<PAGE>

                            ADMINISTRATION AGREEMENT


                                      among


                   TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST,
                                    as Issuer


                        TOYOTA MOTOR CREDIT CORPORATION,
                                as Administrator


                              THE BANK OF NEW YORK,
                              as Indenture Trustee


                                       and


                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                as Owner Trustee


                            Dated as of March 1, 2003


<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>      <C>                                                                                                  <C>
1.       Duties of the Administrator.............................................................................2

2.       Records.................................................................................................9

3.       Compensation............................................................................................9

4.       Additional Information to be Furnished to the Issuer....................................................9

5.       Independence of the Administrator.......................................................................9

6.       No Joint Venture........................................................................................9

7.       Other Activities of Administrator.......................................................................9

8.       Term of Agreement; Resignation and Removal of Administrator.............................................9

9.       Action upon Termination, Resignation or Removal........................................................11

10.      Notices................................................................................................11

11.      Amendments.............................................................................................12

12.      Successor and Assigns..................................................................................12

13.      Governing Law..........................................................................................12

14.      Headings...............................................................................................12

15.      Counterparts...........................................................................................13

16.      Severability of Provisions.............................................................................13

17.      Not Applicable to TMCC in Other Capacities.............................................................13

18.      Limitation of Liability of Owner Trustee and Indenture Trustee.........................................13

19.      Limitation on Liability of Administrator...............................................................13
</TABLE>


                                      -i-
<PAGE>

         ADMINISTRATION AGREEMENT dated as of March 1, 2003, among TOYOTA AUTO
RECEIVABLES 2003-A OWNER TRUST, a Delaware statutory trust (the "Issuer"),
TOYOTA MOTOR CREDIT CORPORATION, a California corporation, as administrator (the
"Administrator"), the bank of new york, a New York State banking institution,
not in its individual capacity but solely as Indenture Trustee (the "Indenture
Trustee") and U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as Owner Trustee (the
"Owner Trustee").

                              W I T N E S S E T H:

         WHEREAS a beneficial ownership interest in the Issuer represented by
the Toyota Auto Receivables 2003-A Owner Trust Asset Backed Certificate (the
"Certificate") has been issued in connection with the formation of the Issuer
pursuant to the Trust Agreement dated as of February 24, 2003 as amended and
restated by the Amended and Restated Trust Agreement dated as of March 1, 2003
(the "Trust Agreement"), between Toyota Auto Finance Receivables LLC ("TAFR
LLC"), a Delaware limited liability company, as depositor, and the Owner
Trustee, to the owners thereof (the "Owners");

         WHEREAS the Issuer is issuing the Toyota Auto Receivables 2003-A Owner
Trust $432,500,000 1.17188% Asset Backed Notes, Class A-1, the Toyota Auto
Receivables 2003-A Owner Trust $375,000,000 1.28% Asset Backed Notes, Class A-2,
the Toyota Auto Receivables 2003-A Owner Trust $364,000,000 Floating Rate Asset
Backed Notes, Class A-3A, the Toyota Auto Receivables 2003-A Owner Trust
$125,000,000 1.69% Asset Backed Notes, Class A-3B and the Toyota Auto
Receivables 2003-A Owner Trust $206,000,000 2.20% Asset Backed Notes Class A-4
(collectively, the "Notes") pursuant to the Indenture dated as of March 1, 2003
(as amended and supplemented from time to time, the "Indenture"), between the
Issuer and the Indenture Trustee (capitalized terms used herein and not defined
herein shall have the meanings ascribed thereto in the Indenture, the Trust
Agreement or the Sale and Servicing Agreement dated as of March 1, 2003, among
the Issuer, Toyota Motor Credit Corporation ("TMCC"), as servicer, and TAFR LLC,
as seller (the "Sale and Servicing Agreement"), as the case may be);

         WHEREAS, TMCC and TAFR LLC have entered into the Receivables Purchase
Agreement, dated as of March 1, 2003 (the "Receivables Purchase Agreement"), by
and among TMCC, as seller, and TAFR LLC, as purchaser,

         WHEREAS the Issuer has entered into certain agreements in connection
with the issuance of the Certificate and the Notes, including the Trust
Agreement, the Indenture, this Administration Agreement, the Sale and Servicing
Agreement, the Revolving Liquidity Note Agreement and the Interest Rate Swap
Agreement (collectively, the "Basic Documents");

         WHEREAS, pursuant to the Basic Documents, the Issuer, the Owner Trustee
and the Indenture Trustee are required to perform certain duties in connection
with the Certificate, the Notes, the Revolving Liquidity Note and the assets
pledged pursuant to the granting clause of the Indenture (the "Collateral");

<PAGE>

         WHEREAS the Issuer, the Owner Trustee and the Indenture Trustee desire
to appoint TMCC as administrator to perform certain of the duties of the Issuer,
the Owner Trustee and the Indenture Trustee under the Basic Documents and to
provide such additional services consistent with the terms of this Agreement and
the Basic Documents as the Issuer and the Owner Trustee may from time to time
request; and

         WHEREAS the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:

         1. Duties of the Administrator.

             (a) Duties with respect to the Note Depository Agreement and the
         Indenture.

                (i) The Administrator agrees to perform all its duties as
             Administrator and the duties of the Issuer under the Note
             Depository Agreement. In addition, the Administrator shall consult
             with the Owner Trustee regarding the duties of the Issuer under the
             Indenture and the Note Depository Agreement. The Administrator
             shall monitor the performance of the Issuer and shall advise the
             Owner Trustee when action by the Issuer or the Owner Trustee is
             necessary to comply with the Issuer's duties under the Indenture
             and the Note Depository Agreement. The Administrator shall prepare
             for execution by the Issuer or shall cause the preparation by other
             appropriate persons of all such documents, reports, filings,
             instruments, certificates and opinions as it shall be the duty of
             the Issuer to prepare, file or deliver pursuant to the Indenture
             and the Depository Agreement. In furtherance of the foregoing, the
             Administrator shall take all appropriate action that is the duty of
             the Issuer to take pursuant to the Indenture including, without
             limitation, such of the foregoing as are required with respect to
             the following matters under the Indenture (references are to
             sections of the Indenture):

                    (A) causing the Note Register to be kept and giving the
                Indenture Trustee notice of any appointment of a new Note
                Registrar and the location, or change in location, of the Note
                Register (Section 2.04);

                    (B) preparing the notification to Noteholders of the final
                principal payment on their Notes (Section 2.07(b));

                    (C) fixing or causing to be fixed any specified record date
                and the notification of the Indenture Trustee and Noteholders
                with respect to special payment dates, if any (Section 5.04(d));


                                       2
<PAGE>

                    (D) preparing or obtaining the documents and instruments
                required for the proper authentication of Notes and delivering
                the same to the Indenture Trustee (Section 2.02);

                    (E) approving the form and substance of an Opinion of
                Counsel or a representation letter of the transferee in
                connection with the transfer of the Class A-1 Notes (Section
                2.04(b));

                    (F) directing the Indenture Trustee to retain from amounts
                otherwise distributable to the Noteholders sufficient funds for
                the payment of any tax that is legally owed by the Trust
                (Section 2.07(c));

                    (G) preparing, obtaining and/or filing of all instruments,
                  opinions and certificates and other documents required for the
                  release of collateral (Section 2.09);

                    (H) causing newly appointed Paying Agents, if any, to
                deliver to the Indenture Trustee the instrument specified in the
                Indenture regarding funds held in trust (Section 3.03);

                    (I) directing the Indenture Trustee to deposit moneys with
                Paying Agents, if any, other than the Indenture Trustee (Section
                3.03);

                    (J) obtaining and preserving the Issuer's qualification to
                do business in each jurisdiction in which such qualification is
                or shall be necessary to protect the validity and enforceability
                of the Indenture, the Notes, the Collateral and each other
                instrument and agreement included in the Trust Estate (Section
                3.04);

                    (K) preparing and filing all supplements, amendments,
                financing statements, continuation statements, instruments of
                further assurance and other instruments, in accordance with
                Section 3.05 of the Indenture, necessary to protect the Trust
                Estate (Section 3.05);

                    (L) delivering the required Opinions of Counsel on the
                Closing Date and annually, in accordance with Section 3.06 of
                the Indenture, and delivering the annual Officers' Certificates
                and certain other statements as to compliance with the
                Indenture, in accordance with Section 3.09 of the Indenture
                (Sections 3.06 and 3.09);

                    (M) identifying to the Indenture Trustee in an Officers'
                Certificate any Person with whom the Issuer has contracted to
                perform its duties under the Indenture (Section 3.07(b));

                    (N) notifying the Indenture Trustee and the Rating Agencies
                of any Servicer Default pursuant to the Sale and Servicing
                Agreement and, if such


                                       3
<PAGE>

                Servicer Default arises from the failure of the Servicer to
                perform any of its duties under the Sale and Servicing
                Agreement, taking all reasonable steps available to remedy such
                failure (Section 3.07(d));

                    (O) preparing and obtaining documents and instruments
                required for the release of the Issuer from its obligations
                under the Indenture (Section 3.10(b));

                    (P) delivering notice to the Indenture Trustee of each Event
                of Default and each other default by the Servicer or the Seller
                under the Sale and Servicing Agreement (Section 3.19);

                    (Q) monitoring the Issuer's obligations as to the
                satisfaction and discharge of the Indenture and the preparation
                of an Officer's Certificate and obtaining the Opinion of Counsel
                and the Independent Certificate (as defined in the Indenture)
                related thereto (Section 4.01);

                    (R) complying with any written directive of the Indenture
                Trustee with respect to the provision of relevant information
                and reasonable assistance with respect to the execution,
                delivery, filing and recordation of relevant transfer
                documentation and the delivery of related records and files, in
                connection with any sale by the Indenture Trustee of any portion
                of the Trust Estate in connection with any Event of Default
                (Section 5.04);

                    (S) preparing notice to Noteholders of any removal of the
                Indenture Trustee and the appointment of a successor Indenture
                Trustee for delivery to Noteholders by the successor Indenture
                Trustee (Section 6.08);

                    (T) preparing all written instruments required to confirm
                the authority of any co-trustee or separate trustee and any
                written instruments necessary in connection with the resignation
                or removal of any co-trustee or separate trustee (Sections 6.08
                and 6.10);

                    (U) providing to the Rating Agencies copies of any amendment
                or supplement to the Interest Rate Swap Agreement (Section
                6.14(c));

                    (V) notifying the Swap Counterparty of any proposed
                amendment or supplement to any of the Basic Documents (Section
                6.14(d));

                    (W) causing the Note Registrar to furnish to the Indenture
                Trustee the names and addresses of Noteholders during any period
                when the Indenture Trustee is not the Note Registrar (Section
                7.01);

                    (X) preparing and, after execution by the Issuer and the
                Indenture Trustee, filing with the Commission and any applicable
                state agencies of documents required to be filed on a periodic
                basis with the Commission and any


                                       4
<PAGE>

                applicable state agencies (including any summaries thereof
                required by rules and regulations prescribed thereby), and
                providing such documents to the Indenture Trustee for delivery
                to the Noteholders (Section 7.03);

                    (Y) preparing and, after execution by the Indenture Trustee,
                providing to the Indenture Trustee for delivery to Noteholders
                and filing with the Commission, any reports required by TIA
                Sections 313(a), (b) and (c); provided, that the Administrator
                will not be required to prepare reports required by TIA Sections
                313(a)(1) and (a)(2) unless specifically directed in writing to
                do so by the Indenture Trustee and the Indenture Trustee
                provides the Administrator with all information necessary to
                prepare such reports (Section 7.04);

                    (Z) preparing the related Issuer Orders and all other
                actions necessary with respect to investment and reinvestment of
                funds in the Trust Accounts (Section 8.04);

                    (AA) preparing any Issuer Request and Officers' Certificates
                and obtaining any Opinions of Counsel and Independent
                Certificates necessary for the release of the Trust Estate
                (Sections 8.05 and 8.06);

                    (BB) preparing Issuer Orders and obtaining Opinions of
                Counsel with respect to the execution of any supplemental
                indentures, preparing notices to the Noteholders with respect
                thereto and furnishing such notices to the Indenture Trustee for
                delivery to Noteholders (Sections 9.01, 9.02 and 9.03);

                    (CC) preparing new Notes conforming to the provisions of any
                supplemental indenture, as appropriate and delivering such Notes
                to the Owner Trustee for execution and to the Indenture Trustee
                for authentication (Section 9.07);

                    (DD) preparing forms of notices to Noteholders of any
                redemption of the Notes and furnishing such notices to the
                Indenture Trustee for delivery to Noteholders (Section 10.02);

                    (EE) preparing or obtaining all Officers' Certificates,
                Opinions of Counsel and Independent Certificates with respect to
                any requests by the Issuer or the Indenture Trustee to take any
                action under the Indenture (Section 11.01(a));

                    (FF) preparing and delivering Officers' Certificates and
                obtaining Independent Certificates, if necessary, for the
                release of property from the lien of the Indenture (Section
                11.01(b));

                    (GG) notifying the Rating Agencies, upon any failure of the
                Indenture Trustee to give such notification, of the information
                required pursuant to Section 11.04 of the Indenture (Section
                11.04);


                                       5
<PAGE>

                    (HH) preparing and delivering to the Indenture Trustee for
                delivery to Noteholders any agreements with respect to alternate
                payment and notice provisions (Section 11.06);

                    (II) causing the recording of the Indenture, if applicable
                (Section 11.14); and

                (ii) The Administrator also will:

                    (A) pay the Indenture Trustee from time to time the
                reasonable compensation provided for in the Indenture with
                respect to services rendered by the Indenture Trustee under the
                Indenture (which compensation shall not be limited by any
                provision of law in regard to the compensation of a Trustee of
                an express trust);

                    (B) reimburse the Indenture Trustee upon its request for all
                reasonable expenses, disbursements and advances incurred or made
                by the Indenture Trustee in accordance with any provision of the
                Indenture (including the reasonable compensation, expenses and
                disbursements of its agents and counsel) to the extent the
                Indenture Trustee is entitled to such reimbursement by the
                Issuer under the Indenture;

                    (C) indemnify the Indenture Trustee for, and hold it
                harmless against, any losses, liability or expense incurred
                without negligence or bad faith on the part of the Indenture
                Trustee, arising out of or in connection with the acceptance or
                administration of the trusts and duties contemplated by the
                Indenture, including the reasonable costs and expenses of
                defending itself against any claim or liability in connection
                therewith, to the extent the Indenture Trustee is entitled to
                such indemnification from the Issuer under the Indenture; and

                    (D) indemnify the Owner Trustee for, and hold it harmless
                against, any loss, liability or expense incurred without
                negligence or bad faith on the part of the Owner Trustee,
                arising out of or in connection with the acceptance or
                administration of the transactions contemplated by the Trust
                Agreement, the Indenture, the Note Depository Agreement or this
                Administration Agreement, including the reasonable costs and
                expenses of defending itself against any claim or liability in
                connection with the exercise or performance of any of their
                powers or duties under the Trust Agreement to the extent the
                Owner Trustee is entitled to such indemnification under Section
                8.02 of the Trust Agreement.


                                       6
<PAGE>

         (b) Duties under Revolving Liquidity Note Agreement. The Administrator
shall deliver appropriate draw requests pursuant to Sections 2.1 or 2.2 of the
Revolving Liquidity Note Agreement for execution and delivery by the Indenture
Trustee 24 or more hours before the Servicer is required to put cash in the
Collection Account.

         (c) Additional Duties.

             (i) In addition to the duties of the Administrator set forth above,
         the Administrator shall perform such calculations, and shall prepare
         for execution by the Issuer or the Owner Trustee or shall cause the
         preparation by other appropriate persons of all such documents,
         reports, filings, instruments, certificates and opinions as it shall be
         the duty of the Issuer or the Owner Trustee to prepare, file or deliver
         pursuant to the Basic Documents, and at the request of the Owner
         Trustee shall take all appropriate action with respect thereto, other
         than delivery thereof to Noteholders or the Certificateholder, that is
         the duty of the Issuer or the Owner Trustee to take pursuant to the
         Basic Documents. Subject to Section 5 of this Agreement, and in
         accordance with the reasonable written directions of the Owner Trustee,
         the Administrator shall administer, perform or supervise the
         performance of such other activities in connection with the Collateral
         (including the Basic Documents) as are not covered by any of the
         foregoing provisions and as are expressly requested by the Owner
         Trustee and are reasonably within the capability of the Administrator.
         Such responsibilities shall include, and the Owner Trustee hereby
         requests that the Administrator, execute and deliver any filings,
         certificates, affidavits or other instruments required under the
         Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law,
         and obtain and maintain any licenses required to be obtained or
         maintained by the Trust under the Pennsylvania Motor Vehicle Sales
         Finance Act. In addition, the Administrator shall promptly notify the
         Indenture Trustee and the Owner Trustee in writing of any amendment to
         the Pennsylvania Motor Vehicle Sales Finance Act that would affect the
         duties or obligations of the Indenture Trustee, or the Owner Trustee
         under any Basic Document and shall assist the Indenture Trustee or the
         Owner Trustee in obtaining and maintaining any licenses required to be
         obtained or maintained by the Indenture Trustee or the Owner Trustee
         thereunder. In connection therewith, the Administrator shall pay all
         fees and expenses of obtaining and maintaining any such licenses under
         such Act and Code.

             (ii) Notwithstanding anything in this Agreement or the Basic
         Documents to the contrary, the Administrator shall be responsible for
         promptly notifying the Owner Trustee in the event that any withholding
         tax is imposed on the Issuer's payments (or allocations of income) to
         the Certificateholder as contemplated in Section 5.02(c) of the Trust
         Agreement. Any such notice shall specify the amount of any withholding
         tax required to be withheld by the Owner Trustee pursuant to such
         provision.

             (iii) Notwithstanding anything in this Agreement or the Basic
         Documents to the contrary, the Administrator shall be responsible for
         performance of the duties of the Owner Trustee set forth in Sections
         5.04(a), (b), (c) and (d) of the Trust Agreement with respect to, among
         other things, accounting and reports to the Certificateholder.


                                       7
<PAGE>

             (iv) The Administrator shall perform the duties of the
         Administrator specified in Section 10.02 of the Trust Agreement
         required to be performed in connection with the resignation or removal
         of the Owner Trustee, and any other duties expressly required to be
         performed by the Administrator under the Trust Agreement.

             (v) In carrying out the foregoing duties or any of its other
         obligations under this Agreement, the Administrator may enter into
         transactions with or otherwise deal with any of its Affiliates;
         provided, however, that the terms of any such transactions or dealings
         shall be in accordance with any directions received from the Issuer and
         shall be, in the Administrator's opinion, no less favorable to the
         Issuer than would be available from unaffiliated parties.

         (d) Non-Ministerial Matters.

             (i) With respect to matters that in the reasonable judgment of the
         Administrator are non-ministerial, the Administrator shall not take any
         action unless within a reasonable time before the taking of such action
         the Administrator shall have notified the Indenture Trustee or the
         Owner Trustee, as applicable, of the proposed action and the Indenture
         Trustee or the Owner Trustee, as applicable, shall not have withheld
         consent or provided an alternative direction. For the purpose of the
         preceding sentence, "non-ministerial matters" shall include, without
         limitation:

                (A) the amendment of the Indenture or execution of any
             supplement to the Indenture;

                (B) the initiation of any claim or lawsuit by the Issuer and the
             compromise of any action, claim or lawsuit brought by or against
             the Issuer (other than in connection with the collection of the
             Receivables);

                (C) the amendment, change or modification of any of the Basic
             Documents;

                (D) the appointment of successor Note Registrars, successor
             Paying Agents or successor Indenture Trustees pursuant to the
             Indenture or the appointment of successor Administrators or
             Successor Servicers, or the consent to the assignment by the Note
             Registrar, Paying Agent or Indenture Trustee of its obligations,
             under the Indenture; and

                (E) the removal of the Indenture Trustee (as to which the Owner
             Trustee, but not the Indenture Trustee, will receive notice and
             opportunity to object).

             (ii) Notwithstanding anything to the contrary in this Agreement,
         the Administrator shall not be obligated to, and shall not, (x) make
         any payments to the Noteholders under the Basic Documents, (y) sell the
         Trust Estate pursuant to Section 5.04


                                       8
<PAGE>

         of the Indenture or (z) take any other action that the Issuer directs
         the Administrator not to take on its behalf.

         2. Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer, the Owner
Trustee and the Indenture Trustee at any time during normal business hours upon
reasonable advance written notice.

         3. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to a fee of
$200.00 per month which shall be solely an obligation of the Servicer.

         4. Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

         5. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer, the Owner Trustee or the Indenture
Trustee with respect to the manner in which it accomplishes the performance of
its obligations hereunder. Unless expressly authorized by the Issuer hereunder
or otherwise, the Administrator shall have no authority to act for or represent
the Issuer, the Owner Trustee or the Indenture Trustee, and shall not otherwise
be or be deemed an agent of the Issuer, the Owner Trustee or the Indenture
Trustee.

         6. No Joint Venture. Nothing contained in this Agreement shall (i)
constitute the Administrator and any of the Issuer, the Owner Trustee or the
Indenture Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) be construed
to impose any liability as such on any of them or (iii) be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

         7. Other Activities of Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its or
their sole discretion, from acting as an administrator for any other person or
entity, or in a similar capacity therefor, even though such person or entity may
engage in business activities similar to those of the Issuer, the Owner Trustee
or the Indenture Trustee.

         8. Term of Agreement; Resignation and Removal of Administrator.

             (a) This Agreement shall continue in force until the dissolution of
the Issuer, upon which event this Agreement shall automatically terminate.

             (b) Subject to Sections 8(e) and 8(f), the Administrator may resign
its duties hereunder by providing the Issuer with at least 30 days, prior
written notice.


                                       9
<PAGE>

             (c) Subject to Sections 8(e) and 8(f), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 30 days
prior written notice.

             (d) Subject to Sections 8(e) and 8(f), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

                (i) the Administrator shall fail to perform in any material
             respect any of its duties under this Agreement and, after notice of
             such default, shall not cure such default within 10 days (or, if
             such default cannot be cured in such time, shall not give within
             such 10 days such assurance of timely and complete cure as shall be
             reasonably satisfactory to the Issuer);

                (ii) the entry of a decree or order by a court or agency or
             supervisory authority having jurisdiction in the premises for the
             appointment of a trustee in bankruptcy, conservator, receiver or
             liquidator for the Administrator (or, so long as the Administrator
             is TMCC, the Seller) in any bankruptcy, insolvency, readjustment of
             debt, marshalling of assets and liabilities or similar proceedings,
             or for the winding up or liquidation of their respective affairs,
             and the continuance of any such decree or order unstayed and in
             effect for a period of 90 consecutive days; or

                (iii) the consent by the Administrator (or, so long as the
             Administrator is TMCC, the Seller) to the appointment of a trustee
             in bankruptcy, conservator or receiver or liquidator in any
             bankruptcy, insolvency, readjustment of debt, marshalling of assets
             and liabilities or similar proceedings of or relating to the
             Administrator (or, so long as the Administrator is TMCC, the
             Seller) of or relating to substantially all of their property, or
             the Administrator (or, so long as the Administrator is TMCC, the
             Seller) shall admit in writing its inability to pay its debts
             generally as they become due, file a petition to take advantage of
             any applicable insolvency or reorganization statute, make an
             assignment for the benefit of its creditors, or voluntarily suspend
             payment of its obligations.

                The Administrator agrees that if any of the events specified in
             clauses (ii) or (iii) of this Section shall occur, it shall give
             written notice thereof to the Issuer, the Owner Trustee and the
             Indenture Trustee within seven days after the happening of such
             event.

             (e) No resignation or removal of the Administrator pursuant to this
Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed
in writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

             (f) The appointment of any successor Administrator shall be
effective only after each Rating Agency has provided to the Owner Trustee and
the Indenture Trustee written notice that the proposed appointment will not
result in the reduction or withdrawal of any rating then assigned by such Rating
Agency to any Class of Notes.


                                       10
<PAGE>

             (g) Subject to Section 8(e) and 8(f), the Administrator
acknowledges that upon the appointment of a Successor Servicer pursuant to the
Sale and Servicing Agreement, the Administrator shall immediately resign and
such Successor Servicer shall automatically succeed to the rights, duties and
obligations of the Administrator under this Agreement.

         9. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Administrator pursuant to Section 8(b), (c), (d)
or (g), respectively, the Administrator shall be entitled to be paid all fees
and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 8(a) deliver to or to the order of the Issuer all property
and documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator
pursuant to Section 8(b), (c), (d) or (g), respectively, the Administrator shall
cooperate with the Issuer and take all reasonable steps requested to assist the
Issuer in making an orderly transfer of the duties of the Administrator.

         10. Notices. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:

             (a) if to the Issuer or the Owner Trustee, to:

                     Toyota Auto Receivables 2003-A Owner Trust
                     In care of:  U.S. Bank Trust National Association
                     300 Delaware Avenue, Suite 813
                     Wilmington, Delaware  19801-1515
                     Attention:  Toyota Auto Receivables 2003-A Owner Trust

                     with a copy to:

                     400 N. Michigan Avenue, 2nd Floor
                     Chicago, Illinois  60611
                     Attention:  Toyota Auto Receivables 2003-A Owner Trust

             (b) if to the Administrator, to:

                     Toyota Motor Credit Corporation
                     19001 South Western Avenue
                     Torrance, California  90509
                     Attention:  Vice President, Treasury Department


                                       11
<PAGE>

             (c) if to the Indenture Trustee, to:

                     Toyota Auto Receivables 2003-A Owner Trust
                     In care of:  The Bank of New York
                     101 Barclay Street, 8 West
                     New York, New York  10286
                     Attention:  Asset Backed Securities -
                                 Toyota Auto Receivables 2003-A Owner Trust

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand delivered
to the address of such party as provided above.

         11. Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator,
the Owner Trustee and the Indenture Trustee, without the consent of any
Noteholders or the Certificateholders, for the purpose of adding any provisions
to or modifying or changing in any manner or eliminating any of the provisions
of this Agreement; provided that such amendment does not and will not, in the
Opinion of Counsel satisfactory to the Indenture Trustee, materially and
adversely affect the interest of any Noteholder or Certificateholder.

         12. Successor and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is consented to in writing by the Issuer,
the Owner Trustee and the Indenture Trustee, and the conditions precedent to
appointment of a successor Administrator set forth in Section 8 are satisfied.
An assignment with such consent and satisfaction, if accepted by the assignee,
shall bind the assignee hereunder in the same manner as the Administrator is
bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned
by the Administrator without the consent of the Issuer, the Owner Trustee and
the Indenture Trustee to a corporation or other organization that is a successor
(by merger, consolidation or purchase of assets) to the Administrator, provided
that such successor organization executes and delivers to the Issuer, the Owner
Trustee and the Indenture Trustee an agreement in which such corporation or
other organization agrees to be bound hereunder by the terms of said assignment
in the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

         13. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of California, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

         14. Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.


                                       12
<PAGE>

         15. Counterparts. This Agreement may be executed in counterparts, each
of which when so executed shall together constitute but one and the same
agreement.

         16. Severability of Provisions. If any one or more of the agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid or unenforceable in any jurisdiction, then such agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the other rights of
the parties hereto.

         17. Not Applicable to TMCC in Other Capacities. Nothing in this
Agreement shall affect any obligation, right or benefit TMCC may have in any
other capacity or under any Basic Document.

         18. Limitation of Liability of Owner Trustee and Indenture Trustee.
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by U.S. Bank Trust National Association, not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer,
and by The Bank of New York, not in its individual capacity but solely in its
capacity as Indenture Trustee under the Indenture. In no event shall U.S. Bank
Trust National Association, in its individual capacity, The Bank of New York, in
its individual capacity, or the Certificateholder have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer.

         19. Limitation on Liability of Administrator. Neither the Administrator
nor any of the directors, officers, employees or agents of the Administrator
shall be under any liability to the Seller, the Issuer, the Owner Trustee, the
Indenture Trustee, the Noteholders or the Certificateholder, except as provided
under this Administration Agreement, for any action taken or for refraining from
the taking of any action pursuant to this Administration Agreement or for errors
in judgment; provided, however, that this provision shall not protect the
Administrator or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties under this Administration Agreement. The Administrator and any director,
officer, employee or agent of the Administrator may rely in good faith on any
document of any kind prima facie properly executed and submitted by any person
respecting any matters arising under this Administration Agreement.



                                       13
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.

                                TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST

                                By:  U.S. BANK TRUST NATIONAL ASSOCIATION
                                     not in its individual capacity but
                                     solely as Owner Trustee

                                By:         /s/ Nancie J. Arvin
                                    --------------------------------------------
                                    Name:  Nancie J. Arvin
                                    Title: Vice President


                                TOYOTA MOTOR CREDIT CORPORATION,
                                  as Administrator


                                By:        /s/ George E. Borst
                                    -------------------------------------------
                                    Name:  George E. Borst
                                    Title: President and Chief Executive Officer


                                THE BANK OF NEW YORK
                                   not in its individual capacity but
                                   solely as Indenture Trustee


                                By:       /s/ John Bobko
                                   --------------------------------------------
                                   Name:  John Bobko
                                   Title: Assistant Vice President


                                U.S. BANK TRUST NATIONAL ASSOCIATION
                                   not in its individual capacity but
                                   solely as Owner Trustee


                                By:        /s/ Nancie J. Arvin
                                    -------------------------------------------
                                    Name:  Nancie J. Arvin
                                    Title: Vice President


                                      S-1