| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 412.0 | 20.8% | 2.75% | 0.20 | 4.41% | +9 I-curve | 2026-01-15 | P-1 | F1+ |
| Class A-2A | 378.9 | 19.2% | 2.75% | 1.01 | 4.48% | +33 I-curve | 2027-11-15 | Aaa | AAA |
| Class A-2B | 273.4 | 13.8% | 2.75% | 1.01 | floating | +33 SOFR | 2027-11-15 | Aaa | AAA |
| Class A-3 | 656.1 | 33.2% | 2.75% | 2.37 | 4.64% | +37 I-curve | 2029-08-15 | Aaa | AAA |
| Class A-4 | 132.0 | 6.7% | 2.75% | 3.67 | 4.76% | +43 I-curve | 2030-05-15 | Aaa | AAA |
| Class B | 47.5 | 2.4% | 0.25% | — | — | — | 2031-09-15 | — | — |
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 | TD Securities, Lloyds Securities, Citigroup Global Markets, Scotia Capital, HSBC Securities |
| TAOT 2025-A | TAOT 2024-D | TAOT 2024-C | TAOT 2024-B | TAOT 2024-A | TAOT 2023-D | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-01-29 | 2024-10-17 | 2024-07-30 | 2024-04-30 | 2024-01-30 | 2023-11-14 | 424B5 |
| Pool balance | $1,977.2MM | $1,841.9MM | $1,864.8MM | $1,876.3MM | $1,908.5MM | $1,774.2MM | 424B5 |
| WA Credit Score | 769+2 | 770 | 769 | 767 | 767 | 767 | 424B5 |
| WA APR | 6.00%+0.30pp | 5.96% | 6.04% | 5.70% | 5.37% | 5.10% | 424B5 |
| WA original term mo | 65.7+0.3 | 65.4 mo | 65.4 mo | 66.0 mo | 66.0 mo | 65.0 mo | 424B5 |
| % new vehicles | 91.0% | 90.0% | 87.0% | 86.7% | 84.2% | 82.6% | 424B5 |
| Geo top-3 | CA 19.7% TX 16.6% PA 4.2% | TX 17.3% CA 15.6% PA 4.5% | 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% | 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 | 3.90% | 4.99% | 6.16% | 6.73% | 8.30% | 9.82% | 424B5 |
| Pricing | |||||||
| AAA spread | +37 bps−18bps A-3 · 2.4y | +51 bps A-3 · 2.5y | +55 bps A-3 · 2.4y | +55 bps A-3 · 2.5y | +60 bps A-3 · 2.4y | +81 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 2025-A | WOART 2025-A | MBART 2025-1 | GMCAR 2025-1 | VALET 2024-1 | FCAOT 2024-D | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-01-29 | 2025-01-29 | 2025-01-23 | 2025-01-15 | 2024-11-26 | 2024-11-22 | 424B5 |
| Pool balance | $1,977.2MM | $1,305.7MM | $1,400.0MM | $1,644.9MM | $1,749.4MM | $1,683.4MM | 424B5 |
| WA Credit Score | 769+8 | 756 | 761 | 781 | 774 | 754 | 424B5 |
| WA APR | 6.00%−0.60pp | 6.60% | 7.95% | 7.03% | 4.67% | 4.79% | 424B5 |
| WA original term mo | 65.7−0.5 | 68.2 mo | 67.5 mo | 13.0 mo | — | 64.9 mo | 424B5 |
| % new vehicles | 91.0% | 95.6% | 40.2% | 87.9% | 80.0% | 94.2% | 424B5 |
| Geo top-3 | CA 19.7% TX 16.6% PA 4.2% | FL 49.1% GA 18.2% NC 17.8% | CA 21.6% TX 16.5% NY 8.8% | TX 13.9% FL 7.0% MI 5.6% | TX 13.9% CA 10.6% FL 8.3% | TX 16.1% CA 8.6% FL 8.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.00pp | 4.75% | 2.75% | 6.10% | 4.25% | 5.25% | calc |
| Enhancement, target | 3.60% | 5.65% | 2.75% | 6.10% | — | 7.25% | calc |
| Subordinate notes | 2.5%−0.6pp | 4.5% | 0.0% | 3.1% | 0.0% | 5.0% | calc |
| OC (initial) | 0.00% | 0.00% | 2.50% | 2.75% | 4.00% | 0.00% | 424B5 |
| OC target | 0.85% | 0.90% | 2.50% | 2.75% | — | 2.00% | 424B5 |
| OC floor | 0.85% | 0.50% | 2.50% | 2.75% | — | 2.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 3.90% | 6.15% | 4.02% | 3.13% | 10.68% | 6.20% | 424B5 |
| Pricing | |||||||
| AAA spread | +37 bps−4bps A-3 · 2.4y | +45 bps A-3 · 2.6y | +41 bps A-3 · 2.5y | +38 bps A-3 · 2.4y | — | +41 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 5 | 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 (165 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.