Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period
|
Revolving | 30/360 Days |
30 | |||||
| Class | Initial Principal Amount |
Expected Final Payment Date |
Final Scheduled |
Beginning Principal Amount |
Beginning Note Factor |
Principal Distributions to Noteholders |
Ending Principal |
Ending Note Factor | ||||||||
| A |
$1,500,000,000.00 | 5/27/24 | 11/25/31 | $1,500,000,000.00 | 1.0000000 | $0.00 | $1,500,000,000.00 | 1.0000000 | ||||||||
| Class | Interest Rate | Interest Distributable Amount |
Prior Interest Carryover |
Interest Distribution Amount |
Current Interest Carryover |
Total Principal & Interest Distribution | ||||||
| A |
2.56000% | $3,200,000.00 | $0.00 | $3,200,000.00 | $0.00 | $3,200,000.00 |
| Class | Total Make-Whole Payment Distribution |
Beginning Make-Whole Payable Balance |
Make-Whole Payment Distribution |
Ending Make-Whole Payable Balance |
Total Principal, Interest, and Make-Whole Distribution | |||||
| A |
$0.00 | $0.00 | $0.00 | $0.00 | $3,200,000.00 | |||||
| Class | Step-Up Amount Accrual Rate |
Step-Up Amounts Distributable |
Step-Up Amounts Beginning Balance |
Step-Up Amounts Distribution |
Step-Up Amounts Ending Balance |
Total Principal, Interest, Make-Whole, and Step-Up Amounts Distribution | ||||||
| A |
2.00% | $0.00 | $0.00 | $0.00 | $0.00 | $3,200,000.00 | ||||||
Total Noteholder Payments
| Class | Interest Payments | Principal Payments | Make-Whole Payments | Step-Up Amounts | Total Payments | |||||
| A |
$3,200,000.00 | $0.00 | $0.00 | $0.00 | $3,200,000.00 | |||||
Per $1,000 of Principal
| Class | Interest Payments | Principal Payments | Make-Whole Payments | Step-Up Amounts | Total Payments | |||||
| A |
$2.13 | $0.00 | $0.00 | $0.00 | $2.13 |
Page 1 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Credit Enhancement and Specified Bank Account Reconciliations
| Reserve Account |
||||
| Beginning Reserve Account Balance |
$ 3,750,000.00 | |||
| Less: Reserve Account Release to Available Funds |
$(3,750,000.00 | ) | ||
| Add: Reserve Account Deposit |
$ 3,750,000.00 | |||
|
|
|
|||
| Reserve Account Balance before Release to Seller |
$ 3,750,000.00 | |||
| Reserve Account Release to Seller |
$ 0.00 | |||
|
|
|
|||
| Ending Reserve Account Balance |
$ 3,750,000.00 | |||
| Specified Reserve Account Balance |
$ 3,750,000.00 | |||
| Accumulation Account |
||||
| Beginning Accumulation Account Balance |
$0.00 | |||
| Less: Release to Available Funds |
$0.00 | |||
| Add: Priority Principal Distribution Amount |
$0.00 | |||
| Add: Regular Principal Distribution Amount |
$57,201,161.64 | |||
| Add: Contributions by Depositor |
$0.00 | |||
| Less: Amounts Withdrawn for Purchases of Receivables |
$(57,201,161.64 | ) | ||
| Less: Principal Distributions to Noteholders |
$0.00 | |||
|
|
|
|||
| Ending Accumulation Account Balance |
$0.00 | |||
| Required Accumulation Account Amount |
$0.00 | |||
| Yield Supplement Overcollateralization Amount |
| |||
| Beginning YSOC Amount |
$ 68,701,458.01 | |||
| Net Increase (Decrease) |
$ 9,204,864.98 | |||
|
|
|
|||
| Ending YSOC Amount |
$ 77,906,322.99 | |||
| Overcollateralization |
||||
| Ending Adjusted Pool Balance |
$ 1,779,006,758.30 | |||
| Ending Accumulation Account Balance |
$ 0.00 | |||
| Note Balance after Principal Payment |
$ 1,500,000,000.00 | |||
| Ending Overcollateralization Amount |
$ 279,006,758.30 | |||
| Current Overcollateralization Target Amount |
$ 100,853,788.69 | |||
| Prior Overcollateralization Target Amount |
$ 100,853,788.69 | |||
| Interest Supplement Account |
||||
| Interest Supplement Account Beginning Balance |
$0.00 | |||
| Less: Release to Available Funds |
$0.00 | |||
| Add: Deposits from Available Funds |
$0.00 | |||
| Add: Contributions by Depositor |
$0.00 | |||
|
|
|
|||
| Interest Supplement Account Ending Balance |
$0.00 | |||
| Required Interest Supplement Account Amount |
$0.00 | |||
Page 2 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Net Credit Losses, Repossessions, and Liquidations
| Current Collection Period | ||||
| Number of Liquidated Receivables |
46 | |||
| Gross Principal of Liquidated Receivables |
$883,672.63 | |||
| Principal of Repurchased Contracts, previously charged-off |
$0.00 | |||
| Net Liquidation Proceeds Received During the Collection Period |
$(194,436.79) | |||
| Recoveries on Previously Liquidated Contracts |
$(374,050.37) | |||
|
|
|
|||
| Net Credit Losses ($) |
$315,185.47 | |||
| Net Credit Losses (%) |
0.01867% | |||
| Number of Vehicles Repossessed During Collection Period |
23 vehicles | |||
| Repossessed Inventory at End of Period |
25 vehicles | |||
| Annualized Three Month Average Net Credit Losses (%) | Net Credit Losses (%) | |||
| Current Collection Period |
0.01867% | |||
| Prior Collection Period |
0.00348% | |||
| Two Collection Periods Prior |
0.00439% | |||
| Sum of three collection periods |
0.02654% | |||
| Annualized 3 month average |
0.10616% | |||
| Amortization Event - Net Credit Losses Test |
3.00% | |||
| Has an Amortization Event occurred? |
No | |||
Delinquencies
| Percentage of Current Month Number of Contracts |
Units | Percentage of Current Month Receivables Pool Balance |
Balance | |||||||
| 30-59 Days Delinquent |
0.85% | 902 | 1.04% | $16,748,821.19 | ||||||
| 60-89 Days Delinquent |
0.18% | 189 | 0.23% | $3,667,784.12 | ||||||
| 90-119 Days Delinquent |
0.08% | 83 | 0.09% | $1,428,684.33 | ||||||
| 120 or more Days Delinquent |
0.00% | 0 | 0.00% | $0.00 | ||||||
|
|
|
|
||||||||
| Total Delinquencies |
1.11% | 1,174 | 1.36% | $21,845,289.64 | ||||||
|
|
|
|
||||||||
| Three Month Average 60+ Delinquency Rate (%) | 60+ Days Delinquency Rate (%) | |
| Current Collection Period |
0.32% | |
| Prior Collection Period |
0.29% | |
| Two Collection Periods Prior |
0.23% | |
| Average of three collection periods |
0.28% | |
| Amortization Event - Delinquency Test |
3.95% | |
| Has an Amortization Event occurred? |
No | |
Page 3 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Available Collections and Funds
| Available Collections |
||||
| Principal Payments Received |
$ 50,520,117.01 | |||
| Prepayments in Full |
$ 28,571,837.79 | |||
| Interest Payments Received |
$ 5,574,003.63 | |||
| Aggregate Net Liquidation Proceeds |
$ 568,487.16 | |||
| Interest on Repurchased Contracts |
$ 1.61 | |||
|
|
|
|||
| Total Collections |
$ 85,234,447.20 | |||
| Principal of Repurchased Contracts |
$ 342.20 | |||
| Principal of Repurchased Contracts, Prev. Charged Off |
$ 0.00 | |||
|
|
|
|||
| Total Repurchased Amount |
$ 342.20 | |||
| Total Available Collections |
$ 85,234,789.40 | |||
| Available Funds |
||||
| Total Available Collections |
$ 85,234,789.40 | |||
| Accumulation Account |
$ 0.00 | |||
| Reserve Account |
$ 3,750,000.00 | |||
| Interest Supplement Account |
$ 0.00 | |||
| Receivables Purchase Price |
$ 0.00 | |||
|
|
|
|||
| Total Available Funds |
$ 88,984,789.40 | |||
Distributions
| Current Month Amount |
Prior Period Shortfall |
Current Month Amount Paid |
Shortfall | |||||||||||||
| Servicing Fee |
$1,406,557.23 | $0.00 | $1,406,557.23 | $0.00 | ||||||||||||
| Trustee and Other Fees/Expenses (capped at $150,000.00 per calendar year) |
||||||||||||||||
| Indenture Trustee |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Owner Trustee |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Note Interest* |
$3,200,000.00 | $0.00 | $3,200,000.00 | $0.00 | ||||||||||||
| Priority Principal Payment to the Accumulation Account |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Reserve Account Deposit |
$3,750,000.00 | $0.00 | $3,750,000.00 | $0.00 | ||||||||||||
| Regular Principal Payment to the Accumulation Account |
$57,201,161.64 | $0.00 | $57,201,161.64 | $0.00 | ||||||||||||
| Interest Supplement Account Deposit |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Make-Whole and Step-Up Payments |
||||||||||||||||
| Make-Whole Payments |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Step-Up Amount |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Additional Trustee and Other Fees/Expenses |
||||||||||||||||
| Indenture Trustee |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Owner Trustee |
$0.00 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Excess Amounts to the Certificateholder |
$23,427,070.53 | N/A | $23,427,070.53 | N/A | ||||||||||||
*Includes current period interest on prior period interest shortfall
Page 4 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Pool Balances and Characteristics
Summary of Eligible Pool Balances and Purchases, Sales, and Contributions
| Number of | Aggregate Principal | YSOC | Adjusted Pool | |||||||||||||
| Receivables | Balance |
|
Balance | |||||||||||||
| Calculation of Collection Period Beginning Balances |
||||||||||||||||
| Prior Collection Period Ending Balances |
108,989 | $1,687,868,670.15 | $68,701,458.01 | $1,619,167,212.14 | ||||||||||||
| (after purchases, sales, and contributions on prior payment date) |
||||||||||||||||
| Additional Activity after Prior Payment Date |
||||||||||||||||
| Receivables Purchased1 |
0 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Receivables Contributed2 |
0 | $0.00 | $0.00 | $0.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Current Collection Period Beginning Balances |
108,989 | $1,687,868,670.15 | $68,701,458.01 | $1,619,167,212.14 | ||||||||||||
| (after other additional activity during current collection period) |
||||||||||||||||
| Collection Period Ending Balances and Payment Date Activity |
||||||||||||||||
| Current Collection Period Ending Balances |
106,036 | $1,607,892,700.52 | $64,240,073.47 | $1,543,652,627.05 | ||||||||||||
| (before purchases, contributions, and sales on current payment date) |
||||||||||||||||
| Receivables Purchased on Current Payment Date |
9,814 | $249,020,380.77 | $13,666,249.52 | $235,354,131.25 | ||||||||||||
| Receivables Contributed on Current Payment Date |
0 | $0.00 | $0.00 | $0.00 | ||||||||||||
| Receivables Sold on Current Payment Date |
0 | $0.00 | $0.00 | $0.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Current Collection Period Ending Balances |
115,850 | $1,856,913,081.29 | $77,906,322.99 | $1,779,006,758.30 | ||||||||||||
| (after purchases, sales, and contributions on current payment date) |
||||||||||||||||
| (1) Additional Purchase Dates: |
N/A | |||||||||||||||
| (2) Additional Contribution Dates: |
N/A | |||||||||||||||
Summary of Ineligible Receivables
| Number of Receivables |
Aggregate Principal Balance |
Adjusted Pool Balance |
||||||||||
| Total Ineligible Receivables as of the Current Payment Date |
0 | $0.00 | $0.00 | |||||||||
| Total Ineligible Receivables as of the Prior Payment Date |
0 | $0.00 | $0.00 | |||||||||
| Extensions Granted for the Applicable Month |
||||||||||||
| Two Months Prior | Prior Month | Current Month | ||||||||||
| Number of Contracts Granted Payment Extensions |
242 | 282 | 313 | |||||||||
| Number of Contracts Granted Extensions as % of Outstanding Contracts as of |
0.21% | 0.25% | 0.29% | |||||||||
Page 5 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Pool Balances and Characteristics (continued)
| Characteristics of Entire Eligible Receivables Pool Based on Principal Balance |
| |||
| Average Original Amount Financed |
$30,629.61 | |||
| Weighted Average APR |
3.98% | |||
| Weighted Average APR of Receivables with more than 75 Original Payments |
6.22% | |||
| Weighted Average Original Number of Scheduled Payments |
70.09 payments | |||
| Weighted Average Remaining Number of Scheduled Payments |
43.94 payments | |||
| Weighted Average FICO |
752 | |||
| Weighted Average FICO of Receivables with more than 75 Original Payments |
735 | |||
| Weighted Average LTV |
101.65% | |||
| Weighted Average LTV of Receivables with more than 75 Original Payments |
111.33% | |||
| % New vehicles |
76.53% | |||||
| % Used vehicles |
23.47% | |||||
| % Cars and minivans |
34.77% | |||||
| % Light duty trucks |
18.77% | |||||
| % Sport utility vehicles |
46.47% | |||||
| % Toyota vehicles |
88.09% | |||||
| % Lexus vehicles |
11.91% | |||||
| Top 3 States: |
CA | 22.37% | ||||
| TX | 16.96% | |||||
| VA | 4.02% | |||||
Page 6 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Overcollateralization Target Amount Determination - Net Losses Test and Collateral Composition Tests
| Net Credit Losses Test (Principal Balance) |
||||
| (1) Annualized 3 Month Average Net Losses (%) |
0.10616% | |||
| (2) Net Losses Test (%) |
1.50% | |||
| In Compliance? [(1) <= (2)?] |
Yes | |||
Collateral Composition Tests (Adjusted Pool Balance)
| Current Pool | Pool Composition Test | Floor Credit Enhancement Test | ||||||||
| Requirement | In Compliance | Requirement | In Compliance | |||||||
| Adjusted Pool Balance Weighted Average FICO score |
751 | At least 715 | Yes | At least 725 | Yes | |||||
| % of Adjusted Pool Balance that are Used Vehicles |
23.90% | Up to 30% | Yes | Up to 25% | Yes | |||||
| FICO Score Range - % Adjusted Pool Balance with: |
||||||||||
| FICO less than 650 |
4.88% | Up to 7% | Yes | Up to 6% | Yes | |||||
| FICO less than 700 |
23.72% | Up to 30% | Yes | Up to 25% | Yes | |||||
| FICO less than 720 |
34.87% | Up to 45% | Yes | Up to 40% | Yes | |||||
| FICO less than 740 |
46.92% | Up to 60% | Yes | Up to 55% | Yes | |||||
| FICO less than 760 |
57.33% | Up to 75% | Yes | Up to 65% | Yes | |||||
| FICO less than 780 |
66.03% | Up to 85% | Yes | Up to 75% | Yes | |||||
| Original Payments - % Adjusted Pool Balance with: |
||||||||||
| More than 75 original scheduled payments |
7.14% | Up to 15% | Yes | Up to 10% | Yes | |||||
| More than 72 original scheduled payments |
32.00% | Up to 37.5% | Yes | Up to 35% | Yes | |||||
| Loan-to-Value - % Adjusted Pool Balance with: |
||||||||||
| LTV greater than 130% |
6.35% | Up to 12% | Yes | Up to 10% | Yes | |||||
| LTV greater than 120% |
14.21% | Up to 25% | Yes | Up to 20% | Yes | |||||
| LTV greater than 110% |
33.06% | Up to 45% | Yes | Up to 35% | Yes | |||||
| LTV greater than 90% |
75.75% | Up to 90% | Yes | Up to 85% | Yes | |||||
Page 7 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Overcollateralization Target Amount Determination - Net Losses Test and Collateral Composition Tests (continued)
Overcollateralization Target Scenarios
| Is the collateral pool in compliance with the... | Required Overcollateralization Target Amount | |||||||||||||||
| Floor Credit Enhancement | Required Adjusted | |||||||||||||||
| Net Losses Test? | Composition Test? | Pool Balance | % | $ | ||||||||||||
|
|
|
|
||||||||||||||
| Yes |
Yes | $1,600,853,788.69 | 6.30% | $100,853,788.69 | ||||||||||||
| Yes |
No | $1,623,376,623.38 | 7.60% | $123,376,623.38 | ||||||||||||
| No |
Yes or No | $1,780,415,430.27 | 15.75% | $280,415,430.27 | ||||||||||||
| Overcollateralization Target Determination |
|
|||||||||||||||
| Is the collateral pool in compliance with Net Losses Test? |
|
Yes | ||||||||||||||
| Is the collateral pool in compliance with Floor Credit Enhancement Composition Test? |
|
Yes | ||||||||||||||
| Required Overcollateralization Target Amount (%) |
|
6.30% | ||||||||||||||
| Required Overcollateralization Target Amount ($) |
|
$100,853,788.69 | ||||||||||||||
|
|
||||||||||||||||
|
Credit Enhancement Test
|
| |||||||||||||||
| (1) Adjusted Pool Balance + Accumulation Account Balance - Overcollateralization Target Amount |
|
$1,678,152,969.61 | ||||||||||||||
| (2) Note Balance |
|
$1,500,000,000.00 | ||||||||||||||
| In Compliance? [(1) >=(2)?] |
|
Yes | ||||||||||||||
Page 8 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Transaction Month # |
31 | Interest Accrual Period |
29 | |||||
| Revolving or Amortization Period |
Revolving | 30/360 Days |
30 | |||||
Amortization Event Tests
| Test Passed | ||||||
| (1) On the fifth Business Day after any Payment Date during the Revolving Period, the amount on deposit in the Reserve Account is less than the Specified Reserve Account Balance for such Payment Date | Yes | |||||
| (2) On the fifth Business Day after any Payment Date during the Revolving Period, the amount on deposit in the Interest Supplement Account is less than the Required Interest Supplement Account Amount for such Payment Date | Yes | |||||
| (3) The Notes are not paid in full on the Expected Final Payment Date | Yes | |||||
| (4) For any Payment Date, commencing with the Payment Date in September 2019, the sum of the net loss percentages for each of the prior three Collection Periods, multiplied by four, exceeds 3.00%
The net loss percentage is calculated as (i) the aggregate Principal Balance of all Receivables which are determined to be Defaulted Receivables during such Collection Period (net of all Liquidation Proceeds and Recoveries received during each such Collection Period), divided by (ii) the Pool Balance as of the beginning of such Collection Period |
Yes | |||||
| (5) For any Payment Date, commencing with the Payment Date in September 2019, the sum of the delinquency percentages for each of the prior three Collection Periods, divided by three, exceeds 3.95%. | Yes | |||||
| The delinquency percentage is calculated as the aggregate Principal Balance of all Receivables that are 60 days or more delinquent at the end of each such Collection Period divided by the Pool Balance as of the last day of each such Collection Period | ||||||
| (6) The Adjusted Pool Balance is less than 50% of the initial principal amount of the Notes | Yes | |||||
| (7) A Servicer Default occurs and is continuing | Yes | |||||
| (8) An Event of Default occurs and is continuing | Yes | |||||
| Has an Amortization Event occurred? | No | |||||
Page 9 of 10
Servicer’s Certificate
for the Collection Period December 01, 2021 through December 31, 2021
for Payment Date of January 25, 2022
Toyota Auto Loan Extended Note Trust 2019-1
Toyota Revolving Note Depositor 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 10 of 10