Toyota Auto Finance Receivables LLC: $1,900,000,000 notes underwriting

What happened

• Toyota Auto Finance Receivables LLC filed an 8-K reporting that, on Oct 9, 2026, it and Toyota Motor Credit Corporation entered into an Underwriting Agreement with SMBC Nikko Securities America, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC, acting on behalf of themselves and as representatives of the several underwriters named therein, for the sale of certain notes of Toyota Auto Receivables 2026-D Owner Trust.
• The filing says the Trust will issue the Notes on or about Oct 15, 2026.

Key details

• The Trust will issue the following classes and aggregate original principal amounts of notes: Class A-1 $439,750,000; Class A-2a $496,092,000; Class A-2b $163,158,000; Class A-3 $659,000,000; Class A-4 $94,500,000; and Class B $47,500,000 (total $1,900,000,000).
• On the closing date the filing says TMCC, as seller, and TAFR LLC, as purchaser, will enter into a Receivables Purchase Agreement; TAFR LLC, TMCC (as servicer and sponsor) and the Trust will enter into a Sale and Servicing Agreement; TAFR LLC and Wilmington Trust, National Association will enter into an amended and restated trust agreement; the Trust, TMCC and Clayton Fixed Income Services LLC will enter into an Asset Representations Review Agreement; the Trust and Citibank, N.A. will enter into an Indenture and related Administration Agreement; and TAFR LLC, the Indenture Trustee and the Securities Intermediary will enter into a Securities Account Control Agreement.
• The filing attaches forms of those agreements as exhibits and includes a Depositor Certification dated Oct 9, 2026 (Exhibit 36.1).

Why it may matter

• Item 1.01 reports entry into a material definitive agreement (the Underwriting Agreement) to sell the Notes. Item 8.01 reports related closing-date agreements to transfer receivables to the Trust, to have TMCC serve as servicer and sponsor, and to issue the Notes under an Indenture. The filing states the forms of those agreements are attached as exhibits and that a Depositor Certification was provided. A filing does not show why the insider traded or why the company acted.