The preliminary rating assigned to Toyota Auto Loan Extended Note Trust 2021-1's (TALNT 2021-1's) class A asset-backed notes series 2021-1 reflects: The transaction's initial revolving phase (up to five years), during which loan collections may be used to purchase additional receivables. The structure includes pool composition requirements, a credit enhancement test, and amortization triggers intended to limit deterioration in pool credit quality and credit enhancement during this period (see the Revolving Period section for more information). The availability, when the receivables pool meets the pool composition tests, of approximately 13.1% credit support to the class A notes based on stressed break-even cash flow scenarios. These credit support levels provide coverage of more than 5.00x our expected net loss of 2.00%