Servicer’s Certificate
for the Collection Period August 01, 2024 through September 30, 2024
for Payment Date of October 21, 2024
Toyota Lease Owner Trust 2024-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
61 | 30/360 Days |
33 | |||||
| Interest Accrual Period |
34 | Actual/360 Days |
34 |
| 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 | $212,000,000.00 | 09/22/2025 | $212,000,000.00 | 1.0000 | $0.00 | $75,781,120.24 | $136,218,879.76 | 0.6425 | ||||||||
| A-2a | $184,800,000.00 | 02/22/2027 | $184,800,000.00 | 1.0000 | $0.00 | $0.00 | $184,800,000.00 | 1.0000 | ||||||||
| A-2b | $350,000,000.00 | 02/22/2027 | $350,000,000.00 | 1.0000 | $0.00 | $0.00 | $350,000,000.00 | 1.0000 | ||||||||
| A-3 | $569,800,000.00 | 09/20/2027 | $569,800,000.00 | 1.0000 | $0.00 | $0.00 | $569,800,000.00 | 1.0000 | ||||||||
| A-4 | $83,400,000.00 | 01/22/2029 | $83,400,000.00 | 1.0000 | $0.00 | $0.00 | $83,400,000.00 | 1.0000 | ||||||||
|
|
|
| ||||||||||||||
| Total | $1,400,000,000.00 | $1,400,000,000.00 | $0.00 | $75,781,120.24 | $1,324,218,879.76 | 0.9459 | ||||||||||
|
|
|
| ||||||||||||||
| Notes | Interest Rate | Interest
Distributable
Amount |
Prior
Interest
Carryover |
Interest
Distribution
Amount |
Current
Interest
Carryover |
Total
Principal &
Interest Distribution | ||||||
| A-1 | 4.9710% | $995,304.67 | $0.00 | $995,304.67 | $0.00 | $76,776,424.91 | ||||||
| A-2a | 4.3100% | $730,114.00 | $0.00 | $730,114.00 | $0.00 | $730,114.00 | ||||||
| A-2b | 5.7817% | $1,911,182.97 | $0.00 | $1,911,182.97 | $0.00 | $1,911,182.97 | ||||||
| A-3 | 4.2100% | $2,198,953.17 | $0.00 | $2,198,953.17 | $0.00 | $2,198,953.17 | ||||||
| A-4 | 4.2500% | $324,912.50 | $0.00 | $324,912.50 | $0.00 | $324,912.50 | ||||||
|
| ||||||||||||
| Total | $6,160,467.31 | $0.00 | $6,160,467.31 | $0.00 | $81,941,587.55 | |||||||
|
| ||||||||||||
Credit Enhancement
| Initial Balance | Beginning Balance | Ending Balance | ||||||||||
| Overcollateralization |
$271,641,801.36 | $271,641,801.36 | $271,641,801.36 | |||||||||
| Total Securitization Value |
$1,671,641,801.36 | $1,671,641,801.36 | $1,595,860,681.12 | |||||||||
| NPV Lease Payment Receivable |
$773,429,044.95 | $773,429,044.95 | $706,778,081.91 | |||||||||
| NPV Base Residual |
$898,212,756.41 | $898,212,756.41 | $889,082,599.21 | |||||||||
| Amount | Percentage | |||||||||||
| Initial Overcollateralization (1) |
$271,641,801.36 | 16.25% | ||||||||||
| Overcollateralization Target (1) |
$271,641,801.36 | 16.25% | ||||||||||
| Current Overcollateralization (2) |
$271,641,801.36 | 17.02% | ||||||||||
| Reserve Account |
||||||||||||
| Beginning Balance |
$4,179,104.50 | |||||||||||
| Reserve Account Draw Amount |
$(4,179,104.50) | |||||||||||
| Amount Available for Deposit |
$104,414,949.20 | |||||||||||
| Amount Deposited to the Reserve Account |
$4,179,104.50 | |||||||||||
| Reserve Account Target Amount |
$4,179,104.50 | |||||||||||
| Reserve Account Release to Seller |
$0.00 | |||||||||||
| Ending Reserve Account Amount |
$4,179,104.50 | |||||||||||
| (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 6
Servicer’s Certificate
for the Collection Period August 01, 2024 through September 30, 2024
for Payment Date of October 21, 2024
Toyota Lease Owner Trust 2024-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
61 | 30/360 Days |
33 | |||||
| Interest Accrual Period |
34 | Actual/360 Days |
34 |
Available Collections
| Lease Payments Received |
$63,034,113.24 | |||
| Net Sales Proceeds - Early Terminations |
$44,266,391.41 | |||
| Net Sales Proceeds - Scheduled Terminations |
$1,853,909.76 | |||
| Excess Wear and Tear Received |
$0.00 | |||
| Excess Mileage Charges Received |
$0.00 | |||
| Aggregate Net Liquidation and Recovery Proceeds |
$1,023.23 | |||
| Optional Purchase Price |
$0.00 | |||
| Additional Loss Amounts |
$0.00 | |||
| Reallocation Payments |
$26,944.04 | |||
|
|
|
|||
| Total Collections |
$109,182,381.68 | |||
| Reserve Account Withdrawal |
$4,179,104.50 | |||
|
|
|
|||
| Total Available Collections |
$113,361,486.18 | |||
Distributions
| Calculated Amount | Amount Paid | Shortfall | ||||||||||||||||||||
| (i) |
Total Servicing Fee, Net of Supplemental Servicing Fee |
$2,786,069.67 | $2,786,069.67 | $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 |
$995,304.67 | $995,304.67 | $0.00 | ||||||||||||||||||
| Note Interest Amount - Class A-2a Notes |
$730,114.00 | $730,114.00 | $0.00 | |||||||||||||||||||
| Note Interest Amount - Class A-2b Notes |
$1,911,182.97 | $1,911,182.97 | $0.00 | |||||||||||||||||||
| Note Interest Amount - Class A-3 Notes |
$2,198,953.17 | $2,198,953.17 | $0.00 | |||||||||||||||||||
| Note Interest Amount - Class A-4 Notes |
$324,912.50 | $324,912.50 | $0.00 | |||||||||||||||||||
| (iv) |
Priority Principal Distribution Amount | $0.00 | $0.00 | $0.00 | ||||||||||||||||||
| (v) |
Reserve Account Deposit |
$4,179,104.50 | $4,179,104.50 | $0.00 | ||||||||||||||||||
| (vi) |
Regular Principal Distribution Amount | $75,781,120.24 | $75,781,120.24 | $0.00 | ||||||||||||||||||
| (vii) |
Additional Transaction Fees and Expenses |
$0.00 | $0.00 | $0.00 | ||||||||||||||||||
| (viii) |
Excess Amounts Distributed to Certificateholder |
$24,454,724.46 | $24,454,724.46 | $0.00 | ||||||||||||||||||
Page 2 of 6
Servicer’s Certificate
for the Collection Period August 01, 2024 through September 30, 2024
for Payment Date of October 21, 2024
Toyota Lease Owner Trust 2024-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
61 | 30/360 Days |
33 | |||||
| Interest Accrual Period |
34 | Actual/360 Days |
34 |
Credit Loss and Residual Gain/(Loss) Activity
| Credit Loss | Current | |||||
|
|
||||||
| Current Month Liquidated Leases |
6 | |||||
| Securitization Value of Defaulted Leases - Beginning of Period |
$227,852.04 | |||||
|
|
Securitization Value of Reallocated Contracts, Previously Charged-off |
$0.00 | ||||
| Net Liquidation Proceeds |
$1,023.23 | |||||
| Recoveries on Previously Liquidated Contracts |
$0.00 | |||||
|
|
||||||
| Net Credit Losses for the Collection Period |
$226,828.81 | |||||
| Cumulative Net Credit Loss |
$226,828.81 | |||||
| Cumulative Net Credit Loss as % of Initial Securitization Value |
0.0136% | |||||
| Preceding Period Ratio |
0.0000% | |||||
| Second Preceding Period Ratio |
0.0000% | |||||
| Residual Gain/(Loss) | Current | |||||
|
|
||||||
| Securitization Value of Scheduled and Early Terminations - Beginning of Period (adjusted) |
$39,989,329.28 | |||||
| Sale Proceeds and Other Payments Received During the Period |
$46,120,301.17 | |||||
|
|
||||||
| Current Residual Gain/(Loss) |
$6,130,971.89 | |||||
| Cumulative Residual Gain/(Loss) |
$6,130,971.89 | |||||
| Cumulative Residual Gain/(Loss) as % of Aggregate Initial Securitization Value |
0.3668% | |||||
| Preceding Period Ratio |
0.0000% | |||||
| Second Preceding Period Ratio |
0.0000% | |||||
Pool Statistics
| Initial | Prior Period | Current Period | ||||||||||||
|
|
Securitization Value |
$1,671,641,801.36 | $1,671,641,801.36 | $1,595,860,681.12 | ||||||||||
| Number of Contracts |
47,787 | 47,787 | 46,633 | |||||||||||
| Pool Factor |
1.0000 | 1.0000 | 0.9547 | |||||||||||
| Weighted Average Remaining Term (months) |
28.10 | 28.10 | 26.20 | |||||||||||
| Aggregate Base Residual Value |
$1,128,283,868.71 | $1,128,283,868.71 | $1,099,470,311.85 | |||||||||||
| Undiscounted Lease Balance |
$2,002,890,911.32 | $2,002,890,911.32 | $1,892,700,484.83 | |||||||||||
| Cumulative Turn In Ratio - Terminated Units |
N/A | N/A | 1.67% | |||||||||||
| Number of Reallocated Contracts |
N/A | N/A | 1 | |||||||||||
Page 3 of 6
Servicer’s Certificate
for the Collection Period August 01, 2024 through September 30, 2024
for Payment Date of October 21, 2024
Toyota Lease Owner Trust 2024-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
| Collection Period |
61 | 30/360 Days |
33 | |||||
| Interest Accrual Period |
34 | Actual/360 Days |
34 |
Delinquency Profile
| Percentage | No. of Leases | Percentage | Balance | |||||||||||||||
| 30-59 Days Delinquent | 0.59% | 273 | 0.64% | $10,146,049.11 | ||||||||||||||
| 60-89 Days Delinquent | 0.10% | 48 | 0.13% | $2,089,587.22 | ||||||||||||||
| 90-119 Days Delinquent | 0.01% | 4 | 0.01% | $149,735.38 | ||||||||||||||
| 120 or More Days Delinquent | 0.00% | 0 | 0.00% | $0.00 | ||||||||||||||
|
|
||||||||||||||||||
| Total Delinquencies | 325 | $12,385,371.71 | ||||||||||||||||
Early and Scheduled Terminations
| Amount | Number of Contracts | |||||||||
|
|
Early Terminations |
$ | 38,774,892.31 | 1,074 | ||||||
| Scheduled Terminations |
$ | 1,647,212.36 | 73 | |||||||
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 |
$995,304.67 | $4.69 | $75,781,120.24 | $357.46 | $76,776,424.91 | $362.15 | |||||||
| Class A-2a Notes |
$730,114.00 | $3.95 | $0.00 | $0.00 | $730,114.00 | $3.95 | ||||||||
| Class A-2b Notes |
$1,911,182.97 | $5.46 | $0.00 | $0.00 | $1,911,182.97 | $5.46 | ||||||||
| Class A-3 Notes |
$2,198,953.17 | $3.86 | $0.00 | $0.00 | $2,198,953.17 | $3.86 | ||||||||
| Class A-4 Notes |
$324,912.50 | $3.90 | $0.00 | $0.00 | $324,912.50 | $3.90 | ||||||||
Page 4 of 6
Servicer’s Certificate
for the Collection Period August 01, 2024 through September 30, 2024
for Payment Date of October 21, 2024
Toyota Lease Owner Trust 2024-B
Toyota Lease Capital, LLC
SELLER
Toyota Motor Credit Corporation
SERVICER
Credit Risk Retention
The fair values of the Notes and the Certificates as of the Closing Date are summarized below.
The totals in the table may not sum due to rounding:
| Fair Value | Fair Value | |||||||||||||||||||
| (in millions)
|
(as a percentage of Total)
|
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Class A-1 Notes | $212.0 | 12.06% | ||||||||||||||||||
| Class A-2a Notes | $184.8 | 10.51% | ||||||||||||||||||
| Class A-2b Notes | $350.0 | 19.91% | ||||||||||||||||||
| Class A-3 Notes | $569.8 | 32.42% | ||||||||||||||||||
| Class A-4 Notes | $83.4 | 4.75% | ||||||||||||||||||
| Certificates | $357.5 | 20.34% | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total | $1,757.5 | 100.00% | ||||||||||||||||||
The Sponsor must retain an economic interest in the credit risk of the securitized assets of at least 5% of the fair value of all ABS interests in the issuing entity, or $87.9 million, according to Regulation RR. As of the Closing Date, the fair value of the Certificates being retained in satisfaction of such requirement represented approximately 20.34% of the issuing entity.
Page 5 of 6
Servicer’s Certificate
for the Collection Period August 01, 2024 through September 30, 2024
for Payment Date of October 21, 2024
Toyota Lease Owner Trust 2024-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 6 of 6