| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 425.6 | 21.4% | 2.75% | 0.21 | 4.45% | +15 I-curve | 2026-05-15 | A-1+ | F1+ |
| Class A-2a | 509.7 | 25.6% | 2.75% | 1.07 | 4.46% | +54 I-curve | 2028-03-15 | AAA | AAA |
| Class A-2b | 189.5 | 9.5% | 2.75% | 1.07 | floating | +54 SOFR | 2028-03-15 | AAA | AAA |
| Class A-3 | 623.2 | 31.3% | 2.75% | 2.47 | 4.34% | +57 I-curve | 2029-11-15 | AAA | AAA |
| Class A-4 | 104.5 | 5.3% | 2.75% | 3.72 | 4.49% | +67 I-curve | 2030-06-17 | AAA | AAA |
| Class Bretained | 47.5 | 2.4% | 0.25% | — | — | — | 2031-11-17 | — | — |
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 | Barclays Capital, BMO Capital Markets, J.P. Morgan Securities, U.S. Bancorp Investments, Mizuho Securities |
| TAOT 2025-B | TAOT 2025-A | TAOT 2024-D | TAOT 2024-C | TAOT 2024-B | TAOT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-04-30 | 2025-01-29 | 2024-10-17 | 2024-07-30 | 2024-04-30 | 2024-01-30 | 424B5 |
| Pool balance | $1,988.8MM | $1,977.2MM | $1,841.9MM | $1,864.8MM | $1,876.3MM | $1,908.5MM | 424B5 |
| WA Credit Score | 7690 | 769 | 770 | 769 | 767 | 767 | 424B5 |
| WA APR | 6.05%+0.09pp | 6.00% | 5.96% | 6.04% | 5.70% | 5.37% | 424B5 |
| WA original term mo | 65.70.0 | 65.7 mo | 65.4 mo | 65.4 mo | 66.0 mo | 66.0 mo | 424B5 |
| % new vehicles | 88.0% | 91.0% | 90.0% | 87.0% | 86.7% | 84.2% | 424B5 |
| Geo top-3 | CA 20.9% TX 16.8% IL 4.0% | 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% | 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 | 4.46% | 3.90% | 4.99% | 6.16% | 6.73% | 8.30% | 424B5 |
| Pricing | |||||||
| AAA spread | +57 bps+2bps A-3 · 2.5y | +37 bps 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 | 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-B | FCAOT 2025-A | VALET 2025-1 | HART 2025-A | BMWOT 2025-A | HAROT 2025-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-04-30 | 2025-03-25 | 2025-03-25 | 2025-03-12 | 2025-02-12 | 2025-02-11 | 424B5 |
| Pool balance | $1,988.8MM | $1,668.4MM | $1,427.5MM | $2,188.3MM | $1,897.4MM | $2,429.2MM | 424B5 |
| WA Credit Score | 7690 | 755 | 772 | 769 | 790 | 768 | 424B5 |
| WA APR | 6.05%+0.64pp | 4.80% | 5.43% | 5.56% | 5.41% | 4.96% | 424B5 |
| WA original term mo | 65.7+0.8 | 64.8 mo | — | 67.9 mo | 65.1 mo | 61.7 mo | 424B5 |
| % new vehicles | 88.0% | 94.3% | 79.0% | 96.6% | 70.5% | 86.2% | 424B5 |
| Geo top-3 | CA 20.9% TX 16.8% IL 4.0% | TX 15.6% CA 8.9% FL 8.8% | TX 16.3% FL 8.5% CA 7.8% | CA 12.9% TX 12.5% FL 9.5% | CA 14.6% TX 14.6% FL 11.6% | CA 16.5% NY 7.3% TX 7.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−1.50pp | 5.25% | 4.25% | 7.55% | 2.75% | 2.75% | calc |
| Enhancement, target | 3.60% | 7.25% | — | 8.05% | 2.75% | — | calc |
| Subordinate notes | 2.5%+2.5pp | 5.0% | 0.0% | 4.8% | 0.0% | 0.0% | calc |
| OC (initial) | 0.00% | 0.00% | 4.00% | 2.50% | 2.50% | 2.50% | 424B5 |
| OC target | 0.85% | 2.00% | — | 3.00% | 2.50% | — | 424B5 |
| OC floor | 0.85% | 2.00% | — | 3.00% | 2.50% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.46% | 5.36% | 8.78% | 6.01% | 5.40% | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +57 bps+15bps A-3 · 2.5y | +48 bps A-3 · 2.3y | +52 bps A-3 · 2.4y | +42 bps A-3 · 2.3y | +38 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 5 | 7 | 5 | 4 | 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 (170 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.