| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 383.0 | 20.5% | 2.75% | 0.20 | 5.47% | +12 I-curve | 2025-08-15 | A-1+ | F1+ |
| Class A-2a | 358.0 | 19.2% | 2.75% | 1.03 | 5.16% | +37 I-curve | 2027-05-17 | AAA | AAA |
| Class A-2b | 258.0 | 13.8% | 2.75% | 1.03 | floating | +37 SOFR | 2027-05-17 | AAA | AAA |
| Class A-3 | 616.0 | 33.0% | 2.75% | 2.44 | 4.88% | +55 I-curve | 2029-03-15 | AAA | AAA |
| Class A-4 | 91.2 | 4.9% | 2.75% | 3.74 | 4.83% | +66 I-curve | 2029-11-15 | AAA | AAA |
| Class Bretained | 43.8 | 2.3% | 0.25% | 3.88 | — | — | 2031-02-18 | NR | — |
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 | Citibank, N.A |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BMO Capital Markets, BofA Securities, Lloyds Securities, MUFG Securities Americas |
| TAOT 2024-C | TAOT 2024-B | TAOT 2024-A | TAOT 2023-D | TAOT 2023-C | TAOT 2023-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-07-30 | 2024-04-30 | 2024-01-30 | 2023-11-14 | 2023-08-15 | 2023-05-23 | 424B5 |
| Pool balance | $1,864.8MM | $1,876.3MM | $1,908.5MM | $1,774.2MM | $1,781.7MM | $1,796.0MM | 424B5 |
| WA Credit Score | 769+2 | 767 | 767 | 767 | 766 | 765 | 424B5 |
| WA APR | 6.04%+0.94pp | 5.70% | 5.37% | 5.10% | 4.64% | 4.05% | 424B5 |
| WA original term mo | 65.4+0.4 | 66.0 mo | 66.0 mo | 65.0 mo | 65.0 mo | 65.0 mo | 424B5 |
| % new vehicles | 87.0% | 86.7% | 84.2% | 82.6% | 81.3% | 81.3% | 424B5 |
| Geo top-3 | CA 16.3% TX 16.2% PA 4.6% | CA 23.9% TX 15.3% IL 4.6% | 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% | 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 | 6.16% | 6.73% | 8.30% | 9.82% | 10.20% | 10.91% | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps−7bps A-3 · 2.4y | +55 bps A-3 · 2.5y | +60 bps A-3 · 2.4y | +81 bps A-3 · 2.5y | +62 bps A-3 · 2.4y | +84 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 6 | 6 | 6 | 6 | 6 | 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-C | HART 2024-B | GMCAR 2024-3 | FCAOT 2024-B | BMWOT 2024-A | NAROT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-07-30 | 2024-07-24 | 2024-07-10 | 2024-06-24 | 2024-06-11 | 2024-05-22 | 424B5 |
| Pool balance | $1,864.8MM | $1,925.2MM | $1,420.3MM | $1,999.5MM | $1,910.0MM | $1,424.1MM | 424B5 |
| WA Credit Score | 769−11 | 768 | 783 | 755 | 789 | 780 | 424B5 |
| WA APR | 6.04%+0.69pp | 5.98% | 6.52% | 4.65% | 5.35% | 4.81% | 424B5 |
| WA original term mo | 65.4−0.7 | 67.3 mo | 69.0 mo | 64.8 mo | 63.6 mo | — | 424B5 |
| % new vehicles | 87.0% | 96.5% | 87.7% | 93.6% | 68.2% | 10.5% | 424B5 |
| Geo top-3 | CA 16.3% TX 16.2% PA 4.6% | TX 12.4% CA 12.2% FL 10.4% | TX 14.5% FL 7.5% MI 5.2% | TX 16.0% CA 8.5% FL 8.4% | CA 16.7% TX 13.2% FL 11.0% | TX 17.8% FL 9.5% CA 6.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.50pp | 7.55% | 6.10% | 5.25% | 2.75% | 4.25% | calc |
| Enhancement, target | 3.60% | 8.05% | 6.60% | 7.25% | 2.75% | 4.25% | calc |
| Subordinate notes | 2.5%−1.8pp | 4.8% | 4.3% | 5.0% | 0.0% | 0.0% | calc |
| OC (initial) | 0.00% | 2.50% | 1.50% | 0.00% | 2.50% | 4.00% | 424B5 |
| OC target | 0.85% | 3.00% | 2.00% | 2.00% | 2.50% | 4.00% | 424B5 |
| OC floor | 0.85% | 3.00% | 2.00% | 2.00% | 2.50% | 4.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.16% | 6.43% | 4.40% | 7.87% | 6.03% | 8.57% | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps0bps A-3 · 2.4y | +55 bps A-3 · 2.4y | +54 bps A-3 · 2.4y | +56 bps A-3 · 2.4y | +54 bps A-3 · 2.3y | +58 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 8 | 7 | 5 | 5 | 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 (151 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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.