UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

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

For the fiscal year ended December 31, ~~2021~~2022

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

For the transition period from _______ to _______

Commission file number of issuing entity: 333-228027-02

Commission file number of depositor: 333-228027

TOYOTA AUTO RECEIVABLES 2019-B OWNER TRUST

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity: 0001773407

TOYOTA AUTO FINANCE RECEIVABLES LLC

(Exact name of depositor and registrant as specified in its charter)

Central Index Key Number of depositor and registrant: 0001131131

TOYOTA MOTOR CREDIT CORPORATION

(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor: 0000834071

Delaware (State or other jurisdiction of incorporation or organization of issuing entity)	38-7219964 (I.R.S. Employer Identification No. ~~of issuing entity~~)
6565 Headquarters Drive, W2-3D Plano, Texas (Address of principal executive offices of issuing entity)	75024-5965 (Zip Code)

Registrant’s telephone number, including area code: (469) 486-9020

Securities registered pursuant to Section 12(b) of the Act: None

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐No No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☐ Yes ☐No No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant has ﬁled a report on and attestation to its management’s assessment of the eﬀectiveness of its internal control over ﬁnancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting ﬁrm that prepared or issued its audit report.

☐

~~☐Yes ☒~~If Nosecurities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

☐ Yes ☒ No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

REGISTRANT HAS NO VOTING OR NON-VOTING COMMON EQUITY OUTSTANDING HELD BY NON-AFFILIATES.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

NOT APPLICABLE.

PART I

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

Item 1.

Business.

Item 1A.

Risk Factors.

Item 2.

Properties.

Item 3.

Legal Proceedings.

Item 1B. Unresolved Staff Comments.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

The following substitute information is provided in accordance with General Instruction J to Form 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets.

No single obligor represents 10% or more of the asset pool owned by Toyota Auto Receivables 2019-B Owner Trust (the “Trust”).

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments.

No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment on the pool assets owned by the Trust or payments on the notes (the “Notes”) or the certificate (the “Certificate”) issued by the Trust.

Item 1115(b) of Regulation AB. Certain Derivatives Instruments.

No entity or group of affiliated entities provides any external derivative instruments to either payment on the pool assets owned by the Trust or payments on the Notes or the Certificate.

Item 1117 of Regulation AB. Legal Proceedings.

The following ~~five~~six paragraphs are disclosures received from U.S. Bank Trust Company, National Association (“U.S. Bank Trust Co.”), which serves as the indenture trustee under the indenture for the Toyota Auto Receivables 2019-B Owner Trust transaction.

U.S. Bank ~~and~~National ~~other~~Association ~~large~~(“U.S. ~~financial~~Bank ~~institutions~~N.A.”) ~~have~~made ~~been~~a ~~sued~~strategic indecision ~~their~~to ~~capacity~~reposition asits ~~trustee~~corporate ortrust ~~successor~~business ~~trustee~~by ~~for~~transferring ~~certain~~substantially ~~residential~~all ~~mortgage backed~~of ~~securities~~its ~~(“RMBS”)~~corporate ~~trusts. The~~trust ~~complaints,~~business ~~primarily~~to its ~~filed~~affiliate, ~~by investors or investor groups against~~ U.S. Bank ~~and~~Trust ~~similar institutions~~Co., ~~allege the trustees caused losses to investors as~~ a ~~result~~non-depository oftrust ~~alleged~~company ~~failures~~(U.S. byBank ~~the~~N.A. ~~sponsors, mortgage loan sellers~~ and ~~servicers~~U.S. toBank ~~comply~~Trust ~~with~~Co. ~~the~~are ~~governing~~collectively ~~agreements~~referred ~~for~~to ~~these~~herein ~~RMBS~~as ~~trusts~~“U.S. Bank”). ~~Plaintiffs~~Upon ~~generally~~U.S. ~~assert~~Bank ~~causes~~Trust ~~of action based upon the trustees~~Co.’s ~~purported~~succession ~~failures~~ to ~~enforce~~the ~~repurchase~~business ~~obligations~~ of ~~mortgage~~U.S. ~~loan~~Bank ~~sellers for alleged breaches of representations and warranties~~N.A., ~~notify~~it ~~securityholders~~became ofa ~~purported~~wholly owned ~~events~~subsidiary of ~~default~~U.S. ~~allegedly~~Bank ~~caused~~N.A. The byIndenture ~~breaches~~Trustee ofwill ~~servicing~~maintain ~~standards~~the byaccounts ~~mortgage~~of ~~loan~~the ~~servicers~~issuing ~~and~~entity ~~abide~~in bythe aname ~~heightened~~of ~~standard~~the ofIndenture ~~care~~Trustee ~~following~~at ~~alleged events~~U.S. ofBank ~~default~~N.A.

U.S. Bank ~~denies~~N.A. ~~liability~~ and ~~believes~~other ~~that~~large itfinancial ~~has~~institutions ~~performed~~have ~~its~~been ~~obligations~~sued ~~under~~in ~~the~~their capacity as trustee or successor trustee for certain residential mortgage-backed securities (“RMBS”) trusts. The incomplaints, ~~good~~primarily ~~faith,~~filed ~~that~~by ~~its~~investors ~~actions~~or ~~were~~investor ~~not~~groups against U.S. Bank N.A. and similar institutions, allege the ~~cause~~ oftrustees caused losses to investors, ~~that~~as ita ~~has~~result ~~meritorious~~of ~~defenses,~~alleged ~~and~~failures itby ~~has~~the ~~contested~~sponsors, mortgage loan sellers and ~~intends~~servicers to comply ~~continue~~with ~~contesting~~ the ~~plaintiffs’~~governing ~~claims~~agreements ~~vigorously~~for these RMBS trusts. ~~However,~~Plaintiffs ~~U.S.~~generally ~~Bank~~assert ~~cannot~~causes ~~assure~~of ~~you~~action asbased toupon the ~~outcome~~trustees’ purported failures to enforce repurchase obligations of ~~any~~mortgage loan sellers for alleged breaches of ~~the~~representations ~~litigation~~and warranties, ornotify ~~the possible~~securityholders ~~impact~~of purported events of ~~these~~default ~~litigations~~allegedly oncaused ~~the~~by ~~trustee~~breaches orof ~~the~~servicing ~~RMBS~~standards ~~trusts~~by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

OnU.S. ~~March~~Bank 9,N.A. ~~2018,~~denies aliability ~~law~~and ~~firm~~believes ~~purporting~~that toit ~~represent~~has ~~fifteen~~performed ~~Delaware~~its ~~statutory~~obligations ~~trusts~~under (the ~~“DSTs”)~~RMBS ~~that~~trusts ~~issued~~in ~~securities~~good ~~backed~~faith, bythat ~~student~~its ~~loans (the~~actions ~~“Student~~were ~~Loans”)~~not ~~filed a lawsuit in~~ the ~~Delaware~~cause ~~Court~~ of ~~Chancery~~losses ~~against~~to ~~U.S.~~investors, ~~Bank~~that init has ~~its~~meritorious ~~capacities~~defenses, ~~as indenture trustee~~ and ~~successor~~it ~~special~~has ~~servicer,~~contested and ~~three~~intends ~~other institutions in their respective transaction capacities, with respect~~ to ~~the~~continue ~~DSTs~~contesting ~~and~~ the ~~Student~~plaintiffs’ ~~Loans~~claims vigorously. ~~This lawsuit is captioned The National Collegiate Student Loan Master Trust I~~However, ~~et al. v.~~ U.S. Bank ~~National Association, et al~~N.~~, C.~~A. ~~No.~~cannot ~~2018-0167-JRS~~assure ~~(Del.~~you ~~Ch.) (the “NCMSLT Action”). The complaint,~~ as ~~amended on~~to ~~June 15, 2018, alleged that~~ the ~~DSTs~~outcome ~~have been harmed as a result~~ of ~~purported~~any ~~misconduct or omissions by the defendants concerning administration~~ of the ~~trusts~~litigation, ~~and~~or ~~special servicing of~~ the ~~Student~~possible ~~Loans. Since~~impact ~~the filing~~ of ~~the~~these ~~NCMSLT~~litigations ~~Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based~~ on ~~certain allegations made on behalf of~~ the ~~DSTs~~trustee inor the ~~NCMSLT~~RMBS ~~Action~~trusts.

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the “DSTs”) that issued securities backed by student loans (the “Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S. Bank ~~has~~N.A. ~~filed~~in aits ~~motion~~capacities ~~seeking~~as ~~dismissal~~indenture oftrustee ~~the~~and ~~operative~~successor ~~complaint~~special servicer, and three other institutions in ~~its~~their ~~entirety~~respective ~~with~~transaction ~~prejudice~~capacities, ~~pursuant~~with respect to ~~Chancery~~the ~~Court~~DSTs ~~Rules~~and ~~12(b)(1)~~the Student Loans. This ~~and~~ lawsuit 12is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (bDel. Ch.) (6the “NCMSLT Action”). The orcomplaint, inas ~~the~~amended ~~alternative~~on June 15, a2018, ~~stay~~alleged ofthat the ~~case~~DSTs ~~while~~have ~~other~~been ~~prior~~harmed ~~filed~~as ~~disputes~~a result of

~~involving~~purported ~~the~~misconduct ~~DSTs~~or ~~and~~omissions by the ~~Student~~defendants ~~Loans~~concerning ~~are~~administration ~~litigated. On~~of ~~November~~the 7,trusts ~~2018,~~and ~~the~~special ~~Court~~servicing ~~ruled~~of ~~that~~ the ~~case~~Student ~~should~~Loans. Since bethe ~~stayed~~filing ~~in its entirety pending resolution~~ of the ~~first-filed~~NCMSLT ~~cases. On~~Action, ~~January~~certain Student ~~21,~~Loan ~~2020,~~borrowers ~~the~~have ~~Court~~made ~~entered~~assertions anagainst ~~order~~U.S. ~~consolidating~~Bank ~~for~~N.A. ~~pretrial~~concerning ~~purposes~~special ~~the~~servicing ~~NCMSLT~~that ~~Action~~appear ~~and~~to ~~three~~be ~~other~~based ~~lawsuits~~on ~~pending~~certain inallegations ~~the~~made ~~Delaware~~on ~~Court~~behalf of ~~Chancery concerning~~ the DSTs ~~and~~in the ~~Student~~ ~~Loans,~~NCMSLT ~~which remains pending~~Action.

U.S. Bank ~~denies~~N.A. ~~liability~~has infiled ~~the~~a ~~NCMSLT~~motion ~~Action~~seeking ~~and~~dismissal ~~believes~~of itthe ~~has~~operative ~~performed~~complaint in its ~~obligations~~entirety aswith ~~indenture~~prejudice ~~trustee~~pursuant ~~and~~to ~~special~~Chancery ~~servicer~~Court inRules ~~good faith~~12(b)(1) and in12(b)(6) ~~compliance~~or, in ~~all~~the ~~material~~alternative, a ~~respects~~stay ~~with~~of the ~~terms~~case ofwhile ~~the~~other ~~agreements~~prior ~~governing~~filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that itthe ~~has~~case ~~meritorious~~should ~~defenses~~be stayed in its entirety pending resolution of the first-filed cases. ItOn ~~has~~January 21, ~~contested~~2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and ~~intends~~three toother ~~continue~~lawsuits ~~contesting~~pending in the ~~plaintiffs’~~Delaware ~~claims~~Court ~~vigorously~~of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank N.A. denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs’ claims vigorously.

PART II

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

Item 5.

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

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

Item 8.

Financial Statements and Supplementary Data.

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Item 9A.

Controls and Procedures.

Item 9B. Other Information.

Nothing to report.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

PART III

The following Items have been omitted in accordance with General Instruction J to Form 10-K:

Item 10.

Directors, Executive Officers and Corporate Governance.

Item 11.

Executive Compensation.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

Item 14.

Principal Accountant Fees and Services.

The following substitute information is provided in accordance with General Instruction J to Form 10-K:

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.

Each of TMCC, U.S. Bank N.A. and U.S. Bank ~~National~~Trust ~~Association~~Co. (each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function during the year ended December 31, ~~2021~~2022 (the “~~2021~~2022 Reporting Period”) with respect to the pool assets owned by the Trust. Each Servicing Participant has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) as of December 31, ~~2021~~2022, and for the ~~2021~~2022 Reporting Period. In addition, each Servicing Participant has provided an attestation report (each, an “Attestation Report”) by a registered public accounting firm regarding its Report on Assessment. Each Report on Assessment and Attestation Report is attached as an exhibit to this Form 10-K.

Neither the Report on Assessment nor the Attestation Report for TMCC has identified any material instance of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to TMCC.

Neither the Report on Assessment nor the Attestation Report for U.S. Bank ~~National~~Trust ~~Association~~Co. and U.S. Bank N.A. has identified any material instance of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to U.S. Bank ~~National~~Trust ~~Association~~Co. or U.S. Bank N.A., as applicable.

Item 1123 of Regulation AB. Servicer Compliance Statement.

TMCC has been identified by the registrant as a servicer during the ~~2021~~2022 Reporting Period with respect to the pool assets owned by the Trust. TMCC has provided a statement of compliance for the ~~2021~~2022 Reporting Period, signed by an authorized officer, and such compliance statement is attached as an exhibit to this Form 10-K.

PART IV

Item 15. Exhibit and Financial Statement Schedules.

(a)

The following documents are filed as part of this report:

(1)

Not applicable.

(2)

Not applicable.

(3)

See Item 15(b) below.

(b)

Exhibits Required by Item 601 of Regulation S-K.

Exhibit Number	Description
3.1	Certificate of Formation of Toyota Auto Finance Receivables LLC (“TAFR LLC”) (included in Exhibit 3.1 to Amendment No. 1 to Registration Statement on Form S-3 (333-159170), as filed by the registrant with the Commission on May 28, 2009, which is incorporated herein by reference).
3.2	Limited Liability Company Agreement of TAFR LLC (included in Exhibit 3.2 to Amendment No. 1 to Registration Statement on Form S-3 (333-159170), as filed by the registrant with the Commission on May 28, 2009, which is incorporated herein by reference).
4.1	Amended and Restated Trust Agreement, dated as of May 8, 2019, between TAFR LLC and Wilmington Trust, National Association, as owner trustee (included in Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
4.2	Indenture, dated as of May 8, 2019, ~~between~~among the Trust and U.S. Bank ~~National~~Trust ~~Association~~Co. (as successor to U.S. Bank N.A.), as indenture trustee (the “Indenture Trustee”), and U.S. Bank N.A., as securities intermediary (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
4.3	Sale and Servicing Agreement, dated as of May 8, 2019, among TAFR LLC, as seller, TMCC, as servicer and sponsor, and the Trust, as issuer (included in Exhibit 4.3 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
4.4	Receivables Purchase Agreement, dated as of May 8, 2019, between TAFR LLC, as purchaser, and TMCC, as seller (included in Exhibit 4.4 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
4.5	Administration Agreement, dated as of May 8, 2019, among TMCC, as administrator, the Trust, as issuer, and the Indenture Trustee (included in Exhibit 4.5 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
4.6	Securities Account Control Agreement, dated as of May 8, 2019, between TAFR LLC, as pledgor, and the Indenture Trustee, as secured party (included in Exhibit 4.6 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
4.7	Asset Representations Review Agreement, dated as of May 8, 2019, among the Trust, as issuer, TMCC, as servicer and administrator, and Clayton Fixed Income Services LLC, as asset representations reviewer (included in Exhibit 4.7 to the Trust’s Form 8-K, as filed with the Commission on May 8, 2019, which is incorporated herein by reference).
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated March 2827, ~~2022~~2023.
33.1*	Report on Assessment of Compliance with Applicable Regulation AB Servicing Criteria for Toyota Motor Credit Corporation, dated March 2827, ~~2022~~2023.
33.2*	Report on Assessment of Compliance with Applicable Servicing Criteria for U.S. Bank ~~National~~Trust ~~Association~~Co. and U.S. Bank N.A., dated February 2527, ~~2022~~2023.
34.1*	Report of Independent Registered Public Accounting Firm of PricewaterhouseCoopers LLP on Assessment of Compliance with Applicable Servicing Criteria relating to Toyota Motor Credit Corporation, dated March 2827, ~~2022~~2023.
34.2*	Report of Independent Registered Public Accounting Firm of Ernst & Young LLP on Assessment of Compliance with Applicable Servicing Criteria relating to U.S. Bank ~~National~~Trust ~~Association~~Co. and U.S. Bank N.A., dated February 2527, ~~2022~~2023.
35.1*	Servicer Compliance Statement of Toyota Motor Credit Corporation, dated March 2827, ~~2022~~2023.
99.1	Amendment No. 1 to Sale and Servicing Agreement, dated as of December 19, 2022, among the Trust, TAFR LLC and TMCC (included in Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on December 20, 2022, which is incorporated herein by reference).

_____________

* Filed herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Toyota Auto Finance Receivables LLC (Depositor) Date: March 28, 2022 By: /s/ Scott Cooke Scott Cooke President, Chief Executive Officer & Chief Financial Officer (Senior officer in charge of securitization of the depositor)

	Toyota Auto Finance Receivables LLC
	(Depositor)
Date: March 27, 2023	By: /s/ Scott Cooke
	Scott Cooke
	President, Chief Executive Officer & Chief Financial Officer
	(Senior officer in charge of securitization of the depositor)

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT

No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

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