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 on July 14, 2026 for the sale of asset-backed notes issued by the Toyota Auto Receivables 2026-C Owner Trust. The Trust is expected to issue six classes of notes with an aggregate original principal amount of $1,900,000,000 on or about the expected closing date of July 21, 2026. Lead underwriters include MUFG Securities Americas, Barclays, BMO Capital Markets, Lloyds Securities and TD Securities (USA).

Key Details

• Aggregate principal: $1,900,000,000 across six classes (Class A-1 $440M; A-2a $528M; A-2b $131M; A-3 $659M; A-4 $94.5M; Class B $47.5M).
• Important dates: Underwriting Agreement dated July 14, 2026; expected Closing Date on or about July 21, 2026.
• Transaction parties and roles: TMCC (seller and servicer/sponsor), TAFR LLC (depositor/purchaser), the Trust (issuer), Wilmington Trust as Owner Trustee, U.S. Bank as Indenture Trustee, and Clayton Fixed Income Services as asset representations reviewer.
• Closing documents to be entered include the Receivables Purchase Agreement, Sale and Servicing Agreement, Indenture, Administration Agreement, Securities Account Control Agreement, Asset Representations Review Agreement, and an amended and restated Trust Agreement; forms of these agreements are filed as exhibits. A Depositor Certification (CEO certification) was filed as Exhibit 36.1.

Why It Matters
This filing documents a securitization that moves Toyota motor-vehicle retail installment contracts (receivables) into a trust and funds them with the issuance of $1.9 billion of asset-backed notes. For investors, the transaction is primarily a financing/liquidity event for Toyota’s captive finance arm (TMCC) — it does not reflect operating results or equity changes — and the new notes will be repaid from the underlying auto-loan receivables per the trust agreements. The detailed forms of the trust and related documents are included as exhibits, which investors can review to assess structure, priority and protections for noteholders.