Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

Class

Initial Principal Amount

Expected Final Payment Date

Final Scheduled Payment Date

Beginning Principal Amount

Beginning Note Factor

Principal Distributions to Noteholders

Ending Principal Amount

Ending Note Factor

A

$1,250,000,000.00

6/26/28

6/25/36

$1,250,000,000.00

1.0000000

$0.00

$1,250,000,000.00

1.0000000

 

Class		Interest Rate		Interest Distributable Amount				Prior Interest Carryover				Interest Distribution Amount				Current Interest Carryover				Total Principal & Interest Distribution
A		4.93000%			$5,135,416.67				$0.00				$5,135,416.67				$0.00				$5,135,416.67

 

Class		Total Make-Whole Payment Distribution		Beginning Make-Whole Payable Balance		Make-Whole Payment Distribution		Ending Make-Whole Payable Balance		Total Principal, Interest, and Make-Whole Distribution
A		$0.00		$0.00		$0.00		$0.00		$5,135,416.67

 

Class		Step-Up Amount Accrual Rate		Step-Up Amounts Distributable		Step-Up Amounts Beginning Balance		Step-Up Amounts Distribution		Step-Up Amounts Ending Balance		Total Principal, Interest, Make-Whole, and Step-Up Amounts Distribution
A		4.93%		$0.00		$0.00		$0.00		$0.00		$5,135,416.67

 

 

Class		Interest Payments				Principal Payments				Make-Whole Payments				Step-Up Amounts				Total Payments
A			$5,135,416.67				$0.00				$0.00				$0.00				$5,135,416.67
Per $1,000 of Principal
Class		Interest Payments				Principal Payments				Make-Whole Payments				Step-Up Amounts				Total Payments
A			$4.11				$0.00				$0.00				$0.00				$4.11

 

Page 1 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

 

Reserve Account						Yield Supplement Overcollateralization Amount
Beginning Reserve Account Balance			$6,250,000.00			Beginning YSOC Amount			$113,956,185.89
Less: Reserve Account Release to Available Funds			$(6,250,000.00)			Net Increase (Decrease)			$3,658,295.25
Add: Reserve Account Deposit			$6,250,000.00			Ending YSOC Amount			$117,614,481.14
Reserve Account Balance before Release to Seller			$6,250,000.00
Reserve Account Release to Seller			$0.00
Ending Reserve Account Balance			$6,250,000.00			Overcollateralization
Specified Reserve Account Balance			$6,250,000.00
						Ending Adjusted Pool Balance			$1,428,015,855.58
						Ending Accumulation Account Balance			$0.00
						Note Balance after Principal Payment			$1,250,000,000.00
						Ending Overcollateralization Amount			$178,015,855.58
						Current Overcollateralization Target Amount			$81,203,407.88
						Prior Overcollateralization Target Amount			$81,203,407.88
Accumulation Account						Interest Supplement Account
Beginning Accumulation Account Balance			$0.00			Interest Supplement Account Beginning Balance			$0.00
Less: Release to Available Funds			$0.00			Less: Release to Available Funds			$0.00
Add: Priority Principal Distribution Amount			$0.00			Add: Deposits from Available Funds			$0.00
Add: Regular Principal Distribution Amount			$31,311,607.56			Add: Contributions by Depositor			$0.00
Add: Contributions by Depositor			$0.00			Interest Supplement Account Ending Balance			$0.00
Less: Amounts Withdrawn for Purchases of Receivables			$(31,311,607.56)			Required Interest Supplement Account Amount			$0.00
Less: Principal Distributions to Noteholders			$0.00
Ending Accumulation Account Balance			$0.00
Required Accumulation Account Amount			$0.00

 

Page 2 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

 

		Current Collection Period
Number of Liquidated Receivables			35
Gross Principal of Liquidated Receivables			$990,257.59
Principal of Repurchased Contracts, previously charged-off			$(2,127.47)
Net Liquidation Proceeds Received During the Collection Period			$(83,390.18)
Recoveries on Previously Liquidated Contracts			$(583,541.03)
Net Credit Losses ($)			$321,198.91
Net Credit Losses (%)			0.02208%
Number of Vehicles Repossessed During Collection Period			17 vehicles
Repossessed Inventory at End of Period			25 vehicles
Annualized Three Month Average Net Credit Losses (%)		Net Credit Losses (%)
Current Collection Period			0.02208%
Prior Collection Period			0.04516%
Two Collection Periods Prior			0.06821%
Sum of three collection periods			0.13545%
Annualized 3 month average			0.54180%
Amortization Event - Net Credit Losses Test			3.00%
Has an Amortization Event occurred?			No

 

 

		Percentage of Current Month Number of Contracts		Units		Percentage of Current Month Receivables Pool Balance		Balance
30-59 Days Delinquent		0.87%		505		1.10%			$15,434,914.03
60-89 Days Delinquent		0.25%		143		0.32%			$4,495,055.98
90-119 Days Delinquent		0.12%		67		0.13%			$1,867,744.60
120 or more Days Delinquent		0.00%		0		0.00%			$0.00
Total Delinquencies		1.24%		715		1.55%			$21,797,714.61

 

Three Month Average 60+ Delinquency Rate (%)		60+ Days Delinquency Rate (%)
Current Collection Period			0.45%
Prior Collection Period			0.42%
Two Collection Periods Prior			0.32%
Average of three collection periods			0.40%
Amortization Event - Delinquency Test			4.65%
Has an Amortization Event occurred?			No

 

Page 3 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

 

Available Collections						Available Funds
Principal Payments Received			$31,525,081.45			Total Available Collections			$52,141,261.83
Prepayments in Full			$13,720,105.42			Accumulation Account			$0.00
Interest Payments Received			$6,195,469.70			Reserve Account			$6,250,000.00
Aggregate Net Liquidation Proceeds			$666,931.21			Interest Supplement Account			$0.00
Interest on Repurchased Contracts			$1,777.80			Receivables Purchase Price			$0.00
Total Collections			$52,109,365.58			Total Available Funds			$58,391,261.83
Principal of Repurchased Contracts			$29,768.78
Principal of Repurchased Contracts, Prev. Charged Off			$2,127.47
Total Repurchased Amount			$31,896.25
Total Available Collections			$52,141,261.83

 

 

		Current Month Amount				Prior Period Shortfall				Current Month Amount Paid				Shortfall
Servicing Fee			$1,212,088.05				$0.00				$1,212,088.05				$0.00
Trustee and Other Fees/Expenses (capped at $150,000.00 per calendar year)
Indenture Trustee			$0.00				$0.00				$0.00				$0.00
Owner Trustee			$0.00				$0.00				$0.00				$0.00
Note Interest*			$5,135,416.67				$0.00				$5,135,416.67				$0.00
Priority Principal Payment to the Accumulation Account			$0.00				$0.00				$0.00				$0.00
Reserve Account Deposit			$6,250,000.00				$0.00				$6,250,000.00				$0.00
Regular Principal Payment to the Accumulation Account			$31,311,607.56				$0.00				$31,311,607.56				$0.00
Interest Supplement Account Deposit			$0.00				$0.00				$0.00				$0.00
Make-Whole and Step-Up Payments
Make-Whole Payments			$0.00				$0.00				$0.00				$0.00
Step-Up Amount			$0.00				$0.00				$0.00				$0.00
Additional Trustee and Other Fees/Expenses
Indenture Trustee			$0.00				$0.00				$0.00				$0.00
Owner Trustee			$0.00				$0.00				$0.00				$0.00
Excess Amounts to the Certificateholder			$14,482,149.55				N/A				$14,482,149.55				N/A

*Includes current period interest on prior period interest shortfall

 

Page 4 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

Summary of Eligible Pool Balances and Purchases, Sales, and Contributions

 

		Number of Receivables				Aggregate Principal Balance				YSOC				Adjusted Pool Balance
Calculation of Collection Period Beginning Balances
Prior Collection Period Ending Balances			59,189				$1,454,505,662.94				$113,956,185.89				$1,340,549,477.05
(after purchases, sales, and contributions on prior payment date)
Additional Activity after Prior Payment Date
Receivables Purchased1			0				$0.00				$0.00				$0.00
Receivables Contributed2			0				$0.00				$0.00				$0.00
Current Collection Period Beginning Balances			59,189				$1,454,505,662.94				$113,956,185.89				$1,340,549,477.05
(after other additional activity during current collection period)
Collection Period Ending Balances and Payment Date Activity
Current Collection Period Ending Balances			58,223				$1,408,240,449.70				$108,348,649.38				$1,299,891,800.32
(before purchases, contributions, and sales on current payment date)
Receivables Purchased on Current Payment Date			4,927				$137,389,887.02				$9,265,831.76				$128,124,055.26
Receivables Contributed on Current Payment Date			0				$0.00				$0.00				$0.00
Receivables Sold on Current Payment Date			0				$0.00				$0.00				$0.00
Current Collection Period Ending Balances			63,150				$1,545,630,336.72				$117,614,481.14				$1,428,015,855.58
(after purchases, sales, and contributions on current payment date)
(1) Additional Purchase Dates:			N/A
(2) Additional Contribution Dates:			N/A

 

Summary of Ineligible Receivables		Number of Receivables		Aggregate Principal Balance		Adjusted Pool Balance
Total Ineligible Receivables as of the Current Payment Date		0		$0.00		$0.00
Total Ineligible Receivables as of the Prior Payment Date		0		$0.00		$0.00

 

Page 5 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

Characteristics of Entire Eligible Receivables Pool Based on Principal Balance

 

Average Original Amount Financed

$35,394.69

% New vehicles

82.69%

Weighted Average APR

5.23%

% Used vehicles

17.31%

Weighted Average APR of Receivables with more

% Cars and minivans

29.87%

than 75 Original Payments

7.29%

% Light duty trucks

19.43%

Weighted Average Original Number of Scheduled

% Sport utility vehicles

50.70%

Payments

69.48 payments

% Toyota vehicles

84.40%

Weighted Average Remaining Number of Scheduled

% Lexus vehicles

15.60%

Payments

50.49 payments

Weighted Average FICO

756

Top 3 States:

CA

20.76%

Weighted Average FICO of Receivables with more

TX

16.64%

than 75 Original Payments

733

MD

3.79%

Weighted Average LTV

100.15%

Weighted Average LTV of Receivables with more

than 75 Original Payments

111.13%

 

Page 6 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

 

Net Credit Losses Test (Principal Balance)
(1) Annualized 3 Month Average Net Losses (%)			0.54180%
(2) Net Losses Test (%)			1.50%
In Compliance? [(1) <= (2)?]			Yes

 

 

Collateral Composition Tests (Adjusted Pool Balance)

 

		Current Pool		Pool Composition Test				Floor Credit Enhancement Test
				Requirement		In Compliance		Requirement		In Compliance
Adjusted Pool Balance Weighted Average FICO score		755		At least 715		Yes		At least 725		Yes
% of Adjusted Pool Balance that are Used Vehicles		17.77%		Up to 30%		Yes		Up to 25%		Yes
FICO Score Range - % Adjusted Pool Balance with:
FICO less than 650		3.65%		Up to 7%		Yes		Up to 6%		Yes
FICO less than 700		21.02%		Up to 30%		Yes		Up to 25%		Yes
FICO less than 720		32.28%		Up to 45%		Yes		Up to 40%		Yes
FICO less than 740		44.42%		Up to 60%		Yes		Up to 55%		Yes
FICO less than 760		54.79%		Up to 75%		Yes		Up to 65%		Yes
FICO less than 780		64.04%		Up to 85%		Yes		Up to 75%		Yes
Original Payments - % Adjusted Pool Balance with:
More than 75 original scheduled payments		13.00%		Up to 20%		Yes		Up to 15%		Yes
More than 72 original scheduled payments		19.71%		Up to 37.5%		Yes		Up to 35%		Yes
Loan-to-Value - % Adjusted Pool Balance with:
LTV greater than 130%		6.19%		Up to 12%		Yes		Up to 10%		Yes
LTV greater than 120%		16.05%		Up to 25%		Yes		Up to 20%		Yes
LTV greater than 110%		34.00%		Up to 45%		Yes		Up to 35%		Yes
LTV greater than 90%		72.03%		Up to 90%		Yes		Up to 85%		Yes

 

Page 7 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

Overcollateralization Target Scenarios

 

Is the collateral pool in compliance with the...						Required Overcollateralization Target Amount
		Floor Credit Enhancement				Required Adjusted
Net Losses Test?		Composition Test?				Pool Balance		%		$
Yes		Yes				$1,331,203,407.88		6.10%			$81,203,407.88
Yes		No				$1,349,892,008.64		7.40%			$99,892,008.64
No		Yes or No				$1,480,165,778.57		15.55%			$230,165,778.57

 

Overcollateralization Target Determination
Is the collateral pool in compliance with Net Losses Test?		Yes
Is the collateral pool in compliance with Floor Credit Enhancement Composition Test?		Yes
Required Overcollateralization Target Amount (%)		6.10%
Required Overcollateralization Target Amount ($)		$81,203,407.88

 

 

(1) Adjusted Pool Balance + Accumulation Account Balance - Overcollateralization Target Amount		$1,346,812,447.70
(2) Note Balance		$1,250,000,000.00
In Compliance? [(1) >=(2)?]		Yes

 

Page 8 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

 

 

		Test Passed
(1) On the fifth Business Day after any Payment Date during the Revolving Period, the amount on deposit in the Reserve Account is less than the Specified Reserve Account Balance for such Payment Date		Yes
(2) On the fifth Business Day after any Payment Date during the Revolving Period, the amount on deposit in the Interest Supplement Account is less than the Required Interest Supplement Account Amount for such Payment Date		Yes
(3) The Notes are not paid in full on the Expected Final Payment Date		Yes
(4) For any Payment Date, commencing with the Payment Date in October 2023, the sum of the net loss percentages for each of the prior three Collection Periods, multiplied by four, exceeds 3.00%		Yes
The net loss percentage is calculated as (i) the aggregate Principal Balance of all Receivables which are determined to be Defaulted Receivables during such Collection Period (net of all Liquidation Proceeds and Recoveries received during each such Collection Period), divided by (ii) the Pool Balance as of the beginning of such Collection Period
(5) For any Payment Date, commencing with the Payment Date in October 2023, the sum of the delinquency percentages for each of the prior three Collection Periods, divided by three, exceeds 4.65%.		Yes
The delinquency percentage is calculated as the aggregate Principal Balance of all Receivables that are 60 days or more delinquent at the end of each such Collection Period divided by the Pool Balance as of the last day of each such Collection Period
(6) The Adjusted Pool Balance is less than 50% of the initial principal amount of the Notes		Yes
(7) A Servicer Default occurs and is continuing		Yes
(8) An Event of Default occurs and is continuing		Yes
Has an Amortization Event occurred?		No

 

Page 9 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor LLC

SELLER

Toyota Motor Credit Corporation

SERVICER

 

Transaction Month #		8
Revolving or Amortization Period		Revolving				30/360 Days		30

 

EU and UK Risk Retention Compliance Confirmation

Toyota Motor Credit Corporation (“TMCC”) hereby confirms its continued compliance, as of the date of this Servicer’s Certificate, with its agreements in the Receivables Purchase Agreement, dated as of July 25, 2023, between TMCC, as seller, and Toyota Revolving Note Depositor LLC (the “Depositor”), as purchaser, and with reference to EU Securitization Rules and the UK Securitization Rules as in effect and applicable on July 11, 2023, to: (a) in its capacity as an “originator” for the purposes of the EU Securitization Regulation and the UK Securitization Regulation, retain, on an ongoing basis, a material net economic interest in an amount equal to not less than 5% of the nominal value of each of the tranches sold or transferred to investors within the meaning of paragraph 3(a) of Article 6 of the EU Securitization Regulation and paragraph 3(a) of Article 6 of the UK Securitization Regulation (the “SR Retained Interest”), by retaining, either directly or indirectly through the Depositor (its wholly-owned subsidiary that is a special purpose entity and not an operating company), at least 5% (by aggregate initial principal amount) of the Notes and the Certificate; (b) not sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the SR Retained Interest or subject it to any credit risk mitigation or hedging, except to the extent permitted by the EU Securitization Rules and the UK Securitization Rules, in each case as in effect at the time of such hedging, mitigation, sale, transfer or surrender; and (c) not change the retention option or method of calculating its SR Retained Interest while any of the Notes are outstanding, except in accordance with the EU Securitization Rules and the UK Securitization Rules, in each case as in effect at the time of such change.

For purposes of the immediately preceding paragraph: (a) “EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017, laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization and amending certain other EU directives and regulations as amended; (b) “UK Securitization Regulation” means the EU Securitization Regulation, as applicable on December 31, 2020, which was retained as part of the domestic law of the United Kingdom pursuant to The European Union (Withdrawal) Act 2018, as amended (the “EUWA”), and was amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, as so retained and so amended and as further amended from time to time; (c) “EU Securitization Rules” means the EU Securitization Regulation (as amended), together with all relevant implementing regulations in relation thereto, all regulatory standards and/or implementing technical standards in relation thereto or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation, and in each case, any relevant guidance and directions published in relation thereto by the European Banking Authority or the European Securities and Markets Authority or the European Insurance and Occupational Pensions Authority (or, in each case, any predecessor or any other applicable regulatory authority) or by the European Commission, in each case as amended and in effect from time to time; and (d) “UK Securitization Rules” means the UK Securitization Regulation (as amended), together with (a) all applicable binding technical standards made under the UK Securitization Regulation, (b) any European Union regulatory technical standards or implementing technical standards relating to the EU Securitization Regulation (including without limitation such regulatory technical standards or implementing technical standards which are applicable pursuant to any transitional provisions of the EU Securitization Regulation) forming part of the domestic law of the United Kingdom by operation of the EUWA, (c) all relevant guidance, policy statements or directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published by the Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors), (d) any guidelines relating to the application of the EU Securitization Regulation which are applicable in the United Kingdom, (e) any other transitional, saving or other provision relevant to the UK Securitization Regulation by virtue of the operation of the EUWA and (f) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Regulation, in each case, as may be further amended, supplemented or replaced from time to time.

 

Page 10 of 11

Servicer’s Certificate

for the Collection Period February 01, 2024 through February 29, 2024

for Payment Date of March 25, 2024

Toyota Auto Loan Extended Note Trust 2023-1

Toyota Revolving Note Depositor 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 11 of 11