QuickLinks -- Click here to rapidly navigate through this document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 26, 2001

Toyota Auto Lease Trust 1998-C

(Exact name of registrant as specified in its charter)
California	333-65067	33-0755530
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

c/o Toyota Motor Credit Corporation 19001 South Western Avenue Torrance, California		90509
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (310) 468-1310

Exhibit Index is on Page 2

Item 5. Other Events

On December 26, 2001, interest and principal collected during the preceding calendar month as provided for in the 1998-C Securitization Trust Agreement dated as of December 1, 1998 between Toyota Leasing, Inc. ("TLI"), as "Transferor", and U.S. Bank National Association ("USBNA"), as "Trustee", and the 1998-C SUBI Servicing Supplement to the Amended and Restated Trust and Servicing Agreement, dated December 1, 1998, among TMTT, Inc., as "Titling Trustee", Toyota Motor Credit Corporation ("TMCC"), as "Servicer", and USBNA, as "Trust Agent" (the "Agreements"), was allocated to the holders of certificates representing undivided fractional interests in the Toyota Auto Lease Trust 1998-C (the "Certificateholders"). In accordance with the Agreements, the Servicer's Certificate, as defined in the Agreements, was furnished to the Trustee for the benefit of the Certificateholders and was distributed by the Trustee to the Certificateholders. A copy of the Servicer's Certificate for the month of November 2001 is filed as Exhibit 20 to this Current Report on Form 8-K.

Item 7(c). Exhibits

Exhibit Number		Description
20		Servicer's Certificate for the month of November 2001.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TOYOTA AUTO LEASE TRUST 1998-C
	BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: December 27, 2001	By:	/s/ GEORGE E. BORST George E. Borst President and Chief Executive Officer

TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate — Toyota Auto Lease Trust 1998-C
Distribution Date of December 26, 2001 for the Collection Period of November 1, 2001 through November 30, 2001

		Class A Amount		Class B Amount	Total Amount
Pool Data — Original Deal Parameters
	Aggregate Net Investment Value (ANIV)				749,988,732.51
	Discounted Principal Balance				749,988,732.51
	Servicer Advance				1,324,812.20
	Servicer Payahead				1,260,008.73
	Number of Contracts				34,185
	Weighted Average Lease Rate				6.81	%
	Weighted Average Remaining Term				33.8
	Servicing Fee Percentage				1.00	%
Pool Data — Current Month
	Aggregate Net Investment Value				86,241,255.48
	Discounted Principal Balance				79,373,064.88
	Servicer Advances				513,441.90
	Servicer Pay Ahead Balance				1,893,188.00
	Maturity Advances Outstanding				—
	Number of Current Contracts				5,058
	Weighted Average Lease Rate				7.30	%
	Weighted Average Remaining Term				4.6
Reserve Fund:
	Initial Deposit Amount				28,124,577.47
	Specified Reserve Fund Percentage				9.44	%
	Prior Month Specified Reserve Fund Amount				48,749,267.61
	Current Specified Reserve Fund Amount				48,749,267.61
	Beginning Balance	37,635,753.14		1,095,750.00	38,731,503.14
	Withdrawal Amount	(2,936,333.26	)	—	(2,936,333.26	)
	Cash Capital Contribution
	Transferor Excess	166,594.04			166,594.04

	Reserve Fund Balance Prior to Release	34,866,013.92		1,095,750.00	35,961,763.92
	Specified Reserve Fund Balance	47,653,517.61		1,095,750.00	48,749,267.61

	Release to Transferor	—		—	—
	Ending Reserve Fund Balance	34,866,013.92		1,095,750.00	35,961,763.92
	Prior Cumulative Withdrawal Amount	36,557,643.24		—	36,557,643.24
	Cumulative Withdrawal Amount	39,493,976.50		—	39,493,976.50
Liquidation of Charge-offs and Repossessions:				Vehicles
	Liquidated Contracts			19
	Discounted Principal Balance				260,868.57
	Net Liquidation Proceeds				(184,920.49	)
	Recoveries — Previously Liquidated Contracts				(111,693.88	)

	Aggregate Credit Losses for the Collection Period				(35,745.80	)

	Cumulative Credit Losses for all Periods				7,740,603.64

	Repossessed in Current Period			5
Ratio of Net Credit Losses to the Average Pool Balance for Each Collection Period:					Annualized Average Charge-Off Rate
	Second Preceding Collection Period				4.14	%
	First Preceding Collection Period				0.83	%
	Current Collection Period				0.00	%
	Condition (i) (Charge-off Rate)
	Three Month Average				1.66	%
	Charge-off Rate Indicator (> 1.25%)			condition met

Delinquent Contracts:		Percent	Accounts	Percent	ANIV
	31-60 Days Delinquent	5.97%	302	5.65%	4,869,035.85
	61-90 Days Delinquent	1.70%	86	1.64%	1,411,650.34
	Over 90 Days Delinquent	0.26%	13	0.28%	240,875.84

	Total Delinquencies		401		6,521,562.03

Ratio of Number of Contracts Delinquent 60 Days or More to the Outstanding
Number of Receivables as of Each Collection Period (Includes Repossessions):
	Second Preceding Collection Period				3.55%
	First Preceding Collection Period				5.03%
	Current Collection Period				1.96%
Condition (ii) (Delinquency Percentage)
	Three Month Average				3.51%
	Delinquency Percentage Indicator (> 1.25%)			condition met

Residual Value (Gain) Loss:					Vehicles
	Matured Lease Vehicle Inventory Sold				778	13,358,868.38
	Net Liquidation Proceeds					(10,695,238.26	)

	Net Residual Value (Gain) Loss					2,663,630.12

	Cumulative Residual Value (Gain) Loss all periods					34,928,086.97

Matured Vehicles Sold for each Collection Period:		Number Sold	Scheduled Maturities	Sale Ratio	Average Net Liquidation Proceeds	Average Residual Value
	Second Preceding Collection Period	3,069	3,837	79.98%	13,832.11	15,739.42
	First Preceding Collection Period	2,120	3	100.00%	12,933.90	15,378.95
	Current Collection Period	778	6	100.00%	13,747.09	17,408.78
	Three Month Average				13,501.90	15,829.01
	Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value					85.30	%

	Current Period Amount/Ratio	Test Met?
a) Number of Vehicles Sold > 25% of Scheduled Maturities	100.00%	YES
b) Number of Scheduled Maturities > 500	6	NO
c) 3 Month Average Matured Leased Vehicle Proceeds <75% of Avg. Residual Values	85.30%	NO
Residual Value Indicator (condition met if tests a, b and c = YES)	condition not met

Specified Reserve Fund Balance Calculation

The Specified Reserve Fund Balance (SRFB) is $70,761,436.91, however, the SRFB must not be more than the lesser of (1) or (2)

(1)

Adjusted Notional Balance of Classes due to the Investor Certificates

(2)

The greater of a) or b)

a): 20% of aggregate residual value not matured and sold as of the last day of the collection period.
b): $41,249,380.29, or $48,749,267.61 if the three month average Charge-off Rate Test, or the three month average Delinquency Percentage Test, or the Residual Value Test is met.

					Certificate Balance				Class A1	Class A2		Class A3		Class B		Transferor Interest
			Total		Percent		Balance		Balance	Balance		Balance		Balance		Interest		Principal
Interest:					98.00	%										2.00	%
	Interest Collections		271,396.87
	Net Investment Income		2,020,141.47
	Non-recoverable Advances		(98,805.07	)

	Available Interest		2,192,733.27				2,186,312.90		—	1,699,798.22		291,508.39		195,006.30		6,420.37
	Class A1, A2, A3 Notional Interest Accrual Amount		(2,310,099.04	)			(2,310,099.04	)	—	(1,978,677.04	)	(331,422.00	)
	Unreimbursed A1, A2, A3 Interest Shortfall		—				—		—	—		—
	Interest Accrual for Adjusted Class B Certificate Bal.		(282,419.42	)			(282,419.42	)						(282,419.42	)
	Class B Interest Carryover Shortfall		—				—							—
	Servicer's Fee		(85,485.54	)			(82,305.50	)								(3,180.04	)
	Capped Expenses		(27,239.69	)			(26,226.38	)								(1,013.31	)
	Interest Accrual on Class B. Cert. Prin. Loss Amt.		—				—									—
	Uncapped Expenses		—				—									—

	Total Unallocated Interest		(512,510.42	)			(514,737.44	)								2,227.02
	Excess Interest to Transferor		—				—									—

		Net Interest Collections Available	—				(514,737.44	)								2,227.02
	Losses Allocable to Investors' Certificates:		(2,530,127.70	)												(2,530,127.70	)
	Accelerated Principal Distribution:		—													—

	Deposit to Reserve Fund:		166,594.04													(2,527,900.68	)

	Withdrawal from Reserve Fund:		2,936,333.26
	Reimbursement/Deposit from Transferor Prin:		272,898.90
	Net withdrawal from the Reserve Fund:		2,769,739.22
Principal:
	Current Loss Amount		(2,627,884.32	)			(2,530,127.70	)	—	—		(2,530,127.70	)	—				(97,756.62	)
	Loss Reimbursement from Transferor		108,531.88				108,531.88		—	—		108,531.88		—		(108,531.88	)
	Loss Reimbursement from Reserve Fund		2,421,595.82				2,421,595.82		—	—		2,421,595.82		—

		Total	(97,756.62	)	—		—		—	—		—						(97,756.62	)
Class A Certificate Principal Loss Amounts
	Beginning Balance		—
	Current increase (decrease)		—

	Ending Balance		—
Class A Interest Subordinated
	Beginning Balance		—
	Current increase (decrease)		—

	Ending Balance		—
Class B Certificate Principal Loss Amounts
	Beginning Balance		—
	Current increase (decrease)		—

	Ending Balance		—
Class B Interest Subordinated:
	Beginning Balance		—
	Current increase (decrease)		—

	Ending Balance		—
Principal Distributions/Allocations:
	Distribution — Current Period		424,500,000.00				424,500,000.00		—	424,500,000.00		—		—				—
	Allocations — Current Period		15,970,741.22				15,970,741.22		—	—		15,970,741.22		—
	Allocations — Accelerated Principal Distribution		—				—		—	—		—		—
	Allocations — Not Disbursed Beginning of Period		447,233,396.16				447,233,396.16		—	424,500,000.00		22,733,396.16		—
	Allocations — Not Disbursed End of Period		38,704,137.38				38,704,137.38		—	—		38,704,137.38		—
Interest Distributions/Allocations:
	Distribution — Current Period		7,649,898.80				7,649,898.80		—	5,808,374.54		994,266.00		847,258.26		—
	Allocations — Current Period		2,592,518.46				2,592,518.46		—	1,978,677.04		331,422.00		282,419.42
	Allocations — Not Disbursed Beginning of Period		5,057,380.34				5,057,380.34		—	3,829,697.50		662,844.00		564,838.84
	Allocations — Not Disbursed End of Period		—				—		—	—		—		—
							—
Due To Trust — Current Period:
	Total Deposit to/ (Withdrawal from) Reserve Fund		(2,769,739.22	)
	Due To Trust		448,120,640.02				448,120,640.02		—	430,308,374.54		16,965,007.22		847,258.26		—		—

		Total Due To Trust	445,350,900.80				448,120,640.02		—	430,308,374.54		16,965,007.22		847,258.26		—		—

				Certificate Balance				Class A1				Class A2				Class A3				Class B				Transferor Interest
		Total		Percent		Balance		Percent		Balance		Percent		Balance		Percent		Balance		Percent		Balance		Balance
Original Deal Parameter
	Aggregate Net Investment Value (ANIV)	749,988,732.51
	Discounted Principal Balance	749,988,732.51
	Initial Notional/Certificate Balance	—		100.00	%	735,000,000.00		25.71	%	189,000,000.00		57.76	%	424,500,000.00		9.90	%	72,800,000.00		6.63	%	48,700,000.00		14,988,732.51
	Percent of ANIV					98.00	%			25.20	%			56.60	%			9.71	%			6.49	%	2.00	%
	Certificate Factor					1.0000000				1.0000000				1.0000000				1.0000000				1.0000000
	Notional/Certificate Rate									5.2650	%			5.4130	%			5.4630	%			6.9590	%
	Target Maturity Date									December 25, 2000				December 25, 2001				March 25, 2002				December 25, 2003
	Servicer Advance	1,324,812.20
	Servicer Payahead	1,260,008.73
	Number of Contracts	34,185
	Weighted Average Lease Rate	6.81	%
	Weighted Average Remaining Term	33.8
	Servicing Fee Percentage	1.00	%
Pool Data Prior Month
	Aggregate Net Investment Value	102,582,652.22
	Maturity Advances Outstanding	—
	ANIV Net of Maturity Advance **	102,582,652.22
	Discounted Principal Balance	86,664,618.66
	Notional/Certificate Balance					546,000,000.00				—				424,500,000.00				72,800,000.00				48,700,000.00		3,816,048.38
	Adjusted Notional/Certificate Balance					98,766,603.84				—				—				50,066,603.84				48,700,000.00		3,816,048.38
	Percent of ANIV					96.28	%			0.00	%			0.00	%			48.81	%			47.47	%	3.72	%
	Certificate Factor					1.0000000				—				1.0000000				1.0000000				1.0000000
	Servicer Advances	559,118.89
	Servicer Pay Ahead Balance	2,356,175.87
	Number of Current Contracts	5,947
	Weighted Average Lease Rate	7.25	%
	Weighted Average Remaining Term	4.7
Pool Data Current Month
	Aggregate Net Investment Value	86,241,255.48
	Maturity Advances Outstanding	—
	ANIV Net of Maturity Advance **	86,241,255.48
	Discounted Principal Balance	79,373,064.88
	Notional/Certificate Balance					121,500,000.00				0.00				0.00				72,800,000.00				48,700,000.00		3,445,392.86
	Adjusted Notional/Certificate Balance					82,795,862.62				0.00				0.00				34,095,862.62				48,700,000.00		3,445,392.86
	Percent of ANIV					96.00	%			0.00	%			0.00	%			39.54	%			56.47	%	4.00	%
	Certificate Factor					1.0000000				—				—				1.0000000				1.0000000
	Servicer Advances	513,441.90
	Servicer Pay Ahead Balance	1,893,188.00
	Number of Current Contracts	5,058
	Weighted Average Lease Rate	7.30	%
	Weighted Average Remaining Term	4.6
	Prior Certificate Interest Payment Date	September 25, 2001
	Next Certificate Interest Payment Date	December 26, 2001

** Strictly for purposes of calculating Transferors Interest.

		Vehicles
Current Month Collection Activity
	Principal Collections		1,169,576.50
	Prepayments in Full	89	1,497,360.93
	Reallocation Payment	3	54,722.36
	Interest Collections		271,396.87
	Net Liquidation Proceeds and Recoveries		296,614.37
	Net Liquidation Proceeds — Vehicle Sales		10,695,238.26
	Non-Recoverable Advances		(98,805.07	)

Total Available			13,886,104.22

		Amount	Annual Amount
Capped and Uncapped Expenses:
	Total Capped Expenses Paid	27,239.69	299,636.59
	Total Uncapped Expenses Paid	—	—
	Capped and Uncapped Expenses Due	—	—
Servicer's Fee Due:
	Servicer's Fee Shortfall Carryforward	—
	Servicer's Fee Due Current Period	85,485.54
	Servicer's Fee Paid	85,485.54
	Servicer's Fee Balance Due	—
Supplemental Servicer's Fees		13,561.67

		Vehicles	Amount
Revolving Period:
	Beginning Unreinvested Principal Collections		—
	Principal Collections & Liquidated Contracts		—
	Allocation to Subsequent Contracts	0	—

	Ending Unreinvested Principal Collections		—

TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate — Toyota Auto Lease Trust 1998-C
Distribution Date of December 26, 2001 for the Collection Period of November 1 through November 30, 2001

		Class A1 Balance		Class A2 Balance		Class A3 Balance		Class B Balance		Total Class Balance
Interest Rate
Three Month LIBOR +				0.27	%	0.32	%	2.00	%
Principal Payments
Principal Payment due to Investors Ending Certificate Balance				424,500,000.00		72,800,000.00		48,700,000.00		546,000,000.00
Interest Payments
Class Interest Rate for Current Interest Period				2.88500	%	2.93500	%	4.61500	%
Interest Calculation for Current Interest Period		—		3,129,744.17		546,040.44		574,362.39		4,250,147.00
At Certificate Payment Date:
	Paid to Swap Counterparty	—		5,808,374.54		994,266.00		847,258.26		7,649,898.80
	Due to Swap Counterparty	—		5,808,374.54		994,266.00		847,258.26		7,649,898.80
	Proration %	0.00	%
	Interest Due to Investors	—		3,129,744.17		546,040.44		574,362.39		4,250,147.00
	Interest Payment to Investors	—		3,129,744.17		546,040.44		574,362.39		4,250,147.00
Net Settlement due to / (receive by) Swap Counterparty				(2,678,630.37	)	(448,225.56	)	(272,895.87	)	(3,399,751.80	)
Total Payment to Investors (Principal and Interest)		—		3,129,744.17		546,040.44		574,362.39		4,250,147.00
Swap Shortfall
Prior Swap Interest Shortfall Carryover		—		—		—		—		—
Swap Interest Shortfall Inc/(Dec) This Period		—		—		—		—		—
Swap Swap Interest Shortfall Carryover		—		—		—		—		—
Interest Reset
Interest Rate				TBD		TBD		TBD
Number of Days				TBD		TBD		TBD
Interest for Succeeding Certificate Payment Date		—

I hereby certify to the best of my knowledge that the servicing report provided is true and correct.

/s/ ANGELA BROWN

Angela Brown, ABS Accounting Manager

QuickLinks

Item 5. Other Events

Item 7(c). Exhibits

SIGNATURES
TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate — Toyota Auto Lease Trust 1998-C Distribution Date of December 26, 2001 for the Collection Period of November 1, 2001 through November 30, 2001
TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate — Toyota Auto Lease Trust 1998-C Distribution Date of December 26, 2001 for the Collection Period of November 1, 2001 through November 30, 2001
TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate — Toyota Auto Lease Trust 1998-C Distribution Date of December 26, 2001 for the Collection Period of November 1, 2001 through November 30, 2001
TOYOTA MOTOR CREDIT CORPORATION Servicer's Certificate — Toyota Auto Lease Trust 1998-C Distribution Date of December 26, 2001 for the Collection Period of November 1 through November 30, 2001

TOYOTA AUTO LEASE TRUST 1998 C 8-K