Tue, Mar 25, 8:01 PM (32 days ago)
**Toyota Auto Receivables 2023-C Owner Trust (TAR23C) Annual Report Summary** **Company Overview:** Toyota Auto Receivables 2023-C Owner Trust (TAR23C) is a securitization vehicle sponsored by Toyota Motor Credit Corporation (TMCC). The trust issues notes backed by auto receivables. **Financial Performance:** - **Revenue/Operating Income:** Not explicitly stated, as the trust's income is derived from the underlying auto receivables. - **Net Income:** Not explicitly stated. - **Operating Expenses:** Not explicitly stated. - **Earnings per Share (EPS):** Not applicable, as the trust does not have common equity outstanding. **Strategic Overview:** The trust's strategy revolves around the securitization of auto receivables, with TMCC and U.S. Bank N.A. serving as key servicing participants. The trust does not have any external credit enhancement or derivative instruments. **Future Outlook:** The trust's future outlook is tied to the performance of the underlying auto receivables. The trust has not identified any material instances of noncompliance with servicing criteria. **Risk Factors:** - **Legal Proceedings:** U.S. Bank N.A., the indenture trustee, is involved in litigation related to its role as trustee for certain residential mortgage-backed securities (RMBS) trusts and student loan trusts. The outcome of these litigations is uncertain. - **Market Risk:** The trust's financial condition is subject to market risks, including changes in interest rates and the credit quality of the underlying auto receivables. **Financial Condition:** The trust's financial condition is supported by the underlying auto receivables. The trust has not identified any material instances of noncompliance with servicing criteria. **Market Position Changes:** Not applicable, as the trust does not have common equity outstanding. **Key Takeaways:** - The trust's financial performance is tied to the underlying auto receivables. - The trust is involved in legal proceedings related to the indenture trustee's role in other trusts. - The trust has not identified any material instances of noncompliance with servicing criteria. - The trust does not have common equity outstanding, so market position changes are not applicable.