Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003
EXHIBIT 99.3
A. SUMMARY | ||||||||||||
Beginning Balance | Ending Balance | Note Factor | ||||||||||
Class A-1 Notes | 240,000,000.00 | — | — | |||||||||
Class A-2 Notes | 405,000,000.00 | 137,342,716.69 | 0.3391178 | |||||||||
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 | $ | 1,122,777,499.69 | ||||||||
Coupon Rate | ||||||||||||
Class A-1 Notes | 1.3850 | % | ||||||||||
Class A-2 Notes | 1.7700 | % | ||||||||||
Class A-3 Notes | 2.3600 | % | ||||||||||
Class A-4 Notes | 2.7500 | % | ||||||||||
Total | ||||||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||
Lease Payments Received | ||||||||||||
Sales Proceeds - Early Terminations | ||||||||||||
Sales Proceeds - Scheduled Terminations | ||||||||||||
Security Deposits for Terminated Accounts | ||||||||||||
Excess Wear and Tear Received | ||||||||||||
Excess Mileage Charges Received | ||||||||||||
Other Recoveries Received | ||||||||||||
Subtotal: Total Collections | ||||||||||||
Repurchase Payments | ||||||||||||
Postmaturity Term Extension | ||||||||||||
Investment Earnings on Collection Account | ||||||||||||
Total Available Funds, prior to Servicer Advances | ||||||||||||
Servicer Advance | ||||||||||||
Total Available Funds | ||||||||||||
C. DISTRIBUTIONS | ||||||||||||
Payment Date Advance Reimbursement | ||||||||||||
Servicing Fee: | ||||||||||||
Servicing Fee Shortfall from Prior Periods | ||||||||||||
Servicing Fee Due in Current Period | ||||||||||||
Servicing Fee Shortfall | ||||||||||||
Administration Fee | ||||||||||||
Administration Fee Shortfall from Prior Periods | ||||||||||||
Administration Fee Due in Current Period | ||||||||||||
Administration Fee Shortfall | ||||||||||||
Interest Paid to Noteholders | ||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | ||||||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | ||||||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | ||||||||||||
Interest Shortfall from Prior Periods Class A-4 Notes | ||||||||||||
Interest Due in Current Period Class A-1 Notes | ||||||||||||
Interest Due in Current Period Class A-2 Notes | ||||||||||||
Interest Due in Current Period Class A-3 Notes | ||||||||||||
Interest Due in Current Period Class A-4 Notes | ||||||||||||
Interest Shortfall Class A-1 Notes | ||||||||||||
Interest Shortfall Class A-2 Notes | ||||||||||||
Interest Shortfall Class A-3 Notes | ||||||||||||
Interest Shortfall Class A-4 Notes | ||||||||||||
Principal Paid to Noteholders | ||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | ||||||||||||
Other Amounts paid to Trustees | ||||||||||||
Remaining Available Funds |
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||
January-03 | February-03 | March-03 | ||||||||||
A. SUMMARY | ||||||||||||
Principal Payment | Principal Payment | Principal Payment | ||||||||||
Class A-1 Notes | $ | 30,171,678.25 | 27,856,518.23 | 36,320,206.45 | ||||||||
Class A-2 Notes | — | — | — | |||||||||
Class A-3 Notes | — | — | — | |||||||||
Class A-4 Notes | — | — | — | |||||||||
Certificates | — | — | — | |||||||||
Total | $ | 30,171,678.25 | $ | 27,856,518.23 | $ | 36,320,206.45 | ||||||
Interest Payment | Interest Payment | Interest Payment | ||||||||||
Class A-1 Notes | 184,524.09 | 139,720.88 | 125,386.54 | |||||||||
Class A-2 Notes | 597,375.00 | 597,375.00 | 597,375.00 | |||||||||
Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | |||||||||
Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | |||||||||
Total | 2,564,149.09 | 2,519,345.88 | 2,505,011.54 | |||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||
Lease Payments Received | 34,036,086.42 | 25,288,537.93 | 27,259,027.94 | |||||||||
Sales Proceeds - Early Terminations | 10,681,196.00 | 10,551,502.01 | 11,138,452.21 | |||||||||
Sales Proceeds - Scheduled Terminations | 274,342.58 | 327,339.13 | 1,132,117.92 | |||||||||
Security Deposits for Terminated Accounts | 31,401.00 | 45,300.00 | 39,688.00 | |||||||||
Excess Wear and Tear Received | — | — | — | |||||||||
Excess Mileage Charges Received | — | — | — | |||||||||
Other Recoveries Received | — | — | 18,875.83 | |||||||||
Subtotal: Total Collections | 45,023,026.00 | 36,212,679.07 | 39,588,161.90 | |||||||||
Repurchase Payments | — | — | — | |||||||||
Postmaturity Term Extension | — | — | — | |||||||||
Investment Earnings on Collection Account | — | — | — | |||||||||
Total Available Funds, prior to Servicer Advances | 45,023,026.00 | 36,212,679.07 | 39,588,161.90 | |||||||||
Servicer Advance | — | — | 485,625.30 | |||||||||
Total Available Funds | 45,023,026.00 | 36,212,679.07 | 40,073,787.20 | |||||||||
C. DISTRIBUTIONS | ||||||||||||
Payment Date Advance Reimbursement | — | — | — | |||||||||
Servicing Fee: | ||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | |||||||||
Servicing Fee Due in Current Period | 1,291,926.04 | 1,266,782.98 | 1,243,569.21 | |||||||||
Servicing Fee Shortfall | — | — | ||||||||||
Administration Fee | ||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | |||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||
Administration Fee Shortfall | — | — | — | |||||||||
Interest Paid to Noteholders | ||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-4 Notes | — | — | — | |||||||||
Interest Due in Current Period Class A-1 Notes | 184,524.09 | 139,720.88 | 125,386.54 | |||||||||
Interest Due in Current Period Class A-2 Notes | 597,375.00 | 597,375.00 | 597,375.00 | |||||||||
Interest Due in Current Period Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | |||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | |||||||||
Interest Shortfall Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall Class A-4 Notes | — | — | — | |||||||||
Principal Paid to Noteholders | 30,171,678.25 | 27,856,518.23 | 36,320,206.45 | |||||||||
Amount Paid to Reserve Account to Reach Specified Balance | 10,990,272.61 | 4,565,031.98 | — | |||||||||
Other Amounts paid to Trustees | — | — | — | |||||||||
Remaining Available Funds | — | — | — | |||||||||
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||
April-03 | May-03 | June-03 | ||||||||||
A. SUMMARY | ||||||||||||
Principal Payment | Principal Payment | Principal Payment | ||||||||||
Class A-1 Notes | 28,232,170.12 | 36,890,938.23 | 404,957.07 | |||||||||
Class A-2 Notes | — | — | 34,563,001.27 | |||||||||
Class A-3 Notes | — | — | — | |||||||||
Class A-4 Notes | — | — | — | |||||||||
Certificates | — | — | — | |||||||||
Total | $ | 28,232,170.12 | $ | 36,890,938.23 | $ | 34,967,958.34 | ||||||
Interest Payment | Interest Payment | Interest Payment | ||||||||||
Class A-1 Notes | 73,109.30 | 44,480.54 | 482.97 | |||||||||
Class A-2 Notes | 597,375.00 | 597,375.00 | 597,375.00 | |||||||||
Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | |||||||||
Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | |||||||||
Total | 2,452,734.30 | 2,424,105.54 | 2,380,107.97 | |||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||
Lease Payments Received | 24,845,668.07 | 31,335,430.77 | 24,296,318.72 | |||||||||
Sales Proceeds - Early Terminations | 9,957,720.71 | 12,564,868.74 | 16,210,618.43 | |||||||||
Sales Proceeds - Scheduled Terminations | 1,167,246.77 | 864,069.42 | 1,759,915.01 | |||||||||
Security Deposits for Terminated Accounts | 77,775.00 | 106,800.00 | 79,600.00 | |||||||||
Excess Wear and Tear Received | — | — | — | |||||||||
Excess Mileage Charges Received | — | — | — | |||||||||
Other Recoveries Received | — | 1,519.85 | 747.35 | |||||||||
Subtotal: Total Collections | 36,048,410.55 | 44,872,688.78 | 42,347,199.51 | |||||||||
Repurchase Payments | — | — | — | |||||||||
Postmaturity Term Extension | — | — | — | |||||||||
Investment Earnings on Collection Account | — | — | — | |||||||||
Total Available Funds, prior to Servicer Advances | 36,048,410.55 | 44,872,688.78 | 42,347,199.51 | |||||||||
Servicer Advance | — | — | — | |||||||||
Total Available Funds | 36,048,410.55 | 44,872,688.78 | 42,347,199.51 | |||||||||
C. DISTRIBUTIONS | ||||||||||||
Payment Date Advance Reimbursement | 485,625.30 | — | — | |||||||||
Servicing Fee: | ||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | |||||||||
Servicing Fee Due in Current Period | 1,213,302.37 | 1,189,775.57 | 1,159,033.12 | |||||||||
Servicing Fee Shortfall | ||||||||||||
Administration Fee | ||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | |||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||
Administration Fee Shortfall | — | — | — | |||||||||
Interest Paid to Noteholders | ||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-4 Notes | — | — | — | |||||||||
Interest Due in Current Period Class A-1 Notes | 73,109.30 | 44,480.54 | 482.97 | |||||||||
Interest Due in Current Period Class A-2 Notes | 597,375.00 | 597,375.00 | 597,375.00 | |||||||||
Interest Due in Current Period Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | |||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | |||||||||
Interest Shortfall Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall Class A-4 Notes | — | — | — | |||||||||
Principal Paid to Noteholders | 28,232,170.12 | 36,890,938.23 | 34,967,958.34 | |||||||||
Amount Paid to Reserve Account to Reach Specified Balance | 3,659,578.46 | 4,362,869.45 | — | |||||||||
Other Amounts paid to Trustees | — | — | — | |||||||||
Remaining Available Funds | — | — | 3,835,100.09 | |||||||||
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003
EXHIBIT 99.3
D. CALCULATIONS | ||||||||||||
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||
January-03 | February-03 | March-03 | ||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||
For Current Units: Change in Securitization Value | 19,586,088.56 | 17,231,172.53 | 24,127,626.96 | |||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | |||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 10,585,589.69 | 10,625,345.71 | 12,192,579.49 | |||||||||
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 | 30,171,678.25 | 27,856,518.23 | 36,320,206.45 | |||||||||
Remaining Available Funds (Item 40) | 41,161,950.87 | 32,421,550.21 | 36,320,206.45 | |||||||||
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) | 30,171,678.25 | 27,856,518.23 | 36,320,206.45 | |||||||||
Calculation of Servicer Advance: | ||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 45,023,026.00 | 36,212,679.07 | 39,588,161.90 | |||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | |||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 1,291,926.04 | 1,266,782.98 | 1,243,569.21 | |||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||
Less: Interest Paid to Noteholders (Item 39) | 2,564,149.09 | 2,519,345.88 | 2,505,011.54 | |||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 41,161,950.87 | 32,421,550.21 | 35,834,581.15 | |||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | N/A | 6,262,065.55 | |||||||||
Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0) | — | — | 485,625.30 | |||||||||
Reconciliation of Servicer Advance: | ||||||||||||
Beginning Balance of Servicer Advance | — | — | — | |||||||||
Payment Date Advance Reimbursement | — | — | — | |||||||||
Additional Payment Advances for current period | — | — | 485,625.30 | |||||||||
Ending Balance of Payment Advance | — | — | 485,625.30 | |||||||||
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 | 42,619,801.02 | 53,653,384.51 | 58,262,759.80 | |||||||||
Plus: Net Investment Income for the Collection Period | 43,310.88 | 44,343.31 | 56,493.54 | |||||||||
Subtotal: Reserve Fund Available for Distribution | 42,663,111.90 | 53,697,727.82 | 58,319,253.34 | |||||||||
Plus: Deposit of Excess Available Funds | 10,990,272.61 | 4,565,031.98 | — | |||||||||
Less: Reserve Account Draw Amount | — | — | — | |||||||||
Subtotal Reserve Account Balance | 53,653,384.51 | 58,262,759.80 | 58,319,253.34 | |||||||||
Less: Excess Reserve Account Funds to Transferor | — | — | — | |||||||||
Equals: Ending Reserve Account Balance | 53,653,384.51 | 58,262,759.80 | 58,319,253.34 | |||||||||
Current Period Net Residual Losses: | ||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 274,221.07 | 328,361.24 | 1,213,373.46 | |||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units | (274,342.58 | ) | (327,339.13 | ) | (1,132,117.92 | ) | ||||||
Less: Excess Wear and Tear Received | — | — | — | |||||||||
Less: Excess Mileage Received | — | — | — | |||||||||
Current Period Net Residual Losses/(Gains) | (121.51 | ) | 1,022.11 | 81,255.54 | ||||||||
Cumulative Net Residual Losses: | ||||||||||||
Beginning Cumulative Net Residual Losses | — | (121.51 | ) | 900.60 | ||||||||
Current Period Net Residual Losses (Item 91) | (121.51 | ) | 1,022.11 | 81,255.54 | ||||||||
Ending Cumulative Net Residual Losses | (121.51 | ) | 900.60 | 82,156.14 | ||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.00 | % | 0.00 | % | 0.01 | % | ||||||
[Continued from above table, first column(s) repeated]
D. CALCULATIONS | ||||||||||||
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||
April-03 | May-03 | June-03 | ||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||
For Current Units: Change in Securitization Value | 17,054,116.94 | 23,051,929.45 | 17,129,725.64 | |||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | |||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 11,178,053.17 | 13,839,008.77 | 17,838,232.70 | |||||||||
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 | 28,232,170.12 | 36,890,938.23 | 34,967,958.34 | |||||||||
Remaining Available Funds (Item 40) | 31,891,748.58 | 41,253,807.68 | 38,803,058.43 | |||||||||
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) | 28,232,170.12 | 36,890,938.23 | 34,967,958.34 | |||||||||
Calculation of Servicer Advance: | ||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 36,048,410.55 | 44,872,688.78 | 42,347,199.51 | |||||||||
Less: Payment Date Advance Reimbursement (Item 71) | 485,625.30 | — | — | |||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 1,213,302.37 | 1,189,775.57 | 1,159,033.12 | |||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||
Less: Interest Paid to Noteholders (Item 39) | 2,452,734.30 | 2,424,105.54 | 2,380,107.97 | |||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 31,891,748.58 | 41,253,807.68 | 38,803,058.43 | |||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | 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 | 485,625.30 | |||||||||||
Payment Date Advance Reimbursement | 485,625.30 | |||||||||||
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 | 58,319,253.34 | 62,033,060.92 | 66,451,579.71 | |||||||||
Plus: Net Investment Income for the Collection Period | 54,229.12 | 55,649.34 | 55,905.68 | |||||||||
Subtotal: Reserve Fund Available for Distribution | 58,373,482.46 | 62,088,710.26 | 66,507,485.39 | |||||||||
Plus: Deposit of Excess Available Funds | 3,659,578.46 | 4,362,869.45 | — | |||||||||
Less: Reserve Account Draw Amount | — | — | — | |||||||||
Subtotal Reserve Account Balance | 62,033,060.92 | 66,451,579.71 | 66,507,485.39 | |||||||||
Less: Excess Reserve Account Funds to Transferor | — | — | 2,290,094.09 | |||||||||
Equals: Ending Reserve Account Balance | 62,033,060.92 | 66,451,579.71 | 64,217,391.30 | |||||||||
Current Period Net Residual Losses: | ||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 1,306,021.84 | 1,206,021.06 | 2,082,410.84 | |||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units | (1,206,246.77 | ) | (918,069.42 | ) | (1,772,040.01 | ) | ||||||
Less: Excess Wear and Tear Received | — | — | — | |||||||||
Less: Excess Mileage Received | — | — | — | |||||||||
Current Period Net Residual Losses/(Gains) | 99,775.07 | 287,951.64 | 310,370.83 | |||||||||
Cumulative Net Residual Losses: | ||||||||||||
Beginning Cumulative Net Residual Losses | 82,156.14 | 181,931.21 | 469,882.85 | |||||||||
Current Period Net Residual Losses (Item 91) | 99,775.07 | 287,951.64 | 310,370.83 | |||||||||
Ending Cumulative Net Residual Losses | 181,931.21 | 469,882.85 | 780,253.68 | |||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.01 | % | 0.03 | % | 0.05 | % | ||||||
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003
Exhibit 99.3
F. POOL STATISTICS
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||
Initial | January-03 | February-03 | March-03 | |||||||||||||
Collateral Pool Balance Data | ||||||||||||||||
Aggregate Securitization Value | 1,630,434,784 | 1,520,139,574 | 1,492,283,056 | 1,455,962,849 | ||||||||||||
Number of Current Contracts | 80,341 | 78,523 | 77,959 | 77,306 | ||||||||||||
Weighted Average Lease Rate | 6.50 | % | 6.53 | % | 6.51 | % | 6.52 | % | ||||||||
Average Remaining Term | 29.38 | 25.34 | 24.45 | 23.50 | ||||||||||||
Average Original Term | 42.19 | 42.18 | 42.19 | 42.20 | ||||||||||||
Securitization Value | Securitization Value | Securitization Value | ||||||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 1,550,311,252 | 1,520,139,574 | 1,492,283,056 | |||||||||||||
Depreciation/Payments | (19,586,089 | ) | (17,231,173 | ) | (24,127,627 | ) | ||||||||||
Early Terminations | (10,585,590 | ) | (10,625,346 | ) | (10,979,206 | ) | ||||||||||
Scheduled Terminations | - | - | (1,213,373 | ) | ||||||||||||
Repurchase/Reallocation | - | - | - | |||||||||||||
Pool Balance - End of Period | 1,520,139,574 | 1,492,283,056 | 1,455,962,849 | |||||||||||||
Delinquencies Aging Profile - End of Period Securitization Value | ||||||||||||||||
Current | 1,504,935,045 | 1,480,254,375 | 1,443,521,293 | |||||||||||||
31 - 90 Days Delinquent | 13,923,669 | 10,473,294 | 10,588,706 | |||||||||||||
90+ Days Delinquent | 1,280,861 | 1,555,388 | 1,852,850 | |||||||||||||
Total | 1,520,139,574 | 1,492,283,056 | 1,455,962,849 | |||||||||||||
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||
April-03 | May-03 | June-03 | ||||||||||
Collateral Pool Balance Data | ||||||||||||
Aggregate Securitization Value | 1,427,730,679 | 1,390,839,741 | 1,355,871,783 | |||||||||
Number of Current Contracts | 76,707 | 75,949 | 74,956 | |||||||||
Weighted Average Lease Rate | 6.51 | % | 6.50 | % | 6.49 | % | ||||||
Average Remaining Term | 22.61 | 21.48 | 20.61 | |||||||||
Average Original Term | 42.22 | 42.22 | 42.24 | |||||||||
Securitization Value | Securitization Value | Securitization Value | ||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 1,455,962,849 | 1,427,730,679 | 1,390,839,741 | |||||||||
Depreciation/Payments | (17,054,117 | ) | (23,051,929 | ) | (17,129,726 | ) | ||||||
Early Terminations | (9,872,031 | ) | (12,632,988 | ) | (15,755,822 | ) | ||||||
Scheduled Terminations | (1,306,022 | ) | (1,206,021 | ) | (2,082,411 | ) | ||||||
Repurchase/Reallocation | - | - | - | |||||||||
Pool Balance - End of Period | 1,427,730,679 | 1,390,839,741 | 1,355,871,783 | |||||||||
Delinquencies Aging Profile - End of Period Securitization Value | ||||||||||||
Current | 1,415,423,806 | 1,379,264,675 | 1,344,289,599 | |||||||||
31 - 90 Days Delinquent | 10,437,898 | 9,913,505 | 9,702,703 | |||||||||
90+ Days Delinquent | 1,868,976 | 1,661,561 | 1,879,481 | |||||||||
Total | 1,427,730,679 | 1,390,839,741 | 1,355,871,783 | |||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003
Collection Period Ended: | ||||||||||||||||
July-03 | ||||||||||||||||
A. SUMMARY | ||||||||||||||||
Principal Payment | ||||||||||||||||
Class A-1 Notes | — | |||||||||||||||
Class A-2 Notes | 28,189,460.71 | |||||||||||||||
Class A-3 Notes | — | |||||||||||||||
Class A-4 Notes | — | |||||||||||||||
Certificates | — | |||||||||||||||
Total | $ | 28,189,460.71 | ||||||||||||||
Interest Payment | ||||||||||||||||
Class A-1 Notes | — | |||||||||||||||
Class A-2 Notes | 546,394.57 | |||||||||||||||
Class A-3 Notes | 1,071,833.33 | |||||||||||||||
Class A-4 Notes | 710,416.67 | |||||||||||||||
Total | 2,328,644.57 | |||||||||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||
Lease Payments Received | 23,633,783.27 | |||||||||||||||
Sales Proceeds - Early Terminations | 10,520,389.98 | |||||||||||||||
Sales Proceeds - Scheduled Terminations | 1,069,724.83 | |||||||||||||||
Security Deposits for Terminated Accounts | 55,574.00 | |||||||||||||||
Excess Wear and Tear Received | 9,978.39 | |||||||||||||||
Excess Mileage Charges Received | 9,817.23 | |||||||||||||||
Other Recoveries Received | 1,605.21 | |||||||||||||||
Subtotal: Total Collections | 35,300,872.91 | |||||||||||||||
Repurchase Payments | — | |||||||||||||||
Postmaturity Term Extension | — | |||||||||||||||
Investment Earnings on Collection Account | — | |||||||||||||||
Total Available Funds, prior to Servicer Advances | 35,300,872.91 | |||||||||||||||
Servicer Advance | — | |||||||||||||||
Total Available Funds | 35,300,872.91 | |||||||||||||||
C.DISTRIBUTIONS | ||||||||||||||||
Payment Date Advance Reimbursement | — | |||||||||||||||
Servicing Fee: | ||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | |||||||||||||||
Servicing Fee Due in Current Period | 1,129,893.15 | |||||||||||||||
Servicing Fee Shortfall | ||||||||||||||||
Administration Fee | ||||||||||||||||
Administration Fee Shortfall from Prior Periods | — | |||||||||||||||
Administration Fee Due in Current Period | 5,000.00 | |||||||||||||||
Administration Fee Shortfall | — | |||||||||||||||
Interest Paid to Noteholders | ||||||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-4 Notes | — | |||||||||||||||
Interest Due in Current Period Class A-1 Notes | — | |||||||||||||||
Interest Due in Current Period Class A-2 Notes | 546,394.57 | |||||||||||||||
Interest Due in Current Period Class A-3 Notes | 1,071,833.33 | |||||||||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | |||||||||||||||
Interest Shortfall Class A-1 Notes | — | |||||||||||||||
Interest Shortfall Class A-2 Notes | — | |||||||||||||||
Interest Shortfall Class A-3 Notes | — | |||||||||||||||
Interest Shortfall Class A-4 Notes | — | |||||||||||||||
Principal Paid to Noteholders | 28,189,460.71 | |||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | |||||||||||||||
Other Amounts paid to Trustees | — | |||||||||||||||
Remaining Available Funds | 3,647,874.47 | |||||||||||||||
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||
August-03 | September-03 | October-03 | ||||||||||
A. SUMMARY | ||||||||||||
Principal Payment | Principal Payment | Principal Payment | ||||||||||
Class A-1 Notes | — | — | — | |||||||||
Class A-2 Notes | 43,548,561.65 | 31,873,213.03 | 44,909,335.24 | |||||||||
Class A-3 Notes | — | — | — | |||||||||
Class A-4 Notes | — | — | — | |||||||||
Certificates | — | — | — | |||||||||
Total | $ | 43,548,561.65 | $ | 31,873,213.03 | $ | 44,909,335.24 | ||||||
Interest Pmt Due | Interest Pmt Due | Interest Pmt Due | ||||||||||
Class A-1 Notes | — | — | — | |||||||||
Class A-2 Notes | 504,815.12 | 440,580.99 | 393,568.00 | |||||||||
Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | |||||||||
Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | |||||||||
Total | 2,287,065.12 | 2,222,830.99 | 2,175,818.00 | |||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||
Lease Payments Received | 29,683,357.10 | 22,227,086.42 | 26,984,166.95 | |||||||||
Sales Proceeds - Early Terminations | 18,800,338.86 | 13,868,335.82 | 22,102,821.41 | |||||||||
Sales Proceeds - Scheduled Terminations | 2,256,008.83 | 2,422,444.48 | 1,514,768.53 | |||||||||
Security Deposits for Terminated Accounts | 78,700.00 | 92,250.00 | 116,491.00 | |||||||||
Excess Wear and Tear Received | 23,521.31 | 12,834.95 | 26,299.14 | |||||||||
Excess Mileage Charges Received | 61,482.33 | 39,534.17 | 41,994.12 | |||||||||
Other Recoveries Received | 16,741.44 | 1,870.16 | 41,951.53 | |||||||||
Subtotal: Total Collections | 50,920,149.87 | 38,664,356.00 | 50,828,492.68 | |||||||||
Repurchase Payments | — | — | — | |||||||||
Postmaturity Term Extension | — | — | — | |||||||||
Investment Earnings on Collection Account | — | — | — | |||||||||
Total Available Funds, prior to Servicer Advances | 50,920,149.87 | 38,664,356.00 | 50,828,492.68 | |||||||||
Servicer Advance | — | — | — | |||||||||
Total Available Funds | 50,920,149.87 | 38,664,356.00 | 50,828,492.68 | |||||||||
C.DISTRIBUTIONS | ||||||||||||
Payment Date Advance Reimbursement | — | — | — | |||||||||
Servicing Fee: | ||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | |||||||||
Servicing Fee Due in Current Period | 1,106,401.93 | 1,070,111.47 | 1,043,550.46 | |||||||||
Servicing Fee Shortfall | ||||||||||||
Administration Fee | ||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | |||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||
Administration Fee Shortfall | — | — | — | |||||||||
Interest Paid to Noteholders | ||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-4 Notes | — | — | — | |||||||||
Interest Due in Current Period Class A-1 Notes | — | — | — | |||||||||
Interest Due in Current Period Class A-2 Notes | 504,815.12 | 440,580.99 | 393,568.00 | |||||||||
Interest Due in Current Period Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | |||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | |||||||||
Interest Shortfall Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall Class A-4 Notes | — | — | — | |||||||||
Principal Paid to Noteholders | 43,548,561.65 | 31,873,213.03 | 44,909,335.24 | |||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | |||||||||
Other Amounts paid to Trustees | — | — | — | |||||||||
Remaining Available Funds | 3,973,121.17 | 3,493,200.51 | 2,694,788.99 | |||||||||
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | |||||||||||
November-03 | December-03 | TOTALS | ||||||||||
A. SUMMARY | ||||||||||||
Principal Payment | Principal Payment | Principal Payment | ||||||||||
Class A-1 Notes | — | — | 159,876,468.35 | |||||||||
Class A-2 Notes | 39,531,452.64 | 45,042,258.77 | 267,657,283.31 | |||||||||
Class A-3 Notes | — | — | — | |||||||||
Class A-4 Notes | — | — | — | |||||||||
Certificates | — | — | — | |||||||||
Total | $ | 39,531,452.64 | $ | 45,042,258.77 | 427,533,751.66 | |||||||
Interest Pmt Due | Interest Pmt Due | Interest Payment | ||||||||||
Class A-1 Notes | — | — | 567,704.31 | |||||||||
Class A-2 Notes | 327,326.73 | 269,017.84 | 6,065,953.25 | |||||||||
Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 12,862,000.00 | |||||||||
Class A-4 Notes | 710,416.67 | 710,416.67 | 8,525,000.00 | |||||||||
Total | 2,109,576.73 | 2,051,267.84 | 28,020,657.57 | |||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||
Lease Payments Received | 22,321,369.81 | 22,493,580.44 | 314,404,413.84 | |||||||||
Sales Proceeds - Early Terminations | 16,800,471.43 | 19,031,606.73 | 172,228,322.33 | |||||||||
Sales Proceeds - Scheduled Terminations | 3,670,174.78 | 6,017,004.80 | 22,475,157.08 | |||||||||
Security Deposits for Terminated Accounts | 140,624.00 | 176,365.00 | 1,040,568.00 | |||||||||
Excess Wear and Tear Received | 21,472.60 | 38,789.76 | 132,896.15 | |||||||||
Excess Mileage Charges Received | 23,193.34 | 67,735.57 | 243,756.76 | |||||||||
Other Recoveries Received | 569,966.29 | — | 653,277.66 | |||||||||
Subtotal: Total Collections | 43,547,272.25 | 47,825,082.30 | 511,178,391.82 | |||||||||
Repurchase Payments | — | — | — | |||||||||
Postmaturity Term Extension | — | — | — | |||||||||
Investment Earnings on Collection Account | — | — | — | |||||||||
Total Available Funds, prior to Servicer Advances | 43,547,272.25 | 47,825,082.30 | 511,178,391.82 | |||||||||
Servicer Advance | — | 246,627.45 | 732,252.75 | |||||||||
Total Available Funds | 43,547,272.25 | 48,071,709.75 | 511,910,644.57 | |||||||||
C.DISTRIBUTIONS | ||||||||||||
Payment Date Advance Reimbursement | — | — | 485,625.30 | |||||||||
Servicing Fee: | ||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | |||||||||
Servicing Fee Due in Current Period | 1,006,126.01 | 973,183.13 | 13,693,655.44 | |||||||||
Servicing Fee Shortfall | ||||||||||||
Administration Fee | ||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | |||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 60,000.00 | |||||||||
Administration Fee Shortfall | — | — | — | |||||||||
Interest Paid to Noteholders | ||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall from Prior Periods Class A-4 Notes | — | — | — | |||||||||
Interest Due in Current Period Class A-1 Notes | — | — | 567,704.31 | |||||||||
Interest Due in Current Period Class A-2 Notes | 327,326.73 | 269,017.84 | 6,065,953.25 | |||||||||
Interest Due in Current Period Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 12,862,000.00 | |||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | 710,416.67 | 8,525,000.00 | |||||||||
Interest Shortfall Class A-1 Notes | — | — | — | |||||||||
Interest Shortfall Class A-2 Notes | — | — | — | |||||||||
Interest Shortfall Class A-3 Notes | — | — | — | |||||||||
Interest Shortfall Class A-4 Notes | — | — | — | |||||||||
Principal Paid to Noteholders | 39,531,452.64 | 45,042,258.77 | 427,533,751.66 | |||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | 23,577,752.51 | |||||||||
Other Amounts paid to Trustees | — | — | — | |||||||||
Remaining Available Funds | 895,116.87 | — | 18,539,202.10 | |||||||||
Volkswagen Auto Lease Trust 2002-A SERVICER CERTIFICATE For the Annual Collection Period ended December 2003 | EXHIBIT 99.3 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||
July-03 | August-03 | September-03 | October-03 | |||||||||||||
D.CALCULATIONS | ||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||
For Current Units: Change in Securitization Value | 16,715,668.50 | 22,393,842.37 | 15,981,139.28 | 20,224,992.54 | ||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | ||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 11,473,792.21 | 21,154,719.28 | 15,892,073.75 | 24,684,342.70 | ||||||||||||
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 | 28,189,460.71 | 43,548,561.65 | 31,873,213.03 | 44,909,335.24 | ||||||||||||
Remaining Available Funds (Item 40) | 31,837,335.19 | 47,521,682.82 | 35,366,413.54 | 47,604,124.22 | ||||||||||||
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) | 28,189,460.71 | 43,548,561.65 | 31,873,213.03 | 44,909,335.24 | ||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 35,300,872.91 | 50,920,149.87 | 38,664,356.00 | 50,828,492.68 | ||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | ||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 1,129,893.15 | 1,106,401.93 | 1,070,111.47 | 1,043,550.46 | ||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||
Less: Interest Paid to Noteholders (Item 39) | 2,328,644.57 | 2,287,065.12 | 2,222,830.99 | 2,175,818.00 | ||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 31,837,335.19 | 47,521,682.82 | 35,366,413.54 | 47,604,124.22 | ||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | N/A | 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 | 64,217,391.30 | ||||||||||||
Initial Reserve Account Balance | 24,456,521.74 | 24,456,521.74 | 24,456,521.74 | 24,456,521.74 | ||||||||||||
Beginning Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | ||||||||||||
Plus: Net Investment Income for the Collection Period | 53,487.79 | 50,825.95 | 48,289.54 | 49,886.51 | ||||||||||||
Subtotal: Reserve Fund Available for Distribution | 64,270,879.09 | 64,268,217.25 | 64,265,680.84 | 64,267,277.81 | ||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | ||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | ||||||||||||
Subtotal Reserve Account Balance | 64,270,879.09 | 64,268,217.25 | 64,265,680.84 | 64,267,277.81 | ||||||||||||
Less: Excess Reserve Account Funds to Transferor | 53,487.79 | 50,825.95 | 48,289.54 | 49,886.51 | ||||||||||||
Equals: Ending Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | ||||||||||||
Current Period Net Residual Losses: | ||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 1,155,028.14 | 2,498,602.42 | 2,557,519.57 | 1,533,011.72 | ||||||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units | (1,083,223.83 | ) | (2,271,133.83 | ) | (2,444,619.48 | ) | (1,528,118.53 | ) | ||||||||
Less: Excess Wear and Tear Received | (9,978.39 | ) | (23,521.31 | ) | (12,834.95 | ) | (26,299.14 | ) | ||||||||
Less: Excess Mileage Received | (9,817.23 | ) | (61,482.33 | ) | (39,534.17 | ) | (41,994.12 | ) | ||||||||
Current Period Net Residual Losses/(Gains) | 52,008.69 | 142,464.95 | 60,530.97 | (63,400.07 | ) | |||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||
Beginning Cumulative Net Residual Losses | 780,253.68 | 832,262.37 | 974,727.32 | 1,035,258.29 | ||||||||||||
Current Period Net Residual Losses (Item 91) | 52,008.69 | 142,464.95 | 60,530.97 | (63,400.07 | ) | |||||||||||
�� | ||||||||||||||||
Ending Cumulative Net Residual Losses | 832,262.37 | 974,727.32 | 1,035,258.29 | 971,858.22 | ||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.05 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||||||
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | |||||||||||
November-03 | December-03 | TOTALS | ||||||||||
D.CALCULATIONS | ||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||
For Current Units: Change in Securitization Value | 14,887,582.65 | 15,409,175.49 | 223,793,060.92 | |||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | |||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 24,643,869.98 | 29,633,083.28 | 203,740,690.74 | |||||||||
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 | 39,531,452.64 | 45,042,258.77 | 427,533,751.66 | |||||||||
Remaining Available Funds (Item 40) | 40,426,569.51 | 45,042,258.77 | 469,650,706.26 | |||||||||
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) | 39,531,452.64 | 45,042,258.77 | 427,533,751.66 | |||||||||
Calculation of Servicer Advance: | ||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 43,547,272.25 | 47,825,082.30 | ||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | ||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 1,006,126.01 | 973,183.13 | ||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | ||||||||||
Less: Interest Paid to Noteholders (Item 39) | 2,109,576.73 | 2,051,267.84 | ||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 40,426,569.51 | 44,795,631.33 | ||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | 4,115,064.69 | ||||||||||
Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0) | — | 246,627.45 | 732,252.75 | |||||||||
Reconciliation of Servicer Advance: | ||||||||||||
Beginning Balance of Servicer Advance | — | |||||||||||
Payment Date Advance Reimbursement | 485,625.30 | |||||||||||
Additional Payment Advances for current period | — | 246,627.45 | 732,252.75 | |||||||||
Ending Balance of Payment Advance | — | 246,627.45 | 246,627.45 | |||||||||
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 | 64,217,391.30 | 64,217,391.30 | 42,619,801.02 | |||||||||
Plus: Net Investment Income for the Collection Period | 48,591.83 | 51,134.01 | 612,147.50 | |||||||||
Subtotal: Reserve Fund Available for Distribution | 64,265,983.13 | 64,268,525.31 | 43,231,948.52 | |||||||||
Plus: Deposit of Excess Available Funds | — | — | 23,577,752.51 | |||||||||
Less: Reserve Account Draw Amount | — | — | — | |||||||||
Subtotal Reserve Account Balance | 64,265,983.13 | 64,268,525.31 | 66,809,701.02 | |||||||||
Less: Excess Reserve Account Funds to Transferor | 48,591.83 | 51,134.01 | 2,592,309.72 | |||||||||
Equals: Ending Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | |||||||||
Current Period Net Residual Losses: | ||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 4,233,994.35 | 6,995,843.17 | 25,384,408.88 | |||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units | (3,695,349.78 | ) | (6,072,179.80 | ) | (22,724,781.08 | ) | ||||||
Less: Excess Wear and Tear Received | (21,472.60 | ) | (38,789.76 | ) | (132,896.15 | ) | ||||||
Less: Excess Mileage Received | (23,193.34 | ) | (67,735.57 | ) | (243,756.76 | ) | ||||||
Current Period Net Residual Losses/(Gains) | 493,978.63 | 817,138.04 | 2,282,974.89 | |||||||||
Cumulative Net Residual Losses: | ||||||||||||
Beginning Cumulative Net Residual Losses | 971,858.22 | 1,465,836.85 | — | |||||||||
Current Period Net Residual Losses (Item 91) | 493,978.63 | 817,138.04 | 2,282,974.89 | |||||||||
Ending Cumulative Net Residual Losses | 1,465,836.85 | 2,282,974.89 | 2,282,974.89 | |||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.09 | % | 0.14 | % | 0.14 | % | ||||||
Volkswagen Auto Lease Trust 2002-A SERVICER CERTIFICATE For the Annual Collection Period ended December 2003 | EXHIBIT 99.3 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||
Initial | July-03 | August-03 | September-03 | |||||||||||||
F.POOL STATISTICS | ||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||
Aggregate Securitization Value | 1,327,682,322 | 1,284,133,760 | 1,252,260,547 | |||||||||||||
Number of Current Contracts | 74,299 | 73,055 | 72,061 | |||||||||||||
Weighted Average Lease Rate | 6.49 | % | 6.47 | % | 6.46 | % | ||||||||||
Average Remaining Term | 19.73 | 18.64 | 17.81 | |||||||||||||
Average Original Term | 42.25 | 42.27 | 42.28 | |||||||||||||
Securitization Value | Securitization Value | Securitization Value | ||||||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 1,355,871,783 | 1,327,682,322 | 1,284,133,760 | |||||||||||||
Depreciation/Payments | (16,715,669 | ) | (22,393,842 | ) | (15,981,139 | ) | ||||||||||
Early Terminations | (10,318,764 | ) | (18,656,117 | ) | (13,334,554 | ) | ||||||||||
Scheduled Terminations | (1,155,028 | ) | (2,498,602 | ) | (2,557,520 | ) | ||||||||||
Repurchase/Reallocation | — | — | — | |||||||||||||
Pool Balance - End of Period | 1,327,682,322 | 1,284,133,760 | 1,252,260,547 | |||||||||||||
Delinquencies Aging Profile - End of Period Securitization Value | ||||||||||||||||
Current | 1,315,224,844 | 1,270,761,617 | 1,237,539,499 | |||||||||||||
31 - 90 Days Delinquent | 10,335,701 | 11,770,581 | 12,635,433 | |||||||||||||
90+ Days Delinquent | 2,121,777 | 1,601,562 | 2,085,616 | |||||||||||||
Total | 1,327,682,322 | 1,284,133,760 | 1,252,260,547 | |||||||||||||
[Continued from above table, first column(s) repeated]
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||
October-03 | November-03 | December-03 | TOTALS | |||||||||||||
F.POOL STATISTICS | ||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||
Aggregate Securitization Value | 1,207,351,212 | 1,167,819,759 | 1,122,777,501 | |||||||||||||
Number of Current Contracts | 70,498 | 68,849 | 66,901 | |||||||||||||
Weighted Average Lease Rate | 6.45 | % | 6.43 | % | 6.42 | % | ||||||||||
Average Remaining Term | 16.84 | 16.13 | 15.44 | |||||||||||||
Average Original Term | 42.33 | 42.40 | 42.50 | |||||||||||||
Securitization Value | Securitization Value | Securitization Value | ||||||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 1,252,260,547 | 1,207,351,212 | 1,167,819,759 | 1,550,311,252 | ||||||||||||
Depreciation/Payments | (20,224,993 | ) | (14,887,583 | ) | (15,409,175 | ) | (223,793,061 | ) | ||||||||
Early Terminations | (23,151,331 | ) | (20,409,876 | ) | (22,637,240 | ) | (178,958,864 | ) | ||||||||
Scheduled Terminations | (1,533,012 | ) | (4,233,994 | ) | (6,995,843 | ) | (24,781,827 | ) | ||||||||
Repurchase/Reallocation | — | — | — | — | ||||||||||||
Pool Balance - End of Period | 1,207,351,212 | 1,167,819,759 | 1,122,777,501 | 1,122,777,501 | ||||||||||||
Delinquencies Aging Profile - End of Period Securitization Value | ||||||||||||||||
Current | 1,182,841,264 | 1,151,407,634 | 1,106,048,719 | |||||||||||||
31 - 90 Days Delinquent | 22,458,993 | 14,457,272 | 14,439,689 | |||||||||||||
90+ Days Delinquent | 2,050,955 | 1,954,853 | 2,289,092 | |||||||||||||
Total | 1,207,351,212 | 1,167,819,759 | 1,122,777,501 | |||||||||||||