
17,937.12
|
$
|
18,119.30
|
||||||||
Weighted Average Interest Rate
|
2.17
|
%
|
2.09
|
%
|
2.12
|
%
|
2.15
|
%
|
||||||||
Weighted Average Original Term
|
64 months
|
64 months
|
65 months
|
65 months
|
||||||||||||
Weighted Average Remaining Term
|
49 months
|
50 months
|
50 months
|
50 months
|
||||||||||||
Weighted Average FICO® Score(1)
|
758
|
760
|
760
|
761
|
||||||||||||
Minimum FICO® Score(1)
|
620
|
620
|
620
|
620
|
||||||||||||
Maximum FICO® Score(1)
|
900
|
900
|
900
|
900
|
||||||||||||
Geographic Distribution of Receivables representing the 5 states with the greatest aggregate original principal balance:
|
||||||||||||||||
CA - 23.6%
|
CA - 23.9%
|
CA - 25.8%
|
CA - 24.4%
|
|||||||||||||
TX - 16.1%
|
TX - 15.9%
|
TX - 10.9%
|
TX - 15.1%
|
|||||||||||||
IL - 4.7%
|
IL - 4.6%
|
IL - 4.7%
|
IL - 4.4%
|
|||||||||||||
PA - 4.0%
|
NJ - 4.1%
|
NJ - 4.4%
|
PA - 4.2%
|
|||||||||||||
NY- 3.9%
|
PA - 3.9%
|
PA- 4.4%
|
NJ - 4.0%
|
|||||||||||||
Distribution of Receivables by Contract Rate(2):
|
||||||||||||||||
Less than 2.00%
|
58.12
|
%
|
58.96
|
%
|
58.12
|
%
|
56.67
|
%
|
||||||||
2.00%-3.99%
|
25.23
|
%
|
25.80
|
%
|
26.47
|
%
|
27.25
|
%
|
||||||||
4.00%-5.99%
|
9.70
|
%
|
9.06
|
%
|
9.36
|
%
|
10.25
|
%
|
||||||||
6.00%-7.99%
|
3.89
|
%
|
3.36
|
%
|
3.22
|
%
|
3.17
|
%
|
||||||||
8.00%-9.99%
|
1.91
|
%
|
1.88
|
%
|
1.81
|
%
|
1.66
|
%
|
||||||||
10.00%-11.99%
|
0.88
|
%
|
0.73
|
%
|
0.74
|
%
|
0.76
|
%
|
||||||||
12.00%-13.99%
|
0.23
|
%
|
0.16
|
%
|
0.22
|
%
|
0.20
|
%
|
||||||||
14.00%-15.99%
|
0.03
|
%
|
0.03
|
%
|
0.03
|
%
|
0.02
|
%
|
||||||||
16.00% and greater
|
0.01
|
%
|
0.02
|
%
|
0.01
|
%
|
0.00
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Vehicle Type(2):
|
||||||||||||||||
Percentage of Cars
|
45.10
|
%
|
44.49
|
%
|
44.45
|
%
|
43.83
|
%
|
||||||||
Percentage of Minivans
|
7.50
|
%
|
7.13
|
%
|
7.42
|
%
|
6.81
|
%
|
||||||||
Percentage of Light-Duty Trucks
|
12.40
|
%
|
11.92
|
%
|
11.64
|
%
|
11.88
|
%
|
||||||||
Percentage of Sport Utility Vehicles
|
35.00
|
%
|
36.46
|
%
|
36.49
|
%
|
37.48
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Make(2):
|
||||||||||||||||
Percentage of Toyota Vehicles
|
84.72
|
%
|
84.80
|
%
|
86.02
|
%
|
85.69
|
%
|
||||||||
Percentage of Lexus Vehicles
|
15.28
|
%
|
15.20
|
%
|
13.98
|
%
|
14.31
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Share of Original Assets:
|
||||||||||||||||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Monthly Payments Greater Than 60 Months
|
38.87
|
%
|
42.48
|
%
|
45.27
|
%
|
50.29
|
%
|
||||||||
Percentage of Used Vehicles
|
21.42
|
%
|
21.47
|
%
|
21.82
|
%
|
21.39
|
%
|
Original Summary Characteristics
by Prior Securitization:
|
TAOT 2018-B
|
TAOT 2018-C
|
TAOT 2018-D
|
TAOT 2019-A
|
||||||||||||
Number of Pool Assets
|
94,829
|
109,467
|
73,125
|
101,380
|
||||||||||||
Original Pool Balance
|
$
|
1,767,851,358.52
|
$
|
2,101,423,565.52
|
$
|
1,390,010,109.85
|
$
|
1,930,929,363.46
|
||||||||
Average Loan Balance
|
$
|
18,642.52
|
$
|
19,196.87
|
$
|
19,008.69
|
$
|
19,046.45
|
||||||||
Weighted Average Interest Rate
|
2.15
|
%
|
2.14
|
%
|
2.13
|
%
|
2.32
|
%
|
||||||||
Weighted Average Original Term
|
66 months
|
66 months
|
66 months
|
66 months
|
||||||||||||
Weighted Average Remaining Term
|
51 months
|
52 months
|
51 months
|
51 months
|
||||||||||||
Weighted Average FICO® Score(1)
|
761
|
761
|
762
|
762
|
||||||||||||
Minimum FICO® Score(1)
|
620
|
620
|
620
|
620
|
||||||||||||
Maximum FICO® Score(1)
|
900
|
900
|
900
|
900
|
||||||||||||
Geographic Distribution of Receivables representing the 5 states with the greatest aggregate original principal balance:
|
||||||||||||||||
CA - 24.5%
|
CA - 24.7%
|
CA - 23.5%
|
CA - 23.9%
|
|||||||||||||
TX - 14.7%
|
TX - 15.7%
|
TX - 15.4%
|
TX - 15.3%
|
|||||||||||||
IL - 4.6%
|
IL - 4.4%
|
IL - 4.3%
|
IL - 4.6%
|
|||||||||||||
PA - 4.3%
|
PA - 4.2%
|
PA - 4.1%
|
PA - 4.0%
|
|||||||||||||
NJ - 4.0%
|
NJ - 3.8%
|
VA - 3.8%
|
VA - 3.8%
|
|||||||||||||
Distribution of Receivables by Contract Rate(2):
|
||||||||||||||||
Less than 2.00%
|
57.27
|
%
|
58.86
|
%
|
60.89
|
%
|
57.41
|
%
|
||||||||
2.00%-3.99%
|
26.44
|
%
|
24.84
|
%
|
23.29
|
%
|
24.22
|
%
|
||||||||
4.00%-5.99%
|
10.46
|
%
|
10.68
|
%
|
10.31
|
%
|
11.70
|
%
|
||||||||
6.00%-7.99%
|
3.17
|
%
|
3.09
|
%
|
3.06
|
%
|
3.84
|
%
|
||||||||
8.00%-9.99%
|
1.67
|
%
|
1.55
|
%
|
1.43
|
%
|
1.67
|
%
|
||||||||
10.00%-11.99%
|
0.76
|
%
|
0.74
|
%
|
0.73
|
%
|
0.77
|
%
|
||||||||
12.00%-13.99%
|
0.21
|
%
|
0.21
|
%
|
0.23
|
%
|
0.30
|
%
|
||||||||
14.00%-15.99%
|
0.02
|
%
|
0.03
|
%
|
0.05
|
%
|
0.05
|
%
|
||||||||
16.00% and greater
|
0.01
|
%
|
0.00
|
%
|
0.01
|
%
|
0.01
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Vehicle Type(2):
|
||||||||||||||||
Percentage of Cars
|
42.06
|
%
|
41.45
|
%
|
40.79
|
%
|
40.19
|
%
|
||||||||
Percentage of Minivans
|
6.44
|
%
|
6.34
|
%
|
5.88
|
%
|
5.79
|
%
|
||||||||
Percentage of Light-Duty Trucks
|
12.64
|
%
|
13.38
|
%
|
14.82
|
%
|
16.00
|
%
|
||||||||
Percentage of Sport Utility Vehicles
|
38.86
|
%
|
38.84
|
%
|
38.50
|
%
|
38.03
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Distribution of Receivables by Make(2):
|
||||||||||||||||
Percentage of Toyota Vehicles
|
87.20
|
%
|
87.72
|
%
|
88.92
|
%
|
89.45
|
%
|
||||||||
Percentage of Lexus Vehicles
|
12.80
|
%
|
12.28
|
%
|
11.08
|
%
|
10.55
|
%
|
||||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||||
Share of Original Assets:
|
||||||||||||||||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Monthly Payments Greater Than 60 Months
|
54.10
|
%
|
56.39
|
%
|
56.17
|
%
|
55.51
|
%
|
||||||||
Percentage of Used Vehicles
|
19.98
|
%
|
19.14
|
%
|
17.97
|
%
|
17.64
|
%
|
Original Summary Characteristics
by Prior Securitization:
|
TAOT 2019-B
|
TAOT 2019-C
|
TAOT 2019-D
|
|||||||||
Number of Pool Assets
|
102,324
|
72,045
|
99,197
|
|||||||||
Original Pool Balance
|
$
|
1,907,216,811.97
|
$
|
1,344,769,909.63
|
$
|
1,872,859,970.50
|
||||||
Average Loan Balance
|
$
|
18,639.00
|
$
|
18,665.69
|
$
|
18,880.21
|
||||||
Weighted Average Interest Rate
|
2.56
|
%
|
2.74
|
%
|
2.98
|
%
|
||||||
Weighted Average Original Term
|
66 months
|
66 months
|
66 months
|
|||||||||
Weighted Average Remaining Term
|
50 months
|
50 months
|
50 months
|
|||||||||
Weighted Average FICO® Score(1)
|
761
|
762
|
766
|
|||||||||
Minimum FICO® Score(1)
|
620
|
620
|
620
|
|||||||||
Maximum FICO® Score(1)
|
900
|
900
|
900
|
|||||||||
Geographic Distribution of Receivables representing the 5 states with the greatest aggregate original principal balance:
|
||||||||||||
CA - 24.7%
|
CA - 24.8%
|
CA - 25.0%
|
||||||||||
TX - 14.6%
|
TX - 14.8%
|
TX - 14.9%
|
||||||||||
IL - 4.7%
|
IL - 4.8%
|
IL - 4.9%
|
||||||||||
PA - 4.0%
|
PA - 4.0%
|
PA - 3.9%
|
||||||||||
VA - 3.7%
|
VA - 3.6%
|
VA - 3.5%
|
||||||||||
Distribution of Receivables by Contract Rate(2):
|
||||||||||||
Less than 2.00%
|
52.99
|
%
|
50.71
|
%
|
47.41
|
%
|
||||||
2.00%-3.99%
|
25.69
|
%
|
24.81
|
%
|
24.73
|
%
|
||||||
4.00%-5.99%
|
13.35
|
%
|
15.33
|
%
|
17.46
|
%
|
||||||
6.00%-7.99%
|
4.67
|
%
|
5.74
|
%
|
6.41
|
%
|
||||||
8.00%-9.99%
|
1.88
|
%
|
1.93
|
%
|
2.21
|
%
|
||||||
10.00%-11.99%
|
0.96
|
%
|
0.99
|
%
|
1.09
|
%
|
||||||
12.00%-13.99%
|
0.32
|
%
|
0.36
|
%
|
0.51
|
%
|
||||||
14.00%-15.99%
|
0.11
|
%
|
0.12
|
%
|
0.13
|
%
|
||||||
16.00% and greater
|
0.02
|
%
|
0.03
|
%
|
0.00
|
%
|
||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||
Distribution of Receivables by Vehicle Type(2):
|
||||||||||||
Percentage of Cars
|
39.10
|
%
|
37.82
|
%
|
36.27
|
%
|
||||||
Percentage of Minivans
|
5.55
|
%
|
5.31
|
%
|
5.40
|
%
|
||||||
Percentage of Light-Duty Trucks
|
16.57
|
%
|
17.29
|
%
|
18.05
|
%
|
||||||
Percentage of Sport Utility Vehicles
|
38.78
|
%
|
39.58
|
%
|
40.28
|
%
|
||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||
Distribution of Receivables by Make(2):
|
||||||||||||
Percentage of Toyota Vehicles
|
89.02
|
%
|
87.87
|
%
|
86.99
|
%
|
||||||
Percentage of Lexus Vehicles
|
10.98
|
%
|
12.13
|
%
|
13.01
|
%
|
||||||
Total
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
||||||
Share of Original Assets:
|
||||||||||||
Percentage of Total Principal Balance Consisting of Receivables with Original Scheduled Monthly Payments Greater Than 60 Months
|
55.07
|
%
|
55.30
|
%
|
54.33
|
%
|
||||||
Percentage of Used Vehicles
|
18.24
|
%
|
18.97
|
%
|
20.34
|
%
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,484,836,555.66
|
3,276,678.09
|
216
|
622,825.80
|
28
|
2,059.97
|
1
|
0.04%
|
2
|
1,428,223,060.92
|
4,579,906.01
|
267
|
563,235.53
|
30
|
365,360.38
|
16
|
0.07%
|
3
|
1,375,206,516.09
|
5,338,121.41
|
334
|
704,971.52
|
39
|
270,099.53
|
16
|
0.07%
|
4
|
1,319,918,780.93
|
5,344,439.92
|
329
|
819,118.44
|
53
|
375,717.20
|
19
|
0.09%
|
5
|
1,265,357,685.60
|
6,059,916.45
|
378
|
775,589.22
|
52
|
400,964.30
|
24
|
0.09%
|
6
|
1,214,161,555.01
|
5,772,564.86
|
369
|
1,147,465.59
|
74
|
351,513.44
|
23
|
0.12%
|
7
|
1,164,436,811.19
|
6,570,408.45
|
415
|
1,267,052.43
|
70
|
541,104.09
|
36
|
0.16%
|
8
|
1,116,052,794.63
|
6,916,166.30
|
446
|
1,159,071.60
|
66
|
525,166.62
|
30
|
0.15%
|
9
|
1,071,242,157.97
|
7,346,635.70
|
466
|
1,579,354.33
|
95
|
572,205.43
|
30
|
0.20%
|
10
|
1,022,666,767.15
|
7,432,982.81
|
517
|
1,547,351.09
|
93
|
626,748.38
|
39
|
0.21%
|
11
|
979,011,172.53
|
8,035,827.28
|
527
|
1,607,512.04
|
113
|
793,710.75
|
50
|
0.25%
|
12
|
933,871,309.60
|
7,050,344.97
|
460
|
1,356,767.79
|
90
|
555,464.70
|
39
|
0.20%
|
13
|
887,543,123.88
|
6,317,515.47
|
427
|
1,158,089.24
|
69
|
508,941.46
|
35
|
0.19%
|
14
|
845,839,971.16
|
6,113,871.44
|
423
|
1,032,106.26
|
71
|
460,186.13
|
26
|
0.18%
|
15
|
804,238,725.92
|
6,374,676.61
|
467
|
958,330.82
|
65
|
407,685.86
|
27
|
0.17%
|
16
|
762,417,172.92
|
5,720,001.64
|
410
|
1,257,288.10
|
93
|
353,935.15
|
26
|
0.21%
|
17
|
724,500,121.13
|
6,988,446.42
|
524
|
1,392,436.66
|
94
|
479,090.66
|
37
|
0.26%
|
18
|
684,199,986.00
|
6,080,888.94
|
471
|
1,216,944.76
|
94
|
595,674.11
|
40
|
0.26%
|
19
|
646,273,970.81
|
6,432,151.36
|
494
|
1,137,274.21
|
91
|
484,303.44
|
35
|
0.25%
|
20
|
610,862,277.54
|
6,132,688.45
|
490
|
1,127,060.60
|
87
|
462,542.43
|
36
|
0.26%
|
21
|
576,379,306.74
|
6,295,128.29
|
491
|
1,301,937.19
|
100
|
270,909.82
|
28
|
0.27%
|
22
|
544,181,501.78
|
6,697,145.57
|
561
|
1,595,578.45
|
118
|
528,346.07
|
38
|
0.39%
|
23
|
511,501,484.64
|
5,642,626.52
|
512
|
1,348,936.82
|
113
|
644,136.70
|
46
|
0.39%
|
24
|
481,556,454.25
|
5,090,378.12
|
443
|
1,078,093.14
|
95
|
649,979.81
|
52
|
0.36%
|
25
|
448,793,814.68
|
3,895,532.42
|
377
|
882,613.82
|
72
|
204,335.48
|
22
|
0.24%
|
26
|
421,053,669.73
|
4,240,964.14
|
401
|
840,593.94
|
76
|
438,098.02
|
34
|
0.30%
|
27
|
391,712,858.74
|
4,112,490.86
|
385
|
753,109.93
|
71
|
237,710.07
|
24
|
0.25%
|
28
|
364,627,188.86
|
3,948,395.55
|
379
|
795,346.15
|
82
|
155,045.96
|
15
|
0.26%
|
29
|
339,704,020.38
|
4,034,000.78
|
414
|
895,489.79
|
78
|
298,637.16
|
30
|
0.35%
|
30
|
314,725,186.42
|
3,439,812.89
|
369
|
963,722.22
|
86
|
245,777.40
|
26
|
0.38%
|
31
|
291,991,484.59
|
3,407,694.63
|
367
|
869,226.57
|
91
|
242,370.83
|
28
|
0.38%
|
32
|
269,153,751.49
|
3,444,461.59
|
382
|
667,778.79
|
73
|
283,308.58
|
31
|
0.35%
|
33
|
248,798,630.30
|
3,093,300.89
|
351
|
817,788.29
|
92
|
209,464.21
|
24
|
0.41%
|
34
|
229,493,043.83
|
3,979,714.84
|
473
|
804,895.41
|
94
|
169,180.00
|
25
|
0.42%
|
35
|
210,177,862.96
|
3,183,286.40
|
388
|
732,037.54
|
82
|
232,547.20
|
27
|
0.46%
|
36
|
192,637,441.15
|
2,688,704.34
|
330
|
688,670.30
|
87
|
162,618.03
|
22
|
0.44%
|
37
|
174,442,814.99
|
2,522,458.14
|
322
|
454,913.92
|
63
|
158,767.00
|
22
|
0.35%
|
38
|
158,108,026.13
|
1,826,106.41
|
249
|
532,829.02
|
68
|
113,226.79
|
15
|
0.41%
|
39
|
142,630,109.48
|
2,178,408.77
|
297
|
395,045.32
|
58
|
114,429.16
|
15
|
0.36%
|
40
|
128,436,658.65
|
1,960,158.71
|
271
|
490,244.83
|
70
|
90,414.39
|
16
|
0.45%
|
41
|
114,509,511.56
|
1,698,513.24
|
253
|
458,141.53
|
65
|
151,165.62
|
25
|
0.53%
|
42
|
101,462,144.80
|
1,728,639.19
|
247
|
400,987.86
|
64
|
142,513.79
|
18
|
0.54%
|
43
|
90,584,476.44
|
1,905,645.61
|
278
|
460,825.58
|
68
|
78,929.35
|
15
|
0.60%
|
44
|
79,358,535.85
|
1,375,161.88
|
226
|
333,775.77
|
55
|
97,093.38
|
19
|
0.54%
|
45
|
69,512,640.93
|
1,346,833.10
|
223
|
288,846.52
|
45
|
101,846.71
|
17
|
0.56%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,229,132,987.44
|
5,281,101.53
|
316
|
933,748.62
|
47
|
20,782.04
|
1
|
0.08%
|
2
|
1,181,417,525.84
|
5,296,709.03
|
314
|
1,048,496.98
|
61
|
639,669.12
|
33
|
0.14%
|
3
|
1,136,791,264.15
|
5,702,352.54
|
350
|
1,095,329.18
|
63
|
497,730.51
|
28
|
0.14%
|
4
|
1,092,003,405.77
|
5,837,207.99
|
365
|
1,184,249.17
|
63
|
561,542.02
|
30
|
0.16%
|
5
|
1,047,752,707.30
|
7,061,730.33
|
440
|
1,325,053.94
|
84
|
380,919.86
|
21
|
0.16%
|
6
|
1,007,872,914.60
|
6,452,687.05
|
403
|
1,313,528.76
|
80
|
673,730.56
|
39
|
0.20%
|
7
|
964,623,057.97
|
6,990,102.88
|
455
|
1,919,739.67
|
100
|
751,425.93
|
46
|
0.28%
|
8
|
924,972,226.50
|
7,436,756.75
|
484
|
1,685,208.91
|
99
|
976,299.44
|
49
|
0.29%
|
9
|
885,385,330.82
|
5,867,671.52
|
377
|
1,248,700.74
|
87
|
518,369.94
|
32
|
0.20%
|
10
|
844,660,939.30
|
5,601,733.54
|
365
|
1,179,768.65
|
67
|
505,341.08
|
40
|
0.20%
|
11
|
807,370,731.15
|
5,224,715.70
|
361
|
1,206,131.61
|
71
|
490,685.07
|
27
|
0.21%
|
12
|
770,099,624.47
|
5,963,991.56
|
410
|
1,215,065.64
|
81
|
463,205.35
|
30
|
0.22%
|
13
|
732,856,254.31
|
5,415,107.87
|
373
|
1,157,174.12
|
76
|
473,926.94
|
33
|
0.22%
|
14
|
698,221,382.41
|
5,761,956.49
|
424
|
1,294,164.11
|
84
|
405,362.74
|
31
|
0.24%
|
15
|
662,071,829.74
|
5,873,408.90
|
423
|
1,333,618.32
|
94
|
375,604.94
|
26
|
0.26%
|
16
|
628,299,400.69
|
5,819,803.17
|
429
|
1,156,819.35
|
80
|
469,107.56
|
29
|
0.26%
|
17
|
596,305,012.17
|
6,150,064.86
|
460
|
1,058,733.11
|
73
|
546,805.86
|
37
|
0.27%
|
18
|
565,400,604.92
|
5,809,001.12
|
467
|
1,405,039.16
|
95
|
309,638.86
|
23
|
0.30%
|
19
|
535,236,342.43
|
6,880,052.62
|
535
|
1,455,157.07
|
108
|
629,055.48
|
44
|
0.39%
|
20
|
504,476,544.44
|
5,458,170.08
|
438
|
1,244,502.04
|
86
|
415,647.95
|
34
|
0.33%
|
21
|
476,472,247.31
|
4,326,288.18
|
360
|
1,152,838.22
|
87
|
401,062.46
|
23
|
0.33%
|
22
|
447,251,876.83
|
3,766,706.29
|
337
|
841,781.37
|
65
|
339,532.26
|
28
|
0.26%
|
23
|
421,699,807.08
|
4,016,947.54
|
355
|
852,306.04
|
70
|
380,344.95
|
30
|
0.29%
|
24
|
394,902,354.53
|
4,248,921.45
|
381
|
833,714.98
|
71
|
325,624.41
|
26
|
0.29%
|
25
|
369,775,769.49
|
3,873,086.01
|
345
|
755,180.36
|
67
|
227,382.87
|
18
|
0.27%
|
26
|
346,239,570.67
|
4,193,819.02
|
397
|
1,112,504.48
|
82
|
284,787.19
|
26
|
0.40%
|
27
|
322,395,211.70
|
4,088,390.15
|
382
|
951,071.04
|
82
|
287,322.80
|
24
|
0.38%
|
28
|
300,846,192.77
|
3,408,789.55
|
364
|
897,226.25
|
77
|
253,391.08
|
23
|
0.38%
|
29
|
279,132,788.89
|
3,802,469.43
|
382
|
716,248.17
|
73
|
262,836.68
|
24
|
0.35%
|
30
|
260,082,818.41
|
3,239,232.83
|
352
|
809,345.42
|
79
|
259,222.00
|
27
|
0.41%
|
31
|
241,494,895.69
|
3,840,603.97
|
427
|
830,938.93
|
88
|
300,662.05
|
30
|
0.47%
|
32
|
222,657,952.61
|
2,985,435.74
|
339
|
876,643.21
|
90
|
271,301.51
|
33
|
0.52%
|
33
|
205,899,300.49
|
2,780,728.41
|
322
|
622,639.09
|
72
|
274,349.25
|
29
|
0.44%
|
34
|
188,268,288.14
|
2,568,653.95
|
291
|
383,848.25
|
59
|
134,278.00
|
18
|
0.28%
|
35
|
172,246,687.56
|
2,123,583.61
|
256
|
418,441.60
|
58
|
99,211.41
|
20
|
0.30%
|
36
|
157,060,717.27
|
1,959,443.71
|
227
|
366,876.53
|
52
|
83,083.62
|
17
|
0.29%
|
37
|
143,313,375.99
|
1,930,518.50
|
251
|
447,030.86
|
54
|
80,627.77
|
18
|
0.37%
|
38
|
129,743,729.35
|
1,890,554.08
|
237
|
521,611.07
|
62
|
95,943.85
|
13
|
0.48%
|
39
|
117,006,200.12
|
1,765,216.42
|
216
|
376,963.43
|
46
|
142,802.60
|
20
|
0.44%
|
40
|
105,981,714.32
|
1,698,804.92
|
254
|
461,988.14
|
53
|
59,830.56
|
11
|
0.49%
|
41
|
94,617,424.85
|
1,536,614.73
|
220
|
334,945.41
|
41
|
78,805.96
|
11
|
0.44%
|
42
|
84,458,790.88
|
1,438,217.94
|
219
|
343,895.08
|
42
|
114,044.24
|
11
|
0.54%
|
43
|
75,001,726.40
|
1,472,014.13
|
225
|
356,467.99
|
57
|
58,083.11
|
6
|
0.55%
|
44
|
65,897,745.08
|
1,385,240.09
|
215
|
373,046.70
|
56
|
73,258.71
|
17
|
0.68%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,717,128,312.41
|
9,401,584.62
|
567
|
1,728,162.19
|
100
|
223,949.75
|
10
|
0.11%
|
2
|
1,652,310,074.67
|
9,051,726.89
|
549
|
1,802,181.21
|
100
|
926,105.72
|
48
|
0.17%
|
3
|
1,587,920,927.64
|
9,520,844.91
|
600
|
1,967,285.45
|
108
|
739,868.30
|
46
|
0.17%
|
4
|
1,527,692,012.53
|
10,321,551.64
|
663
|
2,249,113.46
|
125
|
847,795.30
|
41
|
0.20%
|
5
|
1,463,597,334.38
|
10,701,583.63
|
676
|
2,482,193.87
|
152
|
1,095,304.35
|
57
|
0.24%
|
6
|
1,406,622,256.50
|
12,063,854.95
|
771
|
2,727,528.62
|
175
|
1,107,571.59
|
68
|
0.27%
|
7
|
1,347,660,407.77
|
8,792,557.32
|
574
|
2,029,585.34
|
131
|
860,913.40
|
53
|
0.21%
|
8
|
1,286,217,948.15
|
8,465,260.55
|
565
|
1,580,593.41
|
95
|
647,028.24
|
40
|
0.17%
|
9
|
1,230,084,350.62
|
7,943,947.80
|
530
|
1,741,442.89
|
104
|
739,909.55
|
45
|
0.20%
|
10
|
1,173,968,931.99
|
9,275,362.28
|
608
|
1,781,565.84
|
125
|
680,567.30
|
44
|
0.21%
|
11
|
1,119,805,602.36
|
9,319,908.30
|
605
|
1,936,703.73
|
132
|
774,379.47
|
54
|
0.24%
|
12
|
1,069,568,317.23
|
10,323,871.06
|
709
|
2,292,313.07
|
153
|
900,080.02
|
57
|
0.30%
|
13
|
1,015,917,694.56
|
9,288,534.95
|
633
|
2,335,108.81
|
168
|
880,583.16
|
56
|
0.32%
|
14
|
965,245,726.90
|
9,230,413.52
|
642
|
1,570,383.41
|
113
|
857,325.58
|
59
|
0.25%
|
15
|
917,764,977.07
|
9,433,450.04
|
665
|
1,962,455.17
|
139
|
689,052.45
|
50
|
0.29%
|
16
|
871,561,843.88
|
8,595,310.91
|
626
|
2,422,480.11
|
160
|
753,416.27
|
55
|
0.36%
|
17
|
826,564,974.71
|
10,634,565.89
|
775
|
2,232,001.68
|
163
|
962,067.08
|
62
|
0.39%
|
18
|
781,923,139.20
|
8,788,041.27
|
656
|
2,300,073.08
|
168
|
794,787.23
|
59
|
0.40%
|
19
|
739,815,037.59
|
7,389,088.28
|
577
|
2,001,645.71
|
154
|
721,348.21
|
51
|
0.37%
|
20
|
695,138,798.03
|
6,940,294.55
|
572
|
1,168,563.06
|
97
|
707,793.96
|
49
|
0.27%
|
21
|
656,649,451.04
|
6,990,925.81
|
553
|
1,734,262.90
|
146
|
304,342.26
|
32
|
0.31%
|
22
|
616,937,838.36
|
6,857,282.00
|
563
|
1,270,350.27
|
106
|
588,426.32
|
51
|
0.30%
|
23
|
578,602,961.97
|
6,986,086.91
|
560
|
1,418,976.85
|
116
|
460,840.25
|
39
|
0.32%
|
24
|
543,459,506.39
|
7,520,318.86
|
632
|
1,424,649.41
|
112
|
482,916.61
|
46
|
0.35%
|
25
|
507,891,191.33
|
7,090,422.70
|
602
|
1,437,242.70
|
116
|
505,274.38
|
42
|
0.38%
|
26
|
475,348,245.68
|
6,540,299.88
|
588
|
1,637,747.59
|
133
|
503,155.84
|
39
|
0.45%
|
27
|
443,094,667.80
|
5,754,424.40
|
531
|
1,772,887.78
|
142
|
448,024.37
|
42
|
0.50%
|
28
|
413,337,993.97
|
6,055,183.72
|
560
|
1,365,173.50
|
126
|
607,451.53
|
47
|
0.48%
|
29
|
385,187,147.41
|
6,625,277.13
|
660
|
1,911,108.23
|
170
|
462,244.12
|
47
|
0.62%
|
30
|
356,461,954.87
|
5,425,187.36
|
534
|
1,492,190.69
|
147
|
506,821.76
|
45
|
0.56%
|
31
|
330,622,720.20
|
4,373,873.56
|
430
|
1,176,856.56
|
118
|
235,658.20
|
31
|
0.43%
|
32
|
304,134,656.58
|
4,187,133.13
|
454
|
854,951.64
|
73
|
333,139.15
|
36
|
0.39%
|
33
|
280,132,050.13
|
3,467,521.55
|
375
|
846,256.02
|
91
|
232,642.66
|
19
|
0.39%
|
34
|
257,173,456.75
|
3,394,882.59
|
383
|
969,129.48
|
106
|
233,348.02
|
21
|
0.47%
|
35
|
235,708,927.67
|
3,837,719.59
|
415
|
786,871.09
|
82
|
302,106.33
|
39
|
0.46%
|
36
|
214,495,070.69
|
3,736,770.28
|
426
|
783,588.23
|
89
|
308,058.18
|
28
|
0.51%
|
37
|
194,408,667.25
|
3,317,434.78
|
384
|
614,149.46
|
80
|
183,478.02
|
25
|
0.41%
|
38
|
177,280,732.58
|
3,174,105.64
|
387
|
811,032.71
|
100
|
144,488.30
|
23
|
0.54%
|
39
|
159,398,039.56
|
2,885,192.25
|
377
|
630,770.97
|
76
|
169,440.55
|
28
|
0.50%
|
40
|
143,660,994.93
|
2,749,720.15
|
353
|
706,627.09
|
90
|
102,080.20
|
15
|
0.56%
|
41
|
128,808,566.78
|
2,945,445.31
|
404
|
648,637.49
|
86
|
233,306.92
|
32
|
0.68%
|
42
|
114,377,456.40
|
2,407,664.98
|
339
|
658,318.96
|
92
|
158,552.28
|
27
|
0.71%
|
43
|
101,509,115.45
|
2,000,731.25
|
284
|
623,561.90
|
88
|
176,623.91
|
31
|
0.79%
|
44
|
88,829,553.49
|
1,983,145.87
|
299
|
480,335.48
|
72
|
162,349.03
|
23
|
0.72%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,240,045,265.84
|
4,737,672.57
|
264
|
758,000.34
|
38
|
-
|
-
|
0.06%
|
2
|
1,196,571,836.10
|
5,222,947.32
|
300
|
654,034.03
|
37
|
516,911.18
|
21
|
0.10%
|
3
|
1,153,281,561.02
|
6,450,094.61
|
367
|
879,126.07
|
49
|
413,156.86
|
23
|
0.11%
|
4
|
1,108,399,832.56
|
6,599,226.29
|
377
|
902,840.12
|
52
|
370,175.29
|
19
|
0.11%
|
5
|
1,067,849,639.39
|
7,420,738.27
|
429
|
1,531,838.96
|
81
|
440,366.26
|
26
|
0.18%
|
6
|
1,025,130,596.78
|
6,221,975.15
|
352
|
1,728,790.23
|
97
|
671,349.02
|
35
|
0.23%
|
7
|
984,084,000.07
|
6,518,217.35
|
377
|
1,017,200.23
|
64
|
761,202.56
|
40
|
0.18%
|
8
|
945,253,565.65
|
7,546,674.21
|
441
|
1,367,275.19
|
82
|
398,501.46
|
25
|
0.19%
|
9
|
907,600,980.94
|
7,110,180.68
|
413
|
1,598,284.44
|
93
|
721,458.72
|
38
|
0.26%
|
10
|
870,528,911.42
|
8,917,487.11
|
532
|
1,780,831.60
|
100
|
783,705.75
|
44
|
0.29%
|
11
|
833,026,888.17
|
7,444,098.74
|
454
|
1,688,025.56
|
98
|
844,288.87
|
49
|
0.30%
|
12
|
797,908,027.27
|
6,201,940.90
|
404
|
1,325,938.57
|
81
|
581,178.75
|
37
|
0.24%
|
13
|
759,921,903.41
|
6,035,523.14
|
379
|
803,918.03
|
62
|
346,589.98
|
28
|
0.15%
|
14
|
726,220,380.91
|
5,893,708.20
|
412
|
1,526,057.71
|
94
|
225,854.22
|
19
|
0.24%
|
15
|
691,468,628.52
|
5,536,031.51
|
383
|
1,055,589.52
|
67
|
569,906.22
|
38
|
0.24%
|
16
|
657,975,012.60
|
5,861,383.96
|
404
|
1,116,705.20
|
75
|
491,739.38
|
33
|
0.24%
|
17
|
625,637,068.64
|
6,269,606.92
|
446
|
1,053,934.56
|
78
|
516,194.60
|
30
|
0.25%
|
18
|
592,984,620.37
|
5,720,692.30
|
410
|
1,311,985.56
|
97
|
363,445.59
|
23
|
0.28%
|
19
|
562,980,344.13
|
5,987,614.05
|
434
|
1,375,357.54
|
96
|
317,585.75
|
26
|
0.30%
|
20
|
533,029,966.04
|
5,535,933.69
|
409
|
1,350,198.03
|
98
|
548,388.56
|
35
|
0.36%
|
21
|
505,369,136.92
|
6,143,281.35
|
470
|
1,228,685.26
|
90
|
560,084.73
|
40
|
0.35%
|
22
|
478,716,087.22
|
6,686,270.64
|
532
|
1,480,653.40
|
111
|
493,213.83
|
39
|
0.41%
|
23
|
450,868,810.45
|
5,515,583.44
|
440
|
1,266,556.19
|
97
|
582,721.89
|
41
|
0.41%
|
24
|
425,551,408.34
|
4,867,149.73
|
389
|
1,075,913.40
|
89
|
343,021.82
|
31
|
0.33%
|
25
|
399,182,209.73
|
4,350,652.00
|
358
|
909,353.77
|
78
|
338,575.89
|
25
|
0.31%
|
26
|
374,472,033.44
|
3,569,461.17
|
301
|
1,022,601.22
|
86
|
306,485.22
|
24
|
0.35%
|
27
|
350,559,076.19
|
3,622,160.73
|
322
|
858,993.77
|
69
|
247,524.57
|
21
|
0.32%
|
28
|
328,766,371.41
|
3,709,598.41
|
346
|
801,209.77
|
69
|
209,724.05
|
19
|
0.31%
|
29
|
306,824,454.03
|
3,478,091.12
|
327
|
911,863.57
|
82
|
202,533.17
|
20
|
0.36%
|
30
|
285,465,686.22
|
3,477,009.90
|
327
|
836,097.05
|
72
|
263,436.02
|
21
|
0.39%
|
31
|
266,859,470.68
|
3,736,964.07
|
360
|
856,983.83
|
79
|
241,165.12
|
25
|
0.41%
|
32
|
247,264,526.26
|
3,240,673.03
|
313
|
894,857.98
|
82
|
173,747.87
|
20
|
0.43%
|
33
|
229,656,755.71
|
3,033,067.55
|
313
|
740,358.24
|
74
|
336,590.71
|
27
|
0.47%
|
34
|
212,435,451.66
|
3,245,984.14
|
338
|
823,941.35
|
79
|
202,486.43
|
26
|
0.48%
|
35
|
195,451,263.19
|
2,542,109.37
|
289
|
866,031.87
|
88
|
199,848.27
|
20
|
0.55%
|
36
|
179,869,288.64
|
2,446,610.88
|
282
|
603,330.01
|
65
|
208,661.08
|
24
|
0.45%
|
37
|
164,200,911.43
|
2,569,448.34
|
295
|
531,286.94
|
60
|
114,946.75
|
14
|
0.39%
|
38
|
149,371,071.55
|
2,069,595.43
|
247
|
591,452.54
|
76
|
157,154.66
|
16
|
0.50%
|
39
|
135,381,131.01
|
1,856,867.38
|
231
|
412,374.96
|
54
|
167,959.09
|
25
|
0.43%
|
40
|
122,592,934.30
|
2,228,587.24
|
298
|
525,342.46
|
66
|
54,444.47
|
16
|
0.47%
|
41
|
109,849,024.40
|
1,991,893.32
|
275
|
381,428.38
|
54
|
101,686.08
|
19
|
0.44%
|
42
|
98,160,017.56
|
1,477,085.88
|
207
|
474,917.02
|
73
|
110,052.66
|
13
|
0.60%
|
43
|
87,861,723.05
|
1,634,066.70
|
241
|
315,891.14
|
47
|
132,084.96
|
20
|
0.51%
|
44
|
77,868,202.90
|
1,526,840.61
|
220
|
287,389.16
|
46
|
85,363.51
|
11
|
0.48%
|
45
|
69,059,340.67
|
1,671,365.33
|
248
|
336,832.90
|
48
|
72,358.80
|
15
|
0.59%
|
46
|
60,560,926.76
|
1,320,803.32
|
224
|
468,923.66
|
67
|
97,162.72
|
15
|
0.93%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent
($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,582,705,244.55
|
7,829,110.35
|
430
|
1,212,458.88
|
65
|
20,094.03
|
3
|
0.08%
|
2
|
1,522,452,118.07
|
8,140,255.79
|
431
|
1,466,995.73
|
76
|
819,476.54
|
40
|
0.15%
|
3
|
1,466,006,906.73
|
9,249,319.50
|
528
|
2,029,005.48
|
107
|
776,376.94
|
41
|
0.19%
|
4
|
1,407,112,256.72
|
8,497,296.07
|
486
|
1,790,656.63
|
106
|
906,073.67
|
51
|
0.19%
|
5
|
1,350,045,286.06
|
9,260,254.87
|
521
|
1,629,584.25
|
89
|
690,223.44
|
41
|
0.17%
|
6
|
1,296,531,277.27
|
9,815,218.79
|
591
|
2,023,111.15
|
117
|
955,740.54
|
48
|
0.23%
|
7
|
1,244,491,153.82
|
9,599,439.84
|
563
|
2,249,303.65
|
128
|
930,906.16
|
51
|
0.26%
|
8
|
1,193,121,250.27
|
11,271,615.24
|
665
|
2,635,695.73
|
151
|
1,144,177.78
|
65
|
0.32%
|
9
|
1,141,792,174.13
|
9,398,597.09
|
575
|
2,637,752.72
|
149
|
1,150,639.21
|
61
|
0.33%
|
10
|
1,093,221,904.99
|
8,107,794.95
|
510
|
2,051,698.36
|
115
|
1,151,182.55
|
62
|
0.29%
|
11
|
1,040,595,069.31
|
7,326,761.84
|
468
|
1,728,904.29
|
98
|
953,560.69
|
52
|
0.26%
|
12
|
995,623,745.33
|
7,935,544.63
|
510
|
1,681,783.65
|
105
|
706,855.14
|
41
|
0.24%
|
13
|
947,181,867.14
|
7,673,743.66
|
510
|
1,356,246.63
|
94
|
912,982.61
|
50
|
0.24%
|
14
|
900,512,218.85
|
7,101,327.30
|
462
|
1,894,764.62
|
123
|
425,476.03
|
30
|
0.26%
|
15
|
858,154,409.83
|
8,126,892.55
|
551
|
1,732,385.63
|
115
|
951,385.89
|
55
|
0.31%
|
16
|
813,811,901.88
|
7,817,106.71
|
553
|
2,138,940.18
|
147
|
653,092.00
|
45
|
0.34%
|
17
|
772,624,853.28
|
7,985,065.11
|
564
|
1,787,751.04
|
120
|
1,028,768.70
|
64
|
0.36%
|
18
|
731,167,225.47
|
7,434,225.44
|
561
|
1,801,841.74
|
124
|
601,801.03
|
44
|
0.33%
|
19
|
693,345,368.66
|
7,755,866.34
|
561
|
1,787,624.83
|
141
|
677,684.14
|
48
|
0.36%
|
20
|
657,984,702.59
|
9,089,898.94
|
658
|
2,029,498.31
|
158
|
661,594.07
|
58
|
0.41%
|
21
|
620,750,612.53
|
7,756,235.27
|
572
|
1,771,425.75
|
136
|
839,031.26
|
65
|
0.42%
|
22
|
587,700,891.82
|
5,986,183.53
|
449
|
1,490,758.77
|
113
|
671,515.34
|
45
|
0.37%
|
23
|
552,431,354.74
|
5,771,889.03
|
456
|
1,107,192.78
|
94
|
578,705.53
|
40
|
0.31%
|
24
|
520,056,806.19
|
4,570,584.93
|
377
|
1,204,464.75
|
95
|
307,656.92
|
31
|
0.29%
|
25
|
488,231,833.17
|
5,018,642.14
|
419
|
1,214,519.39
|
99
|
336,581.45
|
30
|
0.32%
|
26
|
458,368,386.96
|
4,738,680.39
|
420
|
1,414,130.57
|
117
|
412,253.54
|
37
|
0.40%
|
27
|
428,733,073.02
|
5,431,162.54
|
484
|
1,165,588.55
|
98
|
426,522.81
|
40
|
0.37%
|
28
|
399,365,380.49
|
4,265,614.24
|
374
|
1,294,003.15
|
110
|
321,026.88
|
35
|
0.40%
|
29
|
374,425,565.69
|
4,858,641.23
|
433
|
1,214,054.67
|
107
|
378,477.09
|
33
|
0.43%
|
30
|
347,654,055.26
|
4,630,041.93
|
432
|
861,823.10
|
84
|
435,895.56
|
36
|
0.37%
|
31
|
323,483,295.11
|
4,238,073.41
|
418
|
964,327.98
|
97
|
250,182.68
|
25
|
0.38%
|
32
|
300,854,645.84
|
4,340,511.52
|
429
|
1,101,141.94
|
104
|
308,541.82
|
34
|
0.47%
|
33
|
278,243,631.84
|
3,988,120.79
|
403
|
944,258.36
|
93
|
252,049.91
|
31
|
0.43%
|
34
|
257,226,854.44
|
3,453,087.89
|
354
|
876,202.97
|
92
|
339,454.63
|
31
|
0.47%
|
35
|
235,885,780.02
|
3,620,023.51
|
389
|
871,091.83
|
82
|
203,680.88
|
27
|
0.46%
|
36
|
215,446,671.10
|
3,025,460.33
|
350
|
747,534.28
|
88
|
215,262.89
|
21
|
0.45%
|
37
|
196,306,295.13
|
3,091,408.90
|
344
|
680,336.60
|
90
|
135,050.66
|
20
|
0.42%
|
38
|
179,458,245.41
|
2,995,646.86
|
359
|
624,157.72
|
74
|
203,385.22
|
31
|
0.46%
|
39
|
161,923,883.78
|
2,719,976.03
|
333
|
727,557.06
|
92
|
189,241.35
|
18
|
0.57%
|
40
|
145,957,371.73
|
2,542,697.99
|
325
|
627,516.83
|
78
|
208,976.90
|
31
|
0.57%
|
41
|
131,406,239.60
|
2,389,093.65
|
323
|
606,910.00
|
79
|
168,820.46
|
23
|
0.59%
|
42
|
117,400,294.90
|
2,288,118.45
|
309
|
470,427.82
|
75
|
184,009.49
|
24
|
0.56%
|
43
|
104,873,406.46
|
2,354,966.53
|
321
|
467,148.03
|
72
|
130,498.93
|
23
|
0.57%
|
44
|
92,812,226.81
|
2,442,410.37
|
363
|
549,582.08
|
80
|
153,535.54
|
25
|
0.76%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,230,924,698.03
|
5,752,660.38
|
311
|
1,044,900.45
|
55
|
47,934.63
|
3
|
0.09%
|
2
|
1,183,400,254.58
|
6,179,452.96
|
361
|
1,089,762.61
|
54
|
580,665.88
|
30
|
0.14%
|
3
|
1,138,605,735.72
|
6,482,607.40
|
388
|
926,967.24
|
58
|
614,451.80
|
28
|
0.14%
|
4
|
1,094,594,168.80
|
6,723,445.54
|
399
|
1,227,285.10
|
84
|
497,673.94
|
30
|
0.16%
|
5
|
1,051,622,018.91
|
8,222,233.18
|
495
|
1,668,197.14
|
95
|
706,247.46
|
44
|
0.23%
|
6
|
1,006,749,134.93
|
7,162,297.72
|
420
|
1,786,213.68
|
107
|
671,262.43
|
35
|
0.24%
|
7
|
965,798,728.55
|
6,998,224.57
|
419
|
1,339,226.20
|
80
|
674,643.47
|
40
|
0.21%
|
8
|
921,120,850.27
|
5,648,166.16
|
358
|
1,148,143.44
|
71
|
563,713.62
|
33
|
0.19%
|
9
|
883,796,072.01
|
6,189,265.48
|
389
|
1,477,532.45
|
86
|
639,391.85
|
41
|
0.24%
|
10
|
842,773,200.22
|
6,035,054.29
|
385
|
1,253,490.15
|
76
|
681,508.50
|
42
|
0.23%
|
11
|
803,862,199.67
|
6,911,239.01
|
421
|
1,350,882.31
|
84
|
403,802.12
|
28
|
0.22%
|
12
|
767,765,395.73
|
6,979,883.24
|
452
|
1,424,865.19
|
88
|
553,688.90
|
34
|
0.26%
|
13
|
730,767,904.00
|
6,865,064.35
|
452
|
1,646,129.31
|
105
|
587,905.82
|
34
|
0.31%
|
14
|
696,359,047.84
|
6,397,629.62
|
413
|
1,606,705.12
|
99
|
635,049.80
|
41
|
0.32%
|
15
|
662,454,621.13
|
6,690,132.79
|
446
|
1,365,913.04
|
84
|
645,786.65
|
41
|
0.30%
|
16
|
630,749,125.11
|
6,792,417.36
|
450
|
1,571,050.73
|
106
|
380,820.80
|
28
|
0.31%
|
17
|
600,947,716.95
|
7,637,418.78
|
528
|
1,767,963.23
|
120
|
687,211.20
|
40
|
0.41%
|
18
|
569,613,580.68
|
5,935,236.25
|
419
|
1,624,090.87
|
106
|
655,848.96
|
46
|
0.40%
|
19
|
541,585,778.96
|
5,064,908.50
|
350
|
1,114,882.90
|
74
|
684,531.69
|
44
|
0.33%
|
20
|
511,065,891.29
|
4,777,342.70
|
354
|
906,118.32
|
64
|
310,589.13
|
20
|
0.24%
|
21
|
482,999,056.15
|
4,211,521.07
|
324
|
972,985.82
|
81
|
350,670.02
|
22
|
0.27%
|
22
|
455,526,878.47
|
4,548,858.35
|
349
|
955,487.52
|
86
|
352,292.47
|
27
|
0.29%
|
23
|
429,436,873.45
|
4,093,848.48
|
329
|
1,346,142.81
|
96
|
337,473.38
|
32
|
0.39%
|
24
|
404,116,463.45
|
4,152,041.60
|
348
|
1,133,384.98
|
88
|
410,187.57
|
31
|
0.38%
|
25
|
379,000,236.11
|
3,868,423.72
|
314
|
945,603.27
|
76
|
456,680.06
|
34
|
0.37%
|
26
|
357,108,092.70
|
4,417,753.74
|
378
|
824,325.95
|
69
|
344,907.89
|
29
|
0.33%
|
27
|
333,900,350.49
|
4,042,687.66
|
361
|
959,295.58
|
81
|
213,017.16
|
23
|
0.35%
|
28
|
313,157,834.30
|
4,067,858.94
|
364
|
826,302.09
|
79
|
335,416.23
|
27
|
0.37%
|
29
|
292,906,308.58
|
4,282,934.97
|
405
|
888,352.69
|
80
|
261,336.53
|
28
|
0.39%
|
30
|
272,956,877.82
|
3,161,254.42
|
308
|
1,041,700.49
|
91
|
186,144.01
|
24
|
0.45%
|
31
|
254,419,075.02
|
3,126,422.64
|
306
|
655,889.26
|
65
|
321,767.45
|
31
|
0.38%
|
32
|
235,640,684.61
|
3,143,642.03
|
308
|
544,487.60
|
52
|
136,633.14
|
16
|
0.29%
|
33
|
217,682,054.91
|
2,839,224.41
|
288
|
673,324.27
|
59
|
87,660.71
|
12
|
0.35%
|
34
|
200,627,443.55
|
3,253,644.50
|
315
|
631,002.24
|
62
|
206,416.64
|
19
|
0.42%
|
35
|
185,575,605.70
|
2,822,823.03
|
301
|
744,130.47
|
76
|
163,316.81
|
15
|
0.49%
|
36
|
169,514,719.13
|
2,667,420.74
|
303
|
547,419.06
|
57
|
254,890.31
|
24
|
0.47%
|
37
|
154,867,539.56
|
2,439,750.43
|
277
|
614,610.65
|
73
|
233,605.96
|
23
|
0.55%
|
38
|
141,382,116.97
|
2,210,596.36
|
248
|
692,187.84
|
74
|
178,697.63
|
22
|
0.62%
|
39
|
128,573,138.73
|
2,300,418.94
|
288
|
584,676.13
|
56
|
151,387.69
|
23
|
0.57%
|
40
|
116,710,397.24
|
2,211,783.98
|
282
|
783,850.20
|
91
|
154,556.92
|
19
|
0.80%
|
41
|
104,982,631.33
|
2,106,085.07
|
282
|
571,981.82
|
72
|
246,888.92
|
29
|
0.78%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,236,357,036.89
|
6,268,253.84
|
336
|
946,029.99
|
53
|
-
|
-
|
0.08%
|
2
|
1,192,358,585.95
|
6,151,531.87
|
335
|
1,001,061.12
|
62
|
325,493.87
|
22
|
0.11%
|
3
|
1,148,932,472.46
|
8,371,891.72
|
461
|
1,365,175.74
|
75
|
510,968.77
|
27
|
0.16%
|
4
|
1,103,798,763.27
|
7,773,859.73
|
425
|
1,680,209.61
|
93
|
630,384.23
|
33
|
0.21%
|
5
|
1,062,461,757.03
|
6,596,405.72
|
359
|
1,710,548.07
|
99
|
654,907.87
|
34
|
0.22%
|
6
|
1,017,521,806.53
|
5,825,958.74
|
335
|
911,748.07
|
56
|
717,429.21
|
40
|
0.16%
|
7
|
977,528,575.05
|
6,543,955.84
|
362
|
1,376,919.61
|
84
|
535,693.76
|
32
|
0.20%
|
8
|
935,203,333.39
|
6,686,251.33
|
394
|
1,480,381.29
|
84
|
669,113.91
|
41
|
0.23%
|
9
|
894,643,528.33
|
6,741,428.62
|
389
|
1,560,791.50
|
92
|
583,269.45
|
35
|
0.24%
|
10
|
857,347,664.76
|
7,438,921.77
|
437
|
1,761,935.79
|
100
|
837,780.95
|
49
|
0.30%
|
11
|
818,184,609.58
|
7,153,599.60
|
438
|
1,605,434.54
|
89
|
800,372.32
|
47
|
0.29%
|
12
|
781,990,298.83
|
7,486,060.47
|
450
|
1,639,130.18
|
94
|
759,541.12
|
39
|
0.31%
|
13
|
744,750,968.45
|
6,788,061.27
|
449
|
1,463,837.78
|
86
|
537,507.04
|
37
|
0.27%
|
14
|
711,524,458.36
|
6,824,596.02
|
446
|
1,709,881.61
|
107
|
669,005.17
|
39
|
0.33%
|
15
|
679,497,562.01
|
7,811,349.24
|
529
|
1,998,153.63
|
128
|
826,060.81
|
49
|
0.42%
|
16
|
644,902,586.08
|
6,602,278.19
|
432
|
1,819,874.51
|
121
|
610,060.44
|
45
|
0.38%
|
17
|
613,494,910.94
|
5,933,892.02
|
382
|
1,366,861.80
|
91
|
654,378.52
|
44
|
0.33%
|
18
|
580,867,543.69
|
5,045,524.33
|
335
|
1,283,972.44
|
85
|
333,183.00
|
24
|
0.28%
|
19
|
549,811,251.46
|
5,114,774.61
|
355
|
863,555.82
|
59
|
524,112.09
|
35
|
0.25%
|
20
|
519,954,445.93
|
4,933,566.51
|
350
|
962,266.12
|
60
|
226,431.89
|
15
|
0.23%
|
21
|
492,808,449.96
|
5,154,621.09
|
373
|
1,118,600.87
|
87
|
351,535.88
|
20
|
0.30%
|
22
|
464,786,190.51
|
5,231,072.70
|
379
|
1,193,053.56
|
82
|
363,522.40
|
31
|
0.33%
|
23
|
437,571,200.72
|
4,752,572.50
|
346
|
1,053,649.87
|
76
|
425,041.96
|
30
|
0.34%
|
24
|
413,856,737.87
|
5,081,562.40
|
381
|
1,160,839.40
|
82
|
427,396.79
|
30
|
0.38%
|
25
|
388,509,994.62
|
4,388,508.83
|
349
|
1,168,031.95
|
79
|
252,939.50
|
19
|
0.37%
|
26
|
365,497,644.40
|
4,429,101.88
|
360
|
1,079,594.25
|
84
|
322,451.07
|
22
|
0.38%
|
27
|
343,210,959.72
|
5,292,060.94
|
434
|
1,122,283.68
|
92
|
343,610.70
|
24
|
0.43%
|
28
|
321,064,587.62
|
4,579,659.93
|
379
|
1,331,223.31
|
106
|
309,512.71
|
33
|
0.51%
|
29
|
301,054,204.25
|
3,870,438.44
|
325
|
1,002,865.58
|
79
|
302,355.81
|
27
|
0.43%
|
30
|
280,396,491.82
|
4,075,862.54
|
364
|
761,042.06
|
59
|
235,797.61
|
22
|
0.36%
|
31
|
260,008,083.23
|
3,286,209.68
|
304
|
830,375.99
|
71
|
114,566.99
|
10
|
0.36%
|
32
|
241,033,610.63
|
3,307,655.53
|
311
|
865,053.28
|
78
|
256,945.97
|
24
|
0.47%
|
33
|
224,229,581.39
|
3,461,437.42
|
314
|
885,170.35
|
92
|
227,930.74
|
21
|
0.50%
|
34
|
206,104,932.69
|
3,478,822.33
|
339
|
606,982.22
|
58
|
262,605.70
|
27
|
0.42%
|
35
|
189,530,760.99
|
3,066,854.29
|
313
|
697,284.71
|
70
|
122,377.45
|
17
|
0.43%
|
36
|
174,183,284.76
|
3,230,316.68
|
328
|
680,822.84
|
73
|
203,629.11
|
23
|
0.51%
|
37
|
158,950,631.50
|
3,314,040.38
|
342
|
566,534.34
|
59
|
158,827.91
|
21
|
0.46%
|
38
|
145,514,648.09
|
2,703,560.16
|
302
|
816,962.05
|
86
|
237,029.33
|
24
|
0.72%
|
39
|
132,058,584.01
|
3,119,848.82
|
353
|
558,195.85
|
69
|
202,667.80
|
25
|
0.58%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent
($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,497,615,694.56
|
5,433,035.47
|
297
|
564,018.96
|
30
|
11,509.48
|
1
|
0.04%
|
2
|
1,446,864,425.52
|
6,160,611.16
|
353
|
1,487,342.65
|
77
|
387,149.70
|
20
|
0.13%
|
3
|
1,391,648,544.83
|
6,602,343.91
|
376
|
916,514.57
|
56
|
666,550.06
|
38
|
0.11%
|
4
|
1,337,617,321.88
|
6,733,503.56
|
384
|
1,330,315.40
|
73
|
404,604.65
|
24
|
0.13%
|
5
|
1,287,575,701.15
|
8,148,824.30
|
464
|
1,939,834.16
|
103
|
732,358.62
|
38
|
0.21%
|
6
|
1,234,764,826.41
|
8,543,709.27
|
495
|
2,324,605.43
|
124
|
836,906.50
|
39
|
0.26%
|
7
|
1,185,783,362.27
|
8,153,809.11
|
472
|
2,056,737.33
|
115
|
1,112,833.01
|
56
|
0.27%
|
8
|
1,137,633,025.37
|
8,114,359.35
|
494
|
1,714,482.96
|
98
|
868,695.36
|
53
|
0.23%
|
9
|
1,093,740,406.03
|
7,870,667.37
|
476
|
1,811,332.60
|
107
|
721,192.31
|
46
|
0.23%
|
10
|
1,050,247,629.76
|
10,496,042.65
|
614
|
2,205,505.27
|
134
|
699,919.34
|
48
|
0.28%
|
11
|
1,003,560,283.24
|
8,126,391.26
|
494
|
2,161,730.15
|
128
|
762,308.81
|
48
|
0.29%
|
12
|
962,957,528.24
|
7,382,666.77
|
444
|
1,741,900.60
|
99
|
876,730.68
|
51
|
0.27%
|
13
|
919,616,667.74
|
7,646,665.36
|
462
|
1,497,179.45
|
95
|
519,565.10
|
26
|
0.22%
|
14
|
878,634,172.31
|
6,218,552.16
|
392
|
1,938,052.85
|
114
|
582,131.28
|
40
|
0.29%
|
15
|
837,827,886.44
|
6,781,424.91
|
437
|
1,633,168.31
|
93
|
824,798.60
|
51
|
0.29%
|
16
|
799,196,682.38
|
7,011,462.26
|
455
|
1,778,813.55
|
114
|
643,763.31
|
37
|
0.30%
|
17
|
760,361,952.98
|
7,304,645.29
|
476
|
1,434,961.54
|
99
|
541,089.80
|
38
|
0.26%
|
18
|
722,069,518.72
|
6,442,511.81
|
430
|
1,531,635.22
|
100
|
553,978.42
|
36
|
0.29%
|
19
|
688,488,205.38
|
7,199,598.67
|
498
|
1,567,438.93
|
109
|
468,418.09
|
30
|
0.30%
|
20
|
652,001,708.99
|
6,723,289.94
|
462
|
1,363,095.00
|
96
|
591,183.61
|
39
|
0.30%
|
21
|
619,230,695.83
|
6,456,306.87
|
469
|
1,587,458.31
|
108
|
517,407.42
|
38
|
0.34%
|
22
|
587,432,020.36
|
7,343,666.54
|
526
|
1,757,744.04
|
130
|
596,102.88
|
43
|
0.40%
|
23
|
555,255,030.68
|
6,162,987.55
|
453
|
1,297,437.55
|
105
|
565,405.60
|
43
|
0.34%
|
24
|
525,847,275.12
|
5,530,944.99
|
418
|
1,238,649.41
|
96
|
456,710.69
|
39
|
0.32%
|
25
|
495,583,045.38
|
5,903,044.20
|
477
|
1,157,138.13
|
89
|
417,717.30
|
35
|
0.32%
|
26
|
466,286,349.67
|
4,511,104.73
|
369
|
1,074,709.92
|
84
|
299,063.47
|
26
|
0.29%
|
27
|
437,338,474.12
|
4,816,349.94
|
406
|
995,629.86
|
74
|
307,026.45
|
29
|
0.30%
|
28
|
411,782,942.32
|
5,334,346.39
|
439
|
1,107,769.82
|
99
|
275,270.66
|
21
|
0.34%
|
29
|
384,116,541.91
|
5,107,860.93
|
422
|
952,809.88
|
82
|
284,606.37
|
31
|
0.32%
|
30
|
358,403,959.90
|
4,914,131.91
|
458
|
984,680.99
|
84
|
251,656.23
|
27
|
0.34%
|
31
|
335,299,810.87
|
4,301,852.58
|
394
|
955,221.32
|
93
|
308,081.03
|
30
|
0.38%
|
32
|
311,686,933.12
|
4,349,065.21
|
402
|
862,730.96
|
83
|
308,908.02
|
33
|
0.38%
|
33
|
290,063,252.53
|
3,900,433.60
|
378
|
918,483.92
|
87
|
279,305.07
|
33
|
0.41%
|
34
|
268,593,199.16
|
4,387,340.34
|
445
|
817,270.37
|
81
|
253,475.85
|
31
|
0.40%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent
($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,758,594,905.96
|
8,126,040.79
|
458
|
1,122,478.35
|
57
|
41,671.18
|
2
|
0.07%
|
2
|
1,696,248,398.16
|
7,979,391.32
|
448
|
1,329,659.26
|
72
|
696,038.67
|
34
|
0.12%
|
3
|
1,634,991,449.56
|
10,030,460.62
|
549
|
2,143,274.49
|
109
|
422,016.54
|
26
|
0.16%
|
4
|
1,573,206,596.36
|
9,689,094.66
|
546
|
2,495,553.78
|
130
|
1,000,869.83
|
43
|
0.22%
|
5
|
1,514,692,554.07
|
9,924,329.18
|
578
|
1,796,891.67
|
108
|
1,298,926.46
|
66
|
0.20%
|
6
|
1,454,971,601.71
|
10,068,631.61
|
601
|
2,296,156.53
|
134
|
591,651.00
|
39
|
0.20%
|
7
|
1,401,013,042.91
|
9,773,771.71
|
589
|
2,751,893.51
|
164
|
980,301.35
|
58
|
0.27%
|
8
|
1,347,384,334.42
|
13,033,555.27
|
765
|
2,678,951.55
|
162
|
1,012,097.39
|
64
|
0.27%
|
9
|
1,292,784,479.35
|
11,510,532.49
|
652
|
2,657,780.84
|
170
|
981,565.99
|
61
|
0.28%
|
10
|
1,242,634,850.26
|
8,792,354.37
|
511
|
1,938,417.29
|
120
|
919,341.07
|
60
|
0.23%
|
11
|
1,189,002,899.80
|
9,173,158.97
|
555
|
1,805,205.48
|
116
|
683,796.65
|
45
|
0.21%
|
12
|
1,140,081,108.27
|
8,548,787.45
|
496
|
2,046,661.16
|
133
|
760,555.68
|
46
|
0.25%
|
13
|
1,089,748,615.67
|
8,198,330.42
|
514
|
2,216,015.65
|
129
|
735,329.04
|
55
|
0.27%
|
14
|
1,043,059,817.23
|
8,793,052.73
|
523
|
2,168,943.69
|
140
|
876,793.31
|
57
|
0.29%
|
15
|
996,551,533.53
|
9,463,015.04
|
585
|
2,429,626.49
|
144
|
812,159.80
|
56
|
0.33%
|
16
|
949,616,301.19
|
8,593,212.53
|
558
|
2,325,467.93
|
141
|
803,217.09
|
49
|
0.33%
|
17
|
907,717,102.15
|
8,959,661.14
|
576
|
2,493,108.96
|
158
|
689,109.85
|
40
|
0.35%
|
18
|
862,359,084.56
|
9,186,454.43
|
611
|
1,925,078.81
|
124
|
855,176.70
|
54
|
0.32%
|
19
|
822,468,018.56
|
8,455,126.75
|
565
|
2,326,700.21
|
150
|
609,166.91
|
43
|
0.36%
|
20
|
784,001,652.70
|
9,051,928.37
|
646
|
2,212,024.81
|
143
|
825,167.04
|
62
|
0.39%
|
21
|
744,352,654.83
|
8,135,266.25
|
567
|
2,211,392.34
|
148
|
601,980.72
|
45
|
0.38%
|
22
|
707,126,715.12
|
7,445,538.40
|
523
|
1,749,637.45
|
129
|
739,445.87
|
47
|
0.35%
|
23
|
669,667,001.20
|
7,380,578.33
|
541
|
1,520,306.13
|
112
|
541,313.68
|
45
|
0.31%
|
24
|
632,543,633.75
|
6,259,772.39
|
451
|
1,607,027.70
|
119
|
356,540.28
|
27
|
0.31%
|
25
|
597,333,369.38
|
6,195,203.20
|
478
|
1,704,887.17
|
119
|
477,464.74
|
37
|
0.37%
|
26
|
565,086,094.11
|
6,370,845.98
|
500
|
1,607,937.27
|
122
|
764,379.29
|
52
|
0.42%
|
27
|
529,818,600.84
|
6,662,653.30
|
535
|
1,375,917.07
|
119
|
464,472.19
|
37
|
0.35%
|
28
|
497,767,509.19
|
6,166,659.10
|
511
|
1,633,936.43
|
134
|
348,782.06
|
30
|
0.40%
|
29
|
467,610,610.28
|
5,843,119.61
|
503
|
1,443,292.04
|
121
|
558,869.19
|
48
|
0.43%
|
30
|
437,141,688.66
|
5,512,456.59
|
507
|
1,375,979.01
|
113
|
473,135.84
|
43
|
0.42%
|
31
|
409,764,986.72
|
5,134,367.40
|
474
|
1,310,509.29
|
119
|
442,208.82
|
45
|
0.43%
|
32
|
382,526,144.88
|
6,097,685.35
|
564
|
1,560,277.93
|
143
|
255,449.62
|
37
|
0.47%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent
($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent
($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,768,160,825.74
|
7,705,630.03
|
428
|
1,402,995.74
|
79
|
105,594.19
|
4
|
0.09%
|
2
|
1,709,604,317.28
|
9,020,157.38
|
508
|
1,040,280.85
|
63
|
738,745.02
|
41
|
0.10%
|
3
|
1,647,877,465.13
|
9,332,841.27
|
525
|
1,739,725.34
|
97
|
494,530.98
|
30
|
0.14%
|
4
|
1,591,133,214.86
|
9,285,482.18
|
530
|
2,364,906.68
|
145
|
893,615.19
|
45
|
0.20%
|
5
|
1,536,012,489.88
|
12,321,333.82
|
715
|
2,420,193.83
|
134
|
1,202,573.04
|
73
|
0.24%
|
6
|
1,477,539,340.17
|
10,971,073.91
|
613
|
2,458,076.16
|
134
|
1,008,776.47
|
54
|
0.23%
|
7
|
1,423,475,299.75
|
8,820,374.30
|
503
|
2,112,311.29
|
117
|
1,066,450.27
|
55
|
0.22%
|
8
|
1,366,152,078.30
|
9,121,586.29
|
535
|
1,499,268.03
|
90
|
765,261.03
|
39
|
0.17%
|
9
|
1,313,016,723.82
|
7,764,819.37
|
452
|
2,114,300.85
|
114
|
573,926.50
|
35
|
0.20%
|
10
|
1,260,164,787.44
|
8,184,684.43
|
469
|
1,769,876.26
|
111
|
989,662.64
|
49
|
0.22%
|
11
|
1,210,291,382.90
|
9,450,085.22
|
544
|
1,962,475.78
|
112
|
595,184.29
|
40
|
0.21%
|
12
|
1,160,397,849.68
|
9,573,509.61
|
559
|
2,213,006.59
|
131
|
858,075.34
|
50
|
0.26%
|
13
|
1,110,523,169.82
|
8,273,776.04
|
498
|
2,258,229.34
|
131
|
787,372.33
|
51
|
0.27%
|
14
|
1,066,482,006.29
|
9,407,786.43
|
581
|
2,266,918.09
|
129
|
1,061,208.72
|
64
|
0.31%
|
15
|
1,018,296,712.18
|
9,227,570.42
|
581
|
1,921,380.48
|
122
|
686,929.13
|
37
|
0.26%
|
16
|
974,531,151.71
|
8,589,263.84
|
560
|
1,970,419.64
|
136
|
730,833.89
|
44
|
0.28%
|
17
|
932,034,087.55
|
9,720,686.76
|
635
|
2,091,977.35
|
136
|
648,786.10
|
46
|
0.29%
|
18
|
888,821,866.06
|
8,508,853.73
|
553
|
2,078,775.76
|
136
|
697,112.80
|
49
|
0.31%
|
19
|
848,637,642.17
|
7,096,748.25
|
478
|
2,284,882.03
|
154
|
472,131.29
|
35
|
0.32%
|
20
|
808,042,492.92
|
7,725,749.41
|
539
|
1,271,666.17
|
86
|
799,287.34
|
53
|
0.26%
|
21
|
766,666,990.59
|
6,892,497.48
|
471
|
1,828,812.99
|
124
|
409,219.61
|
28
|
0.29%
|
22
|
727,498,360.63
|
6,890,437.79
|
491
|
1,439,996.09
|
102
|
458,769.75
|
30
|
0.26%
|
23
|
691,700,842.46
|
7,322,694.51
|
539
|
1,513,962.89
|
110
|
543,729.22
|
35
|
0.30%
|
24
|
654,060,371.50
|
7,221,158.99
|
533
|
1,505,754.47
|
112
|
573,774.86
|
42
|
0.32%
|
25
|
618,452,917.60
|
6,875,208.27
|
529
|
1,965,616.66
|
143
|
447,788.29
|
32
|
0.39%
|
26
|
584,311,497.33
|
6,485,143.86
|
514
|
1,638,356.06
|
125
|
534,429.54
|
44
|
0.37%
|
27
|
549,918,373.79
|
6,762,552.53
|
535
|
1,425,380.45
|
128
|
632,209.25
|
48
|
0.37%
|
28
|
519,147,652.71
|
6,622,143.55
|
542
|
1,935,566.48
|
154
|
493,595.18
|
48
|
0.47%
|
29
|
487,668,058.20
|
7,040,661.93
|
603
|
1,547,550.81
|
133
|
736,879.06
|
62
|
0.47%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,780,549,288.23
|
8,026,913.99
|
456
|
1,218,739.01
|
70
|
2,951.20
|
1
|
0.07%
|
2
|
1,722,960,730.68
|
10,662,008.01
|
612
|
1,671,995.47
|
97
|
416,714.45
|
30
|
0.12%
|
3
|
1,660,533,498.69
|
9,580,864.93
|
536
|
1,744,384.99
|
95
|
654,374.28
|
42
|
0.14%
|
4
|
1,604,408,234.94
|
8,462,191.68
|
466
|
1,855,532.46
|
95
|
741,106.64
|
44
|
0.16%
|
5
|
1,543,947,650.30
|
7,836,411.55
|
456
|
1,456,164.13
|
82
|
751,907.56
|
40
|
0.14%
|
6
|
1,486,773,711.60
|
6,987,808.80
|
408
|
1,880,596.77
|
110
|
476,981.61
|
30
|
0.16%
|
7
|
1,430,007,273.41
|
7,584,883.47
|
444
|
1,394,510.92
|
92
|
960,849.74
|
51
|
0.16%
|
8
|
1,375,885,376.63
|
7,919,048.22
|
480
|
1,897,000.64
|
105
|
553,780.70
|
34
|
0.18%
|
9
|
1,320,926,849.09
|
9,011,401.59
|
540
|
2,183,018.24
|
120
|
708,678.33
|
41
|
0.22%
|
10
|
1,267,717,464.95
|
8,513,628.35
|
504
|
2,402,777.32
|
136
|
881,749.56
|
51
|
0.26%
|
11
|
1,220,058,798.04
|
8,849,786.49
|
542
|
2,173,008.31
|
129
|
1,032,499.28
|
59
|
0.26%
|
12
|
1,167,696,958.41
|
8,611,368.51
|
527
|
1,940,914.58
|
117
|
997,481.28
|
59
|
0.25%
|
13
|
1,120,232,186.29
|
8,173,166.66
|
521
|
2,399,187.36
|
141
|
751,999.73
|
43
|
0.28%
|
14
|
1,073,626,360.29
|
9,340,555.44
|
575
|
2,401,237.59
|
140
|
986,121.62
|
61
|
0.32%
|
15
|
1,026,811,595.55
|
8,480,547.93
|
529
|
2,219,796.73
|
137
|
906,793.40
|
56
|
0.30%
|
16
|
983,957,996.21
|
7,635,400.46
|
475
|
1,952,283.51
|
123
|
743,457.49
|
44
|
0.27%
|
17
|
938,833,639.08
|
8,161,950.92
|
534
|
1,850,350.45
|
120
|
711,767.20
|
50
|
0.27%
|
18
|
894,150,794.84
|
6,481,087.34
|
442
|
1,690,555.54
|
110
|
707,259.77
|
47
|
0.27%
|
19
|
851,045,736.98
|
7,170,623.28
|
476
|
1,415,549.36
|
96
|
727,074.85
|
46
|
0.25%
|
20
|
811,580,469.58
|
8,005,585.94
|
550
|
1,708,912.10
|
117
|
521,091.12
|
34
|
0.27%
|
21
|
769,465,997.56
|
7,822,069.96
|
541
|
1,522,632.17
|
112
|
567,723.56
|
40
|
0.27%
|
22
|
729,791,156.21
|
7,450,574.65
|
536
|
1,787,446.81
|
122
|
538,836.50
|
41
|
0.32%
|
23
|
692,610,822.80
|
7,077,105.20
|
526
|
1,626,710.94
|
121
|
734,050.52
|
50
|
0.34%
|
24
|
655,245,437.47
|
6,962,723.37
|
535
|
1,768,915.62
|
126
|
565,578.37
|
44
|
0.36%
|
25
|
621,476,217.05
|
7,193,407.68
|
549
|
1,779,777.44
|
141
|
603,351.91
|
44
|
0.38%
|
26
|
586,909,578.63
|
8,217,874.36
|
644
|
1,506,301.05
|
119
|
533,649.85
|
50
|
0.35%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,792,251,712.20
|
7,084,733.83
|
364
|
1,359,832.52
|
71
|
18,522.72
|
1
|
0.08%
|
2
|
1,728,614,046.91
|
6,820,160.26
|
374
|
1,326,876.39
|
65
|
647,674.81
|
34
|
0.11%
|
3
|
1,667,995,926.53
|
6,003,786.02
|
340
|
1,246,128.54
|
74
|
738,203.41
|
38
|
0.12%
|
4
|
1,607,977,756.63
|
6,156,495.70
|
344
|
1,068,810.42
|
58
|
615,682.52
|
37
|
0.10%
|
5
|
1,550,641,365.49
|
7,017,097.32
|
416
|
1,416,622.02
|
74
|
466,720.93
|
24
|
0.12%
|
6
|
1,493,546,788.87
|
7,475,976.17
|
438
|
1,541,639.03
|
87
|
577,354.18
|
29
|
0.14%
|
7
|
1,436,958,594.05
|
7,395,610.09
|
426
|
1,490,481.74
|
90
|
791,470.25
|
41
|
0.16%
|
8
|
1,386,302,257.19
|
8,855,808.07
|
518
|
1,884,915.56
|
107
|
367,421.86
|
23
|
0.16%
|
9
|
1,331,354,433.53
|
7,529,912.91
|
439
|
1,347,407.53
|
89
|
970,823.81
|
54
|
0.17%
|
10
|
1,280,433,113.34
|
7,832,942.69
|
471
|
1,768,377.43
|
109
|
521,379.97
|
35
|
0.18%
|
11
|
1,231,344,043.37
|
9,358,725.73
|
567
|
1,707,553.03
|
103
|
814,781.90
|
54
|
0.20%
|
12
|
1,181,344,395.89
|
9,087,774.15
|
553
|
2,046,761.54
|
134
|
807,896.69
|
44
|
0.24%
|
13
|
1,135,446,606.15
|
7,291,395.05
|
441
|
1,668,354.50
|
108
|
939,448.47
|
63
|
0.23%
|
14
|
1,087,442,077.40
|
7,836,842.70
|
464
|
1,521,517.94
|
95
|
486,131.16
|
40
|
0.18%
|
15
|
1,039,823,408.31
|
6,929,792.77
|
424
|
1,443,061.77
|
95
|
523,091.38
|
33
|
0.19%
|
16
|
992,940,874.18
|
7,096,161.74
|
432
|
1,505,435.41
|
93
|
600,845.20
|
46
|
0.21%
|
17
|
950,589,650.05
|
8,220,853.45
|
517
|
1,455,253.57
|
95
|
650,190.88
|
38
|
0.22%
|
18
|
903,987,066.66
|
7,291,671.23
|
483
|
1,695,819.19
|
107
|
485,034.76
|
33
|
0.24%
|
19
|
861,256,729.16
|
7,787,791.50
|
516
|
1,826,509.57
|
111
|
721,505.03
|
47
|
0.30%
|
20
|
820,169,386.91
|
7,588,742.04
|
486
|
1,625,124.39
|
104
|
588,446.65
|
43
|
0.27%
|
21
|
779,107,189.93
|
7,449,888.44
|
510
|
1,713,612.92
|
127
|
685,644.35
|
43
|
0.31%
|
22
|
741,747,545.17
|
7,546,308.30
|
530
|
1,675,291.72
|
125
|
640,301.48
|
50
|
0.31%
|
23
|
703,616,042.43
|
7,881,138.21
|
554
|
1,643,451.58
|
122
|
594,091.55
|
50
|
0.32%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,654,426,967.31
|
6,002,727.27
|
319
|
855,811.93
|
54
|
20,734.58
|
2
|
0.05%
|
2
|
1,600,535,139.81
|
6,841,556.79
|
354
|
1,090,840.97
|
64
|
407,073.98
|
27
|
0.09%
|
3
|
1,545,074,584.00
|
7,922,063.18
|
406
|
1,502,259.78
|
77
|
489,871.22
|
29
|
0.13%
|
4
|
1,490,527,661.26
|
6,952,162.12
|
385
|
1,669,945.81
|
87
|
673,736.65
|
34
|
0.16%
|
5
|
1,442,649,857.66
|
7,603,383.81
|
433
|
1,325,387.41
|
73
|
980,914.15
|
50
|
0.16%
|
6
|
1,389,738,206.08
|
8,040,243.77
|
452
|
1,429,347.99
|
85
|
522,817.99
|
30
|
0.14%
|
7
|
1,341,152,591.30
|
6,958,419.07
|
406
|
1,780,118.87
|
96
|
676,864.80
|
41
|
0.18%
|
8
|
1,293,899,054.42
|
9,739,688.93
|
540
|
1,892,489.92
|
116
|
658,837.79
|
35
|
0.20%
|
9
|
1,245,732,561.25
|
8,452,224.29
|
479
|
2,096,906.26
|
118
|
711,810.12
|
52
|
0.23%
|
10
|
1,201,042,148.77
|
7,572,001.99
|
429
|
1,546,460.50
|
87
|
804,899.56
|
43
|
0.20%
|
11
|
1,153,431,645.61
|
8,141,677.45
|
481
|
1,228,945.06
|
71
|
763,621.27
|
40
|
0.17%
|
12
|
1,106,230,386.99
|
7,135,311.34
|
427
|
1,787,277.77
|
96
|
394,641.24
|
27
|
0.20%
|
13
|
1,060,214,958.43
|
7,800,904.84
|
476
|
1,256,300.31
|
72
|
841,796.01
|
43
|
0.20%
|
14
|
1,018,594,702.23
|
7,442,924.21
|
466
|
1,911,389.39
|
114
|
601,243.82
|
32
|
0.25%
|
15
|
974,119,770.26
|
8,100,942.40
|
509
|
1,749,657.49
|
105
|
651,884.67
|
38
|
0.25%
|
16
|
932,279,481.45
|
7,455,772.50
|
460
|
1,833,982.78
|
126
|
768,500.01
|
45
|
0.28%
|
17
|
892,253,600.74
|
7,648,850.75
|
501
|
1,850,832.62
|
113
|
837,242.02
|
58
|
0.30%
|
18
|
850,330,852.40
|
7,540,746.82
|
501
|
1,633,539.62
|
114
|
507,061.47
|
39
|
0.25%
|
19
|
811,978,043.47
|
6,635,715.07
|
464
|
1,994,197.24
|
134
|
617,062.22
|
47
|
0.32%
|
20
|
773,600,993.61
|
8,009,840.14
|
537
|
1,968,859.47
|
140
|
808,370.64
|
62
|
0.36%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,968,273,068.92
|
6,170,477.30
|
341
|
1,120,779.80
|
63
|
33,632.68
|
5
|
0.06%
|
2
|
1,908,659,222.49
|
8,898,248.16
|
472
|
1,421,820.66
|
84
|
499,687.92
|
26
|
0.10%
|
3
|
1,843,739,631.13
|
8,655,141.87
|
455
|
1,727,209.09
|
89
|
561,724.09
|
37
|
0.12%
|
4
|
1,783,326,907.12
|
8,913,894.12
|
463
|
1,912,130.52
|
100
|
847,551.05
|
43
|
0.15%
|
5
|
1,723,766,367.59
|
10,544,863.42
|
565
|
1,849,690.80
|
104
|
1,027,183.50
|
50
|
0.17%
|
6
|
1,664,194,685.61
|
10,523,824.99
|
570
|
2,503,188.06
|
132
|
874,921.99
|
53
|
0.20%
|
7
|
1,607,796,891.09
|
8,434,696.45
|
453
|
2,152,394.99
|
112
|
990,435.33
|
55
|
0.20%
|
8
|
1,549,425,910.49
|
9,782,113.19
|
521
|
1,966,674.74
|
104
|
684,248.88
|
39
|
0.17%
|
9
|
1,490,034,304.05
|
7,876,812.33
|
445
|
2,089,605.53
|
104
|
482,814.89
|
31
|
0.17%
|
10
|
1,432,996,906.94
|
8,565,308.72
|
494
|
2,105,448.34
|
104
|
923,457.81
|
47
|
0.21%
|
11
|
1,380,993,738.75
|
10,064,169.18
|
564
|
1,910,534.38
|
117
|
852,530.90
|
40
|
0.20%
|
12
|
1,324,562,627.95
|
10,515,259.05
|
598
|
2,121,596.45
|
112
|
673,265.60
|
39
|
0.21%
|
13
|
1,271,213,647.36
|
10,224,123.49
|
598
|
2,665,131.57
|
143
|
657,957.64
|
42
|
0.26%
|
14
|
1,219,497,553.29
|
10,356,441.28
|
604
|
2,438,617.18
|
153
|
1,131,358.01
|
63
|
0.29%
|
15
|
1,166,070,578.78
|
9,474,158.93
|
581
|
2,335,320.35
|
146
|
818,701.55
|
57
|
0.27%
|
16
|
1,118,153,644.96
|
9,626,220.85
|
589
|
2,385,603.02
|
162
|
976,084.42
|
64
|
0.30%
|
17
|
1,069,517,032.30
|
10,256,744.68
|
656
|
2,488,219.82
|
155
|
1,114,118.14
|
76
|
0.34%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,303,780,778.77
|
5,164,802.93
|
246
|
690,778.26
|
42
|
-
|
-
|
0.05%
|
2
|
1,263,008,222.12
|
6,327,271.14
|
321
|
868,904.07
|
53
|
374,765.09
|
25
|
0.10%
|
3
|
1,221,268,956.02
|
6,077,482.95
|
316
|
1,172,717.86
|
64
|
364,247.04
|
25
|
0.13%
|
4
|
1,182,014,385.79
|
5,561,958.43
|
290
|
1,059,774.01
|
61
|
591,023.16
|
30
|
0.14%
|
5
|
1,140,189,529.97
|
6,062,975.65
|
334
|
992,319.38
|
48
|
343,935.59
|
24
|
0.12%
|
6
|
1,099,114,745.13
|
5,259,027.41
|
293
|
1,385,391.11
|
72
|
547,848.55
|
23
|
0.18%
|
7
|
1,057,861,106.76
|
5,755,722.32
|
312
|
1,279,816.16
|
70
|
674,415.11
|
35
|
0.18%
|
8
|
1,021,393,004.04
|
6,761,664.48
|
365
|
1,456,906.95
|
80
|
546,245.99
|
31
|
0.20%
|
9
|
980,546,637.62
|
7,293,956.98
|
390
|
1,180,621.41
|
69
|
486,499.78
|
29
|
0.17%
|
10
|
942,237,347.78
|
7,119,242.62
|
399
|
1,857,333.43
|
100
|
437,252.62
|
22
|
0.24%
|
11
|
905,415,473.96
|
7,380,700.29
|
402
|
1,547,773.73
|
87
|
850,359.11
|
40
|
0.26%
|
12
|
868,042,084.98
|
7,264,863.22
|
421
|
1,903,825.13
|
105
|
643,908.48
|
39
|
0.29%
|
13
|
834,834,856.96
|
7,213,231.57
|
409
|
1,751,466.39
|
105
|
766,941.76
|
43
|
0.30%
|
14
|
800,349,309.96
|
7,850,534.83
|
448
|
2,020,928.84
|
127
|
659,028.99
|
43
|
0.33%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,812,093,614.01
|
5,850,711.42
|
292
|
824,632.56
|
46
|
39,539.85
|
1
|
0.05%
|
2
|
1,750,797,168.52
|
6,844,709.04
|
346
|
1,237,259.27
|
65
|
297,452.27
|
19
|
0.09%
|
3
|
1,688,760,558.98
|
6,397,346.99
|
330
|
1,196,126.94
|
53
|
532,679.09
|
28
|
0.10%
|
4
|
1,628,424,514.19
|
7,658,379.52
|
396
|
1,088,701.63
|
56
|
519,382.98
|
22
|
0.10%
|
5
|
1,573,087,539.06
|
7,916,578.25
|
422
|
1,699,524.46
|
87
|
548,597.18
|
30
|
0.14%
|
6
|
1,512,795,770.25
|
8,421,800.99
|
457
|
1,499,962.96
|
82
|
797,929.84
|
38
|
0.15%
|
7
|
1,455,820,111.40
|
8,333,539.32
|
466
|
1,781,329.08
|
101
|
668,316.98
|
35
|
0.17%
|
8
|
1,401,947,242.25
|
8,996,597.66
|
494
|
1,482,492.26
|
83
|
926,660.72
|
53
|
0.17%
|
9
|
1,347,125,344.69
|
8,786,496.84
|
510
|
1,726,619.56
|
105
|
618,313.66
|
40
|
0.17%
|
10
|
1,296,909,334.95
|
9,583,862.63
|
530
|
1,753,749.22
|
111
|
936,270.53
|
55
|
0.21%
|
11
|
1,245,173,319.52
|
10,238,084.40
|
590
|
2,340,792.45
|
137
|
674,322.05
|
48
|
0.24%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,778,518,657.89
|
5,940,238.39
|
317
|
1,144,123.32
|
59
|
32,951.67
|
2
|
0.07%
|
2
|
1,721,337,572.59
|
7,936,112.35
|
405
|
1,123,759.15
|
61
|
537,628.94
|
25
|
0.10%
|
3
|
1,657,608,253.51
|
8,104,075.65
|
426
|
1,563,272.41
|
85
|
284,220.25
|
23
|
0.11%
|
4
|
1,597,202,325.11
|
8,816,876.97
|
479
|
1,930,713.70
|
102
|
639,858.03
|
40
|
0.16%
|
5
|
1,539,848,496.53
|
9,773,149.94
|
532
|
1,535,376.33
|
102
|
750,596.33
|
41
|
0.15%
|
6
|
1,481,110,397.63
|
9,645,968.86
|
537
|
1,814,343.21
|
115
|
753,839.75
|
54
|
0.17%
|
7
|
1,428,238,090.00
|
9,556,967.55
|
526
|
2,658,431.73
|
148
|
607,482.69
|
49
|
0.23%
|
8
|
1,373,298,657.01
|
11,663,577.10
|
620
|
2,198,721.20
|
130
|
1,328,072.48
|
78
|
0.26%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,252,500,071.79
|
4,983,288.24
|
264
|
596,484.55
|
34
|
1,643.89
|
1
|
0.05%
|
2
|
1,210,083,889.93
|
5,485,222.53
|
295
|
903,255.93
|
54
|
292,863.92
|
18
|
0.10%
|
3
|
1,165,324,026.55
|
5,695,994.42
|
299
|
939,128.10
|
60
|
378,116.04
|
31
|
0.11%
|
4
|
1,124,453,980.51
|
5,796,565.23
|
331
|
1,185,372.72
|
69
|
509,265.45
|
32
|
0.15%
|
5
|
1,082,917,867.80
|
7,243,907.48
|
414
|
1,551,842.12
|
95
|
626,065.82
|
33
|
0.20%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
Ending Pool Balance ($)
|
30-59 Days Delinquent ($)
|
Number of Receivables 30-59 Days Delinquent
|
60-89 Days Delinquent ($)
|
Number of Receivables 60-89 Days Delinquent
|
90-119 Days Delinquent ($)
|
Number of Receivables 90-119 Days Delinquent
|
60+ Days Delinquent as % of Ending Pool Balance
|
1
|
1,751,583,461.33
|
7,028,786.25
|
358
|
1,074,163.24
|
49
|
15,200.06
|
1
|
0.06%
|
2
|
1,690,595,424.95
|
9,091,719.33
|
478
|
1,417,624.29
|
68
|
512,332.34
|
22
|
0.11%
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
(1) |
The period of delinquency is based on the number of days payments are contractually past due. A payment is deemed to be past due if less than 90% of such payment is made.
|
(2) |
Calculated as aggregate principal balance of receivables 60 or more days contractually delinquent as a percentage of the pool balance, in each case as of the end of the related month.
|
(3) |
Delinquent Receivables are charged off as soon as TMCC determines that the vehicle cannot be recovered, but not later than when the contract is 120 days contractually delinquent.
|
Month
|
TAOT
2015-A
|
TAOT
2015-B
|
TAOT
2015-C
|
TAOT
2016-A
|
TAOT
2016-B
|
TAOT
2016-C
|
TAOT
2016-D
|
TAOT 2017-A
|
TAOT 2017-B
|
TAOT 2017-C
|
TAOT 2017-D
|
1
|
2.81%
|
2.86%
|
2.81%
|
2.77%
|
2.83%
|
2.87%
|
2.80%
|
2.86%
|
2.79%
|
2.73%
|
2.70%
|
2
|
1.32%
|
1.36%
|
1.28%
|
1.15%
|
1.35%
|
1.38%
|
1.21%
|
1.13%
|
1.27%
|
1.13%
|
1.07%
|
3
|
1.21%
|
1.25%
|
1.31%
|
1.19%
|
1.25%
|
1.30%
|
1.23%
|
1.36%
|
1.27%
|
1.29%
|
1.29%
|
4
|
1.36%
|
1.31%
|
1.21%
|
1.32%
|
1.40%
|
1.31%
|
1.36%
|
1.37%
|
1.34%
|
1.15%
|
1.10%
|
5
|
1.39%
|
1.34%
|
1.40%
|
1.14%
|
1.38%
|
1.31%
|
1.22%
|
1.25%
|
1.27%
|
1.13%
|
1.31%
|
6
|
1.30%
|
1.16%
|
1.20%
|
1.30%
|
1.29%
|
1.46%
|
1.45%
|
1.41%
|
1.36%
|
1.30%
|
1.24%
|
7
|
1.29%
|
1.39%
|
1.32%
|
1.27%
|
1.28%
|
1.31%
|
1.25%
|
1.30%
|
1.19%
|
1.18%
|
1.27%
|
8
|
1.28%
|
1.25%
|
1.47%
|
1.20%
|
1.30%
|
1.55%
|
1.43%
|
1.32%
|
1.22%
|
1.35%
|
1.21%
|
9
|
1.16%
|
1.30%
|
1.33%
|
1.18%
|
1.35%
|
1.23%
|
1.39%
|
1.17%
|
1.31%
|
1.24%
|
1.29%
|
10
|
1.39%
|
1.42%
|
1.39%
|
1.20%
|
1.29%
|
1.48%
|
1.26%
|
1.20%
|
1.18%
|
1.28%
|
1.27%
|
11
|
1.22%
|
1.29%
|
1.37%
|
1.27%
|
1.51%
|
1.43%
|
1.42%
|
1.39%
|
1.37%
|
1.20%
|
1.09%
|
12
|
1.34%
|
1.35%
|
1.27%
|
1.19%
|
1.24%
|
1.33%
|
1.31%
|
1.16%
|
1.23%
|
1.25%
|
1.33%
|
13
|
1.45%
|
1.40%
|
1.46%
|
1.40%
|
1.45%
|
1.44%
|
1.42%
|
1.34%
|
1.34%
|
1.30%
|
1.18%
|
14
|
1.30%
|
1.31%
|
1.41%
|
1.22%
|
1.44%
|
1.35%
|
1.25%
|
1.28%
|
1.24%
|
1.09%
|
1.19%
|
15
|
1.35%
|
1.46%
|
1.34%
|
1.33%
|
1.30%
|
1.38%
|
1.23%
|
1.33%
|
1.28%
|
1.32%
|
1.25%
|
16
|
1.42%
|
1.38%
|
1.35%
|
1.32%
|
1.45%
|
1.31%
|
1.44%
|
1.27%
|
1.35%
|
1.19%
|
1.12%
|
17
|
1.29%
|
1.34%
|
1.36%
|
1.31%
|
1.37%
|
1.24%
|
1.31%
|
1.33%
|
1.18%
|
1.18%
|
1.27%
|
18
|
1.47%
|
1.33%
|
1.40%
|
1.38%
|
1.44%
|
1.39%
|
1.44%
|
1.36%
|
1.39%
|
1.26%
|
1.30%
|
19
|
1.42%
|
1.35%
|
1.36%
|
1.28%
|
1.33%
|
1.24%
|
1.40%
|
1.17%
|
1.20%
|
1.17%
|
1.29%
|
20
|
1.35%
|
1.44%
|
1.52%
|
1.34%
|
1.26%
|
1.45%
|
1.39%
|
1.38%
|
1.18%
|
1.24%
|
1.17%
|
21
|
1.37%
|
1.34%
|
1.33%
|
1.25%
|
1.41%
|
1.37%
|
1.28%
|
1.24%
|
1.29%
|
1.33%
|
1.35%
|
22
|
1.30%
|
1.48%
|
1.45%
|
1.23%
|
1.26%
|
1.39%
|
1.39%
|
1.23%
|
1.23%
|
1.29%
|
1.29%
|
23
|
1.40%
|
1.31%
|
1.45%
|
1.38%
|
1.44%
|
1.36%
|
1.40%
|
1.31%
|
1.30%
|
1.17%
|
1.23%
|
24
|
1.31%
|
1.46%
|
1.37%
|
1.27%
|
1.35%
|
1.37%
|
1.22%
|
1.21%
|
1.34%
|
1.32%
|
1.29%
|
25
|
1.52%
|
1.42%
|
1.46%
|
1.40%
|
1.39%
|
1.42%
|
1.40%
|
1.32%
|
1.31%
|
1.28%
|
1.17%
|
26
|
1.32%
|
1.38%
|
1.38%
|
1.36%
|
1.34%
|
1.25%
|
1.30%
|
1.32%
|
1.21%
|
1.26%
|
1.27%
|
27
|
1.48%
|
1.47%
|
1.44%
|
1.37%
|
1.39%
|
1.41%
|
1.30%
|
1.36%
|
1.42%
|
1.33%
|
|
28
|
1.43%
|
1.38%
|
1.38%
|
1.28%
|
1.45%
|
1.29%
|
1.36%
|
1.21%
|
1.32%
|
1.20%
|
|
29
|
1.36%
|
1.46%
|
1.36%
|
1.36%
|
1.24%
|
1.31%
|
1.25%
|
1.41%
|
1.28%
|
1.30%
|
|
30
|
1.44%
|
1.32%
|
1.46%
|
1.38%
|
1.43%
|
1.36%
|
1.37%
|
1.36%
|
1.36%
|
||
31
|
1.36%
|
1.35%
|
1.38%
|
1.22%
|
1.34%
|
1.31%
|
1.42%
|
1.25%
|
1.25%
|
||
32
|
1.44%
|
1.45%
|
1.48%
|
1.38%
|
1.30%
|
1.39%
|
1.38%
|
1.35%
|
1.31%
|
||
33
|
1.35%
|
1.35%
|
1.42%
|
1.28%
|
1.37%
|
1.40%
|
1.26%
|
1.28%
|
|||
34
|
1.34%
|
1.49%
|
1.44%
|
1.32%
|
1.33%
|
1.40%
|
1.44%
|
1.34%
|
|||
35
|
1.42%
|
1.44%
|
1.42%
|
1.37%
|
1.43%
|
1.28%
|
1.39%
|
||||
36
|
1.36%
|
1.45%
|
1.48%
|
1.32%
|
1.45%
|
1.45%
|
1.35%
|
||||
37
|
1.49%
|
1.39%
|
1.49%
|
1.41%
|
1.44%
|
1.40%
|
1.41%
|
||||
38
|
1.43%
|
1.46%
|
1.37%
|
1.42%
|
1.34%
|
1.37%
|
1.32%
|
||||
39
|
1.45%
|
1.46%
|
1.50%
|
1.42%
|
1.47%
|
1.37%
|
1.40%
|
||||
40
|
1.42%
|
1.35%
|
1.43%
|
1.39%
|
1.44%
|
1.35%
|
|||||
41
|
1.48%
|
1.48%
|
1.45%
|
1.47%
|
1.41%
|
1.42%
|
|||||
42
|
1.50%
|
1.43%
|
1.50%
|
1.45%
|
1.45%
|
||||||
43
|
1.37%
|
1.44%
|
1.47%
|
1.39%
|
1.40%
|
||||||
44
|
1.50%
|
1.48%
|
1.54%
|
1.44%
|
1.44%
|
||||||
45
|
1.45%
|
1.38%
|
|||||||||
46
|
1.44%
|
Month
|
TAOT 2018-A
|
TAOT 2018-B
|
TAOT 2018-C
|
TAOT 2018-D
|
TAOT 2019-A
|
TAOT 2019-B
|
TAOT 2019-C
|
TAOT 2019-D
|
1
|
2.68%
|
2.72%
|
2.70%
|
2.64%
|
2.58%
|
2.72%
|
2.70%
|
2.62%
|
2
|
1.29%
|
1.12%
|
0.97%
|
1.03%
|
1.19%
|
1.05%
|
1.15%
|
1.22%
|
3
|
1.23%
|
1.23%
|
1.19%
|
1.12%
|
1.26%
|
1.33%
|
1.30%
|
|
4
|
1.25%
|
1.24%
|
1.08%
|
1.03%
|
1.24%
|
1.26%
|
1.15%
|
|
5
|
1.20%
|
0.99%
|
1.09%
|
1.21%
|
1.10%
|
1.19%
|
1.23%
|
|
6
|
1.23%
|
1.25%
|
1.13%
|
1.21%
|
1.32%
|
1.29%
|
||
7
|
1.26%
|
1.11%
|
1.05%
|
1.27%
|
1.25%
|
1.11%
|
||
8
|
1.07%
|
1.09%
|
1.16%
|
1.05%
|
1.18%
|
1.23%
|
||
9
|
1.28%
|
1.18%
|
1.24%
|
1.33%
|
1.25%
|
|||
10
|
1.17%
|
1.06%
|
1.20%
|
1.24%
|
1.12%
|
|||
11
|
1.14%
|
1.24%
|
1.06%
|
1.21%
|
1.22%
|
|||
12
|
1.23%
|
1.26%
|
1.26%
|
1.28%
|
||||
13
|
1.10%
|
1.26%
|
1.20%
|
1.09%
|
||||
14
|
1.23%
|
1.11%
|
1.18%
|
1.21%
|
||||
15
|
1.27%
|
1.28%
|
1.29%
|
|||||
16
|
1.29%
|
1.21%
|
1.13%
|
|||||
17
|
1.14%
|
1.18%
|
1.20%
|
|||||
18
|
1.37%
|
1.31%
|
||||||
19
|
1.26%
|
1.19%
|
||||||
20
|
1.24%
|
1.24%
|
||||||
21
|
1.29%
|
|||||||
22
|
1.17%
|
|||||||
23
|
1.26%
|
(1) |
The ABS Speed is a measurement of the non-scheduled amortization of the pool of receivables and is derived by calculating a monthly single month mortality rate, or SMM. The
SMM is the ratio of the prepayment amount divided by the beginning of month pool balance less the calculated scheduled principal amount times one hundred. The prepayment amount is calculated as the excess of (i) the monthly change in
the reported receivables balance minus (ii) the calculated scheduled payment. The scheduled principal is calculated based on the weighted average remaining term and weighted average APR of the receivables assuming the receivables
have been aggregated into one loan. The SMM is expressed as an ABS Speed by dividing (a) the product of one hundred and the SMM by (b) the sum of (i) one hundred and (ii) the SMM multiplied by the age of the pool, in months, minus
one.
|
Month
|
TAOT
2015-A
|
TAOT
2015-B
|
TAOT
2015-C
|
TAOT
2016-A
|
TAOT
2016-B
|
TAOT
2016-C
|
TAOT
2016-D
|
TAOT 2017-A
|
TAOT 2017-B
|
TAOT 2017-C
|
TAOT 2017-D
|
1
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
2
|
0.00%
|
0.01%
|
0.01%
|
0.00%
|
0.00%
|
0.01%
|
0.00%
|
0.00%
|
0.01%
|
0.01%
|
0.01%
|
3
|
0.02%
|
0.05%
|
0.05%
|
0.04%
|
0.05%
|
0.05%
|
0.03%
|
0.03%
|
0.04%
|
0.04%
|
0.02%
|
4
|
0.03%
|
0.08%
|
0.07%
|
0.06%
|
0.07%
|
0.07%
|
0.05%
|
0.05%
|
0.06%
|
0.06%
|
0.04%
|
5
|
0.05%
|
0.11%
|
0.10%
|
0.08%
|
0.11%
|
0.10%
|
0.08%
|
0.06%
|
0.10%
|
0.09%
|
0.07%
|
6
|
0.07%
|
0.11%
|
0.14%
|
0.09%
|
0.13%
|
0.14%
|
0.11%
|
0.09%
|
0.15%
|
0.11%
|
0.09%
|
7
|
0.08%
|
0.14%
|
0.17%
|
0.13%
|
0.15%
|
0.16%
|
0.15%
|
0.13%
|
0.15%
|
0.14%
|
0.10%
|
8
|
0.10%
|
0.16%
|
0.17%
|
0.16%
|
0.18%
|
0.17%
|
0.16%
|
0.16%
|
0.19%
|
0.16%
|
0.13%
|
9
|
0.11%
|
0.20%
|
0.18%
|
0.16%
|
0.21%
|
0.17%
|
0.18%
|
0.18%
|
0.21%
|
0.18%
|
0.14%
|
10
|
0.12%
|
0.20%
|
0.20%
|
0.19%
|
0.24%
|
0.20%
|
0.20%
|
0.20%
|
0.22%
|
0.18%
|
0.16%
|
11
|
0.13%
|
0.21%
|
0.21%
|
0.21%
|
0.26%
|
0.22%
|
0.24%
|
0.22%
|
0.24%
|
0.20%
|
0.19%
|
12
|
0.16%
|
0.24%
|
0.23%
|
0.24%
|
0.29%
|
0.23%
|
0.26%
|
0.23%
|
0.24%
|
0.21%
|
0.20%
|
13
|
0.17%
|
0.23%
|
0.25%
|
0.25%
|
0.30%
|
0.25%
|
0.27%
|
0.25%
|
0.25%
|
0.22%
|
0.23%
|
14
|
0.17%
|
0.25%
|
0.26%
|
0.25%
|
0.31%
|
0.26%
|
0.28%
|
0.24%
|
0.27%
|
0.25%
|
0.24%
|
15
|
0.19%
|
0.26%
|
0.28%
|
0.25%
|
0.31%
|
0.29%
|
0.30%
|
0.26%
|
0.28%
|
0.27%
|
0.25%
|
16
|
0.19%
|
0.26%
|
0.29%
|
0.25%
|
0.32%
|
0.32%
|
0.33%
|
0.27%
|
0.30%
|
0.28%
|
0.27%
|
17
|
0.19%
|
0.27%
|
0.30%
|
0.27%
|
0.34%
|
0.32%
|
0.33%
|
0.28%
|
0.32%
|
0.30%
|
0.28%
|
18
|
0.20%
|
0.28%
|
0.32%
|
0.29%
|
0.37%
|
0.35%
|
0.34%
|
0.29%
|
0.34%
|
0.30%
|
0.28%
|
19
|
0.22%
|
0.30%
|
0.34%
|
0.30%
|
0.39%
|
0.36%
|
0.35%
|
0.31%
|
0.35%
|
0.30%
|
0.30%
|
20
|
0.23%
|
0.32%
|
0.35%
|
0.30%
|
0.40%
|
0.38%
|
0.36%
|
0.32%
|
0.36%
|
0.31%
|
0.30%
|
21
|
0.24%
|
0.33%
|
0.36%
|
0.31%
|
0.41%
|
0.38%
|
0.36%
|
0.33%
|
0.37%
|
0.32%
|
0.31%
|
22
|
0.24%
|
0.33%
|
0.35%
|
0.33%
|
0.41%
|
0.38%
|
0.37%
|
0.34%
|
0.37%
|
0.32%
|
0.32%
|
23
|
0.25%
|
0.34%
|
0.36%
|
0.34%
|
0.43%
|
0.38%
|
0.37%
|
0.35%
|
0.39%
|
0.33%
|
0.31%
|
24
|
0.27%
|
0.33%
|
0.37%
|
0.36%
|
0.44%
|
0.39%
|
0.38%
|
0.36%
|
0.39%
|
0.33%
|
0.33%
|
25
|
0.28%
|
0.33%
|
0.38%
|
0.36%
|
0.43%
|
0.39%
|
0.39%
|
0.37%
|
0.39%
|
0.34%
|
0.34%
|
26
|
0.28%
|
0.33%
|
0.38%
|
0.37%
|
0.42%
|
0.41%
|
0.39%
|
0.37%
|
0.40%
|
0.35%
|
0.35%
|
27
|
0.29%
|
0.34%
|
0.38%
|
0.36%
|
0.43%
|
0.41%
|
0.40%
|
0.38%
|
0.41%
|
0.36%
|
|
28
|
0.29%
|
0.34%
|
0.39%
|
0.36%
|
0.43%
|
0.41%
|
0.41%
|
0.38%
|
0.42%
|
0.37%
|
|
29
|
0.29%
|
0.34%
|
0.40%
|
0.36%
|
0.44%
|
0.42%
|
0.41%
|
0.38%
|
0.42%
|
0.37%
|
|
30
|
0.30%
|
0.34%
|
0.40%
|
0.36%
|
0.44%
|
0.42%
|
0.42%
|
0.38%
|
0.42%
|
||
31
|
0.30%
|
0.35%
|
0.40%
|
0.37%
|
0.45%
|
0.42%
|
0.42%
|
0.38%
|
0.44%
|
||
32
|
0.30%
|
0.36%
|
0.41%
|
0.37%
|
0.45%
|
0.43%
|
0.42%
|
0.39%
|
0.44%
|
||
33
|
0.31%
|
0.36%
|
0.41%
|
0.37%
|
0.45%
|
0.42%
|
0.43%
|
0.39%
|
|||
34
|
0.31%
|
0.37%
|
0.41%
|
0.38%
|
0.45%
|
0.42%
|
0.43%
|
0.40%
|
|||
35
|
0.30%
|
0.37%
|
0.40%
|
0.38%
|
0.46%
|
0.42%
|
0.43%
|
||||
36
|
0.30%
|
0.36%
|
0.40%
|
0.38%
|
0.46%
|
0.42%
|
0.43%
|
||||
37
|
0.30%
|
0.35%
|
0.40%
|
0.37%
|
0.45%
|
0.43%
|
0.43%
|
||||
38
|
0.30%
|
0.35%
|
0.40%
|
0.37%
|
0.45%
|
0.44%
|
0.43%
|
||||
39
|
0.30%
|
0.35%
|
0.40%
|
0.38%
|
0.45%
|
0.44%
|
0.43%
|
||||
40
|
0.30%
|
0.35%
|
0.40%
|
0.38%
|
0.45%
|
0.44%
|
|||||
41
|
0.30%
|
0.35%
|
0.40%
|
0.38%
|
0.46%
|
0.44%
|
|||||
42
|
0.30%
|
0.35%
|
0.40%
|
0.37%
|
0.46%
|
||||||
43
|
0.30%
|
0.35%
|
0.40%
|
0.37%
|
0.46%
|
||||||
44
|
0.30%
|
0.35%
|
0.40%
|
0.37%
|
0.46%
|
||||||
45
|
0.30%
|
0.37%
|
|||||||||
46
|
0.37%
|
Month
|
TAOT 2018-A
|
TAOT 2018-B
|
TAOT 2018-C
|
TAOT 2018-D
|
TAOT 2019-A
|
TAOT 2019-B
|
TAOT 2019-C
|
TAOT 2019-D
|
1
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
2
|
0.00%
|
0.00%
|
0.01%
|
0.01%
|
0.00%
|
0.01%
|
0.01%
|
0.01%
|
3
|
0.03%
|
0.02%
|
0.03%
|
0.03%
|
0.02%
|
0.03%
|
0.02%
|
|
4
|
0.05%
|
0.04%
|
0.05%
|
0.04%
|
0.05%
|
0.03%
|
0.05%
|
|
5
|
0.07%
|
0.07%
|
0.08%
|
0.07%
|
0.06%
|
0.06%
|
0.07%
|
|
6
|
0.09%
|
0.10%
|
0.11%
|
0.07%
|
0.08%
|
0.08%
|
||
7
|
0.10%
|
0.11%
|
0.12%
|
0.10%
|
0.10%
|
0.10%
|
||
8
|
0.12%
|
0.13%
|
0.14%
|
0.13%
|
0.12%
|
0.11%
|
||
9
|
0.13%
|
0.14%
|
0.15%
|
0.14%
|
0.13%
|
|||
10
|
0.17%
|
0.15%
|
0.16%
|
0.14%
|
0.15%
|
|||
11
|
0.18%
|
0.17%
|
0.19%
|
0.16%
|
0.17%
|
|||
12
|
0.20%
|
0.18%
|
0.20%
|
0.19%
|
||||
13
|
0.22%
|
0.19%
|
0.21%
|
0.22%
|
||||
14
|
0.23%
|
0.20%
|
0.22%
|
0.23%
|
||||
15
|
0.24%
|
0.21%
|
0.25%
|
|||||
16
|
0.25%
|
0.22%
|
0.26%
|
|||||
17
|
0.26%
|
0.24%
|
0.27%
|
|||||
18
|
0.28%
|
0.26%
|
||||||
19
|
0.28%
|
0.27%
|
||||||
20
|
0.29%
|
0.29%
|
||||||
21
|
0.30%
|
|||||||
22
|
0.32%
|
|||||||
23
|
0.32%
|
(1) |
The monthly net cumulative loss percent is the cumulative net dollars charged off, which is the net remaining principal balance, including earned but not yet received finance
charges, repossession expenses and unpaid extension fees, less any proceeds from the liquidation of the related vehicle and any subsequent post-charge-off recoveries, divided by the original pool balance of the receivables.
|
(1) |
The Class B Notes and approximately, but not less than, 5% (by initial principal amount) of each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes will be retained initially by Toyota Auto Finance Receivables LLC.
|
Joint Bookrunners
|
||
MUFG
|
Lloyds Securities
|
TD Securities
|
Co-Managers
|
||
Loop Capital Markets
|
Scotiabank
|
US Bancorp
|
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