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, 1998 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 certificate evidencing the 1998-B Special Unit of Beneficial Interest (the "SUBI"), (excluding certain proceeds of residual value insurance policies), the right to receive funds on deposit in the Reserve Fund and certain other investments held in accounts for the benefit of Certificateholders in the Trust. 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 5.35% Certificates", "Class A-2 5.45% Certificates", and "Class A-3 5.50% Certificates") and one class of subordinated certificates ("Class B 6.55% 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, 2000 and net losses for the year ending September 30, 2000 of contracts in which the Trust has a beneficial interest:
September 30, 2000 -------------------------- Aggregate Contracts Balances --------- -----------
Delinquent Contracts:
(i) 31-60 Days Delinquent 908 $14,504,643 (ii) 61-90 Days Delinquent 83 $1,320,305 (iii) Over 90 Days Delinquent 16 $235,915
September 30, 2000 -------------------------- % of % of Aggregate Contracts Balances Outstanding Outstanding ----------- ----------- Delinquency Rates:
(i) 31-60 Days Delinquent 2.02% 1.85% (ii) 61-90 Days Delinquent .18% .17% (iii) Over 90 Days Delinquent .04% .03%
Year Ending September 30, 2000 -------------------------- Contracts Amount --------- ----------
Aggregate Net Losses: 3,408 $6,597,100
Reference is made to Exhibit 20 (c) filed herewith which contains certain additional information concerning the assets comprising the SUBI.
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. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
The holder of record of all outstanding Class A Certificates as of September 30, 2000, 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 Clearstream Banking societe anonyme, and securities brokers and dealers, banks, trust companies and clearing corporations. The outstanding Class A Certificates are listed on the Luxembourg Stock Exchange.
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.
(a) Exhibits
The exhibits listed on the accompanying Exhibit Index, page 7, are filed as part of this Report.
(b) Reports on Form 8-K
The following reports on Form 8-K contain monthly Servicer's Certificates prepared by TMCC and were filed during the year ended September 30, 2000:
Date of Report - ----------------- October 25, 1999 November 26, 1999 December 27, 1999 January 25, 2000 February 25, 2000 March 27, 2000 April 25, 2000 May 25, 2000 June 26, 2000 July 25, 2000 August 25, 2000 September 25, 2000
In connection with the review of TMCC's lease securitizations by certain nationally recognized rating agencies and a cash capital contribution totaling $102 million by TMCC to TLI, the following reports on Form 8-K were filed during the year ended September 30, 2000:
Date of Report - ----------------- March 27, 2000 April 28, 2000
The following report on Form 8-K filed during the year ended September 30, 2000 contains the amendment of the 1998-B Securitization Trust Agreement between TLI and U.S. Bank National Association which provides for an increase in the Specified Reserve Fund Balance and allows TLI to make a capital contribution to the Reserve Fund:
Date of Report - ----------------- May 12, 2000
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 1998-B
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: December 22, 2000 By: /S/ GEORGE E. BORST --------------------------------------- George E. Borst President and Chief Executive Officer (Principal Executive Officer)
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) Aggregate Monthly Report Information Filed Herewith