| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 345.0 | 18.1% | 2.75% | 0.17 | 5.52% | +14 I-curve | 2025-01-15 | A-1+ | P-1 |
| Class A-2a | 157.5 | 8.3% | 2.75% | 0.97 | 5.13% | +37 I-curve | 2026-12-15 | AAA | Aaa |
| Class A-2b | 472.5 | 24.8% | 2.75% | 0.97 | floating | +35 SOFR | 2026-12-15 | AAA | Aaa |
| Class A-3 | 630.0 | 33.0% | 2.75% | 2.40 | 4.83% | +60 I-curve | 2028-10-16 | AAA | Aaa |
| Class A-4 | 101.2 | 5.3% | 2.75% | 3.73 | 4.77% | +70 I-curve | 2029-04-16 | AAA | Aaa |
| Class B | 43.8 | 2.3% | 0.25% | — | — | — | — | — | — |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Toyota Motor Credit Corporation |
|---|---|
| Servicer | Toyota Motor Credit Corporation |
| Depositor / Transferor | Toyota Auto Finance Receivables LLC |
| Indenture Trustee | U.S. Bank National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, BNP Paribas Securities, Credit Agricole Securities, Lloyds Securities |
| TAOT 2024-A | TAOT 2023-D | TAOT 2023-C | TAOT 2023-B | TAOT 2023-A | TAOT 2022-D | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-30 | 2023-11-14 | 2023-08-15 | 2023-05-23 | 2023-01-30 | 2022-11-08 | 424B5 |
| Pool balance | $1,908.5MM | $1,774.2MM | $1,781.7MM | $1,796.0MM | $1,813.7MM | $1,807.6MM | 424B5 |
| WA Credit Score | 767+1 | 767 | 766 | 765 | 766 | 765 | 424B5 |
| WA APR | 5.37%+1.32pp | 5.10% | 4.64% | 4.05% | 3.64% | 3.44% | 424B5 |
| WA original term mo | 66.0+1.0 | 65.0 mo | 65.0 mo | 65.0 mo | 65.0 mo | 63.0 mo | 424B5 |
| % new vehicles | 84.2% | 82.6% | 81.3% | 81.3% | 79.1% | 78.4% | 424B5 |
| Geo top-3 | CA 23.9% TX 15.3% IL 4.6% | CA 21.3% TX 15.3% PA 4.1% | CA 24.4% TX 15.1% IL 4.4% | CA 24.4% TX 15.1% IL 4.4% | CA 24.4% TX 15.1% IL 4.4% | CA 27.3% TX 13.1% PA 4.1% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%0.00pp | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | calc |
| Enhancement, target | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% | 3.60% | calc |
| Subordinate notes | 2.5%0.0pp | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% | calc |
| OC (initial) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 424B5 |
| OC target | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 424B5 |
| OC floor | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.30% | 9.82% | 10.20% | 10.91% | 11.78% | 11.48% | 424B5 |
| Pricing | |||||||
| AAA spread | +60 bps−21bps A-3 · 2.4y | +81 bps A-3 · 2.5y | +62 bps A-3 · 2.4y | +84 bps A-3 · 2.5y | +58 bps A-3 · 2.3y | +84 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 6 | 6 | 6 | 6 | 5 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| TAOT 2024-A | MBART 2024-1 | GMCAR 2024-1 | FCAOT 2023-C | VALET 2023-2 | HART 2023-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-30 | 2024-01-24 | 2024-01-17 | 2023-11-21 | 2023-11-21 | 2023-11-13 | 424B5 |
| Pool balance | $1,908.5MM | $1,459.5MM | $1,657.3MM | $1,443.4MM | $1,418.8MM | $1,822.5MM | 424B5 |
| WA Credit Score | 767−1 | 754 | 783 | 753 | 770 | 768 | 424B5 |
| WA APR | 5.37%−0.32pp | 7.74% | 5.96% | 4.92% | 5.69% | 5.63% | 424B5 |
| WA original term mo | 66.0−1.3 | 69.6 mo | 69.0 mo | 63.6 mo | — | 65.6 mo | 424B5 |
| % new vehicles | 84.2% | 40.3% | — | 91.2% | 73.4% | 94.3% | 424B5 |
| Geo top-3 | CA 23.9% TX 15.3% IL 4.6% | CA 21.6% FL 15.3% TX 14.3% | TX 14.0% FL 7.3% CA 5.4% | TX 16.0% CA 9.6% FL 8.4% | TX 14.8% CA 13.6% FL 9.6% | TX 12.0% FL 11.7% CA 10.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.50pp | 2.75% | 6.10% | 5.25% | 3.25% | 7.55% | calc |
| Enhancement, target | 3.60% | 2.75% | 6.60% | 7.25% | — | 8.05% | calc |
| Subordinate notes | 2.5%−1.9pp | 0.0% | 4.4% | 5.0% | 0.0% | 4.8% | calc |
| OC (initial) | 0.00% | 2.50% | 1.50% | 0.00% | 3.00% | 2.50% | 424B5 |
| OC target | 0.85% | 2.50% | 2.00% | 2.00% | — | 3.00% | 424B5 |
| OC floor | 0.85% | 2.50% | 2.00% | 2.00% | — | 3.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.30% | 4.47% | 5.45% | 8.84% | 9.17% | 8.38% | 424B5 |
| Pricing | |||||||
| AAA spread | +60 bps−28bps A-3 · 2.4y | +66 bps A-3 · 2.7y | — | +86 bps A-3 · 2.4y | +90 bps A-3 · 2.8y | +90 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 6 | 5 | 8 | 7 | 5 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (139 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Toyota Motor Credit Corporation — ticker TAOT.
Peer tier: prime.
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FICO sub-band and new/used stratification.