Servicer’s Certificate
for the Collection Period January 01, 2024 through January 31, 2024
for Payment Date of February 20, 2024
Toyota Lease Owner Trust 2023-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
29 | Actual/360 Days |
29 |
| Notes | Initial
Principal
Balance |
Final
Scheduled
Payment Due |
Beginning
Principal
Balance |
Beginning
Note
Factor |
Priority Principal
Distribution
Paid |
Regular Principal
Distribution
Paid |
Ending
Principal
Balance |
Ending
Note
Factor | ||||||||
| A-1 | $114,000,000.00 | 09/20/2024 | $9,795,541.68 | 0.0859 | $0.00 | $9,795,541.68 | $0.00 | 0.0000 | ||||||||
| A-2a | $270,000,000.00 | 04/20/2026 | $270,000,000.00 | 1.0000 | $0.00 | $7,474,294.90 | $262,525,705.10 | 0.9723 | ||||||||
| A-2b | $161,000,000.00 | 04/20/2026 | $161,000,000.00 | 1.0000 | $0.00 | $4,456,894.36 | $156,543,105.64 | 0.9723 | ||||||||
| A-3 | $381,000,000.00 | 11/20/2026 | $381,000,000.00 | 1.0000 | $0.00 | $0.00 | $381,000,000.00 | 1.0000 | ||||||||
| A-4 | $74,000,000.00 | 12/20/2027 | $74,000,000.00 | 1.0000 | $0.00 | $0.00 | $74,000,000.00 | 1.0000 | ||||||||
|
|
|
| ||||||||||||||
| Total | $1,000,000,000.00 | $895,795,541.68 | $0.00 | $21,726,730.94 | $874,068,810.74 | 0.8741 | ||||||||||
|
|
|
| ||||||||||||||
| Notes | Interest Rate | Interest
Distributable
Amount |
Prior
Interest
Carryover |
Interest
Distribution
Amount |
Current
Interest
Carryover |
Total
Principal &
Interest Distribution | ||||||
| A-1 | 5.6580% | $44,646.45 | $0.00 | $44,646.45 | $0.00 | $9,840,188.13 | ||||||
| A-2a | 5.7300% | $1,289,250.00 | $0.00 | $1,289,250.00 | $0.00 | $8,763,544.90 | ||||||
| A-2b | 5.8953% | $764,582.47 | $0.00 | $764,582.47 | $0.00 | $5,221,476.83 | ||||||
| A-3 | 5.6600% | $1,797,050.00 | $0.00 | $1,797,050.00 | $0.00 | $1,797,050.00 | ||||||
| A-4 | 5.7100% | $352,116.67 | $0.00 | $352,116.67 | $0.00 | $352,116.67 | ||||||
|
| ||||||||||||
| Total | $4,247,645.59 | $0.00 | $4,247,645.59 | $0.00 | $25,974,376.53 | |||||||
|
| ||||||||||||
Credit Enhancement
| Initial Balance | Beginning Balance | Ending Balance | ||||||||||
| Overcollateralization |
$194,054,920.63 | $194,054,921.06 | $194,054,921.06 | |||||||||
| Total Securitization Value |
$1,194,054,920.63 | $1,089,850,462.74 | $1,068,123,731.80 | |||||||||
| NPV Lease Payment Receivable |
$533,704,680.78 | $428,495,493.39 | $407,044,457.38 | |||||||||
| NPV Base Residual |
$660,350,239.85 | $661,354,969.35 | $661,079,274.42 | |||||||||
| Amount | Percentage | |||||||||||
| Initial Overcollateralization (1) |
$194,054,920.63 | 16.25% | ||||||||||
| Overcollateralization Target (1) |
$194,054,921.06 | 16.25% | ||||||||||
| Current Overcollateralization (2) |
$194,054,921.06 | 18.17% | ||||||||||
| Reserve Account |
||||||||||||
| Beginning Balance |
$2,985,137.30 | |||||||||||
| Reserve Account Draw Amount |
$(2,985,137.30) | |||||||||||
| Amount Available for Deposit |
$30,465,528.22 | |||||||||||
| Amount Deposited to the Reserve Account |
$2,985,137.30 | |||||||||||
| Reserve Account Target Amount |
$2,985,137.30 | |||||||||||
| Reserve Account Release to Seller |
$0.00 | |||||||||||
| Ending Reserve Account Amount |
$2,985,137.30 | |||||||||||
| (1) Percentage calculated is based on the Aggregate Securitization Value as of the initial Cut -off Date |
| |||||||||||
| (2) Percentage calculated is based on the Aggregate Securitization Value as of the latest Collection Period |
| |||||||||||
Page 1 of 5
Servicer’s Certificate
for the Collection Period January 01, 2024 through January 31, 2024
for Payment Date of February 20, 2024
Toyota Lease Owner Trust 2023-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
29 | Actual/360 Days |
29 |
Available Collections
| Lease Payments Received |
$21,091,457.14 | |||
| Net Sales Proceeds - Early Terminations |
$11,315,987.87 | |||
| Net Sales Proceeds - Scheduled Terminations |
$0.00 | |||
| Excess Wear and Tear Received |
$0.00 | |||
| Excess Mileage Charges Received |
$0.00 | |||
| Aggregate Net Liquidation and Recovery Proceeds |
$228,800.22 | |||
| Optional Purchase Price |
$0.00 | |||
| Additional Loss Amounts |
$0.00 | |||
| Reallocation Payments |
$0.00 | |||
|
|
|
|||
| Total Collections |
$32,636,245.23 | |||
| Reserve Account Withdrawal |
$2,985,137.30 | |||
|
|
|
|||
| Total Available Collections |
$35,621,382.53 | |||
Distributions
| Calculated Amount | Amount Paid | Shortfall | ||||||||||||||||||||
| (i) |
Total Servicing Fee, Net of Supplemental Servicing Fee |
$908,208.72 | $908,208.72 | $0.00 | ||||||||||||||||||
| (ii) |
Owner Trustee Fee & Other Admin Facility Fees |
|||||||||||||||||||||
| Indenture Trustee |
$0.00 | $0.00 | $0.00 | |||||||||||||||||||
| Owner Trustee |
$0.00 | $0.00 | $0.00 | |||||||||||||||||||
| Securities Intermediary |
$0.00 | $0.00 | $0.00 | |||||||||||||||||||
| (iii) |
Note Interest Amount - Class A-1 Notes |
$44,646.45 | $44,646.45 | $0.00 | ||||||||||||||||||
| Note Interest Amount - Class A-2a Notes |
$1,289,250.00 | $1,289,250.00 | $0.00 | |||||||||||||||||||
| Note Interest Amount - Class A-2b Notes |
$764,582.47 | $764,582.47 | $0.00 | |||||||||||||||||||
| Note Interest Amount - Class A-3 Notes |
$1,797,050.00 | $1,797,050.00 | $0.00 | |||||||||||||||||||
| Note Interest Amount - Class A-4 Notes | $352,116.67 | $352,116.67 | $0.00 | |||||||||||||||||||
| (iv) |
Priority Principal Distribution Amount |
$0.00 | $0.00 | $0.00 | ||||||||||||||||||
| (v) |
Reserve Account Deposit | $2,985,137.30 | $2,985,137.30 | $0.00 | ||||||||||||||||||
| (vi) |
Regular Principal Distribution Amount |
$21,726,730.94 | $21,726,730.94 | $0.00 | ||||||||||||||||||
| (vii) |
Additional Transaction Fees and Expenses |
$0.00 | $0.00 | $0.00 | ||||||||||||||||||
| (viii) |
Excess Amounts Distributed to Certificateholder |
$5,753,659.98 | $5,753,659.98 | $0.00 | ||||||||||||||||||
Page 2 of 5
Servicer’s Certificate
for the Collection Period January 01, 2024 through January 31, 2024
for Payment Date of February 20, 2024
Toyota Lease Owner Trust 2023-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
29 | Actual/360 Days |
29 |
Credit Loss and Residual Gain/(Loss) Activity
| Credit Loss | Current | |||||
|
|
||||||
|
|
Current Month Liquidated Leases |
16 | ||||
| Securitization Value of Defaulted Leases - Beginning of Period |
$652,919.57 | |||||
| Securitization Value of Reallocated Contracts, Previously Charged-off |
$0.00 | |||||
| Net Liquidation Proceeds |
$939.34 | |||||
| Recoveries on Previously Liquidated Contracts |
$227,860.88 | |||||
|
|
||||||
| Net Credit Losses for the Collection Period |
$424,119.35 | |||||
| Cumulative Net Credit Loss |
$1,958,421.41 | |||||
| Cumulative Net Credit Loss as % of Initial Securitization Value |
0.1640% | |||||
| Preceding Period Ratio |
0.1285% | |||||
| Second Preceding Period Ratio |
0.0805% | |||||
| Residual Gain/(Loss) | Current | |||||
|
|
||||||
| Securitization Value of Scheduled and Early Terminations - Beginning of Period (adjusted) |
$9,665,683.66 | |||||
| Sale Proceeds and Other Payments Received During the Period |
$11,315,987.87 | |||||
|
|
||||||
| Current Residual Gain/(Loss) |
$1,650,304.21 | |||||
| Cumulative Residual Gain/(Loss) |
$10,126,632.94 | |||||
| Cumulative Residual Gain/(Loss) as % of Aggregate Initial Securitization Value |
0.8481% | |||||
| Preceding Period Ratio |
0.7099% | |||||
| Second Preceding Period Ratio |
0.5656% | |||||
Pool Statistics
| Initial | Prior Period | Current Period | ||||||||||||
|
|
Securitization Value |
$1,194,054,920.63 | $1,089,850,462.74 | $1,068,123,731.80 | ||||||||||
| Number of Contracts |
37,154 | 35,630 | 35,308 | |||||||||||
| Pool Factor |
1.0000 | 0.9127 | 0.8945 | |||||||||||
| Weighted Average Remaining Term (months) |
29.33 | 24.44 | 23.46 | |||||||||||
| Aggregate Base Residual Value |
$853,944,137.03 | $818,368,907.96 | $810,823,849.77 | |||||||||||
| Undiscounted Lease Balance |
$1,463,978,194.26 | $1,298,514,101.92 | $1,265,202,193.22 | |||||||||||
| Cumulative Turn In Ratio - Terminated Units |
N/A | 1.99% | 2.21% | |||||||||||
| Number of Reallocated Contracts |
N/A | 0 | 0 | |||||||||||
Page 3 of 5
Servicer’s Certificate
for the Collection Period January 01, 2024 through January 31, 2024
for Payment Date of February 20, 2024
Toyota Lease Owner Trust 2023-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
29 | Actual/360 Days |
29 |
Delinquency Profile
| Percentage | No. of Leases | Percentage | Balance | |||||||||||||||
| 30-59 Days Delinquent | 0.93% | 330 | 0.98% | $10,517,665.49 | ||||||||||||||
| 60-89 Days Delinquent | 0.22% | 78 | 0.25% | $2,671,008.40 | ||||||||||||||
| 90-119 Days Delinquent | 0.05% | 16 | 0.06% | $605,412.50 | ||||||||||||||
| 120 or More Days Delinquent | 0.00% | 0 | 0.00% | $0.00 | ||||||||||||||
|
|
||||||||||||||||||
| Total Delinquencies | 424 | $13,794,086.39 | ||||||||||||||||
Early and Scheduled Terminations
| Amount | Number of Contracts | |||||||||
|
|
Early Terminations |
$ | 9,719,687.34 | 306 | ||||||
| Scheduled Terminations |
$ | 0.00 | 0 | |||||||
Noteholder Distributions
| Interest | Per $1000 of | Principal | Per $1000 of | Amount | Per $1000 of | |||||||||
| Distributed | Original Balance | Distributed | Original Balance | Distributed | Original Balance | |||||||||
|
|
Class A-1 Notes |
$44,646.45 | $0.39 | $9,795,541.68 | $85.93 | $9,840,188.13 | $86.32 | |||||||
| Class A-2a Notes |
$1,289,250.00 | $4.78 | $7,474,294.90 | $27.68 | $8,763,544.90 | $32.46 | ||||||||
| Class A-2b Notes |
$764,582.47 | $4.75 | $4,456,894.36 | $27.68 | $5,221,476.83 | $32.43 | ||||||||
| Class A-3 Notes |
$1,797,050.00 | $4.72 | $0.00 | $0.00 | $1,797,050.00 | $4.72 | ||||||||
| Class A-4 Notes |
$352,116.67 | $4.76 | $0.00 | $0.00 | $352,116.67 | $4.76 | ||||||||
Page 4 of 5
Servicer’s Certificate
for the Collection Period January 01, 2024 through January 31, 2024
for Payment Date of February 20, 2024
Toyota Lease Owner Trust 2023-B
Toyota Lease Capital, 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: General Manager - Treasury |
Page 5 of 5