Exhibit 99.1
Servicer’s Certificate
for the Collection Period December 01, 2023 through December 31, 2023
for Payment Date of January 16, 2024
Toyota Auto Receivables 2023-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
32 | Actual/360 Days |
32 |
| 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 | $305,000,000.00 | 8/15/24 | $73,629,066.69 | 0.2414068 | $0.00 | $26,431,799.83 | $13,600,053.41 | $33,597,213.45 | 0.1101548 | |||||||||||||||||||||||||||
| A-2a | $405,026,000.00 | 8/17/26 | $405,026,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $405,026,000.00 | 1.0000000 | |||||||||||||||||||||||||||
| A-2b | $189,474,000.00 | 8/17/26 | $189,474,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $189,474,000.00 | 1.0000000 | |||||||||||||||||||||||||||
| A-3 | $527,500,000.00 | 4/17/28 | $527,500,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $527,500,000.00 | 1.0000000 | |||||||||||||||||||||||||||
| A-4 | $133,000,000.00 | 2/15/29 | $133,000,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $133,000,000.00 | 1.0000000 | |||||||||||||||||||||||||||
| B | $40,000,000.00 | 3/15/30 | $40,000,000.00 | 1.0000000 | $0.00 | $0.00 | $0.00 | $40,000,000.00 | 1.0000000 | |||||||||||||||||||||||||||
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| Total | $1,600,000,000.00 | $1,368,629,066.69 | $0.00 | $26,431,799.83 | $13,600,053.41 | $1,328,597,213.45 | 0.8303733 | |||||||||||||||||||||||||||||
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| Class | Interest Rate |
Interest Distributable Amount |
Prior Interest Carryover |
Interest Distribution Amount |
Current Interest Carryover |
Total Principal & Interest Distribution |
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| A-1 | 5.60400% | $366,770.92 | $0.00 | $366,770.92 | $0.00 | $40,398,624.16 | ||||||||||||||||||||
| A-2a | 5.60000% | $1,890,121.33 | $0.00 | $1,890,121.33 | $0.00 | $1,890,121.33 | ||||||||||||||||||||
| A-2b | 5.73844% | $966,475.72 | $0.00 | $966,475.72 | $0.00 | $966,475.72 | ||||||||||||||||||||
| A-3 | 5.16000% | $2,268,250.00 | $0.00 | $2,268,250.00 | $0.00 | $2,268,250.00 | ||||||||||||||||||||
| A-4 | 5.01000% | $555,275.00 | $0.00 | $555,275.00 | $0.00 | $555,275.00 | ||||||||||||||||||||
| B | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||||
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| Total | $6,046,892.97 | $0.00 | $6,046,892.97 | $0.00 | $46,078,746.21 | |||||||||||||||||||||
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Credit Enhancement
| Reserve Account | Yield Supplement Overcollateralization Amount | |||||||||
| Initial Deposit Amount |
$4,000,015.71 | Beginning Period Amount |
$143,795,170.26 | |||||||
| Specified Reserve Account Amount |
$4,000,015.71 | Increase/(Decrease) |
$(6,752,669.94 | ) | ||||||
| Beginning Balance |
$4,000,015.71 | Ending Period Amount |
$137,042,500.32 | |||||||
| Withdrawals |
$0.00 | |||||||||
| Amount Available for Deposit |
$17,930,183.66 | Overcollateralization | ||||||||
| Amount Deposited to the Reserve Account |
$0.00 | |||||||||
| Reserve Account Balance Prior to Release |
$4,000,015.71 | Adjusted Pool Balance |
$1,342,197,266.86 | |||||||
| Reserve Account Required Amount |
$4,000,015.71 | Total Note Balance |
$1,328,597,213.45 | |||||||
| Reserve Account Release to Seller |
$0.00 | Ending Overcollateralization Amount |
$13,600,053.41 | |||||||
| Ending Reserve Account Balance |
$4,000,015.71 | Overcollateralization Target Amount |
$13,600,053.41 | |||||||
Page 1 of 5
Servicer’s Certificate
for the Collection Period December 01, 2023 through December 31, 2023
for Payment Date of January 16, 2024
Toyota Auto Receivables 2023-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
32 | Actual/360 Days |
32 |
Liquidations of Charge-offs and Repossessions
| Cumulative | ||||||||||||||||||||
| Current Period Only | Current Period | Prior Period | Two Periods Prior | Three Periods Prior | ||||||||||||||||
| Number of Liquidated Receivables |
35 | 98 | 63 | 41 | 6 | |||||||||||||||
| Gross Principal of Liquidated Receivables |
$1,136,628.47 | $3,125,752.70 | $1,989,124.23 | $1,421,318.60 | $214,111.73 | |||||||||||||||
| Principal of Repurchased Contracts, previously charged-off |
$0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||||||||
| Net Liquidation Proceeds Received During the Collection Period |
$(119,660.76 | ) | $(613,991.92 | ) | $(494,331.16 | ) | $(303,881.19 | ) | $(80,622.97 | ) | ||||||||||
| Recoveries on Previously Liquidated Contracts |
$(152,816.02 | ) | $(261,745.48 | ) | $(108,929.46 | ) | $(52,136.85 | ) | $(49,841.77 | ) | ||||||||||
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| Net Credit Losses |
$864,151.69 | $2,250,015.30 | $1,385,863.61 | $1,065,300.56 | $83,646.99 | |||||||||||||||
| Charge-off Rate (Number of Liquidated Receivables / Initial number of accounts in the pool) |
0.14908% | 0.09584% | 0.06237% | 0.00913% | ||||||||||||||||
| Number of Accounts with Liquidation Proceeds or Recoveries |
75 | 44 | 22 | 5 | ||||||||||||||||
| Ratio of Aggregate Net Losses to Average Portfolio Balance |
0.13967% | 0.08464% | 0.06398% | 0.00493% | ||||||||||||||||
| Number of Assets Experiencing a Net Loss |
95 | 62 | 40 | 5 | ||||||||||||||||
| Net Credit Losses for Assets Experiencing a Loss |
$2,250,145.84 | $1,385,908.07 | $1,065,345.02 | $83,691.45 | ||||||||||||||||
| Average Net Loss on all assets that have Experienced a Net Loss |
$23,685.75 | $22,353.36 | $26,633.63 | $16,738.29 | ||||||||||||||||
| Cumulative Net Loss Ratio |
0.12629% | 0.07778% | 0.05979% | 0.00469% | ||||||||||||||||
| Repossessed in Current Period |
11 vehicles | |||||||||||||||||||
Pool Data
| Original | Prior Month | Current Month | ||||||||||||||
| Receivables Pool Balance |
$1,781,678,265.26 | $1,526,024,290.36 | $1,479,239,767.18 | |||||||||||||
| Number of Contracts |
65,736 | 60,956 | 59,979 | |||||||||||||
| Weighted Average APR |
4.64% | 4.66% | 4.66% | |||||||||||||
| Weighted Average Remaining Term (Months) |
55.40 | 50.85 | 49.95 | |||||||||||||
Page 2 of 5
Servicer’s Certificate
for the Collection Period December 01, 2023 through December 31, 2023
for Payment Date of January 16, 2024
Toyota Auto Receivables 2023-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
32 | Actual/360 Days |
32 |
Collections
| Principal Payments Received |
$32,726,219.23 | |||
| Prepayments in Full |
$12,902,640.94 | |||
| Interest Payments Received |
$5,760,148.04 | |||
| Aggregate Net Liquidation Proceeds |
$272,476.78 | |||
| Interest on Repurchased Contracts |
$43.84 | |||
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| Total Collections |
$51,661,528.83 | |||
| Principal of Repurchased Contracts |
$19,034.54 | |||
| Principal of Repurchased Contracts, prev charged-off |
$0.00 | |||
| Adjustment on Repurchased Contracts |
$0.00 | |||
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| Total Repurchased Amount |
$19,034.54 | |||
| Total Available Collections |
$51,680,563.37 | |||
Distributions
| Calculated Amount | Amount Paid | Shortfall | ||||||||||||||
| Servicing Fee |
$1,271,686.91 | $1,271,686.91 | $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 |
$366,770.92 | $366,770.92 | $0.00 | |||||||||||||
| Interest - Class A-2a Notes |
$1,890,121.33 | $1,890,121.33 | $0.00 | |||||||||||||
| Interest - Class A-2b Notes |
$966,475.72 | $966,475.72 | $0.00 | |||||||||||||
| Interest - Class A-3 Notes |
$2,268,250.00 | $2,268,250.00 | $0.00 | |||||||||||||
| Interest - Class A-4 Notes |
$555,275.00 | $555,275.00 | $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 |
$26,431,799.83 | $26,431,799.83 | $0.00 | |||||||||||||
| Reserve Account Deposit |
$0.00 | $0.00 | $0.00 | |||||||||||||
| Regular Principal Distribution Amount |
$13,600,053.41 | $13,600,053.41 | $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 |
$4,330,130.25 | $4,330,130.25 | N/A | |||||||||||||
Page 3 of 5
Servicer’s Certificate
for the Collection Period December 01, 2023 through December 31, 2023
for Payment Date of January 16, 2024
Toyota Auto Receivables 2023-C Owner Trust
Toyota Auto Finance Receivables, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
31 | 30/360 Days |
30 | |||||
| Interest Accrual Period |
32 | Actual/360 Days |
32 |
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 |
$366,770.92 | $1.20 | $40,031,853.24 | $131.25 | $40,398,624.16 | $132.45 | ||||||||||||||||||||||||||||
| Class A-2a Notes |
$1,890,121.33 | $4.67 | $0.00 | $0.00 | $1,890,121.33 | $4.67 | ||||||||||||||||||||||||||||
| Class A-2b Notes |
$966,475.72 | $5.10 | $0.00 | $0.00 | $966,475.72 | $5.10 | ||||||||||||||||||||||||||||
| Class A-3 Notes |
$2,268,250.00 | $4.30 | $0.00 | $0.00 | $2,268,250.00 | $4.30 | ||||||||||||||||||||||||||||
| Class A-4 Notes |
$555,275.00 | $4.18 | $0.00 | $0.00 | $555,275.00 | $4.18 | ||||||||||||||||||||||||||||
| 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 |
0.91% | 546 | 1.12% | $16,572,717.28 | ||||||||||||
| 60-89 Days Delinquent |
0.19% | 113 | 0.22% | $3,255,372.36 | ||||||||||||
| 90-119 Days Delinquent |
0.06% | 37 | 0.08% | $1,145,137.35 | ||||||||||||
| 120 or more Days Delinquent |
0.00% | 0 | 0.00% | $0.00 | ||||||||||||
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| Total Delinquencies |
1.16% | 696 | 1.42% | $20,973,226.99 | ||||||||||||
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| Total Delinquencies - Prior Period |
0.83% | 1.00% | ||||||||||||||
| Total Delinquencies - Two Months Prior |
0.75% | 0.91% | ||||||||||||||
| Total Delinquencies - Three Months Prior |
0.70% | 0.83% | ||||||||||||||
| Receivables Pool Balance |
$1,479,239,767.18 | |||||||||||||||
| 60-Day Delinquency Percentage |
0.30% | |||||||||||||||
| Delinquency Trigger Percentage |
4.65% | |||||||||||||||
| Has a Delinquency Trigger occurred in this Collection Period? |
No | |||||||||||||||
| Repossessed Vehicle Inventory* |
15 vehicles | |||||||||||||||
| * Included with Delinquencies Above |
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Page 4 of 5
Servicer’s Certificate
for the Collection Period December 01, 2023 through December 31, 2023
for Payment Date of January 16, 2024
Toyota Auto Receivables 2023-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: General Manager - Treasury |
Page 5 of 5