| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| Delaware(State or other jurisdiction ofincorporation or organization of issuing entity)              | 88-6675527(I.R.S. Employer Identification No.) |
|------------------------------------------------------------------------------------------------------|------------------------------------------------|
|                                                                                                 |                                           |
| 6565 Headquarters Drive, W2-3DPlano, Texas(Address of principal executive offices of issuing entity) |  75024-5965(Zip Code)                     |

| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---------------------|-------------------|-------------------------------------------|
| Not applicable      | Not applicable    | Not applicable                            |

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|   | Large accelerated filer |  ☐ |   | Accelerated filer         |  ☐ |
|--------|-------------------------|---------------|--------|---------------------------|---------------|
|   | Non-accelerated filer   |  ☒ |   | Smaller reporting company |  ☐ |
|   |                    |          |   | Emerging growth company   |  ☐ |

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|  | Item 1. | Business. |
|--|---------|-----------|
|  | Item 1A. | Risk Factors. |
|--|----------|---------------|
|  | Item 1C. | Cybersecurity. |
|--|----------|----------------|
|  | Item 2. | Properties. |
|--|---------|-------------|
|  | Item 3. | Legal Proceedings. |
|--|---------|--------------------|

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|  | Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|--|---------|---------------------------------------------------------------------------------------------------------------------|

|  | Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|--|---------|----------------------------------------------------------------------------------------------|

|  | Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
|--|----------|-------------------------------------------------------------|

|  | Item 8. | Financial Statements and Supplementary Data. |
|--|---------|----------------------------------------------|

|  | Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
|--|---------|---------------------------------------------------------------------------------------|

|  | Item 9A. | Controls and Procedures. |
|--|----------|--------------------------|

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|  | Item 10. | Directors, Executive Officers and Corporate Governance. |
|--|----------|---------------------------------------------------------|

|  | Item 11. | Executive Compensation. |
|--|----------|-------------------------|

|  | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|--|----------|-------------------------------------------------------------------------------------------------|

|  | Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
|--|----------|----------------------------------------------------------------------------|

|  | Item 14. | Principal Accountant Fees and Services. |
|--|----------|-----------------------------------------|

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|  | (a) | The following documents are filed as part of this report: |
|--|-----|-----------------------------------------------------------|

|  | (1) | Not applicable. |
|--|-----|-----------------|

|  | (2) | Not applicable. |
|--|-----|-----------------|

|  | (3) | See Item 15(b) below. |
|--|-----|-----------------------|

|  | (b) | Exhibits Required by Item 601 of Regulation S-K. |
|--|-----|--------------------------------------------------|

| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1            | Certificate of Formation of Toyota Auto Finance Receivables LLC (“TAFR LLC”) (included in                Exhibit 3.1 to Amendment No. 1 to Registration Statement on Form S-3 (333-159170), as filed by the registrant with the Commission on May 28, 2009, which is incorporated herein by reference).                                                                                 |
| 3.2            | Limited Liability Company Agreement of TAFR LLC (included in Exhibit 3.2 to Amendment No. 1 to                Registration Statement on Form S-3 (333-159170), as filed by the registrant with the Commission on May 28, 2009, which is incorporated herein by reference).                                                                                                                          |
| 4.1            | Amended and Restated Trust Agreement, dated as of January 30, 2023, between TAFR LLC and                Wilmington Trust, National Association, as owner trustee (included in Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on January 30, 2023, which is incorporated herein by reference).                                                                              |
| 4.2            | Indenture, dated as of January 30, 2023, among the Trust and U.S. Bank Trust Co., as indenture                trustee (the “Indenture Trustee”), and U.S. Bank N.A., as securities intermediary (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on January 30, 2023, which is incorporated herein by reference).                                   |
| 4.3            | Sale and Servicing Agreement, dated as of January 30, 2023, among TAFR LLC, as seller, TMCC, as                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 January 30, 2023, which is incorporated herein by reference).                                                                                 |
| 4.4            | Receivables Purchase Agreement, dated as of January 30, 2023, 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 January 30, 2023, which is incorporated herein by reference).                                                                                                              |
| 4.5            | Administration Agreement, dated as of January 30, 2023, 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 January 30, 2023, which is incorporated herein by reference).                                                                                          |
| 4.6            | Securities Account Control Agreement, dated as of January 30, 2023, between 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 January 30, 2023, which is incorporated herein by reference).                                                                                  |
| 4.7            | Asset Representations Review Agreement, dated as of January 30, 2023, among the Trust, as issuer,                TMCC, as servicer and administrator, and Clayton Fixed Income Services LLC, as asset representations reviewer (included in Exhibit 4.7 to the Trust’s Form 8-K, as filed with the Commission on January 30, 2023, which is incorporated herein                by reference). |
| 31.1*          | Certification pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002, dated March 26, 2024.                                                                                                                                                                                                                                                                                       |
| 33.1*          | Report on Assessment of                Compliance with Applicable Regulation AB Servicing Criteria for Toyota Motor Credit Corporation, dated March 26, 2024.                                                                                                                                                                                                                                       |
| 33.2*          | Report on Assessment of                Compliance with Applicable Servicing Criteria for U.S. Bank Trust Co., dated February 27, 2024.                                                                                                                                                                                                                                                              |
| 34.1*          | Report of Independent Registered Public Accounting                Firm of PricewaterhouseCoopers LLP on Assessment of Compliance with Applicable Servicing Criteria relating to Toyota Motor Credit Corporation, dated March 26, 2024.                                                                                                                                                              |
| 34.2*          | Report of Independent Registered Public Accounting                Firm of Ernst & Young LLP on Assessment of Compliance with Applicable Servicing Criteria relating to U.S. Bank Trust Co., dated February 27, 2024.                                                                                                                                                                       |
| 35.1*          | Servicer Compliance Statement of Toyota Motor                Credit Corporation, dated March 26, 2024.                                                                                                                                                                                                                                                                                              |

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|                       | Toyota Auto Finance Receivables LLC                                                                                                                                                                                                                                                                         |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       | (Depositor)                                                                                                                                                                                                                                                                                                 |
| Date:  March 26, 2024 | By:  /s/ James Schofield                                              |
|                       | James Schofield                                                                                                                                                                                                                                                                                             |
|                       | Treasurer & Chief Financial Officer                                                                                                                                                                                                                                                                     |
|                       | (Senior officer in charge of securitization of the depositor)                                                                                                                                                                                                                                               |

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