<PAGE>

                              UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549

                    ----------------------------------


                                 FORM 8-K

                              CURRENT REPORT


                  Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934



      Date of Report (Date of earliest event reported):    November 25, 1998
                                                         --------------------




                       Toyota Auto Lease Trust 1998-B
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)





    California                   333-57109                     33-0755530
-------------------           ----------------            -------------------
  (State or other               (Commission                  (IRS Employer
  jurisdiction of               File Number)              Identification No.)
   incorporation)




          c/o Toyota Leasing, Inc.
         19001 South Western Avenue
            Torrance, California                                 90509
----------------------------------------------            -------------------
   (Address of principal executive offices)                    (Zip Code)



Registrant's telephone number, including area code:         (310) 787-1310
                                                          -------------------


                          Exhibit Index is on Page 2

                                 Page 1 of 3


<PAGE>

Item 5.  Other Events
         ------------


On November 25, 1998, interest collected during the calendar month as provided 
for in the 1998-B Securitization Trust Agreement dated as of September 1, 1998 
between Toyota Leasing, Inc. ("TLI"), as "Transferor", and U.S. Bank National 
Association ("USBNA"), as "Trustee", and the 1998-B SUBI Supplement to the 
Amended and Restated Trust and Servicing Agreement, dated September 1, 1998, 
among TMTT, Inc., as "Titling Trustee", Toyota Motor Credit Corporation 
("TMCC"), as "Servicer", and USBNA, as "Trust Agent" (the "Agreements"), was 
allocated to the holders of certificates representing undivided fractional 
interests in the Toyota Auto Lease Trust 1998-B (the "Certificateholders").  
In accordance with the Agreements, the Servicer's Certificate, as defined in 
the Agreements, was furnished to the Trustee for the benefit of the 
Certificateholders and was distributed by the Trustee to the 
Certificateholders.  A copy of the Servicer's Certificate for the month of 
October 1998 is filed as Exhibit 20 to this Current Report on Form 8-K.


Item 7(c).  Exhibits

            Exhibit Number    Description
            --------------    -----------

             20               Servicer's Certificate for the month of
                              October, 1998.



























                                      -2-



<PAGE>

                                 SIGNATURES
                                 ----------


Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.


                            TOYOTA AUTO LEASE TRUST 1998-B

                            BY:  TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER


Date:  December 1, 1998    By:              /S/ GREGORY WILLIS
       ----------------          --------------------------------------------
                                                Gregory Willis
                                  Vice President-Finance and Administration
                                        (Principal Accounting Officer)




































                                      -3-
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UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION

                          Washington, D.C. 20549

                    ----------------------------------

                                 FORM 8-K

                              CURRENT REPORT

                  Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported):    November 25, 1998
                                                         --------------------

                       Toyota Auto Lease Trust 1998-B
           ------------------------------------------------------
           (Exact name of registrant as specified in its charter)

    California                   333-57109                     33-0755530
-------------------           ----------------            -------------------
  (State or other               (Commission                  (IRS Employer
  jurisdiction of               File Number)              Identification No.)
   incorporation)

          c/o Toyota Leasing, Inc.
         19001 South Western Avenue
            Torrance, California                                 90509
----------------------------------------------            -------------------
   (Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code:         (310) 787-1310
                                                          -------------------

                          Exhibit Index is on Page 2

                                 Page 1 of 3
Item 5.  Other Events
         ------------

On November 25, 1998, interest collected during the calendar month as provided 
for in the 1998-B Securitization Trust Agreement dated as of September 1, 1998 
between Toyota Leasing, Inc. ("TLI"), as "Transferor", and U.S. Bank National 
Association ("USBNA"), as "Trustee", and the 1998-B SUBI Supplement to the 
Amended and Restated Trust and Servicing Agreement, dated September 1, 1998, 
among TMTT, Inc., as "Titling Trustee", Toyota Motor Credit Corporation 
("TMCC"), as "Servicer", and USBNA, as "Trust Agent" (the "Agreements"), was 
allocated to the holders of certificates representing undivided fractional 
interests in the Toyota Auto Lease Trust 1998-B (the "Certificateholders").  
In accordance with the Agreements, the Servicer's Certificate, as defined in 
the Agreements, was furnished to the Trustee for the benefit of the 
Certificateholders and was distributed by the Trustee to the 
Certificateholders.  A copy of the Servicer's Certificate for the month of 
October 1998 is filed as Exhibit 20 to this Current Report on Form 8-K.

Item 7(c).  Exhibits

            Exhibit Number    Description
            --------------    -----------

             20               Servicer's Certificate for the month of
                              October, 1998.

                                      -2-
SIGNATURES
                                 ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.

                            TOYOTA AUTO LEASE TRUST 1998-B

                            BY:  TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER

Date:  December 1, 1998    By:              /S/ GREGORY WILLIS
       ----------------          --------------------------------------------
                                                Gregory Willis
                                  Vice President-Finance and Administration
                                        (Principal Accounting Officer)

                                      -3-