-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P5DYNhyhMXRCayqFov/L78QodMG7wkppNbkF95mq18bqP5RXqru9cTcH1A1zU2gs YshsHmhE070pxrG9wUo7hg== 0000950136-03-000168.txt : 20030131 0000950136-03-000168.hdr.sgml : 20030131 20030130175341 ACCESSION NUMBER: 0000950136-03-000168 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030115 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOYOTA MOTOR CREDIT CORP CENTRAL INDEX KEY: 0000834071 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 953775816 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09961 FILM NUMBER: 03532845 BUSINESS ADDRESS: STREET 1: 19300 GRAMERCY PLACE STREET 2: NORTH BUILDING CITY: TORRANCE STATE: CA ZIP: 90509 BUSINESS PHONE: 3107871310 MAIL ADDRESS: STREET 1: 19300 GRAMERCY PLACE STREET 2: NORTH BUILDING CITY: TORRANCE STATE: CA ZIP: 90509 8-K 1 file001.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 15, 2003 -------------------- Toyota Auto Finance Receivables LLC on Behalf of the Toyota Auto Receivables 2002-C Owner Trust ------------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 333-74872 and 333-74872-01 95-4836519 - ------------------- -------------------------- ------------ (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) Toyota Auto Finance Receivables LLC 19300 Gramercy Place, North Building Torrance, California 90509 - ---------------------------------------------- ------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (310) 468-7333 ------------------- Exhibit Index is on Page 2 Page 1 of 3 Item 5. Other Events On January 15, 2003, the principal and interest collected during the preceding collection period, net of certain adjustments as provided for in the Sale and Servicing Agreement dated as of October 1, 2002 ("Agreement"), between Toyota Auto Finance Receivables LLC, as "Seller", Toyota Motor Credit Corporation, as "Servicer", and Toyota Auto Receivables 2002-C Owner Trust, as "Issuer", were distributed to the holders of Notes and Certificates issued by Toyota Auto Receivables 2002-C Owner Trust (the "Securityholders"). In accordance with the Agreement, the Servicer's Certificate, as defined in the Agreement, was furnished to the Owner Trustee and Indenture Trustee for the benefit of the Securityholders and was distributed by the Owner Trustee and Indenture Trustee to the Securityholders. A copy of the Servicer's Certificate for the month of December 2002 is filed as Exhibit 20 to this Current Report on Form 8-K. Item 7(c). Exhibits Exhibit Number Description -------------- ----------- 20 Servicer's Certificate for the month of December 2002. -2- SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized. TOYOTA AUTO RECEIVABLES 2002-C OWNER TRUST BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER Date: January 31, 2003 By: /s/ George E. Borst ------------------ ---------------------------------------- George E. Borst President and Chief Executive Officer -3- EX-20 3 file002.txt SERVICER'S CERTIFICATE
TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate -- Toyota Auto Receivables 2002-C Owner Trust Distribution Date of January 15, 2003 for the Collection Period December 1, 2002 through December 31, 2002 - ---------------------------------------------------------------------------------------------------------------------------- Class A-1 Class A-2 --------- --------- Total Balance Balance - ---------------------------------------------------------------------------------------------------------------------------- POOL DATA - ORIGINAL DEAL PARAMETERS Securities Balance $1,455,000,000.00 $430,000,000.00 $320,000,000.00 Subordinate Tranche $44,995,380.00 Receivables Pool Balance $1,499,995,380.00 Principal Factor 1.00000000 1.00000000 1.00000000 Rate 1.80000% 2.088% Final Scheduled Payment Date November 17, 2003 March 15, 2005 Number of Contracts 94,755 Weighted Average A.P.R. 6.26% Weighted Average Remaining Term 49.53 months Servicing Fee Rate 1.00% POOL DATA - PRIOR MONTH Securities Balance $1,353,643,586.75 $328,643,586.75 $320,000,000.00 Subordinate Tranche $44,995,380.00 Receivables Pool Balance $1,398,638,966.75 Securities Pool Factor 0.93033923 0.76428741 1.00000000 Number of Contracts 92,133 Weighted Average A.P.R. 6.25% Weighted Average Remaining Term 47.86 months Precompute and Simple Interest Advances $1,396,262.44 Payahead Account Balance $165,237.46 Interest Shortfall $0.00 $0.00 $0.00 Principal Shortfall $0.00 $0.00 $0.00 POOL DATA - CURRENT MONTH Securities Balance $1,304,189,948.35 $279,189,948.35 $320,000,000.00 Subordinate Tranche $44,995,380.00 Receivables Pool Balance $1,349,185,328.35 Securities Pool Factor 0.89635048 0.64927895 1.00000000 Number of Contracts 90,824 Weighted Average A.P.R. 6.26% Weighted Average Remaining Term 46.99 months Precompute and Simple Interest Advances $1,591,290.11 Payahead Account Balance $179,499.30 Interest Shortfall $0.00 $0.00 $0.00 Principal Shortfall $0.00 $0.00 $0.00 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Class A-3 Class A-4 Subordinated --------- --------- Balance Balance Seller's Interest - ---------------------------------------------------------------------------------------------------------------------------- POOL DATA - ORIGINAL DEAL PARAMETERS Securities Balance $498,000,000.00 $207,000,000.00 Subordinate Tranche $44,995,380.00 Receivables Pool Balance Principal Factor 1.00000000 1.00000000 1.00000000 Rate 2.6500% 3.344% N/A Final Scheduled Payment Date November 15, 2006 May 15, 2009 May 15, 2009 Number of Contracts Weighted Average A.P.R. Weighted Average Remaining Term Servicing Fee Rate POOL DATA - PRIOR MONTH Securities Balance $498,000,000.00 $207,000,000.00 Subordinate Tranche $44,995,380.00 Receivables Pool Balance Securities Pool Factor 1.00000000 1.00000000 1.00000000 Number of Contracts Weighted Average A.P.R. Weighted Average Remaining Term Precompute and Simple Interest Advances Payahead Account Balance Interest Shortfall $0.00 $0.00 N/A Principal Shortfall $0.00 $0.00 POOL DATA - CURRENT MONTH Securities Balance $498,000,000.00 $207,000,000.00 Subordinate Tranche $44,995,380.00 Receivables Pool Balance Securities Pool Factor 1.00000000 1.00000000 Number of Contracts 1.00000000 Weighted Average A.P.R. Weighted Average Remaining Term Precompute and Simple Interest Advances Payahead Account Balance Interest Shortfall $0.00 $0.00 N/A Principal Shortfall $0.00 $0.00 N/A - ----------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- RESERVE ACCOUNT Initial Deposit Amount $0.00 Specified Reserve Account Percentage 0.00% Specified Reserve Account Amount $0.00 Specified Reserve Account Percentage (IF CONDITION I OR II MET) 3.50% Specified Reserve Account Amount (IF CONDITION I OR II MET) $45,646,648.19 Beginning Balance $0.00 Total Withdraw $0.00 Amount Available for Deposit to the Reserve Account $3,637,715.35 ---------------------- Reserve Account Balance Prior to Release $3,637,715.35 Reserve Account Required Amount $0.00 Reserve Account Release to Seller $3,637,715.35 ---------------------- Ending Reserve Account Balance $0.00 - ----------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- REVOLVING LIQUIDITY NOTE Total Amount Available $7,499,977.00 Beginning of Period Balance $0.00 Draws $0.00 Reimbursements $0.00 ---------------------- End of Period Balance $0.00 Current Period Undrawn Amount $7,499,977.00 - ----------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS Vehicles Amount -------- ------ Liquidated Contracts 6 -- Gross Principal Balance of Liquidated Receivables $84,845.44 Net Liquidation Proceeds Received During the Collection Period ($56,633.05) Recoveries on Previously Liquidated Contracts ($1,137.75) -------------------------- Aggregate Credit Losses for the Collection Period $27,074.64 -------------------------- Cumulative Credit Losses for all Periods 10 $38,897.53 -- -------------------------- Repossessed in Current Period 16 -- RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average FOR EACH COLLECTION PERIOD: Charge-Off Rate Second Preceding Collection Period 0.00% First Preceding Collection Period 0.01% Current Collection Period 0.02% - ---------------------------------------------------------------------------------------------------------------------------- CONDITION (I) (CHARGE-OFF RATE) Three Month Average 0.01% Charge-off Rate Indicator ( (greater than) 2.25%) CONDITION NOT MET - ----------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- DELINQUENT AND REPOSSESSED CONTRACTS Percent Contracts Percent Amount ------- --------- ------- ------ 30-59 Days Delinquent 0.57% 519 0.59% $7,979,693.49 60-89 Days Delinquent 0.06% 52 0.06% $858,119.01 Over 89 Days Delinquent 0.05% 47 0.05% $704,207.67 ------------ -------------------------- Total Delinquencies 618 $9,542,020.17 ============ ========================== Repossessed Vehicle Inventory 35 * * 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 0.01% First Preceding Collection Period 0.08% Current Collection Period 0.11% - ---------------------------------------------------------------------------------------------------------------------------- CONDITION (II) (DELINQUENCY PERCENTAGE) Three Month Average 0.06% Delinquency Percentage Indicator ( (greater than) 2.25%) CONDITION NOT MET - ----------------------------------------------------------------------------------------------------------------------------
Page 1
TOYOTA MOTOR CREDIT CORPORATION SERVICER'S CERTIFICATE -- TOYOTA AUTO RECEIVABLES 2002-C OWNER TRUST Distribution Date of January 15, 2003 for the Collection Period December 1, 2002 through December 31, 2002 - ---------------------------------------------------------------------------------------------------------------------------- Class A-1 Class A-2 --------- --------- Total Balance Balance - ---------------------------------------------------------------------------------------------------------------------------- COLLECTIONS Principal Payments Received $49,368,792.96 Interest Payments Received $7,375,912.01 Net Precomputed Payahead Amount ($14,261.84) Aggregate Net Liquidation Proceeds Received $57,770.80 Principal on Repurchased Contracts $0.00 Interest on Repurchased Contracts $0.00 -------------------- Total Collections $56,788,213.93 Net Simple Interest Advance Amount $193,477.25 Net Precomputed Advance Amount $1,550.42 -------------------- Total Available Amount $56,983,241.60 AMOUNTS DUE Servicing Fee $1,165,532.47 Accrued and Unpaid Interest $2,726,355.38 Principal $49,453,638.40 Reserve Account $3,637,715.35 -------------------- Total Amount Due $56,983,241.60 ACTUAL DISTRIBUTIONS Servicing Fee $1,165,532.47 Interest $2,726,355.38 $492,965.38 $556,800.00 Principal $49,453,638.40 $49,453,638.40 $0.00 Reserve Account $3,637,715.35 -------------------- --------------------- ----------------------- Total Amount Distributed $56,983,241.60 $49,946,603.78 $556,800.00 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- Class A-3 Class A-4 Subordinated --------- --------- Balance Balance Seller's Interest - ---------------------------------------------------------------------------------------------------------------------------- COLLECTIONS Principal Payments Received Interest Payments Received Net Precomputed Payahead Amount Aggregate Net Liquidation Proceeds Received Principal on Repurchased Contracts Interest on Repurchased Contracts Total Collections Net Simple Interest Advance Amount Net Precomputed Advance Amount Total Available Amount AMOUNTS DUE Servicing Fee Accrued and Unpaid Interest Principal Reserve Account Total Amount Due ACTUAL DISTRIBUTIONS Servicing Fee Interest $1,099,750.00 $576,840.00 N/A Principal $0.00 $0.00 $0.00 Reserve Account ------------------- ---------------------- ------------------------ Total Amount Distributed $1,099,750.00 $576,840.00 $0.00 - ----------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------- MONTHLY INFORMATION BY TYPE OF LOAN Precomputed Contracts Scheduled Principal Collections $486,772.72 Prepayments in Full 31 contracts $225,627.59 Repurchased Receivables Principal $0.00 Payments Behind/Ahead on Repurchased Receivables $0.00 Total Collections $790,361.15 Advances - Reimbursement of Previous Advances $0.00 Advances - Current Advance Amount $1,550.42 Payahead Account - Payments Applied $0.00 Payahead Account - Additional Payaheads $14,261.84 Simple Interest Contracts Collected Principal $31,175,391.99 Prepayments in Full 1272 contracts $17,481,000.66 Collected Interest $7,297,951.17 Repurchased Receivables Principal $0.00 Repurchased Receivables Interest $0.00 Advances - Reimbursement of Previous Advances $0.00 Advances - Current Advance Amount $193,477.25 - ----------------------------------------------------------------------------------------------------------------------------
Page 2 TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate - Toyota Auto Receivables 2002-C Owner Trust Distribution Date of January 15, 2003 for the Collection Period of December 1, 2002 through December 31, 2002
- ---------------------------------------------------------------------------------------------------------------------------- Class A2 Class A4 -------- -------- Balance Balance - ---------------------------------------------------------------------------------------------------------------------------- NOTE RATES FOR JANUARY 15, 2003 PAYMENT DATE - --------------------------------------------- One Month LIBOR 1.42000% 1.42000% Spread 0.02000% 0.05000% -------------- -------------- Note Rates: 1.44000% 1.47000% Number of Days in Interest Period (Days) 30 30 INTEREST PAYMENTS - ----------------- Interest Calculation for Current Interest Period 384,000.00 253,575.00 At Certificate Payment Date: Due to Swap Counterparty (Swap Payments Outgoing) 556,800.00 576,840.00 Paid to Swap Counterparty (Swap Payments Outgoing) 556,800.00 576,840.00 Proration % 0.00% Interest Due to Noteholders (Swap Payments Incoming) 384,000.00 253,575.00 Interest Payment to Noteholders (Swap Payments Incoming) 384,000.00 253,575.00 Net Swap Payment due to / (received from) Swap Counterparty (172,800.00) (323,265.00) PRINCIPAL PAYMENTS - ------------------ Beginning Notional Balance 320,000,000.00 207,000,000.00 Principal Payment due to Investors - - Ending Notional Balance 320,000,000.00 207,000,000.00 SWAP TERMINATION PAYMENT N/A N/A NOTE RATES FOR FEBRUARY 18, 2003 PAYMENT DATE - --------------------------------------------- One Month LIBOR 1.37000% 1.37000% Spread 0.02000% 0.05000% -------- -------- Note Rates: 1.39000% 1.42000% Number of Days in Interest Period (Days) 34 34 - ----------------------------------------------------------------------------------------------------------------------------
I hereby certify to the best of my knowledge that the report provided is true and correct. /s/ Angela Burraston - ------------------------------------------------------ Angela Burraston ABS Accounting Manager -----END PRIVACY-ENHANCED MESSAGE-----