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Presale: Toyota Auto Receivables 2021-C Owner Trust

The preliminary ratings assigned to Toyota Auto Receivables 2021-C's (TAOT 2021-C's) class A-1, A-2, A-3, and A-4 (collectively, class A) asset-backed notes reflect: The availability of approximately 8.1% credit support (including excess spread) for the class A notes based on stress cash flow scenarios. This credit support level provides coverage of approximately 11.6x of the upper bound of our 0.60%-0.70% expected cumulative net loss (CNL) range for the class A notes and is commensurate with the assigned preliminary 'A-1+ (sf)' and 'AAA (sf)' ratings (see the S&P Global Ratings' Expected Loss and Cash Flow Modeling sections). The timely interest and full principal payments made under the stressed cash flow modeling scenarios appropriate for the assigned preliminary ratings (see the Cash