Tue, Mar 25, 7:54 PM (32 days ago)
**Summary of Toyota Auto Receivables 2021-D Owner Trust (Ticker: Not applicable)** **Financial Performance:** - The report does not provide specific financial figures for revenue, net income, or operating expenses, as it primarily focuses on regulatory and operational disclosures. **Strategic Overview:** - The trust is managed by Toyota Auto Finance Receivables LLC (TAFR LLC) and Toyota Motor Credit Corporation (TMCC). - The trust does not have any single obligor representing 10% or more of the asset pool. - There is no external credit enhancement or derivative instruments provided by any entity. **Future Outlook:** - The trust's future outlook is not explicitly detailed, but the operational and regulatory compliance reports indicate a focus on maintaining compliance with servicing criteria. **Risk Factors:** - Legal proceedings involving U.S. Bank Trust Company, which serves as the indenture trustee, pose potential risks. These include lawsuits related to residential mortgage-backed securities (RMBS) and student loans. - The trust is not subject to significant risk factors related to its asset pool or operational structure, as no single obligor dominates the pool and there is no external credit enhancement. **Financial Condition:** - The financial condition is stable, with no material instances of noncompliance with servicing criteria reported by TMCC and U.S. Bank Trust Co. - The trust maintains accounts with U.S. Bank N.A., and there have been no significant changes in its financial condition reported. **Market Position Changes:** - The trust does not have voting or non-voting common equity outstanding held by non-affiliates, indicating a closed-end structure with no public market for its securities. **Key Documents:** - The report includes various legal agreements and compliance reports, such as the Amended and Restated Trust Agreement, Indenture, and Servicing Agreements. - Compliance reports from TMCC and U.S. Bank Trust Co. indicate adherence to servicing criteria. **Conclusion:** Toyota Auto Receivables 2021-D Owner Trust operates within a structured framework, focusing on compliance and operational efficiency. The absence of significant risk factors and the stable financial condition suggest a robust operational model. However, legal proceedings involving the indenture trustee pose potential risks that need monitoring.