Exhibit 99.1
Servicer’s Certificate
for the Collection Period August 01, 2021 through August 31, 2021
for Payment Date of September 15, 2021
Toyota Auto Receivables 2018-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
30 | Actual/360 Days |
30 |
| Class | Initial Principal Balance |
Final Scheduled Payment Date |
Beginning Principal Balance |
Beginning Principal Factor |
First Priority Principal Distribution Amount |
Second Priority Principal Distribution Amount |
Regular Principal Distribution Amount |
Ending Principal Balance |
Ending Principal Factor |
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| A-1 | $454,000,000.00 | 9/16/19 | $0.00 | 0.0000000 | $0.00 | $0.00 | $0.00 | $0.00 | 0.0000000 | |||||||||||||||||||||||||||
| A-2a | $654,000,000.00 | 8/16/21 | $0.00 | 0.0000000 | $0.00 | $0.00 | $0.00 | $0.00 | 0.0000000 | |||||||||||||||||||||||||||
| A-2b | $106,000,000.00 | 8/16/21 | $0.00 | 0.0000000 | $0.00 | $0.00 | $0.00 | $0.00 | 0.0000000 | |||||||||||||||||||||||||||
| A-3 | $486,400,000.00 | 12/15/22 | $112,416,933.68 | 0.2311203 | $0.00 | $8,144,839.69 | $16,150,028.12 | $88,122,065.87 | 0.1811720 | |||||||||||||||||||||||||||
| A-4 | $152,100,000.00 | 2/15/24 | $152,100,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $152,100,000.00 | 1.0000000 | |||||||||||||||||||||||||||
| B | $47,500,000.00 | 8/15/24 | $47,500,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $47,500,000.00 | 1.0000000 | |||||||||||||||||||||||||||
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| Total | $1,900,000,000.00 | $312,016,933.68 | $0.00 | $8,144,839.69 | $16,150,028.12 | $287,722,065.87 | 0.1514327 | |||||||||||||||||||||||||||||
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| Class | Interest Rate | Interest Distributable Amount |
Prior Interest Carryover |
Interest Distribution Amount |
Current Interest Carryover |
Total Principal & |
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| A-1 | 2.25000% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||
| A-2a | 2.77000% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||
| A-2b | 0.21550% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||
| A-3 | 3.02000% | $282,915.95 | $0.00 | $282,915.95 | $0.00 | $24,577,783.76 | ||||||||||||||||||||
| A-4 | 3.13000% | $396,727.50 | $0.00 | $396,727.50 | $0.00 | $396,727.50 | ||||||||||||||||||||
| B | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||||
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| Total | $679,643.45 | $0.00 | $679,643.45 | $0.00 | $24,974,511.26 | |||||||||||||||||||||
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Credit Enhancement
| Reserve Account | Yield Supplement Overcollateralization Amount | |||||||||
| Initial Deposit Amount |
$4,750,008.27 | Beginning Period Amount |
$15,403,543.28 | |||||||
| Specified Reserve Account Amount |
$4,750,008.27 | Increase/(Decrease) |
$(1,610,258.22 | ) | ||||||
| Beginning Balance |
$4,750,008.27 | Ending Period Amount |
$13,793,285.06 | |||||||
| Withdrawals |
$0.00 | |||||||||
| Amount Available for Deposit |
$17,430,709.82 | Overcollateralization | ||||||||
| Amount Deposited to the Reserve Account |
$0.00 | |||||||||
| Reserve Account Balance Prior to Release |
$4,750,008.27 | Adjusted Pool Balance |
$303,872,093.99 | |||||||
| Reserve Account Required Amount |
$4,750,008.27 | Total Note Balance |
$287,722,065.87 | |||||||
| Reserve Account Release to Seller |
$0.00 | Ending Overcollateralization Amount |
$16,150,028.12 | |||||||
| Ending Reserve Account Balance |
$4,750,008.27 | Overcollateralization Target Amount |
$16,150,028.12 | |||||||
Page 1 of 6
Servicer’s Certificate
for the Collection Period August 01, 2021 through August 31, 2021
for Payment Date of September 15, 2021
Toyota Auto Receivables 2018-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
30 | Actual/360 Days |
30 |
Liquidations of Charge-offs and Repossessions
| Cumulative | ||||||||||||||||||||
| Current Period Only | Current Period | Prior Period | Two Periods Prior | Three Periods Prior | ||||||||||||||||
| Number of Liquidated Receivables |
19 | 1,216 | 1,197 | 1,184 | 1,174 | |||||||||||||||
| Gross Principal of Liquidated Receivables |
$140,609.38 | $19,065,801.71 | $18,925,192.33 | $18,725,618.05 | $18,578,649.78 | |||||||||||||||
| Principal of Repurchased Contracts, previously charged-off |
$0.00 | $(46,466.76 | ) | $(46,466.76 | ) | $(43,951.18 | ) | $(43,951.18 | ) | |||||||||||
| Net Liquidation Proceeds Received During the Collection Period |
$(8,887.53 | ) | $(3,413,826.90 | ) | $(3,404,939.37 | ) | $(3,364,099.73 | ) | $(3,316,324.66 | ) | ||||||||||
| Recoveries on Previously Liquidated Contracts |
$(160,801.91 | ) | $(8,182,231.15 | ) | $(8,021,429.24 | ) | $(7,906,455.62 | ) | $(7,556,134.27 | ) | ||||||||||
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| Net Credit Losses |
$(29,080.06 | ) | $7,423,276.90 | $7,452,356.96 | $7,411,111.52 | $7,662,239.67 | ||||||||||||||
| Charge-off Rate (Number of Liquidated Receivables / Initial number of accounts in the pool) |
1.11084% | 1.09348% | 1.08160% | 1.07247% | ||||||||||||||||
| Number of Accounts with Liquidation Proceeds or Recoveries |
1,172 | 1,158 | 1,145 | 1,132 | ||||||||||||||||
| Ratio of Aggregate Net Losses to Average Portfolio Balance |
0.69795% | 0.68765% | 0.67111% | 0.68093% | ||||||||||||||||
| Number of Assets Experiencing a Net Loss |
983 | 976 | 970 | 975 | ||||||||||||||||
| Net Credit Losses for Assets Experiencing a Loss |
$7,456,917.91 | $7,482,885.24 | $7,439,718.58 | $7,688,125.13 | ||||||||||||||||
| Average Net Loss on all assets that have Experienced a Net Loss |
$7,585.88 | $7,666.89 | $7,669.81 | $7,885.26 | ||||||||||||||||
| Cumulative Net Loss Ratio |
0.35325% | 0.35463% | 0.35267% | 0.36462% | ||||||||||||||||
| Repossessed in Current Period |
2 vehicles | |||||||||||||||||||
Pool Data
| Original | Prior Month | Current Month | ||||||||||||||
| Receivables Pool Balance |
$2,101,423,565.52 | $343,570,505.08 | $317,665,379.05 | |||||||||||||
| Number of Contracts |
109,467 | 44,449 | 42,664 | |||||||||||||
| Weighted Average APR |
2.14% | 2.05% | 2.05% | |||||||||||||
| Weighted Average Remaining Term (Months) |
51.70 | 21.56 | 20.79 | |||||||||||||
| Extensions Granted for the Applicable Month |
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| Two Months Prior | Prior Month | Current Month | ||||||||||||||
| Number of Contracts Granted Payment Extensions |
100 | 74 | 93 | |||||||||||||
| Number of Contracts Granted Extensions as % of Outstanding Contracts as of Beginning of Month |
0.21% | 0.16% | 0.21% | |||||||||||||
Page 2 of 6
Servicer’s Certificate
for the Collection Period August 01, 2021 through August 31, 2021
for Payment Date of September 15, 2021
Toyota Auto Receivables 2018-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
30 | Actual/360 Days |
30 |
Collections
| Principal Payments Received |
$19,470,802.64 | |||
| Prepayments in Full |
$6,244,279.58 | |||
| Interest Payments Received |
$607,088.46 | |||
| Aggregate Net Liquidation Proceeds |
$169,689.44 | |||
| Interest on Repurchased Contracts |
$207.16 | |||
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| Total Collections |
$26,492,067.28 | |||
| Principal of Repurchased Contracts |
$49,434.43 | |||
| Principal of Repurchased Contracts, prev charged-off |
$0.00 | |||
| Adjustment on Repurchased Contracts |
$0.00 | |||
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| Total Repurchased Amount |
$49,434.43 | |||
| Total Available Collections |
$26,541,501.71 | |||
Distributions
| Calculated Amount | Amount Paid | Shortfall | ||||||||||||||
| Servicing Fee |
$286,308.75 | $286,308.75 | $0.00 | |||||||||||||
| Trustee and Other Fees/Expenses (capped at $300,000.00 per calendar year) |
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| Indenture Trustee |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Owner Trustee |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Asset Representations Reviewer |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Interest - Class A-1 Notes |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Interest - Class A-2a Notes |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Interest - Class A-2b Notes |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Interest - Class A-3 Notes |
$282,915.95 | $282,915.95 | $0.00 | |||||||||||||
| Interest - Class A-4 Notes |
$396,727.50 | $396,727.50 | $0.00 | |||||||||||||
| First Priority Principal Distribution Amount |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Interest - Class B Notes |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Second Priority Principal Distribution Amount |
$8,144,839.69 | $8,144,839.69 | $0.00 | |||||||||||||
| Reserve Account Deposit |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Regular Principal Distribution Amount |
$16,150,028.12 | $16,150,028.12 | $0.00 | |||||||||||||
| Additional Trustee and Other Fees/Expenses |
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| Indenture Trustee |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Owner Trustee |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Asset Representations Reviewer |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Excess Amounts to the Certificateholder |
$1,280,681.70 | $1,280,681.70 | N/A | |||||||||||||
Page 3 of 6
Servicer’s Certificate
for the Collection Period August 01, 2021 through August 31, 2021
for Payment Date of September 15, 2021
Toyota Auto Receivables 2018-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
30 | Actual/360 Days |
30 |
Noteholder Distributions
| Interest Distributed |
Per $1000 of Original Balance |
Principal Distributed |
Per $1000 of Original Balance |
Amount Distributed |
Per $1000 of Original Balance |
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| Class A-1 Notes |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||||||||||
| Class A-2a Notes |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||||||||||
| Class A-2b Notes |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||||||||||
| Class A-3 Notes |
$282,915.95 | $0.58 | $24,294,867.81 | $49.95 | $24,577,783.76 | $50.53 | ||||||||||||||||||||||||||||
| Class A-4 Notes |
$396,727.50 | $2.61 | $0.00 | $0.00 | $396,727.50 | $2.61 | ||||||||||||||||||||||||||||
| Class B Notes |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||||||||||
Delinquent and Repossessed Contracts
| Percentage of Current Month Number of Contracts |
Units | Percentage of Current Month Receivables Pool Balance |
Balance | |||||||||||||
| 30-59 Days Delinquent |
0.84% | 357 | 1.15% | $3,657,991.77 | ||||||||||||
| 60-89 Days Delinquent |
0.17% | 73 | 0.24% | $775,033.09 | ||||||||||||
| 90-119 Days Delinquent |
0.05% | 22 | 0.06% | $200,422.21 | ||||||||||||
| 120 or more Days Delinquent |
0.00% | 0 | 0.00% | $0.00 | ||||||||||||
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| Total Delinquencies |
1.06% | 452 | 1.45% | $4,633,447.07 | ||||||||||||
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| Total Delinquencies - Prior Period |
1.10% | 1.41% | ||||||||||||||
| Total Delinquencies - Two Months Prior |
0.87% | 1.16% | ||||||||||||||
| Total Delinquencies - Three Months Prior |
0.93% | 1.20% | ||||||||||||||
| Receivables Pool Balance |
$317,665,379.05 | |||||||||||||||
| 60-Day Delinquency Percentage |
0.31% | |||||||||||||||
| Delinquency Trigger Percentage |
3.00% | |||||||||||||||
| Has a Delinquency Trigger occurred in this Collection Period? |
No | |||||||||||||||
| Collection Period | Collection Period End Date | Delinquency Trigger Percentage |
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| 1-12 | 08/31/2018 - 07/31/2019 | 0.95% | ||||
| 13-24 | 08/31/2019 - 07/31/2020 | 1.55% | ||||
| 25-36 | 08/31/2020 - 07/31/2021 | 2.20% | ||||
| 37 and after | 08/31/2021 and after | 3.00% | ||||
| Repossessed Vehicle Inventory* |
2 vehicles | |||||||||||||||
| * Included with Delinquencies Above |
Page 4 of 6
Servicer’s Certificate
for the Collection Period August 01, 2021 through August 31, 2021
for Payment Date of September 15, 2021
Toyota Auto Receivables 2018-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
EU Risk Retention Compliance Confirmation
Toyota Motor Credit Corporation (“TMCC”), in its capacity as the originator of the Receivables, hereby confirms its continued compliance as of the date of this Servicer’s Certificate, with its agreements in the Sale and Servicing Agreement, dated as of August 22, 2018 (the “Sale and Servicing Agreement”), among Toyota Auto Receivables 2018-C Owner Trust, Toyota Auto Finance Receivables LLC (the “Depositor”), and TMCC, and with reference to Articles 404-410 of Regulation (EU) No 575/2013, Articles 50-56 of Regulation (EU) No 231/2013 and Articles 254-257 of Regulation (EU) No 2015/35, in each case together with any related technical standards or guidelines (collectively, and in each case as in effect as of August 14, 2018 unless otherwise specified, the “E.U. Retention Rules”), to: (a) retain, on an ongoing basis, a material net economic interest of not less than 5% of the nominal value of each of the tranches sold or transferred to investors within the meaning of paragraph 1(a) of Article 405 of Regulation (EU) No 575/2013, paragraph 1(a) of Article 51 of Regulation (EU) No 231/2013, and paragraph 2(a) of Article 254 of Regulation (EU) No 2015/35 (the “E.U. Retained Interest”), by retaining, either directly or indirectly through one or more wholly-owned subsidiaries that are special purpose entities and not operating companies, not less than 5% (by initial principal amount) of each class of the Notes and not less than 5% of the percentage interests in the Certificate, and initially by causing the Depositor to acquire such securities on August 22, 2018; and (b) cause the E.U. Retained Interest to not be subject to any credit risk mitigation or any short positions or any other hedges and to not be sold, except to the extent permitted by the E.U. Retention Rules as may be in effect from time to time.
Page 5 of 6
Servicer’s Certificate
for the Collection Period August 01, 2021 through August 31, 2021
for Payment Date of September 15, 2021
Toyota Auto Receivables 2018-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| I hereby certify to the best of my knowledge that the report provided is true and correct. |
| /s/ Stephen Bishop |
| Name: Stephen Bishop |
| Title: Group Manager - Treasury |
Page 6 of 6