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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): ~~October~~December 2526, 2001

Toyota Auto Lease Trust 1998-B (Exact name of registrant as specified in its charter)

Toyota Auto Lease Trust 1998-B

(Exact name of registrant as specified in its charter)
California	333-57109	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
California	333-57109	33-0755530
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
(Address of principal executive offices)	(Zip Code)

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

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

Exhibit Index is on Page 2

Page 1 of 3

Item 5. Other Events

On ~~October~~ December 2526, 2001, interest and principal collected during the preceding calendar month as provided for in the 1998-B Securitization Trust Agreement dated as of September 1, 1998 between Toyota Leasing, Inc. ("TLI"), as "Transferor", and U.S. Bank National Association ("USBNA"), as "Trustee", and the 1998-B SUBI Servicing Supplement to the Amended and Restated Trust and Servicing Agreement, dated September 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-B (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 ~~September~~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 ~~September~~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-B
	By:	TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
	BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: October 31, 2001		By:	/s/ GEORGE E. BORST George E. Borst President and Chief Executive Officer
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-B
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)				1,099,937,045.30
	Discounted Principal Balance				1,099,937,045.30
	Servicer Advance				2,144,779.34
	Servicer Payahead				3,039,194.68
	Number of Contracts				49,144
	.00				7.74	%
	Weighted Average Remaining Term				38.7
	Servicing Fee Percentage				1.00	%
Pool Data — Current Month
	Aggregate Net Investment Value				89,401,043.33
	Discounted Principal Balance				82,768,399.55
	Servicer Advances				711,287.32
	Servicer Pay Ahead Balance				1,449,034.60
	Maturity Advances Outstanding				—
	Number of Current Contracts				5,477
	Weighted Average Lease Rate				8.23	%
	Weighted Average Remaining Term				5.9
Reserve Fund:
	Initial Deposit Amount				41,247,639.20
	Specified Reserve Fund Percentage				9.630	%
	Prior Month Specified Reserve Fund Amount				60,496,537.49
	Current Month Specified Reserve Fund Amount				60,496,537.49
	Beginning Balance	50,157,473.91		1,073,070.00	51,230,543.91
	Withdrawal Amount	(759,087.92	)	—	(759,087.92	)
	Cash Capital Contribution	—			—
	Transferor Excess	108,910.96			108,910.96

	Reserve Fund Balance Prior to Release	49,507,296.95		1,073,070.00	50,580,366.95
	Specified Reserve Fund Balance	59,423,467.49		1,073,070.00	60,496,537.49

	Release to Transferor	—		—	—
	Ending Reserve Fund Balance	49,507,296.95		1,073,070.00	50,580,366.95
	Prior Cumulative Withdrawal Amount	65,168,121.95		—	65,168,121.95
	Cumulative Withdrawal Amount	65,927,209.87		—	65,927,209.87
Liquidation of Charge-offs and Repossessions:				Vehicles
	Liquidated Contracts			33
	Discounted Principal Balance				553,568.72
	Net Liquidation Proceeds				(425,576.58	)
	Recoveries — Previously Liquidated Contracts				(71,755.94	)

	Aggregate Credit Losses for the Collection Period				56,236.20

	Cumulative Credit Losses for all Periods				13,099,592.09

	Repossessed in Current Period			12
Ratio of Net Credit Losses to the Average Pool Balance for Each Collection Period:					Annualized Average Charge-Off Rate
	Second Preceding Collection Period				0.00	%
	First Preceding Collection Period				0.82	%
	Current Collection Period				0.71	%
Condition (i) (Charge-off Rate)
	Three Month Average				0.51	%

Charge-off Rate Indicator (> 1.25%)

condition not met

Delinquent Contracts:		Percent	Accounts	Percent	ANIV
	31-60 Days Delinquent	5.66%	310	5.34%	4,771,206.33
	61-90 Days Delinquent	0.95%	52	0.94%	843,553.04
	Over 90 Days Delinquent	0.24%	13	0.20%	182,646.69

	Total Delinquencies		375		5,797,406.06

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				0.85%
	First Preceding Collection Period				0.90%
	Current Collection Period				1.19%
Condition (ii) (Delinquency Percentage)
	Three Month Average				0.98%
	Delinquency Percentage Indicator (> 1.25%)			condition not met

Residual Value (Gain) Loss:					Vehicles
	Matured Lease Vehicle Inventory Sold				356	5,746,553.30
	Net Liquidation Proceeds					(4,814,122.02	)

	Net Residual Value (Gain) Loss					932,431.28

	Cumulative Residual Value (Gain) Loss all periods					62,368,897.07

Matured Vehicles Sold for each Collection Period:		Number Sold	Scheduled Maturities	Sale Ratio	Average Net Liquidation Proceeds	Average Residual Value
	Second Preceding Collection Period	266	26	100.00%	14,354.82	17,000.23
	First Preceding Collection Period	316	20	100.00%	13,145.53	16,015.50
	Current Collection Period	356	20	100.00%	13,522.81	17,207.01
	Three Month Average				13,631.65	16,746.97
	Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value					81.40	%

Condition (iii) (Residual Value Test)	Current Period Amount/Ratio	Test Met?
a) Number of Vehicles Sold > 25% of Scheduled Maturities	100.00%	YES
b) Number of Scheduled Maturities > 500	20	NO
c) 3 Month Average Matured Leased Vehicle Proceeds <75% of Avg. Residual Values	81.40%	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 $105,923,937, 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): $60,496,537.49, or $71,495,907.94 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		742,704.68
	Net Investment Income		331,095.24
	Non-recoverable Advances		(23,386.52	)

	Available Interest		1,050,413.40			1,019,761.21		—	—	585,364.72		434,396.49		30,652.19
	Class A1, A2, A3 Notional Interest Accrual Amount		(441,833.33	)		(441,833.33	)	—	—	(441,833.33	)
	Unreimbursed A1, A2, A3 Interest Shortfall		—			—		—	—	—
	Interest Accrual for Adjusted Class B Certificate Bal.		(390,478.25	)		(390,478.25	)					(390,478.25	)
	Class B Interest Carryover Shortfall		—			—						—
	Servicer's Fee		(83,665.25	)		(80,100.04	)							(3,565.21	)
	Capped Expenses		(38,247.85	)		(36,618.00	)							(1,629.85	)
	Interest Accrual on Class B. Cert. Prin. Loss Amt.		—			—						—
	Uncapped Expenses		—			—								—

	Total Unallocated Interest		96,188.72			70,731.59								25,457.13
	Excess Interest to Transferor		—			(70,731.59	)							70,731.59

		Net Interest Collections Available	96,188.72			—								96,188.72

	Losses Allocable to Investors' Certificates:		(946,537.55	)										(946,537.55	)
	Accelerated Principal Distribution:		—											—

	Deposit to Reserve Fund:		108,910.96											(850,348.83	)

	Withdrawal from Reserve Fund:		759,087.92
	Reimbursement/Deposit from Transferor Prin:		200,171.87
	Net withdrawal from the Reserve Fund:		650,176.96
Principal:
	Current Loss Amount		(988,667.48	)		(946,537.55	)	—	—	(946,537.55	)	—				(42,129.93	)
	Loss Reimbursement from Transferor		187,449.63			187,449.63		—	—	187,449.63		—		(187,449.63	)
	Loss Reimbursement from Reserve Fund		759,087.92			759,087.92		—	—	759,087.92		—

		Total	(42,129.93	)		—		—	—	—		—				(42,129.93	)
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		—			—		—	—	—		—				—
	Allocations — Current Period		10,754,959.32			10,754,959.32		—	—	10,754,959.32		—
	Allocations — Accelerated Principal Distribution		—			—		—	—	—		—
	Allocations — Not Disbursed Beginning of Period		71,817,952.30			71,817,952.30		—	—	71,817,952.30		—
	Allocations — Not Disbursed End of Period		82,572,911.62			82,572,911.62		—	—	82,572,911.62		—
Interest Distributions/Allocations:
	Distribution — Current Period		—			—		—	—	—		—		—
	Allocations — Current Period		832,311.58			832,311.58		—	—	441,833.33		390,478.25
	Allocations — Not Disbursed Beginning of Period		1,664,623.16			1,664,623.16		—	—	883,666.66		780,956.50
	Allocations — Not Disbursed End of Period		2,496,934.74			2,496,934.74		—	—	1,325,499.99		1,171,434.75
Due To Trust — Current Period:						—
	Total Deposit to/ (Withdrawal from) Reserve Fund		(650,176.96	)
	Due To Trust		11,256,175.66			11,256,175.66		—	—	11,006,736.91		249,438.75		—		—

		Total Due To Trust	10,605,998.70			11,256,175.66		—	—	11,006,736.91		249,438.75		—		—

			Certificate Balance		Class A1		Class A2		Class A3		Class B
			Certificate Balance		Class A1		Class A2		Class A3		Class B		Transferor Interest Balance
		Total	Percent	Balance	Percent	Balance	Percent	Balance	Percent	Balance	Percent	Balance	Transferor Interest Balance
Original Deal Parameter
	Aggregate Net Investment Value (ANIV)	1,099,937,045.30
	Discounted Principal Balance	1,099,937,045.30
	Initial Notional/Certificate Balance	—	100.00%	1,077,938,000.00	31.08%	335,000,000.00	53.34%	575,000,000.00	8.94%	96,400,000.00	6.64%	71,538,000.00	21,999,045.30
	Percent of ANIV			98.00%		30.46%		52.28%		8.76%		6.50%	2.00%
	Certificate Factor			1.0000000		1.0000000		1.0000000		1.0000000		1.0000000
	Notional/Certificate Rate					5.3500%		5.4500%		5.5000%		6.5500%
	Target Maturity Date					October 25, 2000		September 25, 2001		February 25, 2002		September 25, 2003
	Servicer Advance	2,144,779.34
	Servicer Payahead	3,039,194.68
	Number of Contracts	49,144
	Weighted Average Lease Rate	7.74%
	Weighted Average Remaining Term	38.7
	Servicing Fee Percentage	1.00%
Pool Data Prior Month
	Aggregate Net Investment Value	100,398,304.45
	Maturity Advances Outstanding	—
	ANIV Net of Maturity Advance **	100,398,304.45
	Discounted Principal Balance	92,505,848.92
	Notional/Certificate Balance			167,938,000.00		—		—		96,400,000.00		71,538,000.00	4,278,256.75
	Adjusted Notional/Certificate Balance			96,120,047.70		—		—		24,582,047.70		71,538,000.00	4,278,256.75
	Percent of ANIV			95.74%		0.00%		0.00%		24.48%		71.25%	4.26%
	Certificate Factor			1.0000000		—		—		1.0000000		1.0000000
	Servicer Advances	639,288.95
	Servicer Pay Ahead Balance	1,782,903.99
	Number of Current Contracts	6,090
	Weighted Average Lease Rate	8.19%
	Weighted Average Remaining Term	6.0
Pool Data Current Month
	Aggregate Net Investment Value	89,401,043.33
	Maturity Advances Outstanding	—
	ANIV Net of Maturity Advance **	89,401,043.33
	Discounted Principal Balance	82,768,399.55
	Notional/Certificate Balance			167,938,000.00		0.00		0.00		96,400,000.00		71,538,000.00	4,035,954.95
	Adjusted Notional/Certificate Balance			85,365,088.38		0.00		0.00		13,827,088.38		71,538,000.00	4,035,954.95
	Percent of ANIV			95.49%		0.00%		0.00%		15.47%		80.02%	4.51%
	Certificate Factor			1.0000000		—		—		1.0000000		1.0000000
	Servicer Advances	711,287.32
	Servicer Pay Ahead Balance	1,449,034.60
	Number of Current Contracts	5,477
	Weighted Average Lease Rate	8.23%
	Weighted Average Remaining Term	5.9
	Prior Certificate Interest Payment Date	September 25, 2001
	Next Certificate Interest Payment Date	February 25, 2002

	Vehicles
Principal Collections		1,293,624.21
Prepayments in Full	222	3,377,098.93

Reallocation Payment	2	26,415.96

Interest Collections		742,704.68
Net Liquidation Proceeds and Recoveries		497,332.52
Net Liquidation Proceeds — Vehicle Sales		4,814,122.02
Non-Recoverable Advances		(23,386.52	)

Total Available		10,727,911.80

Capped and Uncapped Expenses:		Amount	Annual Amount
	Total Capped Expenses Paid	38,247.85	420,726.35
	Total Uncapped Expenses Paid	—	—
	Capped and Uncapped Expenses Due	—	—
Servicer's Fee Due:
	Servicer's Fee Shortfall Carryforward	—
	Servicer's Fee Due Current Period	83,665.25
	Servicer's Fee Paid	83,665.25
	Servicer's Fee Balance Due	—
	Supplemental Servicer's Fees	14,110.21

	Vehicles	Amount
Beginning Unreinvested Principal Collections	—
Principal Collections & Liquidated Contracts	—
Allocation to Subsequent Contracts	0	—
Ending Unreinvested Principal Collections	—

I hereby certify to the best of my knowledge that the 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-B 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-B Distribution Date of December 26, 2001 for the Collection Period of November 1, 2001 through November 30, 2001

Filing Compare · TOYOTA AUTO LEASE TRUST 1998-B