| Delaware(State or Other Jurisdiction ofIncorporation or Organization of issuing entity)               | 27-6596714(I.R.S. EmployerIdentification No. of issuing entity) |
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| 19851 S. Western AvenueTorrance, California(Address of principal executive offices of issuing entity) | 90501(Zip Code)                                                 |

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| ·   | With respect to servicing criteria 1122(d)(3)(i), 55 loans were charged off in the incorrect periods which resulted in inaccurate investor reporting for certain periods. |
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| ·   | With respect to servicing criteria 1122(d)(4)(vi), certain changes to the terms of obligors’ pool assets were not made and approved in accordance with Toyota Motor Credit Corporation’s policies and procedures. |
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| ·   | With respect to servicing criteria 1122(d)(4)(vii), certain changes with respect to loss mitigation and recovery actions were not conducted in accordance with Toyota Motor Credit Corporation’s policies and procedures. |
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| ·   | With respect to servicing criteria 1122(d)(4)(xiv), 55 loans were charged off in the incorrect periods. |
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|   |           (1)  Not applicable. |
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|   |           (2)  Not applicable. |
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|   |           (3)  See Item 15(b) below. |
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| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                               |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1            | Amended and Restated Trust Agreement, dated as of May 5, 2010, between TAFR LLC and U.S. Bank Trust National Association, as owner trustee (included in Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                               |
| 4.2            | Indenture dated as of May 5, 2010, between the Trust and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”) and securities intermediary (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).    |
| 4.3            | Sale and Servicing Agreement, dated as of May 5, 2010, among TAFR LLC, as seller, TMCC, as servicer (in such capacity, the “Servicer”) and sponsor, and the Trust, as issuer (included in Exhibit 4.3 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference). |
| 4.4            | Receivables Purchase Agreement, dated as of May 5, 2010, between TAFR LLC, as purchaser, and TMCC, as seller (included in Exhibit 4.4 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                                                             |
| 4.5            | Administration Agreement, dated as of May 5, 2010, among TMCC, as administrator, the Trust, as issuer and the Indenture Trustee (included in Exhibit 4.5 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                                          |
| 4.6            | Securities Account Control Agreement, dated as of May 5, 2010, among TAFR LLC, as pledgor and the Indenture Trustee, as secured party (included in Exhibit 4.6 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                               |
| 31.1*          | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated March 29, 2011.                                                                                                                                                                                                                                            |
| 33.1*          | Report on Assessment of Compliance with Servicing Criteria for Toyota Motor Credit Corporation, dated March 29, 2011.                                                                                                                                                                                                                     |
| 33.2*          | Report on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas, dated February 25, 2011.                                                                                                                                                                    |
| 34.1*          | Report of Independent Registered Public Accounting Firm of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to Toyota Motor Credit Corporation, dated March 29, 2011.                                                                                                                              |
| 34.2*          | Report of Independent Registered Public Accounting Firm of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas, dated February 25, 2011.                                                                                               |
| 35.1*          | Servicer Compliance Statement, dated March 29, 2011, of Toyota Motor Credit Corporation.                                                                                                                                                                                                                                                  |

|   | * Filed herewith |
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|   | Chris Ballinger |
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|   | President |
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| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                               |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1            | Amended and Restated Trust Agreement, dated as of May 5, 2010, between TAFR LLC and U.S. Bank Trust National Association, as owner trustee (included in Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                               |
| 4.2            | Indenture dated as of May 5, 2010, between the Trust and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”) and securities intermediary (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).    |
| 4.3            | Sale and Servicing Agreement, dated as of May 5, 2010, among TAFR LLC, as seller, TMCC, as servicer (in such capacity, the “Servicer”) and sponsor, and the Trust, as issuer (included in Exhibit 4.3 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference). |
| 4.4            | Receivables Purchase Agreement, dated as of May 5, 2010, between TAFR LLC, as purchaser, and TMCC, as seller (included in Exhibit 4.4 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                                                             |
| 4.5            | Administration Agreement, dated as of May 5, 2010, among TMCC, as administrator, the Trust, as issuer and the Indenture Trustee (included in Exhibit 4.5 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                                          |
| 4.6            | Securities Account Control Agreement, dated as of May 5, 2010, among TAFR LLC, as pledgor and the Indenture Trustee, as secured party (included in Exhibit 4.6 to the Trust’s Form 8-K, as filed with the Commission on May 5, 2010, which is incorporated herein by reference).                                               |
| 31.1*          | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated March 29, 2011.                                                                                                                                                                                                                                            |
| 33.1*          | Report on Assessment of Compliance with Servicing Criteria for Toyota Motor Credit Corporation, dated March 29, 2011.                                                                                                                                                                                                                     |
| 33.2*          | Report on Assessment of Compliance with Servicing Criteria for Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas, dated February 25, 2011.                                                                                                                                                                    |
| 34.1*          | Report of Independent Registered Public Accounting Firm of PricewaterhouseCoopers LLP on Assessment of Compliance with Servicing Criteria relating to Toyota Motor Credit Corporation, dated March 29, 2011.                                                                                                                         |
| 34.2*          | Report of Independent Registered Public Accounting Firm of KMPG LLP on Assessment of Compliance with Servicing Criteria relating to Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas, dated February 25, 2011.                                                                                               |
| 35.1*          | Servicer Compliance Statement, dated March 29, 2011, of Toyota Motor Credit Corporation.                                                                                                                                                                                                                                                  |

|   | * Filed herewith |
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