EX-20 3 a2068679zex-20.htm EXHIBIT 20 Prepared by MERRILL CORPORATION
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Exhibit 20


TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S Report—Toyota Auto Receivables 2001-B Owner Trust
Distribution Date of January 15, 2002 for the Collection Period December 1, 2001 through December 31, 2001

 
   Total
   Class A-1
Balance
   Class A-2
Balance
   Class A-3
Balance
   Class A-4
Balance
Pool Data—Original Deal Parameters                              
  Securities Balance   $ 1,452,840,000.00   $ 417,840,000.00   $ 500,000,000.00   $ 360,000,000.00   $ 175,000,000.00
  Receivables Pool Balance   $ 1,497,783,044.00                        
  Principal Factor     1.00000000     1.00000000     1.00000000     1.00000000     1.00000000
  Rate           4.300 %   4.562 %   5.018%     5.360%
  Final Scheduled Payment Date           May 15, 2002     December 15, 2003     March 15, 2005     October 15, 2007
  Number of Contracts     119,098                        
  Weighted Average Coupon     9.137 %                      
  Weighted Average Remaining Term     45.70 months                      
  Servicing Fee Rate     1.00 %                      
Pool Data—Prior Month                              
  Securities Balance   $ 1,002,653,146.69   $ 0.00   $ 467,653,146.69   $ 360,000,000.00   $ 175,000,000.00
  Receivables Pool Balance   $ 1,047,596,190.69                        
  Securities Pool Factor     0.69013322     0.00000000     0.93530629     1.00000000     1.00000000
  Number of Contracts     98,739                        
  Weighted Average Coupon     9.227 %                      
  Weighted Average Remaining Term     39.70 months                      
  Precompute and Simple Interest Advances   $ 3,626,157.07                        
  Payahead Account Balance   $ 1,527,613.58                        
  Interest Shortfall   $ 0.00   $ 0.00   $ 0.00   $ 0.00   $ 0.00
  Principal Shortfall   $ 0.00   $ 0.00   $ 0.00   $ 0.00   $ 0.00
Pool Data—Current Month                              
  Securities Balance   $ 953,161,049.05   $ 0.00   $ 418,161,049.05   $ 360,000,000.00   $ 175,000,000.00
  Receivables Pool Balance   $ 998,104,093.05                        
  Securities Pool Factor     0.65606746     0.00000000     0.83632210     1.00000000     1.00000000
  Number of Contracts     96,070                        
  Weighted Average Coupon     9.242 %                      
  Weighted Average Remaining Term     39.00 months                      
  Precompute and Simple Interest Advances   $ 4,014,288.08                        
  Payahead Account Balance   $ 1,419,642.91                        
  Interest Shortfall   $ 0.00   $ 0.00   $ 0.00   $ 0.00   $ 0.00
  Principal Shortfall   $ 0.00   $ 0.00   $ 0.00   $ 0.00   $ 0.00

Page 1

 
    
Reserve Fund      
  Initial Deposit Amount   $ 3,744,458.00
  Specified Reserve Fund Percentage     0.75%
  Specified Reserve Fund Amount   $ 7,488,915.22
  Specified Reserve Fund Percentage (if Condition i or ii met)     5.50%
  Specified Reserve Fund Amount (if Condition i or ii met)   $ 52,423,857.70
  Beginning Balance   $ 7,856,971.43
  Total Withdraw   $ 0.00
  Amount Available for Deposit to the Reserve Fund   $ 2,843,594.82
   
  Reserve Fund Balance Prior to Release   $ 10,700,566.25
  Reserve Fund Required Amount   $ 7,488,915.22
  Reserve Fund Release to Seller   $ 3,211,651.03
   
  Ending Reserve Fund Balance   $ 7,488,915.22

Liquidation of Charge-offs and Repossessions
 
Vehicles
 
Amount
 
Liquidated Contracts   66        
   
       
Gross Principal Balance of Liquidated Receivables       $ 723,604.86  
Net Liquidation Proceeds Received During the Collection Period       $ (372,274.46 )
Recoveries on Previously Liquidated Contracts       $ (18,078.53 )
       
 
Aggregate Credit Losses for the Collection Period       $ 333,251.87  
       
 
Cumulative Credit Losses for all Periods   435   $ 2,046,445.71  
   
 
 
Repossessed in Current Period   60        
   
       

Ratio of Net Credit Losses to the Average Pool Balance
for Each Collection Period:
 
 
 
 
Annualized Average
Charge-Off Rate
 
  Second Preceding Collection Period         0.46%  
  First Preceding Collection Period         0.39%  
  Current Collection Period         0.39%  
Condition (i) (Charge-off Rate)            
  Three Month Average         0.42%  
  Charge-off Rate Indicator (> 1.25%)         condition not met  

Page 2

Delinquent and Repossessed Contracts

   Percent
   Contracts
   Percent
   Amount
  
  31-60 Days Delinquent   2.23 % 2,142   2.30 % $ 22,929,108.41  
  61-90 Days Delinquent   0.39 % 378   0.43 % $ 4,284,679.09  
  Over 90 Days Delinquent   0.28 % 267   0.32 % $ 3,147,302.56  
       
     
 
  Total Delinquencies       2,787       $ 30,361,090.06  
       
     
 
 
Repossessed Vehicle Inventory
 
 
 
162
*
 
 
 
 
 
  * Included with delinquencies above                    

Ratio of Number of Contracts Delinquent 60 Days or More to the Outstanding Number of Receivables as of Each Collection Period (Includes Repossessions):
 
 
 
 
 
 
  Second Preceding Collection Period                 0.42 %
  First Preceding Collection Period                 0.49 %
  Current Collection Period                 0.67 %

Condition (ii) (Delinquency Percentage)
 
 
 
 
 
 
 
 
 
 
  Three Month Average                 0.52 %
  Delinquency Percentage Indicator (> 1.25%)                 condition not met  

 
 
 
 
 
 
 
 
 
 
 

Page 3

TOYOTA MOTOR CREDIT CORPORATION
SERVICER'S Report—Toyota Auto Receivables 2001-B Owner Trust
Distribution Date of January 15, 2002 for the Collection Period December 1, 2001 through December 31, 2001

 
   Total
   Class A-1
Balance
   Class A-2
Balance
   Class A-3
Balance
   Class A-4
Balance
Collections                              
  Principal Payments Received   $ 48,768,492.78                        
  Interest Payments Received   $ 7,618,669.89                        
  Net Precomputed Payahead Amount   $ 107,970.67                        
  Aggregate Net Liquidation Proceeds Received   $ 390,352.99                        
  Principal on Repurchased Contracts   $ 0.00                        
  Interest on Repurchased Contracts   $ 0.00                        
   
                       
  Total Collections   $ 56,885,486.33                        
  Net Simple Interest Advance Amount   $ 292,345.92                        
  Net Precomputed Advance Amount   $ 95,785.09                        
   
                       
  Total Available Amount   $ 57,273,617.34                        

Amounts Due
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Servicing Fee   $ 872,996.83                        
  Accrued and Unpaid Interest   $ 4,064,928.05                        
  Principal   $ 49,492,097.64                        
  Reserve Fund   $ 2,843,594.82                        
   
                       
  Total Amount Due   $ 57,273,617.34                        

Actual Distributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Servicing Fee   $ 872,996.83                        
  Interest   $ 4,064,928.05   $ 0.00   $ 1,777,861.38   $ 1,505,400.00   $ 781,666.67
  Principal   $ 49,492,097.64   $ 0.00   $ 49,492,097.64   $ 0.00   $ 0.00
  Reserve Fund   $ 2,843,594.82                        
   
 
 
 
 
  Total Amount Distributed   $ 57,273,617.34   $ 0.00   $ 51,269,959.02   $ 1,505,400.00   $ 781,666.67

Page 4

Monthly Information by Type of Loan

    
    
Precomputed Contracts          
  Scheduled Principal Collections       $ 4,724,605.41
  Prepayments in Full   537 contracts   $ 2,175,840.15
  Repurchased Receivables Principal       $ 0.00
  Payments Behind/Ahead on Repurchased Receivables       $ 0.00
  Total Collections       $ 7,622,632.47
  Advances—Reimbursement of Previous Advances       $ 0.00
  Advances—Current Advance Amount       $ 95,785.09
  Payahead Account—Payments Applied       $ 107,970.67
  Payahead Account—Additional Payaheads       $ 0.00

Simple Interest Contracts
 
 
 
 
 
  Collected Principal       $ 25,095,683.82
  Prepayments in Full   2066 contracts   $ 16,772,363.40
  Collected Interest       $ 6,896,482.98
  Repurchased Receivables Principal       $ 0.00
  Repurchased Receivables Interest       $ 0.00
  Advances—Reimbursement of Previous Advances       $ 0.00
  Advances—Current Advance Amount       $ 292,345.92

Page 5


TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate—Toyota Auto Receivables 2001-B Owner Trust
Distribution Date of January 15, 2002 for the Collection Period of December 1 through December 31, 2001

 
   Class A2
Balance
   Class A3
Balance
   Class A4
Balance
  
Note Rates for January 15, 2002 Payment Date              
One Month LIBOR   1.89563 % 1.89563 % 1.89563 %
Spread   0.06000 % 0.08000 % 0.10000 %
   
 
 
 
Note Rates:   1.95563 % 1.97563 % 1.99563 %
Number of Days in Interest Period (Days)   29   29   29  
Interest Payments              
Interest Calculation for Current Interest Period   736,726.09   572,932.70   281,328.40  
At Certificate Payment Date:              
  Due to Swap Counterparty (Swap Payments Outgoing)   1,777,861.38   1,505,400.00   781,666.67  
  Paid to Swap Counterparty (Swap Payments Outgoing)   1,777,861.38   1,505,400.00   781,666.67  
  Proration %                              0.00%              
  Interest Due to Noteholders (Swap Payments Incoming)   736,726.09   572,932.70   281,328.40  
  Interest Payment to Noteholders (Swap Payments Incoming)   736,726.09   572,932.70   281,328.40  
Net Swap Payment due to / (received by) Swap Counterparty   (1,041,135.29 ) (932,467.30 ) (500,338.27 )

Principal Payments
 
 
 
 
 
 
 
Beginning Notional Balance   467,653,146.69   360,000,000.00   175,000,000.00  
Principal Payment due to Investors   49,492,097.64   —   —  
Ending Notional Balance   418,161,049.05   360,000,000.00   175,000,000.00  

Swap Termination Payment
 
N/A
 
N/A
 
N/A
 

Note Rates for February 15, 2002 Payment Date
 
 
 
 
 
 
 
One Month LIBOR   1.82000 % 1.82000 % 1.82000 %
Spread   0.06000 % 0.08000 % 0.10000 %
   
 
 
 
Note Rates:   1.88000 % 1.90000 % 1.92000 %
Number of Days in Interest Period (Days)   31   31   31  

I hereby certify to the best of my knowledge that the report provided is true and correct.

/s/ Angela Brown


Angela Brown, ABS Accounting Manager



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TOYOTA MOTOR CREDIT CORPORATION SERVICER'S Report—Toyota Auto Receivables 2001-B Owner Trust Distribution Date of January 15, 2002 for the Collection Period December 1, 2001 through December 31, 2001
TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate—Toyota Auto Receivables 2001-B Owner Trust Distribution Date of January 15, 2002 for the Collection Period of December 1 through December 31, 2001