Toyota Auto Receivables 2026-D Owner Trust has entered into an underwriting agreement to issue approximately $1.1 billion in asset-backed notes. The offering is led by SMBC Nikko Securities America, Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., MUFG Securities Americas Inc., and TD Securities (USA) LLC.
The notes are scheduled to close on or about October 15, 2026. The issuance includes six classes of notes with the following aggregate original principal amounts:
- 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
- Class B: $47,500,000
Toyota Motor Credit Corporation (TMCC) will act as the seller and sponsor, transferring motor vehicle retail installment sales contracts to Toyota Auto Finance Receivables LLC (TAFR LLC). TAFR LLC will then transfer these receivables to the Trust, which will issue the Notes. TMCC will also serve as the servicer and administrator for the transaction.
Key agreements related to the closing include a Sale and Servicing Agreement, an Indenture with Citibank, N.A. as indenture trustee, and an Amended and Restated Trust Agreement with Wilmington Trust, National Association, as owner trustee. An Asset Representations Review Agreement has also been executed with Clayton Fixed Income Services LLC.
