| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 383.0 | 19.2% | 2.75% | 0.21 | 3.78% | +14 I-curve | 2027-01-15 | A-1+ | P-1 |
| Class A-2a | 470.0 | 23.6% | 2.75% | 1.01 | 3.80% | — | 2028-12-15 | AAA | Aaa |
| Class A-2b | 202.8 | 10.2% | 2.75% | 1.01 | floating | +33 SOFR | 2028-12-15 | AAA | Aaa |
| Class A-3 | 672.8 | 33.7% | 2.75% | 2.40 | 3.86% | +34 I-curve | 2030-09-16 | AAA | Aaa |
| Class A-4 | 123.9 | 6.2% | 2.75% | 3.71 | 3.97% | +36 I-curve | 2031-07-15 | AAA | Aaa |
| Class Bretained | 47.5 | 2.4% | 0.25% | 1.30 | floating | +33 SOFR | 2032-08-16 | — | — |
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 | BNP Paribas Securities, Credit Agricole Securities, Lloyds Securities, MUFG Securities Americas |
| TAOT 2026-A | TAOT 2025-D | TAOT 2025-C | TAOT 2025-B | TAOT 2025-A | TAOT 2024-D | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-01-21 | 2025-10-23 | 2025-07-30 | 2025-04-30 | 2025-01-29 | 2024-10-17 | 424B5 |
| Pool balance | $1,995.4MM | $1,998.8MM | $2,001.9MM | $1,988.8MM | $1,977.2MM | $1,841.9MM | 424B5 |
| WA Credit Score | 771+1 | 771 | 770 | 769 | 769 | 770 | 424B5 |
| WA APR | 5.68%−0.28pp | 5.72% | 5.85% | 6.05% | 6.00% | 5.96% | 424B5 |
| WA original term mo | 65.9+0.2 | 65.8 mo | 65.7 mo | 65.7 mo | 65.7 mo | 65.4 mo | 424B5 |
| % new vehicles | 88.0% | 88.0% | 88.0% | 88.0% | 91.0% | 90.0% | 424B5 |
| Geo top-3 | CA 23.8% TX 16.7% IL 3.8% | CA 22.9% TX 15.8% IL 3.9% | 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% | 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 | 4.78% | 4.94% | 5.09% | 4.46% | 3.90% | 4.99% | 424B5 |
| Pricing | |||||||
| AAA spread | +34 bps−3bps A-3 · 2.4y | +37 bps A-3 · 2.4y | +35 bps A-3 · 2.5y | +57 bps A-3 · 2.5y | +37 bps A-3 · 2.4y | +51 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 2026-A | GMCAR 2026-1 | FCAOT 2025-C | NAROT 2025-B | VALET 2025-2 | HAROT 2025-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-01-21 | 2026-01-14 | 2025-11-25 | 2025-11-25 | 2025-11-25 | 2025-11-12 | 424B5 |
| Pool balance | $1,995.4MM | $1,317.6MM | $1,096.6MM | $1,381.3MM | $1,141.3MM | $2,483.2MM | 424B5 |
| WA Credit Score | 771−2 | 779 | 752 | 795 | 773 | 769 | 424B5 |
| WA APR | 5.68%+0.65pp | 6.71% | 5.15% | 4.60% | 5.03% | 4.93% | 424B5 |
| WA original term mo | 65.90.0 | 70.0 mo | 65.9 mo | — | — | 61.9 mo | 424B5 |
| % new vehicles | 88.0% | 80.8% | 93.7% | 10.0% | 78.4% | 86.0% | 424B5 |
| Geo top-3 | CA 23.8% TX 16.7% IL 3.8% | TX 14.6% FL 7.1% CA 6.3% | TX 16.6% CA 8.8% FL 8.4% | TX 17.5% FL 7.4% CA 6.5% | TX 14.2% CA 11.5% FL 7.3% | CA 16.9% TX 9.9% FL 6.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−1.50pp | 6.10% | 5.25% | 4.25% | 4.25% | 2.75% | calc |
| Enhancement, target | 3.60% | 6.10% | 7.25% | 4.25% | 5.00% | — | calc |
| Subordinate notes | 2.5%+0.9pp | 3.1% | 5.0% | 1.6% | 0.0% | 0.0% | calc |
| OC (initial) | 0.00% | 2.75% | 0.00% | 2.35% | 4.00% | 2.50% | 424B5 |
| OC target | 0.85% | 2.75% | 2.00% | 2.35% | 4.75% | — | 424B5 |
| OC floor | 0.85% | 2.75% | 2.00% | 2.35% | 4.75% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 4.78% | 2.44% | 4.01% | 7.33% | 8.73% | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +34 bps−4bps A-3 · 2.4y | +35 bps A-3 · 2.6y | +35 bps A-3 · 2.3y | +45 bps A-3 · 2.2y | +38 bps A-3 · 2.3y | +39 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 7 | 6 | 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 (187 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.