Document:

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                                                                     EXHIBIT 4.5

                            ADMINISTRATION AGREEMENT

                                      among

                   TOYOTA AUTO RECEIVABLES 2002-B 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 May 1, 2002

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                                TABLE OF CONTENTS

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

2.      Records...............................................................8

3.      Compensation..........................................................8

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......................10

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

11.     Amendments...........................................................11

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

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

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

15.     Counterparts.........................................................12

16.     Severability of Provisions...........................................12

17.     Not Applicable to TMCC in Other Capacities...........................12

18.     Limitation of Liability of Owner Trustee and Indenture Trustee.......12

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

                                      -i-
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        ADMINISTRATION AGREEMENT dated as of May 1, 2002, among TOYOTA AUTO
RECEIVABLES 2002-B OWNER TRUST, a Delaware business trust (the "Issuer"), TOYOTA
MOTOR CREDIT CORPORATION, a California corporation, as administrator (the
"Administrator"), THE BANK OF NEW YORK, a national banking association, 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 2002-B 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 April 19, 2002 as amended and
restated by the Amended and Restated Trust Agreement dated as of May 1, 2002
(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 2002-B Owner
Trust $444,000,000 1.91375% Asset Backed Notes, Class A-1, the Toyota Auto
Receivables 2002-B Owner Trust $387,000,000 2.79% Asset Backed Notes Class A-2,
the Toyota Auto Receivables 2002-B Owner Trust $457,000,000 3.76% Asset Backed
Notes, Class A-3 and the Toyota Auto Receivables 2002-B Owner Trust $264,000,000
4.39% Asset Backed Notes Class A-4 (collectively, the "Notes") pursuant to the
Indenture dated as of May 1, 2002 (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 May 1, 2002, 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 May 1, 2002 (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, and the Revolving Liquidity Note 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");

        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

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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));

                             (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);

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                             (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 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));

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                             (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) 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);

                             (V) 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 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);

                             (W) 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

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               the Indenture Trustee and the Indenture Trustee provides the
               Administrator with all information necessary to prepare such
               reports (Section 7.04);

                             (X) 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);

                             (Y) 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);

                             (Z) 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);

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

                             (BB) 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);

                             (CC) 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));

                             (DD) 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));

                             (EE) 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);

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

                             (GG) 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

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               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.

               (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,

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        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 the Administrator, obtain and maintain any
        licenses required to be obtained or maintained by the Trust under the
        Pennsylvania Motor Vehicle Sales Finance Act or Maryland Sales Finance
        Company licensing regulations. 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 or
        Maryland Sales Finance Company licensing regulations 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.

                      (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

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        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 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.

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        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.

               (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,

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        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.

               (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.

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        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 2002-B Owner Trust
                      In care of:  U.S. Bank Trust National Association
                      300 East Delaware Avenue, Suite 813
                      Wilmington, Delaware  19801-1515
                      Attention:  Toyota Auto Receivables 2002-B Owner Trust

                      with a copy to:

                      400 N. Michigan Avenue, 2nd Floor
                      Chicago, Illinois  60611
                      Attention:  Toyota Auto Receivables 2002-B Owner Trust

               (b) if to the Administrator, to:

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

               (c) if to the Indenture Trustee, to:

                      Toyota Auto Receivables 2002-B Owner Trust
                      In care of:  The Bank of New York
                      5 Penn Plaza, 16th Floor
                      New York, New York  10001
                      Attention:  Asset Backed Securities -- Toyota Auto
                                  Receivables 2002-B 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.

                                       11
<PAGE>

        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.

        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

                                       12
<PAGE>

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 2002-B OWNER TRUST

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

                             By: /s/ MELISSA A. ROSAL
                                 -----------------------------------------------
                                 Name:  Melissa A. Rosal
                                 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 Treasurer

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

                             By: /s/ MELISSA A. ROSAL
                                 -----------------------------------------------
                                 Name:  Melissa A. Rosal
                                 Title: Vice President

                                      S-1<PAGE>
                                                                     EXHIBIT 4.6

                       REVOLVING LIQUIDITY NOTE AGREEMENT

                   TOYOTA AUTO RECEIVABLES 2002-B OWNER TRUST
                                    as Issuer

                                       and

                         TOYOTA MOTOR CREDIT CORPORATION
                                as Initial Holder

                            Dated as of May 23, 2002

<PAGE>

        REVOLVING LIQUIDITY NOTE AGREEMENT (this "Agreement") dated as of May
23, 2002 (this "Agreement"), by and between TOYOTA AUTO RECEIVABLES 2002-B OWNER
TRUST, a Delaware business trust, as issuer (the "Issuer") of the revolving
liquidity note (the "Revolving Liquidity Note") issued hereunder, and TOYOTA
MOTOR CREDIT CORPORATION, a California corporation ("TMCC"), as the initial
holder of the Revolving Liquidity Note.

                              W I T N E S S E T H:

               WHEREAS Toyota Auto Receivables 2002-B Owner Trust is issuing the
Toyota Auto Receivables 2002-B Owner Trust $444,000,000 1.91375% Asset Backed
Notes, Class A-1, the Toyota Auto Receivables 2002-B Owner Trust $387,000,000
2.79% Asset Backed Notes Class A-2, the Toyota Auto Receivables 2002-B Owner
Trust $457,000,000 3.76% Asset Backed Notes, Class A-3 and the Toyota Auto
Receivables 2002-B Owner Trust $264,000,000 4.39% Asset Backed Notes Class A-4
(collectively, the "Notes") pursuant to the Indenture dated as of May 1, 2002
(as amended and supplemented from time to time, the "Indenture"), between the
Issuer and the Indenture Trustee;

               WHEREAS the Issuer desires to enter into a credit and liquidity
enhancement arrangement that will provide funding for certain required payments
of principal and interest on the Notes in the event that Available Collections
and any amounts on deposit in the Reserve Account that are available to be paid
in respect thereof to Noteholders on any Payment Date are insufficient to fund
such payments;

               WHEREAS TMCC is willing to provide such credit and liquidity
enhancement on the terms described herein against delivery to it of the
Revolving Liquidity Note evidencing the obligation of the Issuer to repay
amounts so funded on the terms set forth herein and in the Revolving Liquidity
Note;

               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:

                                    Article I

                                   Definitions

               Capitalized terms used herein and not defined herein shall have
the meanings ascribed thereto in the Sale and Servicing Agreement dated as of
May 1, 2002, among the Issuer, TMCC, as servicer, and TAFR LLC, as seller (the
"Sale and Servicing Agreement").

                                   Article II

                  Funding by Holder of Revolving Liquidity Note

               Section 2.1. General Funding Obligation. Pursuant to Section
5.06(b) of the Sale and Servicing Agreement, on each Determination Date, the
Servicer shall calculate the amount, if any, by which the amounts to be
distributed in respect of interest on or principal of the Notes pursuant to
Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Sale and Servicing

                                       2
<PAGE>

Agreement exceed the amount of Available Collections that will be available to
make such payments and will determine whether amounts on deposit in the Reserve
Account, if any, that are available therefor will be sufficient to fund such
payments on the related Payment Date. If, in accordance with the Sale and
Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of
the Issuer that it has determined that Available Collections and amounts on
deposit in the Reserve Account that will be available to make such payments will
be insufficient therefor, then the Indenture Trustee on behalf of the Issuer
will have the right to request the holder of the Revolving Liquidity Note (the
"Holder") to fund such shortfall (such request, or any request for funding
described in Section 2.2 hereof, a "Draw"); provided that the Holder will not be
obligated to fund any such shortfall to the extent that the aggregate of the
amounts funded by it hereunder and not previously repaid equals or exceeds
$8,000,009 (the parties hereto agreeing that interest accrued on the Revolving
Liquidity Note as described herein will not be considered an amount funded by
the Holder for purposes of such calculation). The "Undrawn Amount" of the
Revolving Liquidity Note is an amount equal to $8,000,009 less an amount equal
to the aggregate of all amounts funded pursuant to any previous Draw Requests
(as defined in Section 2.3) that have not yet been repaid pursuant to Section
2.4 (the parties hereto agreeing that interest accrued on the Revolving
Liquidity Note as described herein will not be considered an amount funded by
the Holder for purposes of such calculation, and any amount paid in respect of
such accrued interest will not be considered to increase the Undrawn Amount).

               Section 2.2. Additional Funding Obligations. If at any time prior
to the Final Payment Date either (i) the short-term unsecured debt rating of
TMCC falls below P-1 by Moody's or A-1+ by S&P (or in either case, such lower
ratings as may be permitted by Moody's and S&P), or (ii) the Holder fails to
fund the amount specified in any Draw Request prepared and submitted to the
Holder in accordance with Sections 2.1 and 2.3 of this Agreement, then the
Indenture Trustee on behalf of the Issuer will have the right to request that
the entire Undrawn Amount of the Revolving Liquidity Note be funded. To the
extent the entire Undrawn Amount is fully funded pursuant to this Section 2.2,
the Undrawn Amount shall be reduced to zero and shall no longer be subject to
draws.

               Section 2.3. Draw Mechanics. Not fewer than two Business Days
prior to the relevant Payment Date, in the case of a Draw described in Section
2.1, and on any Business Day, in the case of a Draw described in Section 2.2,
the Issuer, by action of the Indenture Trustee or of the Administrator on behalf
of the Indenture Trustee (following the assignment of this Agreement to the
Indenture Trustee pursuant to Section 2.5 and until the Indenture terminates in
accordance with its provisions), may deliver a written request (each such
request, a "Draw Request") for funds in the amount of the shortfall described in
Section 2.1 or the entire Undrawn Amount in the case of a Draw pursuant to
Section 2.2. Any such Draw Request may be delivered by facsimile transmission
and hard copy to: Toyota Motor Credit Corporation, (310) 468-5715, Attn: Vice
President, Treasury, Re: Toyota Auto Receivables 2002-B Owner Trust Revolving
Liquidity Note Draw Request. Not later than 2:00 p.m. on the Business Day
following delivery of any Draw Request, the Holder will fund the indicated draw
by wire transfer of immediately available funds to the following account:

                              The Bank of New York
                                ABA: 021-000-018
                                  Acct: 879331

                                       3
<PAGE>

                   Acct Name: Toyota 2002-B Collection Account
                        For further credit: TAS # 879331
                         Attn: John Bobko (212) 328-7553

               Section 2.4. Repayment of Funded Draws. Subject to the following
sentences, the Issuer is obligated to repay all funded Draws together with
interest accrued on the daily outstanding balance of all funded Draws from the
date made until the date all funded Draws are repaid at 4.69% per annum,
calculated daily on the basis of a year of 365 or 366 days, as applicable. The
parties hereto (and the assignees and third-party beneficiaries hereof, by
accepting the assignment of this Agreement as contemplated in Section 2.5
hereof) agree that Draws will be repaid in part or in whole on any each
succeeding Payment Date on which amounts are available therefor in accordance
with the provisions of Section 5.06(c)(v) or 5.06(d)(iv) of the Sale and
Servicing Agreement, and interest accrued on the daily outstanding amount of
funded Draws will be payable on and after the Payment Date on which all funded
Draws are repaid and on which amounts are available therefore in accordance with
the provisions of Section 5.06(c)(vi) or 5.06(d)(v) of the Sale and Servicing
Agreement. Payments to the Holder in respect of funded Draws or accrued interest
will be made either by (i) netting by TMCC of amounts that would be repayable on
any Payment Date to the extent amounts would be available therefor in accordance
with the provisions of Section 5.06(c)(v) and (vi) or 5.06(d)(iv) and (v) of the
Sale and Servicing Agreement against amounts it is otherwise required to deposit
into the Collection Account in its capacity as Servicer in accordance with
Section 5.04(f) of the Sale and Servicing Agreement, or by wire transfer of
immediately available funds to the following account:

                      Bank of America, Concord, California
                               ABA No. 121-000-358
                               A/C No. 12351-07564
                       A/C Toyota Motor Credit Corporation

        Notwithstanding the foregoing, if following liquidation of the Owner
Trust Estate pursuant to Article IX of the Indenture the Trust has insufficient
funds to make required payments to the Holder of the Revolving Liquidity Note
pursuant to Article V of the Sale and Servicing Agreement, then all amounts due
under the Revolving Liquidity Note will be deemed to have been paid in full and
this Agreement shall terminate with no further payment owing from the Trust.

               Section 2.5. Assignment; Third Party Beneficiaries. The parties
hereto acknowledge and agree that the right to receive amounts funded by the
Holder under the Revolving Liquidity Note and all other rights of the Issuer
under this Agreement will be assigned by the Issuer to the Indenture Trustee
pursuant to the Indenture for the benefit of the Noteholders, and that the
Indenture Trustee, on behalf of the Noteholders, and such Noteholders, are
intended to be third-party beneficiaries of this Agreement from and after such
assignment and until the Indenture is terminated in accordance with its terms.
In addition, the Holder expressly acknowledges that, pursuant to the Indenture,
the Indenture Trustee will exercise its right to request funds hereunder in
every circumstance when such request may be made in accordance with the terms of
this Agreement. Nothing in this Agreement or in the Revolving Liquidity Note,
whether express or implied, shall be construed to give to any other Person any
legal or

                                       4
<PAGE>

equitable right, remedy or claim under or in respect of this Agreement or the
Revolving Liquidity Note, or any covenants, conditions or provisions contained
herein or therein.

                                   Article III

                            Revolving Liquidity Note

               Section 3.1. Issuance of Revolving Liquidity Note. On the date
hereof, the Issuer will execute and deliver to the Holder, and the Owner Trustee
will authenticate, a physical certificate evidencing the Revolving Liquidity
Note, substantially in the form of Exhibit A hereto. Each Revolving Liquidity
Note issued hereunder will evidence the repayment obligations of the Issuer set
forth in Section 2.4 hereof and the funding obligations of the Holder thereof
set forth in Section 2.1 and 2.2 hereof, and will be dated the date of its
issuance.

               Section 3.2. Terms. Upon issuance, the Undrawn Amount of the
Revolving Liquidity Note shall be $8,000,009. The Undrawn Amount will be reduced
by the amount of each Draw funded by the Holder, and increased by amounts repaid
to the Holder pursuant to Section 2.4 up to a maximum of $8,000,009, excluding
interest paid on the Revolving Liquidity Note. Interest will accrue on the
average daily outstanding excess of $8,000,009 over the Undrawn Amount from and
including the date of any Draw to but excluding the date on which the Undrawn
Amount is reduced to zero. Although the Revolving Liquidity Note is secured by
the Owner Trust Estate, all payments in respect of funded Draws and interest
accrued thereon shall be fully subordinated to required payments to the
Noteholders and to required deposits into the Reserve Account as set forth in
the Sale and Servicing Agreement.

               Section 3.3. Transfer. Prior to the termination of the Indenture,
the Holder may not transfer, assign or convey the Revolving Liquidity Note or
this Agreement unless: (i) the purported transferee, assignee or recipient of
such conveyance has executed a written agreement to be bound by all of the terms
and provisions of this Agreement; (ii) such action shall not, as evidenced by an
Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee,
adversely affect in any material respect the interests of any Noteholder or
Certificateholder; and (iii) the Indenture Trustee (x) has received a letter
from Standard & Poor's to the effect that Standard & Poor's will not qualify,
reduce or withdraw the rating it has currently assigned to any Class of Notes as
a result of such transfer, assignment or conveyance and (y) has provided Moody's
with 10 days prior written notice of such intended transfer, assignment or
conveyance and Moody's shall not have notified the Indenture Trustee that such
transfer, assignment or conveyance might or would result in the qualification,
reduction or withdrawal of the rating it has currently assigned to any Class of
Notes. The Revolving Liquidity Note may not be transferred, assigned or conveyed
in part; any transfer, conveyance or assignment must be in respect of 100% of
the Revolving Liquidity Note. The Issuer (or the Administrator on behalf of the
Issuer) will maintain a register in which it will record the name and contact
information for each Holder. No transfer, assignment or conveyance of the
Revolving Liquidity Note will be effective prior to notice to the Issuer and the
Indenture Trustee and recordation by the Issuer (or the Administrator on behalf
of the Issuer) thereof in such register.

               Section 3.4. No Set-Off. Without affecting the provisions of this
Agreement requiring the calculation of payment amounts, all payments under this
Agreement will be made without set-off or counterclaims against payments owing
to the Servicer under the Basic

                                       5
<PAGE>

Documents, and the parties hereto waive any right of set-off or counterclaim
that any such party may have at law or equity.

                                   Article IV
                            Miscellaneous Provisions

               Section 4.1. Fees and Expenses. No party shall receive fees or
expenses in connection with this Agreement.

               Section 4.2. Assignment by Issuer. The Holder hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security
interest by the Issuer to the Indenture Trustee pursuant to the Indenture for
the benefit of the Noteholders of all right, title and interest of the Issuer to
and/or the assignment of any or all of the Issuer's rights and obligations
hereunder to the Indenture Trustee.

               Section 4.3. Amendment. Prior to the termination of the
Indenture, this Agreement may be amended by the Issuer and the Holder, with the
consent of the Indenture Trustee, but without the consent of any of the
Noteholders or the Certificateholder, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions in
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholder; provided, however, that (i) such action shall not, as
evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely
affect in any material respect the interests of any Noteholder or
Certificateholder, and (ii) the Indenture Trustee (x) has received a letter from
Standard & Poor's to the effect that Standard & Poor's will not qualify, reduce
or withdraw the rating it has currently assigned to any Class of Notes as a
result of such amendment and (y) has provided Moody's with 10 days prior written
notice of such amendment and Moody's shall not have notified the Indenture
Trustee that such amendment might or would result in the qualification,
reduction or withdrawal of the rating it has currently assigned to any Class of
Notes. After the termination of the Indenture, this Agreement may be amended in
writing by the Issuer and the Holder without notice to or consent of any other
Person.

               Section 4.4. Notices. All demands, notices, communications and
instructions upon or to the Issuer, the initial Holder, the Owner Trustee, the
Indenture Trustee or the Rating Agencies under this Agreement shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt (a) in the
case of the initial Holder, to Toyota Motor Credit Corporation, 19001 S. Western
Avenue, Torrance, California 90509, Attention: Vice President, Treasury, (310)
468-4001, (b) in the case of the Issuer or the Owner Trustee, at the Corporate
Trust Office (as defined in the Trust Agreement), with a copy to 400 N. Michigan
Avenue, 2nd Floor, Chicago, Illinois 60611, (c) in the case of the Indenture
Trustee, at the Corporate Trust Office specified in the Indenture, (d) in the
case of Moody's, to Moody's Investors Service, Inc., ABS Monitoring Department,
99 Church Street, New York, New York 10007, (f) in the case of Standard &
Poor's, to Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, 55 Water Street, New York, New York 10041, Attention of Asset Backed
Surveillance Department; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

                                       6
<PAGE>

               Section 4.5. Holder's Nonpetition Covenant.

        Notwithstanding any prior termination of this Agreement, the Holder will
not, prior to the date which is one year and one day after the termination of
this Agreement with respect to the Issuer or Seller, acquiesce, petition or
otherwise invoke or cause the Issuer to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against
the Issuer or Seller under any federal or state bankruptcy, insolvency or
similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or Seller or any
substantial part of the property of either of them, or ordering the winding up
or liquidation of the affairs of the Issuer or Seller.

               Section 4.6. No Proceedings. There is no action, suit or
proceeding before or by any court or governmental agency or body, domestic or
foreign, now pending, or to the Holder's knowledge, threatened, against or
affecting the Holder: (i) asserting the invalidity of this Agreement or the
Revolving Liquidity Note, (ii) seeking to prevent the issuance of the Revolving
Liquidity Note or the consummation of any of the transactions contemplated by
this Agreement, (iii) seeking any determination or ruling that might materially
and adversely affect the performance by the Holder of its obligations under, or
the validity or enforceability of, this Agreement, or (iv) relating to the
Holder and which might adversely affect the federal income tax attributes of the
Issuer or the Revolving Liquidity Note.

               Section 4.7. Severability. Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

               Section 4.8. Termination. This Agreement shall terminate upon the
termination of the Amended and Restated Trust Agreement pursuant to Article IX
of the Amended and Restated Trust Agreement.

               Section 4.9. Separate Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

               Section 4.10. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

               Section 4.11. Limitation on Liability. Notwithstanding anything
contained herein to the contrary, this Agreement has been countersigned by U.S.
Bank Trust National Association, not in its individual capacity, but solely in
its capacity as Owner Trustee on behalf of the Issuer. In no event shall U.S.
Bank Trust National Association in its individual capacity 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 by the Holder, or prepared by the Holder for delivery by the Owner
Trustee on behalf of the Issuer, pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuer. For all

                                       7
<PAGE>

purposes of this Agreement, in the performance of its duties or obligations
hereunder or in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement.

               Section 4.12. Governing Law. This Agreement shall be 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.

                [Remainder of this page intentionally left blank]

                                       8
<PAGE>

               IN WITNESS WHEREOF, the Issuer and the initial Holder have caused
this Agreement to be duly executed by their respective officers as of the day
and year first above written.

                                TOYOTA AUTO RECEIVABLES 2002-B OWNER TRUST, as
                                Issuer

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

                                By: /s/ MELISSA A. ROSAL
                                    --------------------------------------------
                                    Name:  Melissa A. Rosal
                                    Title: Vice President

                                TOYOTA MOTOR CREDIT CORPORATION, as Holder

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

                                      S-1
<PAGE>

                                    EXHIBIT A

                        FORM OF REVOLVING LIQUIDITY NOTE

THIS REVOLVING LIQUIDITY NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933
ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION IN RELIANCE ON
EXEMPTIONS PROVIDED BY THE 1933 ACT AND SUCH STATE OR FOREIGN SECURITIES LAWS.
NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE SHALL BE MADE
EXCEPT IN COMPLIANCE WITH SECTION 3.3 OF THE REVOLVING LIQUIDITY NOTE AGREEMENT
AND EITHER (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933
ACT OR (ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS.

THE PRINCIPAL OF THIS REVOLVING LIQUIDITY NOTE IS PAYABLE SOLELY FROM FUNDS
AVAILABLE THEREFOR PURSUANT TO ARTICLE V OF THE SALE AND SERVICING AGREEMENT
REFERRED TO HEREIN. THE HOLDER HEREOF IS REQUIRED TO FUND CERTAIN DRAWS
REQUESTED BY THE ISSUER HEREOF (OR BY CERTAIN OTHER PERSONS REFERRED TO HEREIN)
UP TO A MAXIMUM PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME OF $8,000,009. THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE AT ANY TIME MAY BE
LESS THAN SUCH MAXIMUM AMOUNT. REPAYMENT OF THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS REVOLVING LIQUIDITY NOTE, AND OF INTEREST ACCRUED HEREON, IS SUBJECT TO THE
AVAILABILITY OF FUNDS FOR SUCH PURPOSE AS SET FORTH IN ARTICLE V OF THE SALE AND
SERVICING AGREEMENT REFERRED TO HEREIN, AND IS FULLY SUBORDINATED TO THE PAYMENT
OF INTEREST ON AND PRINCIPAL OF CERTAIN OTHER SECURITIES ISSUED BY THE ISSUER
HEREOF AND TO THE DEPOSIT INTO THE RESERVE ACCOUNT REFERRED TO HEREIN OF AMOUNTS
REQUIRED TO BE DEPOSITED THEREIN.

THIS REVOLVING LIQUIDITY NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED
OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, TOYOTA MOTOR CREDIT CORPORATION,
TOYOTA AUTO FINANCE RECEIVABLES LLC, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR
ANY OF THEIR RESPECTIVE AFFILIATES.

THIS REVOLVING LIQUIDITY NOTE, OR A BENEFICIAL INTEREST HEREIN, MAY NOT BE
TRANSFERRED UNLESS THE TRUSTEE HAS RECEIVED (I) A CERTIFICATE FROM THE
TRANSFEREE TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN,
TRUST OR ACCOUNT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED ("ERISA"), OR SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A GOVERNMENTAL PLAN DEFINED IN
SECTION 3(32) OF ERISA OR SECTION 414(d) OF THE CODE SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF

                                  Exhibit A-1
<PAGE>

ERISA OR THE CODE (EACH, A "BENEFIT PLAN") AND IS NOT AN ENTITY, INCLUDING AN
INSURANCE COMPANY SEPARATE ACCOUNT OR AN INSURANCE COMPANY GENERAL ACCOUNT IF
THE ASSETS IN ANY SUCH ACCOUNTS CONSTITUTE "PLAN ASSETS" FOR PURPOSES OF
REGULATION SECTION 2510.3-101 OF ERISA, WHOSE UNDERLYING ASSETS INCLUDE BENEFIT
PLAN ASSETS BY REASON OF A BENEFIT PLAN'S INVESTMENT IN THE ENTITY AND (II) A
CERTIFICATE TO THE EFFECT THAT IF THE TRANSFEREE IS A PARTNERSHIP, GRANTOR TRUST
OR S CORPORATION FOR FEDERAL INCOME TAX PURPOSES (A "FLOW-THROUGH ENTITY"), ANY
REVOLVING LIQUIDITY NOTES OWNED BY SUCH FLOW-THROUGH ENTITY WILL REPRESENT LESS
THAN 50% OF THE VALUE OF ALL THE ASSETS OWNED BY SUCH FLOW-THROUGH ENTITY AND NO
SPECIAL ALLOCATION OF INCOME, GAIN, LOSS, DEDUCTION OR CREDIT FROM SUCH
REVOLVING LIQUIDITY NOTES WILL BE MADE AMONG THE BENEFICIAL OWNERS OF SUCH
FLOW-THROUGH ENTITY.

IN ADDITION, NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE OR ANY
INTEREST THEREIN SHALL BE PERMITTED UNLESS IMMEDIATELY AFTER GIVING EFFECT TO
SUCH RESALE OR OTHER TRANSFER, THERE WOULD BE FEWER THAN 100 REVOLVING LIQUIDITY
NOTEHOLDERS.

                                  Exhibit A-2
<PAGE>

                   TOYOTA AUTO RECEIVABLES OWNER TRUST 2002-B

                            REVOLVING LIQUIDITY NOTE

                                 Representing a
                         Maximum Amount of Funded Draws
                      outstanding at any time not to exceed
                                   $8,000,009

               This certifies that TOYOTA MOTOR CREDIT CORPORATION (the
"Holder") is the registered owner of this Revolving Liquidity Note representing
the right to receive the payment of certain Draws funded as described in the
Revolving Liquidity Note Agreement (the "Revolving Liquidity Note Agreement")
dated as of May 23, 2002, between Toyota Auto Receivables Owner Trust 2002-B, as
issuer (the "Issuer") and Toyota Motor Credit Corporation, as initial holder
hereof. Capitalized terms used herein and not defined herein shall have the
meanings ascribed thereto in the Revolving Liquidity Note Agreement and in the
Sale and Servicing Agreement dated as of May 1, 2002, among the Issuer, Toyota
Motor Credit Corporation ("TMCC"), as servicer, and TAFR LLC, as seller (the
"Sale and Servicing Agreement").

               This Revolving Liquidity Note represents a 100% undivided
interest in the right of the Holder to receive repayment in full of the
aggregate amount of funded Draws and interest accrued thereon as and to the
extent such amounts are payable in accordance with the Revolving Liquidity Note
Agreement. All of the provisions of the Revolving Liquidity Note Agreement and
Sale and Servicing Agreement are incorporated by reference and comprise integral
parts of this Revolving Liquidity Note. The following summary of certain
provisions thereof is not and does not purport to be complete. By its acceptance
hereof, the holder of this Revolving Liquidity Note (the "Holder") assents to
and is bound by the terms, provisions and conditions of the Revolving Liquidity
Note Agreement, including the provisions thereof (i) setting forth the
obligation of the Holder of this Revolving Liquidity Note to fund Draws as and
when properly requested pursuant to Article II thereof, (ii) specifying that
this Revolving Liquidity Note is secured only by certain assets of the Issuer
and is payable only from certain collections in respect thereof that are
available for such purpose in accordance with the priority of payments set forth
in Article V of the Sale and Servicing Agreement, and (iii) specifying that all
payments in respect of funded Draws and interest accrued thereon shall be fully
subordinated to required payments to the holders of certain other securities
issued by the Issuer and to required deposits into a specified reserve account
established for the benefit of the holders of such other securities in
accordance with the Sale and Servicing Agreement.

               The "Undrawn Amount" of the Revolving Liquidity Note is an amount
equal to $8,000,009 less an amount equal to the aggregate of all amounts funded
pursuant to any previous Draw Requests that have not yet been repaid pursuant to
Section 2.4 of the Revolving Liquidity Note Agreement, and increased by amounts
repaid to the Holder pursuant to Section 2.4 of the Revolving Liquidity Note
Agreement up to a maximum of $8,000,009 (interest accrued on the Revolving
Liquidity Note not being considered an amount funded by the Holder for purposes
of such calculation, and any amount paid in respect of such accrued interest
will not be considered

                                  Exhibit A-3
<PAGE>

to increase the Undrawn Amount). To the extent the entire Undrawn Amount is
fully funded pursuant to Section 2.2 of the Revolving Liquidity Note Agreement,
the Undrawn Amount shall be reduced to zero and shall no longer be subject to
draws. Interest will accrue on the average daily outstanding excess of
$8,000,009 over the Undrawn Amount from and including the date of any Draw to
but excluding the date on which the Undrawn Amount is reduced to zero at 4.69%
per annum, calculated daily on the basis of a year of 365 or 366 days, as
applicable.

        Subject to the more detailed provisions concerning payments to be made
to the Holder of the Revolving Liquidity Note set forth in the Revolving
Liquidity Note Agreement and the Sale and Servicing Agreement, generally,
repayment of Draws previously funded by the (or a) Holder of the Revolving
Liquidity Note, and interest accrued thereon as described below, will be made on
the 15th day of each calendar month, or if such day is not a Business Day, then
on the next succeeding Business Day, to the extent funds are available therefor.
Notwithstanding the foregoing, if following liquidation of the Owner Trust
Estate pursuant to Article IX of the Indenture the Trust has insufficient funds
to make required payments to the Holder of the Revolving Liquidity Note pursuant
to Article V of the Sale and Servicing Agreement, then all amounts due under the
Revolving Liquidity Note will be deemed to have been paid in full and this
Agreement shall terminate with no further payment owing from the Trust.

        Prior to the termination of the Indenture, this Agreement may be amended
by the Issuer and the Holder, with the consent of the Indenture Trustee, but
without the consent of any of the Noteholders or the Certificateholder, to cure
any ambiguity, to correct or supplement any provisions in this Agreement or for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions in this Agreement or of modifying in any manner the rights
of the Noteholders or the Certificateholder; provided, however, that (i) such
action shall not, as evidenced by an Opinion of Counsel delivered to the
Indenture Trustee, adversely affect in any material respect the interests of any
Noteholder or Certificateholder, and (ii) the Indenture Trustee (x) has received
a letter from Standard & Poor's to the effect that Standard & Poor's will not
qualify, reduce or withdraw the rating it has currently assigned to any Class of
Notes as a result of such amendment and (y) has provided Moody's with 10 days
prior written notice of such amendment and Moody's shall not have notified the
Indenture Trustee that such amendment might or would result in the
qualification, reduction or withdrawal of the rating it has currently assigned
to any Class of Notes. After the termination of the Indenture, this Agreement
may be amended in writing by the Issuer and the Holder without notice to or
consent of any other Person.

        Prior to the termination of the Indenture, the Holder may not transfer,
assign or convey this Revolving Liquidity Note or the Revolving Liquidity Note
Agreement unless: (i) the purported transferee, assignee or recipient of such
conveyance has executed a written agreement to be bound by all of the terms and
provisions of the Revolving Liquidity Note Agreement; (ii) such action shall
not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and
the Indenture Trustee, adversely affect in any material respect the interests of
any Noteholder or Certificateholder; and (iii) the Indenture Trustee (x) has
received a letter from Standard & Poor's to the effect that Standard & Poor's
will not qualify, reduce or withdraw the rating it has currently assigned to any
Class of Notes as a result of such transfer, assignment or conveyance and (y)
has provided Moody's with 10 days prior written notice of such intended
transfer, assignment or conveyance and Moody's shall not have notified the
Indenture Trustee that such

                                  Exhibit A-4
<PAGE>

transfer, assignment or conveyance might or would result in the qualification,
reduction or withdrawal of the rating it has currently assigned to any Class of
Notes. The Revolving Liquidity Note may not be transferred, assigned or conveyed
in part; any transfer, conveyance or assignment must be in respect of 100% of
this Revolving Liquidity Note. The Issuer (or the Administrator on behalf of the
Issuer) will maintain a register in which it will record the name and contact
information for each Holder. No transfer, assignment or conveyance of this
Revolving Liquidity Note will be effective prior to notice to the Issuer and the
Indenture Trustee and recordation by the Issuer (or the Administrator on behalf
of the Issuer) thereof in such register.

        No recourse may be taken, directly or indirectly, with respect to the
obligations of the Holder of this Revolving Liquidity Note under the Revolving
Liquidity Note Agreement or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any Certificateholder or other owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in its
individual capacity, any Certificateholder or other owner of a beneficial
interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any
successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee, in their
capacities as such, have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity.

        By its acceptance of this Revolving Liquidity Note, the Holder agrees
that it will not, prior to the date which is one year and one day after the
termination of the Revolving Liquidity Note Agreement with respect to the Issuer
or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke
the process of any court or government authority for the purpose of commencing
or sustaining a case against the Issuer or Seller under any federal or state
bankruptcy, insolvency or similar law, or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Issuer or Seller or any substantial part of the property of either of them, or
ordering the winding up or liquidation of the affairs of the Issuer or Seller.

        THIS REVOLVING LIQUIDITY NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA.

                                  Exhibit A-5
<PAGE>

               IN WITNESS WHEREOF, the Issuer has caused this Revolving
Liquidity Note to be duly executed.

                                TOYOTA AUTO RECEIVABLES 2002-B OWNER TRUST, as
                                   Issuer

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

                                By:
                                    --------------------------------------------
                                    Name:
                                    Title:

Dated: May __, 2002

                                  Exhibit A-6
<PAGE>

                                    EXHIBIT B

                  FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST

                   Toyota Auto Receivables 2002-B Owner Trust
                            c/o The Bank of New York
                            5 Penn Plaza, 16th Floor
                            New York, New York 10001

Toyota Motor Credit Corporation
19001 South Western Avenue
Torrance, California  90509
Attn: Vice President, Treasury
Facsimile: (310) 468-5715

               Re:  Toyota Auto Receivables 2002-B Owner Trust Revolving
                    Liquidity Note Draw Request

Ladies and Gentlemen:

        This notice confirms the Issuer's request for a draw on the Revolving
Liquidity Note pursuant to Section [2.1] [2.2] of the Revolving Liquidity Note
Agreement in the principal amount of $_________. Please advance the requested
drawn amount as set forth in Section 2.3 of the Revolving Liquidity Note
Agreement.

        Please acknowledge receipt of this notice by executing below and
returning to the above-listed address.

                                            Very truly yours,

                                            [Administrator] [Indenture Trustee]

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:

        ACKNOWLEDGED:

        Toyota Motor Credit Corporation

        By:
           ---------------------------------
           Name:
           Title:

                                  Exhibit B-1

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