TOYOTA AUTO FINANCE RECEIVABLES LLC 8-K

What Happened
Toyota Auto Finance Receivables LLC (TAFR LLC) and Toyota Motor Credit Corporation (TMCC) entered an Underwriting Agreement (dated April 14, 2026) with several banks to sell asset-backed notes through the Toyota Auto Receivables 2026-B Owner Trust. The Trust is expected to issue six classes of notes totaling $1.9 billion on or about the Closing Date of April 21, 2026. TMCC will transfer motor-vehicle retail installment contracts (the “Receivables”) to TAFR LLC, which will in turn transfer them to the Trust; TMCC will serve as servicer and sponsor.

Key Details

• Total principal offered: $1,900,000,000, broken down as:
  • Class A-1: $400,600,000
  • Class A-2a: $537,900,000
  • Class A-2b: $134,400,000
  • Class A-3: $672,300,000
  • Class A-4: $107,300,000
  • Class B: $47,500,000
• Underwriters (representatives): Mizuho Securities USA, Barclays, BofA Securities, SMBC Nikko Securities America, and U.S. Bancorp Investments.
• Closing-related agreements to be executed (forms filed): Receivables Purchase Agreement, Sale and Servicing Agreement, Amended and Restated Trust Agreement, Indenture, Administration Agreement, Securities Account Control Agreement, and Asset Representations Review Agreement.
• Depositor Certification (Form SF-3 paragraph I.B.1(a)) was filed as Exhibit 36.1.

Why It Matters
This filing documents a securitization that packages auto-loan receivables into tradable notes, providing funding to Toyota Motor Credit through sale of those receivables. For retail investors, this is not an equity event—no earnings, management changes, or dividends were reported—rather it creates new asset-backed securities backed by auto installment contracts. The filing also satisfies the company’s undertaking to file the operative agreements and related certifications that govern the issuance and servicing of the notes.