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Toyota Motor Credit unit to securitize auto loans

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Toyota Motor Credit unit to securitize auto loans

Toyota Auto FinanceReceivables LLC said May 4 that it will securitize certain auto loansthrough Toyota Auto Receivables 2016-B Owner Trust.

According to a Form 8-K, the Toyota Motor Credit Corp. subsidiary on or about May 11 willtransfer certain motor vehicle retail installment sales contracts to the trust,which will grant a security interest in the sales contracts to Deutsche Bank TrustCo. Americas as indenture trustee.

The trust will issue class A-1 asset-backed notes in the aggregateoriginal principal amount of $446 million, class A-2a asset-backed notes in theaggregate original principal amount of $361 million, class A-2b asset-backed notesin the aggregate original principal amount of $129 million, class A-3 asset-backednotes in the aggregate original principal amount of $490 million, class A-4 asset-backednotes in the aggregate original principal amount of $134 million, and class B asset-backednotes in the aggregate original principal amount of $40 million.