ITEM 1. BUSINESS.
Omitted.
ITEM 2.
ITEM 2. PROPERTIES.
The Trust was formed pursuant to a Securitization Trust Agreement (the "Agreement") dated as of September 1, 1997 between Toyota Leasing, Inc. ("TLI" or the "Transferor") and U.S. Bank National Association as trustee (the "Trustee"). The property of the Trust consists of a Special Unit of Beneficial Interest (the "SUBI") and the right to receive funds on deposit in the Reserve Fund. The SUBI represents a beneficial interest in certain specified assets of the Toyota Lease Trust, monies on deposit in certain accounts and certain other assets. The Trust issued asset-backed certificates ("the Certificates") representing undivided interests in the Trust. The Certificates consist of three classes of senior certificates ("Class A-1 6.20% Certificates", "Class A-2 6.35% Certificates", and "Class A-3 6.45% Certificates") and one class of subordinated certificates ("Class B 6.75% Certificates"). The Class A Certificates were registered and publicly offered and sold. The Class B Certificates were privately placed.
The assets of the Toyota Lease Trust consist primarily of retail closed-end lease contracts and the new and used Toyota and Lexus vehicles related thereto.
ITEM 2. PROPERTIES. (continued)
The following tables set forth information relating to delinquency as of September 30, 1997 and net losses for the period from August 1, 1997 through September 30, 1997 of contracts in which the Trust has a beneficial interest:
September 30, 1997 -------------------------- Aggregate Contracts Balances --------- ----------
Delinquent Contracts:
(i) 31-60 Days Delinquent 576 $12,943,046 (ii) 61-90 Days Delinquent 45 $974,803 (iii) Over 90 Days Delinquent 11 $299,901
September 30, 1997 -------------------------- % of % of Aggregate Contracts Balances Outstanding Outstanding ----------- ----------- Delinquency Rates:
(i) 31-60 Days Delinquent 1.01% 1.05% (ii) 61-90 Days Delinquent .08% .08% (iii) Over 90 Days Delinquent .02% .02%
Period Ending September 30, 1997 -------------------------- Contracts Amount --------- ----------
Aggregate Net Losses: 127 $255,650
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS.
There is nothing to report with regard to this item.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There is nothing to report with regard to this item.
PART II
ITEM 5.
ITEM 5. OTHER MATTERS
The holder of record of all Certificates as of September 30, 1997, was Cede & Co., the nominee of The Depository Trust Company ("DTC") in the United States. Direct participants active in the DTC system include the Euroclear System and Cedel Bank in Europe and Asia, and securities brokers and dealers, banks, trust companies and clearing corporations. The Class A Certificates are listed on the Luxembourg Stock Exchange and the Stock Exchange of Hong Kong Limited.
Subject to the terms and conditions of the Underwriting Agreement, TLI sold the Class A Certificates to Merrill Lynch, Pierce, Fenner & Smith Inc., Lehman Brothers Inc., Morgan Stanley & Co. Inc., Credit Suisse First Boston Corporation, Goldman, Sachs & Co., J. P. Morgan & Co., BA Securities, Inc., and Salomon Brothers Inc.
The net proceeds from the sale of the Class A Certificates (i.e., the proceeds of the public offering of the Class A Certificates less expenses relating thereto) were applied by the Transferor to purchase the SUBI Certificate and to make an initial deposit into the segregated trust account maintained by the Trustee for the benefit of the Certificate holders.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA.
Omitted.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Omitted.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Omitted.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
There is nothing to report with regard to this item.
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Omitted.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION.
Omitted.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
TMCC is not aware of any beneficial owners owning 5% or more of the Certificates.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
There is nothing to report with regard to this item.
PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
Exhibits
The exhibits listed on the accompanying Exhibit Index, page 7, are filed as part of this Report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TOYOTA AUTO LEASE TRUST 1997-A
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: December 22, 1997 By: /S/ GEORGE BORST --------------------------------------- George Borst Senior Vice President and General Manager (Principal Executive Officer)
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to Certificate holders during the period covered by this report and the registrant does not intend to furnish such materials to Certificate holders subsequent to the filing of this report.
EXHIBIT INDEX
Exhibit Method Number Description of Filing - ------- ----------- ---------
20(a) Report of Independent Accountants on Compliance Filed with Specified Finance Lease Receivable Servicing Herewith Standards and Related Exhibits
20(b) Annual Statement as to Compliance Filed Herewith
20(c) Annualized Monthly Report Information Filed Herewith