---

S&P Assigns Preliminary Ratings to Toyota Auto 2000-A Owner Trust

27 June 2000

S&P Assigns Preliminary Ratings to Toyota Auto 2000-A Owner Trust

    NEW YORK - Standard & Poor's today assigned its preliminary ratings to 
Toyota Auto Receivables 2000-A Owner Trust's $1.105 billion asset-backed notes 
series 2000-A.

    The preliminary ratings are based on information as of June 26, 2000.
Subsequent information may result in the assignment of final ratings that
differ from the preliminary ratings.

    The preliminary ratings reflect overcollateralization of 3%, as of the
cutoff date receivables, and a reserve account with an initial deposit of
0.25% of the initial receivables balance, growing to a cap of 0.75% of the
outstanding receivables balance, and subject to a floor level equal to 0.5% of
the initial receivables balance.

    A copy of Standard & Poor's complete presale report for this transaction
is available on RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com.  The report is also available on
Standard & Poor's Ratings Services Web site at 
http://www.standardandpoors.com/ratings.  Under Presale Reports, select
Structured Finance, then Asset-Backed Securities, Standard & Poor's said. --
CreditWire

    PRELIMINARY RATINGS ASSIGNED

    Toyota Auto Receivables 2000-A Owner Trust
    Class     Amount ($)     Rating
    A-2      305,000,000     AAA
    A-3      523,000,000     AAA
    A-4      277,079,000     AAA