| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 431.1 | 21.5% | 2.75% | 0.22 | 4.44% | +12 I-curve | 2026-08-17 | A-1+ | P-1 |
| Class A-2a | 315.8 | 15.8% | 2.75% | 1.06 | 4.29% | +30 I-curve | 2028-06-15 | AAA | Aaa |
| Class A-2b | 345.4 | 17.3% | 2.75% | 1.06 | floating | +30 SOFR | 2028-06-15 | AAA | Aaa |
| Class A-3 | 661.2 | 33.0% | 2.75% | 2.47 | 4.11% | +35 I-curve | 2030-03-15 | AAA | Aaa |
| Class A-4 | 99.0 | 4.9% | 2.75% | 3.76 | 4.19% | +42 I-curve | 2031-01-15 | AAA | Aaa |
| Class Bretained | 47.5 | 2.4% | 0.25% | 1.30 | — | — | 2032-02-17 | — | — |
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 | Citibank, N.A |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, Credit Agricole Securities, Mizuho Securities |
| TAOT 2025-C | TAOT 2025-B | TAOT 2025-A | TAOT 2024-D | TAOT 2024-C | TAOT 2024-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-07-30 | 2025-04-30 | 2025-01-29 | 2024-10-17 | 2024-07-30 | 2024-04-30 | 424B5 |
| Pool balance | $2,001.9MM | $1,988.8MM | $1,977.2MM | $1,841.9MM | $1,864.8MM | $1,876.3MM | 424B5 |
| WA Credit Score | 770+1 | 769 | 769 | 770 | 769 | 767 | 424B5 |
| WA APR | 5.85%−0.15pp | 6.05% | 6.00% | 5.96% | 6.04% | 5.70% | 424B5 |
| WA original term mo | 65.70.0 | 65.7 mo | 65.7 mo | 65.4 mo | 65.4 mo | 66.0 mo | 424B5 |
| % new vehicles | 88.0% | 88.0% | 91.0% | 90.0% | 87.0% | 86.7% | 424B5 |
| Geo top-3 | CA 21.9% TX 15.8% IL 3.9% | 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% | 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 | 5.09% | 4.46% | 3.90% | 4.99% | 6.16% | 6.73% | 424B5 |
| Pricing | |||||||
| AAA spread | +35 bps−20bps A-3 · 2.5y | +57 bps 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 | 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-C | GMCAR 2025-3 | HART 2025-B | NAROT 2025-A | WOART 2025-B | HAROT 2025-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-07-30 | 2025-07-16 | 2025-06-11 | 2025-05-27 | 2025-05-14 | 2025-05-08 | 424B5 |
| Pool balance | $2,001.9MM | $974.1MM | $2,188.2MM | $1,668.5MM | $1,281.8MM | $2,483.1MM | 424B5 |
| WA Credit Score | 7700 | 783 | 770 | 789 | 756 | 769 | 424B5 |
| WA APR | 5.85%−0.10pp | 6.58% | 5.95% | 4.46% | 6.49% | 4.89% | 424B5 |
| WA original term mo | 65.7−2.0 | 69.0 mo | 67.5 mo | — | 67.9 mo | 62.1 mo | 424B5 |
| % new vehicles | 88.0% | 87.9% | 97.5% | 6.9% | 96.4% | 86.1% | 424B5 |
| Geo top-3 | CA 21.9% TX 15.8% IL 3.9% | TX 13.7% FL 7.4% CA 6.4% | CA 14.3% TX 11.9% FL 9.3% | TX 14.8% FL 7.3% CA 6.7% | FL 47.7% GA 18.7% NC 15.4% | CA 16.9% TX 9.9% FL 6.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.00pp | 6.10% | 7.55% | 4.25% | 4.75% | 2.75% | calc |
| Enhancement, target | 3.60% | 6.10% | 8.05% | 4.25% | 5.65% | — | calc |
| Subordinate notes | 2.5%−0.6pp | 3.1% | 4.8% | 1.5% | 4.5% | 0.0% | calc |
| OC (initial) | 0.00% | 2.75% | 2.50% | 2.50% | 0.00% | 2.50% | 424B5 |
| OC target | 0.85% | 2.75% | 3.00% | 2.50% | 0.90% | — | 424B5 |
| OC floor | 0.85% | 2.75% | 3.00% | 2.50% | 0.50% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 5.09% | 3.50% | 5.22% | 7.79% | 5.38% | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +35 bps−19bps A-3 · 2.5y | +36 bps A-3 · 2.5y | +45 bps A-3 · 2.3y | +58 bps A-3 · 2.4y | +61 bps A-3 · 2.7y | +54 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 7 | 6 | 7 | 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 (175 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.