| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 440.0 | 21.7% | 2.75% | 0.24 | 3.91% | +14 I-curve | 2027-10-15 | AAA | AAA |
| Class A-2a | 528.0 | 26.1% | 2.75% | 1.08 | 4.29% | +31 I-curve | 2029-05-15 | AAA | AAA |
| Class A-2b | 131.0 | 6.5% | 2.75% | 1.08 | floating | +31 SOFR | 2029-05-15 | AAA | AAA |
| Class A-3 | 659.0 | 32.6% | 2.75% | 2.47 | 4.51% | +35 I-curve | 2031-03-17 | AAA | AAA |
| Class A-4 | 94.5 | 4.7% | 2.75% | 3.77 | 4.61% | +39 I-curve | 2032-01-15 | AAA | AAA |
| Class Bretained | 47.5 | 2.3% | 0.25% | 1.30 | — | — | 2033-02-15 | — | — |
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 | Barclays Capital, BMO Capital Markets, Lloyds Securities, TD Securities, MUFG Securities Americas |
| TAOT 2026-C | TAOT 2026-B | TAOT 2026-A | TAOT 2025-D | TAOT 2025-C | TAOT 2025-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-07-21 | 2026-04-21 | 2026-01-21 | 2025-10-23 | 2025-07-30 | 2025-04-30 | 424B5 |
| Pool balance | $2,023.1MM | $2,000.6MM | $1,995.4MM | $1,998.8MM | $2,001.9MM | $1,988.8MM | 424B5 |
| WA Credit Score | 771+1 | 770 | 771 | 771 | 770 | 769 | 424B5 |
| WA APR | 5.36%−0.36pp | 5.57% | 5.68% | 5.72% | 5.85% | 6.05% | 424B5 |
| WA original term mo | 66.0+0.2 | 66.0 mo | 65.9 mo | 65.8 mo | 65.7 mo | 65.7 mo | 424B5 |
| % new vehicles | 87.5% | 87.6% | 88.0% | 88.0% | 88.0% | 88.0% | 424B5 |
| Geo top-3 | CA 24.2% TX 16.3% IL 3.9% | CA 24.1% TX 16.1% AZ 3.6% | 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% | 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 | 6.08% | 5.03% | 4.78% | 4.94% | 5.09% | 4.46% | 424B5 |
| Pricing | |||||||
| AAA spread | +35 bps−2bps A-3 · 2.5y | +39 bps A-3 · 2.5y | +34 bps A-3 · 2.4y | +37 bps A-3 · 2.4y | +35 bps A-3 · 2.5y | +57 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-C | GMCAR 2026-3 | FCAOT 2026-B | HART 2026-B | NAROT 2026-A | MBART 2026-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-07-21 | 2026-07-15 | 2026-06-23 | 2026-06-17 | 2026-05-27 | 2026-05-20 | 424B5 |
| Pool balance | $2,023.1MM | $1,078.8MM | $1,655.3MM | $2,408.5MM | $1,394.8MM | $1,469.0MM | 424B5 |
| WA Credit Score | 771−9 | 781 | 752 | 774 | 787 | 780 | 424B5 |
| WA APR | 5.36%+0.19pp | 6.63% | 5.07% | 5.17% | 4.44% | 6.37% | 424B5 |
| WA original term mo | 66.0−0.1 | 70.0 mo | 66.4 mo | 65.8 mo | — | 62.4 mo | 424B5 |
| % new vehicles | 87.5% | 80.8% | 92.6% | 99.8% | 10.9% | 48.1% | 424B5 |
| Geo top-3 | CA 24.2% TX 16.3% IL 3.9% | TX 14.4% FL 6.8% CA 6.7% | TX 17.3% CA 8.7% FL 8.5% | TX 13.0% FL 9.9% CA 8.5% | FL 6.8% CA 6.3% GA 3.7% | CA 20.4% FL 14.8% TX 14.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 2.75%−2.50pp | 6.10% | 5.25% | 7.55% | 4.25% | 2.75% | calc |
| Enhancement, target | 3.60% | 6.10% | 7.25% | 8.05% | 4.25% | 2.75% | calc |
| Subordinate notes | 2.5%−0.6pp | 3.1% | 5.0% | 4.8% | 3.0% | 0.0% | calc |
| OC (initial) | 0.00% | 2.75% | 0.00% | 2.50% | 1.00% | 2.50% | 424B5 |
| OC target | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% | 2.50% | 424B5 |
| OC floor | 0.85% | 2.75% | 2.00% | 3.00% | 1.00% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 6.08% | 3.18% | 4.61% | 6.86% | 8.14% | 5.33% | 424B5 |
| Pricing | |||||||
| AAA spread | +35 bps−6bps A-3 · 2.5y | +31 bps A-3 · 2.4y | +36 bps A-3 · 2.4y | +41 bps A-3 · 2.4y | +44 bps A-3 · 2.3y | +41 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 7 | 7 | 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 (198 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.