<PAGE>


                          ASSIGNMENT OF SWAP AGREEMENT


                  ASSIGNMENT OF SWAP AGREEMENT (the "Assignment") dated as of
March 27, 2003, by and among TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST, a
Delaware statutory trust (the "Assignor" or the "Trust"), THE BANK OF NEW YORK,
not in its individual capacity but as Indenture Trustee (the "Assignee") of the
Toyota Auto Receivables 2003-A Owner Trust pursuant to the Indenture, dated as
of March 1, 2003 (the "Indenture"), by and between the Trust and the Indenture
Trustee, and TOYOTA MOTOR CREDIT CORPORATION, as swap counterparty.

                  All capitalized terms used herein without definition shall
have the meanings ascribed thereto in the Indenture.


                              W I T N E S S E T H:

                  WHEREAS, the Trust has acquired a pool of new and used
automobile and light duty truck retail installment sales contracts originated by
Toyota and Lexus dealers (the "Receivables") and related property from Toyota
Auto Finance Receivables LLC ("TAFR LLC"), a Delaware limited liability company;

                  WHEREAS, the Assignor is granting to the Assignee all of the
Issuer's right, title and interest in and to the Receivables and other interest
to be evidenced by certain asset backed notes (the "Notes") and Certificates
issued by the Trust;


                  WHEREAS, the Trust and Toyota Motor Credit Corporation (the
"Counterparty") have entered and/or anticipate entering into one or more
transactions that are or will be governed by that certain ISDA Master Agreement,
dated as of March 27, 2003 ("Master Agreement"), which includes a schedule (the
"Schedule") and the Class A-3A Confirmation to the ISDA Master Agreement, dated
as of March 27, 2003 (the "Class A-3A Confirmation", and together with the
Master Agreement and the Schedule, the "Swap Agreement");


                  WHEREAS, Assignor desires to assign all of its rights, title
and interest in and to the Swap Agreement to Assignee; and

                  NOW, THEREFORE, in order to induce Assignee to enter into the
Indenture, Assignor does hereby assign, transfer, grant and set over to Assignee
all of Assignor's right, title and interest in and to the Swap Agreement, as
more particularly provided herein, and subject to the terms and conditions more
fully set forth herein:


<PAGE>


         A.   Subject to the provisions of Paragraph E below, Assignor hereby
              irrevocably authorizes and directs the Counterparty to perform
              directly to, or as directed by, Assignee, and to remit any and all
              payments due under the Swap Agreement to Assignee, from and after
              the date hereof.

         B.   All notices, demands, requests, consents, approvals and other
              instruments under this Assignment shall be in writing and shall be
              sent and shall be deemed to have been actually or properly given
              if and when given in accordance with the notice provisions of the
              Notes.

         C.   Anything contained herein or in the Notes, the Indenture or any
              other security documents to the contrary notwithstanding,
              Assignee's recourse for the performance of all of the obligations
              and liabilities of Assignor under this Assignment shall be limited
              to the same extent as, and for the protection of the same persons
              and entities described in, the Swap Agreement.

         D.   Except as otherwise expressly provided, nothing contained herein
              shall operate or be construed to impose any obligation upon the
              Assignee with respect to the Swap Agreement.

         E.   1.   This Assignment and all rights hereunder assigned to Assignee
                   shall cease and terminate upon payment in full by the
                   Assignor of the principal amount of and interest on the Notes
                   and any that are then due and payable.

              2.   In addition, in the event that any portion of the Swap
                   Agreement is sold, assigned or otherwise disposed of in
                   connection with a redemption or prepayment of the Class A-3A
                   Notes, such portion of the Swap Agreement shall be released
                   from this Assignment.

              3.   In connection with any release of this Agreement pursuant to
                   this Paragraph E, Assignee shall execute such documents as
                   may be reasonably requested by Assignor to acknowledge such
                   release. Any documents delivered to confirm such release
                   shall be prepared by counsel for Assignor at Assignor's
                   reasonable expense and shall expressly provide that such
                   confirmation is without recourse and without any
                   representation or warranty, express or implied (except that
                   Assignee shall represent that such document has been and is
                   duly authorized, that all necessary consents to the execution
                   and delivery thereof have been obtained and that it has not
                   assigned or encumbered this Swap Agreement). If the Swap
                   Agreement is released in its entirety, Assignee, at the
                   request and sole cost and expense of Assignor made at the
                   time of any such release, will execute and deliver to
                   Assignor a proper instrument or instruments acknowledging the
                   satisfaction and termination of this Assignment, and will
                   duly assign and transfer, without recourse and without any
                   representation or warranty, express or implied (except that
                   Assignee shall represent that such termination and such
                   assignment and transfer has been and is duly authorized, that
                   all necessary consents to the execution and delivery thereof
                   have been obtained and that it has not assigned or encumbered
                   the Swap Agreement) the Swap Agreement and deliver so much
                   thereof as shall be in its possession and as has not
                   theretofore been sold or otherwise



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<PAGE>


                   applied or released pursuant to this Assignment, together
                   with any moneys at the time held by Assignee hereunder and
                   not applied to the payment of the secured obligations of
                   Assignor.

         F.   THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
              WITH THE LAWS OF THE STATE OF NEW YORK.

         G.   This Assignment shall be binding upon and shall inure to the
              benefit of the heirs, legal representatives, successors and
              assigns of Assignor and Assignee.

         H.   This Assignment is executed and delivered by U.S. Bank Trust
              National Association ("U.S. Bank"), not individually or personally
              but solely as trustee of the Trust in the exercise of the powers
              and authority conferred and vested in it and the representations,
              undertakings and agreements herein made on the part of the Trust
              are made and intended not as personal representations,
              undertakings and agreements by U.S. Bank but are made and intended
              for the purpose of binding only the Trust. The parties hereto
              acknowledge that under no circumstances shall U.S. Bank be
              personally liable for the payment of any indebtedness or expenses
              of the Trust or be liable for the breach or failure of any
              obligation, representation, warranty or covenant made or
              undertaken by the Trust under this Assignment.


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<PAGE>


                 IN WITNESS  WHEREOF, the undersigned have executed this
Agreement as of the date first above written.


                                        ASSIGNOR:



                                     TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST

                                     By: U.S. Bank Trust National Association,
                                         not in its individual capacity but
                                         solely as Owner Trustee on behalf of
                                         the Issuer


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


                                     ASSIGNEE:

                                     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


                                     COUNTERPARTY:

                                     TOYOTA MOTOR CREDIT CORPORATION


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








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