EXHIBIT 99.3
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December, 2002 | November 20, 2002 | December 20, 2002 | Total | ||||||||||||||||||||||
A. SUMMARY | |||||||||||||||||||||||||
Beginning Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | ||||||||||||||||||||
Class A-1 Notes | 240,000,000.00 | 159,876,468.35 | 0.6661520 | 55,865,466.34 | 24,258,065.31 | 80,123,531.65 | |||||||||||||||||||
Class A-2 Notes | 405,000,000.00 | 405,000,000.00 | 1.0000000 | — | — | — | |||||||||||||||||||
Class A-3 Notes | 545,000,000.00 | 545,000,000.00 | 1.0000000 | — | — | — | |||||||||||||||||||
Class A-4 Notes | 310,000,000.00 | 310,000,000.00 | 1.0000000 | — | — | — | |||||||||||||||||||
Certificates | 130,434,783.00 | 130,434,783.00 | 1.0000000 | — | — | — | |||||||||||||||||||
Total | $ | 1,630,434,783.00 | $ | 1,550,311,251.35 | $ | 55,865,466.34 | $ | 24,258,065.31 | $ | 80,123,531.65 | |||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | ||||||||||||||||||||||
Class A-1 Notes | 1.3850 | % | 332,400.00 | 226,690.07 | 559,090.07 | ||||||||||||||||||||
Class A-2 Notes | 1.7700 | % | 716,850.00 | 597,375.00 | 1,314,225.00 | ||||||||||||||||||||
Class A-3 Notes | 2.3600 | % | 1,286,200.00 | 1,071,833.33 | 2,358,033.33 | ||||||||||||||||||||
Class A-4 Notes | 2.7500 | % | 852,500.00 | 710,416.67 | 1,562,916.67 | ||||||||||||||||||||
Total | 3,187,950.00 | 2,606,315.07 | 5,794,265.07 | ||||||||||||||||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | |||||||||||||||||||||||||
Lease Payments Received | 57,497,660.36 | 24,241,315.83 | 81,738,976.19 | ||||||||||||||||||||||
Sales Proceeds — Early Terminations | 17,477,418.52 | 8,745,038.29 | 26,222,456.81 | ||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | — | — | — | ||||||||||||||||||||||
Security Deposits for Terminated Accounts | 61,900.00 | 33,425.00 | 95,325.00 | ||||||||||||||||||||||
Excess Wear and Tear Received | — | — | — | ||||||||||||||||||||||
Excess Mileage Charges Received | — | — | — | ||||||||||||||||||||||
Other Recoveries Received | — | 14,290.43 | 14,290.43 | ||||||||||||||||||||||
Subtotal: Total Collections | 75,036,978.88 | 33,034,069.55 | 108,071,048.43 | ||||||||||||||||||||||
Repurchase Payments | — | — | — | ||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | ||||||||||||||||||||||
Investment Earnings on Collection Account | — | — | — | ||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 75,036,978.88 | 33,034,069.55 | 108,071,048.43 | ||||||||||||||||||||||
Servicer Advance | — | — | — | ||||||||||||||||||||||
Total Available Funds | 75,036,978.88 | 33,034,069.55 | 108,071,048.43 | ||||||||||||||||||||||
C. DISTRIBUTIONS | |||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | ||||||||||||||||||||||
Servicing Fee: | |||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | ||||||||||||||||||||||
Servicing Fee Due in Current Period | 2,717,391.31 | 1,312,141.10 | 4,029,532.40 | ||||||||||||||||||||||
Servicing Fee Shortfall | — | — | — | ||||||||||||||||||||||
Administration Fee | |||||||||||||||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | ||||||||||||||||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 10,000.00 | ||||||||||||||||||||||
Administration Fee Shortfall | — | — | — | ||||||||||||||||||||||
Interest Paid to Noteholders | 3,187,950.00 | 2,606,315.07 | 5,794,265.07 | ||||||||||||||||||||||
Subtotal: Remaining Available Funds | |||||||||||||||||||||||||
Principal Paid to Noteholders | 55,865,466.34 | 24,258,065.31 | 80,123,531.65 | ||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | 13,261,171.24 | 4,852,548.07 | 18,113,719.31 | ||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | ||||||||||||||||||||||
Remaining Available Funds | — | — | — | ||||||||||||||||||||||
D. CALCULATIONS | |||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | |||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | |||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 38,837,342.82 | 16,007,337.83 | 54,844,680.64 | ||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | ||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 17,028,123.52 | 8,250,727.48 | 25,278,851.00 | ||||||||||||||||||||||
For Repurchases: Securitization Value (Beg. Of Collection Period) | — | — | — | ||||||||||||||||||||||
b) Principal Carryover Shortfall from Preceding Payment Date | — | — | — | ||||||||||||||||||||||
c) Additional Amounts to pay in full Notes on or after Final Scheduled Payment Date | — | — | — | ||||||||||||||||||||||
Principal Distribution Amount before Reserve Account Draw Amount | 55,865,466.34 | 24,258,065.31 | 80,123,531.65 | ||||||||||||||||||||||
Remaining Available Funds (Item 40) | 69,126,637.58 | 29,110,613.38 | 98,237,250.96 | ||||||||||||||||||||||
Available Funds Shortfall Amount (If Item 54 > 55, Item 54 less Item 55, else 0) | — | — | — | ||||||||||||||||||||||
Reserve Account Draw Amount (If Item 56 is > 0, Lesser of the Reserve Account Balance and Item 56) | — | — | — | ||||||||||||||||||||||
Principal Carryover Shortfall (If Item 56 > Item 57 less Item 57, else 0) | — | — | — | ||||||||||||||||||||||
Principal Distribution Amount (If Item 56 > 0, Item 57 plus Item 55, else Item 54) | 55,865,466.34 | 24,258,065.31 | 80,123,531.65 | ||||||||||||||||||||||
Calculation of Servicer Advance: |
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December, 2002 | November 20, 2002 | December 20, 2002 | Total | ||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 75,036,978.88 | 33,034,069.55 | |||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | |||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 2,717,391.31 | 1,312,141.10 | |||||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | |||||||||||||||
Less: Interest Paid to Noteholders (Item 39) | 3,187,950.00 | 2,606,315.07 | |||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 69,126,637.58 | 29,110,613.38 | |||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | N/A | |||||||||||||||
Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0) | — | — | — | ||||||||||||||
Reconciliation of Servicer Advance: | |||||||||||||||||
Beginning Balance of Servicer Advance | — | — | — | ||||||||||||||
Payment Date Advance Reimbursement | — | — | — | ||||||||||||||
Additional Payment Advances for current period | — | — | — | ||||||||||||||
Ending Balance of Payment Advance | — | — | — | ||||||||||||||
E. RESERVE ACCOUNT | |||||||||||||||||
Reserve Account Balances: | |||||||||||||||||
Specified Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | ||||||||||||||
Initial Reserve Account Balance | 24,456,521.74 | 24,456,521.74 | 24,456,521.74 | ||||||||||||||
Beginning Reserve Account Balance | 24,456,521.74 | 37,733,825.66 | 24,456,521.74 | ||||||||||||||
Plus: Net Investment Income for the Collection Period | 16,132.68 | 33,427.29 | 49,559.97 | ||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 24,472,654.42 | 37,767,252.95 | 24,506,081.71 | ||||||||||||||
Plus: Deposit of Excess Available Funds | 13,261,171.24 | 4,852,548.07 | 18,113,719.31 | ||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | ||||||||||||||
Subtotal Reserve Account Balance | 37,733,825.66 | 42,619,801.02 | 42,619,801.02 | ||||||||||||||
Less: Excess Reserve Account Funds to Transferor | — | — | — | ||||||||||||||
Equals: Ending Reserve Account Balance | 37,733,825.66 | 42,619,801.02 | 42,619,801.02 | ||||||||||||||
Current Period Net Residual Losses: | |||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | — | — | — | ||||||||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units | — | — | — | ||||||||||||||
Less: Excess Wear and Tear Received | — | — | — | ||||||||||||||
Less: Excess Mileage Received | — | — | — | ||||||||||||||
Current Period Net Residual Losses/(Gains) | — | — | — | ||||||||||||||
Cumulative Net Residual Losses: | |||||||||||||||||
Beginning Cumulative Net Residual Losses | — | — | — | ||||||||||||||
Current Period Net Residual Losses (Item 91) | — | — | — | ||||||||||||||
Ending Cumulative Net Residual Losses | — | — | — | ||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||
F. POOL STATISTICS | Initial | November 20, 2002 | December 20, 2002 | ||||||||||||||
Collateral Pool Balance Data | |||||||||||||||||
Aggregate Securitization Value | 1,630,434,784 | 1,574,569,318 | 1,550,311,252 | ||||||||||||||
Number of Current Contracts | 80,341 | 79,491 | 79,065 | ||||||||||||||
Weighted Average Lease Rate | 6.50 | % | 6.54 | % | 6.54 | % | |||||||||||
Average Remaining Term | 29.38 | 27.39 | 26.54 | ||||||||||||||
Average Original Term | 42.19 | 42.18 | 42.18 | ||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 1,630,434,784 | 1,574,569,318 | 1,630,434,784 | ||||||||||||||
Depreciation/Payments | (38,837,343 | ) | (16,007,338 | ) | (54,844,681 | ) | |||||||||||
Early Terminations | (17,028,124 | ) | (8,250,727 | ) | (25,278,851 | ) | |||||||||||
Scheduled Terminations | — | — | — | ||||||||||||||
Repurchase/Reallocation | — | — | — | ||||||||||||||
Pool Balance — End of Period | 1,574,569,318 | 1,550,311,252 | 1,550,311,252 | ||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | |||||||||||||||||
Current | 1,566,099,206 | 1,539,017,474 | |||||||||||||||
31 - 90 Days Delinquent | 8,470,112 | 10,686,160 | |||||||||||||||
90+ Days Delinquent | — | 607,618 | |||||||||||||||
Total | 1,574,569,318 | 1,550,311,252 | |||||||||||||||