Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2004
EXHIBIT 99.3
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||||
January-04 | February-04 | March-04 | April-04 | May-04 | June-04 | |||||||||||||||||||||||||||||||
A. SUMMARY | ||||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | ||||||||||||||||||||||||||||
Class A-1 Notes | 240,000,000.00 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Class A-2 Notes | 405,000,000.00 | — | — | 45,751,661.00 | 49,142,615.00 | 42,448,440.69 | — | — | — | |||||||||||||||||||||||||||
Class A-3 Notes | 545,000,000.00 | 393,231,139.87 | 0.7215250 | — | — | 13,735,561.31 | 57,893,593.85 | 41,209,411.55 | 38,930,293.42 | |||||||||||||||||||||||||||
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 | $ | 833,665,922.87 | $ | 45,751,661.00 | $ | 49,142,615.00 | $ | 56,184,002.00 | $ | 57,893,593.85 | $ | 41,209,411.55 | $ | 38,930,293.42 | ||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | ||||||||||||||||||||||||||||||
Class A-1 Notes | 1.3850 | % | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class A-2 Notes | 1.7700 | % | 202,580.51 | 135,096.81 | 62,611.45 | — | — | — | ||||||||||||||||||||||||||||
Class A-3 Notes | 2.3600 | % | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | 1,044,820.06 | 930,962.66 | 849,917.49 | ||||||||||||||||||||||||||||
Class A-4 Notes | 2.7500 | % | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | ||||||||||||||||||||||||||||
Total | 1,984,830.51 | 1,917,346.81 | 1,844,861.45 | 1,755,236.73 | 1,641,379.33 | 1,560,334.15 | ||||||||||||||||||||||||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||
Lease Payments Received | 26,684,532.40 | 21,393,284.87 | 20,627,401.60 | 22,958,494.80 | 17,417,547.77 | 15,748,304.68 | ||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 18,154,561.00 | 18,713,905.00 | 18,103,468.00 | 17,024,244.53 | 15,386,661.31 | 11,501,075.68 | ||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 7,037,186.00 | 9,847,488.00 | 18,116,433.00 | 20,125,583.99 | 12,005,853.40 | 14,645,347.04 | ||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 181,700.00 | 222,775.00 | 292,476.00 | 260,349.00 | 196,674.00 | 196,825.00 | ||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 85,940.96 | 85,279.49 | 105,766.89 | 60,312.77 | 99,265.33 | 89,263.74 | ||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 156,447.51 | 183,531.35 | 240,402.39 | 148,142.24 | 205,675.21 | 151,028.01 | ||||||||||||||||||||||||||||||
Other Recoveries Received | 76,177.26 | 1,648,544.21 | 906,417.00 | 1,756,158.30 | 745,438.49 | 724,653.14 | ||||||||||||||||||||||||||||||
Subtotal: Total Collections | 52,376,545.13 | 52,094,807.92 | 58,392,364.88 | 62,333,285.63 | 46,057,115.51 | 43,056,497.29 | ||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | — | — | — | — | — | 13,997.14 | ||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 52,376,545.13 | 52,094,807.92 | 58,392,364.88 | 62,333,285.63 | 46,057,115.51 | 43,070,494.43 | ||||||||||||||||||||||||||||||
Servicer Advance | — | — | 498,067.92 | — | — | — | ||||||||||||||||||||||||||||||
Total Available Funds | 52,376,545.13 | 52,094,807.92 | 58,890,432.80 | 62,333,285.63 | 46,057,115.51 | 43,070,494.43 | ||||||||||||||||||||||||||||||
C.DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | 246,627.45 | — | — | 498,067.92 | — | — | ||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 935,647.92 | 897,521.53 | 856,569.35 | 809,749.35 | 761,504.69 | 727,163.51 | ||||||||||||||||||||||||||||||
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 | 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 | 202,580.51 | 135,096.81 | 62,611.45 | — | — | — | ||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 1,071,833.33 | 1,071,833.33 | 1,071,833.33 | 1,044,820.06 | 930,962.66 | 849,917.49 | ||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | 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 | 45,751,661.00 | 49,142,615.00 | 56,184,002.00 | 57,893,593.85 | 41,209,411.55 | 38,930,293.42 | ||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Remaining Available Funds | 3,452,778.26 | 132,324.58 | — | 1,371,637.78 | 2,439,819.94 | 1,847,703.34 | ||||||||||||||||||||||||||||||
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2004
EXHIBIT 99.3
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||||
D. CALCULATIONS | January-04 | February-04 | March-04 | April-04 | May-04 | June-04 | ||||||||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 15,930,777.00 | 14,462,350.00 | 14,349,879.00 | 17,038,321.66 | 12,506,891.84 | 11,361,731.38 | ||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 29,820,884.00 | 34,680,265.00 | 41,834,123.00 | 40,855,272.19 | 28,702,519.71 | 27,568,562.04 | ||||||||||||||||||||||||||||||
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 | 45,751,661.00 | 49,142,615.00 | 56,184,002.00 | 57,893,593.85 | 41,209,411.55 | 38,930,293.42 | ||||||||||||||||||||||||||||||
Remaining Available Funds (Item 40) | 49,204,439.26 | 49,274,939.58 | 56,184,002.00 | 59,265,231.63 | 43,649,231.49 | 40,777,996.76 | ||||||||||||||||||||||||||||||
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) | 45,751,661.00 | 49,142,615.00 | 56,184,002.00 | 57,893,593.85 | 41,209,411.55 | 38,930,293.42 | ||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 52,376,545.13 | 52,094,807.92 | 58,392,364.88 | 62,333,285.63 | 46,057,115.51 | 43,070,494.43 | ||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | 246,627.45 | — | — | 498,067.92 | — | — | ||||||||||||||||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 935,647.92 | 897,521.53 | 856,569.35 | 809,749.35 | 761,504.69 | 727,163.51 | ||||||||||||||||||||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||||||||||||||||
Less: Interest Paid to Noteholders (Item 39) | 1,984,830.51 | 1,917,346.81 | 1,844,861.45 | 1,755,236.73 | 1,641,379.33 | 1,560,334.15 | ||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 49,204,439.26 | 49,274,939.58 | 55,685,934.08 | 59,265,231.63 | 43,649,231.49 | 40,777,996.76 | ||||||||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | N/A | 1,551,027.48 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0) | — | — | 498,067.92 | — | — | — | ||||||||||||||||||||||||||||||
Reconciliation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||
Beginning Balance of Servicer Advance | 246,627.45 | — | — | 498,067.92 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | 246,627.45 | — | — | 498,067.92 | — | — | ||||||||||||||||||||||||||||||
Additional Payment Advances for current period | — | — | 498,067.92 | — | — | — | ||||||||||||||||||||||||||||||
Ending Balance of Payment Advance | — | — | 498,067.92 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
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 | 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 | 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 | 64,217,391.30 | 64,217,391.30 | ||||||||||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 51,514.52 | 47,497.25 | 50,272.33 | 48,602.69 | 50,792.83 | 51,358.73 | ||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 64,268,905.82 | 64,264,888.55 | 64,267,663.63 | 64,265,993.99 | 64,268,184.13 | 64,268,750.03 | ||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 64,268,905.82 | 64,264,888.55 | 64,267,663.63 | 64,265,993.99 | 64,268,184.13 | 64,268,750.03 | ||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 51,514.52 | 47,497.25 | 50,272.33 | 48,602.69 | 50,792.83 | 51,358.73 | ||||||||||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 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 | 8,652,119.00 | 12,607,606.00 | 21,652,688.00 | 22,365,537.03 | 13,081,321.50 | 16,042,834.48 | ||||||||||||||||||||||||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units* | (7,096,336.00 | ) | (11,378,714.53 | ) | (19,179,127.89 | ) | (21,338,427.05 | ) | (12,518,160.09 | ) | (15,152,200.98 | ) | ||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (85,940.96 | ) | (85,279.49 | ) | (105,766.89 | ) | (60,312.77 | ) | (99,265.33 | ) | (89,263.74 | ) | ||||||||||||||||||||||||
Less: Excess Mileage Received | (156,447.51 | ) | (183,531.35 | ) | (240,402.39 | ) | (148,142.24 | ) | (205,675.21 | ) | (151,028.01 | ) | ||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains)* | 1,313,394.53 | 960,080.63 | 2,127,390.83 | 818,654.97 | 258,220.87 | 650,341.75 | ||||||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 2,282,974.89 | 3,596,369.42 | 4,556,450.05 | 6,683,840.88 | 7,502,495.85 | 7,760,716.72 | ||||||||||||||||||||||||||||||
Current Period Net Residual Losses (Item 91) | 1,313,394.53 | 960,080.63 | 2,127,390.83 | 818,654.97 | 258,220.87 | 650,341.75 | ||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses* | 3,596,369.42 | 4,556,450.05 | 6,683,840.88 | 7,502,495.85 | 7,760,716.72 | 8,411,058.47 | ||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value* | 0.22 | % | 0.28 | % | 0.41 | % | 0.46 | % | 0.48 | % | 0.52 | % | ||||||||||||||||||||||||
*Aggregate Sales Proceeds for Scheduled Terminated Units, Current Period and Cumulative Net Residual Losses, and the Cumulative Net Residual Loss % of Aggregate Initial Securitization Value reflect revisions to the calculation of Sales Proceeds Recoveries. | ||||||||||||||||||||||||||||||||||||
Aggregate Sales Proceeds for Scheduled Terminated Units (As Reported) | (7,096,336.00 | ) | (11,366,667.15 | ) | (19,149,920.00 | ) | (21,160,930.85 | ) | (12,533,640.32 | ) | (15,130,291.84 | ) | ||||||||||||||||||||||||
Aggregate Sales Proceeds for Scheduled Terminated Units (Revised) | (7,096,336.00 | ) | (11,378,714.53 | ) | (19,179,127.89 | ) | (21,338,427.05 | ) | (12,518,160.09 | ) | (15,152,200.98 | ) | ||||||||||||||||||||||||
Current Period Net Residual Losses/Gains (As Reported) | 1,313,394.53 | 972,128.01 | 2,156,598.72 | 996,151.17 | 242,740.64 | 672,250.89 | ||||||||||||||||||||||||||||||
Current Period Net Residual Losses/Gains (Revised) | 1,313,394.53 | 960,080.63 | 2,127,390.83 | 818,654.97 | 258,220.87 | 650,341.75 | ||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses (As Reported) | 3,596,369.42 | 4,568,497.43 | 6,725,096.15 | 7,721,247.32 | 7,963,987.96 | 8,636,238.85 | ||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses (Revised) | 3,596,369.42 | 4,556,450.05 | 6,683,840.88 | 7,502,495.85 | 7,760,716.72 | 8,411,058.47 | ||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value (As Reported) | 0.22 | % | 0.28 | % | 0.41 | % | 0.47 | % | 0.49 | % | 0.53 | % | ||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value (Revised) | 0.22 | % | 0.28 | % | 0.41 | % | 0.46 | % | 0.48 | % | 0.52 | % |
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2004
EXHIBIT 99.3
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||||
F. POOL STATISTICS | Initial | January-04 | February-04 | March-04 | April-04 | May-04 | June-04 | |||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,630,434,784 | 1,077,025,840 | 1,027,883,225 | 971,699,223 | 913,805,629 | 872,596,218 | 833,665,924 | |||||||||||||||||||||||||||||
Number of Current Contracts | 80,341 | 64,984 | 62,716 | 59,888 | 57,130 | 55,166 | 53,242 | |||||||||||||||||||||||||||||
Weighted Average Lease Rate | 6.50 | % | 6.41 | % | 6.39 | % | 6.36 | % | 6.32 | % | 6.30 | % | 6.28 | % | ||||||||||||||||||||||
Average Remaining Term | 29.38 | 13.66 | 13.09 | 12.54 | 11.75 | 11.07 | 10.43 | |||||||||||||||||||||||||||||
Average Original Term | 42.19 | 42.59 | 42.73 | 42.88 | 42.99 | 43.06 | 43.14 | |||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 1,122,777,501 | 1,077,025,840 | 1,027,883,225 | 971,699,223 | 913,805,629 | 872,596,218 | ||||||||||||||||||||||||||||||
Depreciation/Payments | (15,930,777 | ) | (14,462,350 | ) | (14,349,879 | ) | (17,038,322 | ) | (12,506,892 | ) | (11,361,731 | ) | ||||||||||||||||||||||||
Early Terminations | (21,168,765 | ) | (22,072,659 | ) | (20,181,435 | ) | (18,489,735 | ) | (15,621,198 | ) | (11,525,728 | ) | ||||||||||||||||||||||||
Scheduled Terminations | (8,652,119 | ) | (12,607,606 | ) | (21,652,688 | ) | (22,365,537 | ) | (13,081,322 | ) | (16,042,834 | ) | ||||||||||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Pool Balance — End of Period | 1,077,025,840 | 1,027,883,225 | 971,699,223 | 913,805,629 | 872,596,218 | 833,665,924 | ||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||
Current | 1,059,262,341 | 1,013,379,709 | 959,473,198 | 903,301,314 | 861,492,034 | 820,643,239 | ||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 14,329,080 | 10,918,998 | 8,910,518 | 8,829,645 | 9,402,762 | 11,168,037 | ||||||||||||||||||||||||||||||
90+ Days Delinquent | 3,434,419 | 3,584,518 | 3,315,507 | 1,674,670 | 1,701,422 | 1,854,649 | ||||||||||||||||||||||||||||||
Total | 1,077,025,840 | 1,027,883,225 | 971,699,223 | 913,805,629 | 872,596,218 | 833,665,925 | ||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 899,724 | 1,102,466 | 956,494 | 2,046,465 | 700,869 | 649,976 | ||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (312,676 | ) | (562,073 | ) | (502,214 | ) | (992,730 | ) | (322,988 | ) | (392,987 | ) | ||||||||||||||||||||||||
Recoveries on charged-off units | (15,796 | ) | (238,148 | ) | (41,787 | ) | (174,615 | ) | (153,233 | ) | (125,435 | ) | ||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 571,252 | 302,246 | 412,493 | 879,120 | 224,648 | 131,554 | ||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 4,645,062 | 5,216,314 | 5,518,560 | 5,931,053 | 6,810,173 | 7,034,821 | ||||||||||||||||||||||||||||||
Current Period Net Credit Losses (Item 120) | 571,252 | 302,246 | 412,493 | 879,120 | 224,648 | 131,554 | ||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 5,216,314 | 5,518,560 | 5,931,053 | 6,810,173 | 7,034,821 | 7,166,375 | ||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.32 | % | 0.34 | % | 0.36 | % | 0.42 | % | 0.43 | % | 0.44 | % | ||||||||||||||||||||||||
3
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2004
EXHIBIT 99.3
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||||||||
July-04 | August-04 | September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||||||||||||||||||||
A. SUMMARY | ||||||||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | |||||||||||||||||||||||||||||||
Class A-1 Notes | 240,000,000.00 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Class A-2 Notes | 405,000,000.00 | — | — | — | — | — | — | — | 137,342,716.69 | |||||||||||||||||||||||||||||||
Class A-3 Notes | 545,000,000.00 | 122,623,315.51 | 0.2249969 | 55,907,619.35 | 46,952,127.97 | 39,194,240.58 | 51,831,084.06 | 38,802,134.43 | 37,920,617.97 | 422,376,684.49 | ||||||||||||||||||||||||||||||
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 | $ | 563,058,098.51 | $ | 55,907,619.35 | $ | 46,952,127.97 | $ | 39,194,240.58 | $ | 51,831,084.06 | $ | 38,802,134.43 | $ | 37,920,617.97 | $ | 559,719,401.18 | ||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Pmt Due | Interest Pmt Due | Interest Pmt Due | Interest Pmt Due | Interest Pmt Due | Interest Payment | |||||||||||||||||||||||||||||||||
Class A-1 Notes | 1.3850 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Class A-2 Notes | 1.7700 | % | — | — | — | — | — | — | 400,288.76 | |||||||||||||||||||||||||||||||
Class A-3 Notes | 2.3600 | % | 773,354.58 | 663,402.92 | 571,063.74 | 493,981.73 | 392,047.27 | 315,736.40 | 9,250,786.85 | |||||||||||||||||||||||||||||||
Class A-4 Notes | 2.7500 | % | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | 8,525,000.00 | |||||||||||||||||||||||||||||||
Total | 1,483,771.24 | 1,373,819.59 | 1,281,480.41 | 1,204,398.40 | 1,102,463.93 | 1,026,153.07 | 18,176,075.61 | |||||||||||||||||||||||||||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 19,789,693.67 | 13,951,559.23 | 13,885,371.80 | 16,551,934.01 | 11,798,360.14 | 11,447,975.32 | 212,254,460.29 | |||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 16,372,762.86 | 14,986,718.62 | 11,016,842.20 | 14,129,092.70 | 10,347,612.63 | 11,136,145.02 | 176,873,089.55 | |||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 23,091,230.24 | 19,831,019.63 | 15,691,553.11 | 20,061,459.58 | 16,271,984.14 | 14,350,658.85 | 191,075,796.98 | |||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 256,825.00 | 221,211.35 | 179,375.00 | 201,375.00 | 205,600.00 | 169,525.00 | 2,584,710.35 | |||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 116,147.47 | 99,865.31 | 132,413.49 | 151,319.54 | 118,085.22 | 143,185.07 | 1,286,845.28 | |||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 203,848.44 | 176,499.38 | 245,414.39 | 234,526.84 | 233,719.47 | 181,206.20 | 2,360,441.43 | |||||||||||||||||||||||||||||||||
Other Recoveries Received | 1,368,336.29 | 951,727.01 | 726,578.24 | 1,568,484.16 | 1,029,637.47 | 903,183.48 | 12,405,335.05 | |||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 61,198,843.97 | 50,218,600.53 | 41,877,548.23 | 52,898,191.83 | 40,004,999.07 | 38,331,878.94 | 598,840,678.93 | |||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 50,804.11 | 66,956.93 | 60,729.47 | 71,517.12 | 83,346.28 | 78,818.83 | 426,169.88 | |||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 61,249,648.08 | 50,285,557.46 | 41,938,277.70 | 52,969,708.95 | 40,088,345.35 | 38,410,697.77 | 599,266,848.81 | |||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | 647,117 | 1,001,521 | 2,043,409.38 | 4,190,114.60 | |||||||||||||||||||||||||||||||||
Total Available Funds | 61,249,648.08 | 50,285,557.46 | 41,938,277.70 | 53,616,825.74 | 41,089,865.86 | 40,454,107.15 | 603,456,963.41 | |||||||||||||||||||||||||||||||||
C. DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | 647,116.79 | 1,001,520.51 | 2,393,332.67 | |||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 694,721.60 | 648,131.92 | 609,005.15 | 576,343.28 | 533,150.71 | 500,815.60 | 8,550,324.61 | |||||||||||||||||||||||||||||||||
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 | 5,000.00 | 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 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | — | — | — | — | — | — | 400,288.76 | |||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 773,354.58 | 663,402.92 | 571,063.74 | 493,981.73 | 392,047.27 | 315,736.40 | 9,250,786.85 | |||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4 Notes | 710,416.67 | 710,416.67 | 710,416.67 | 710,416.67 | 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 | 55,907,619.35 | 46,952,127.97 | 39,194,240.58 | 51,831,084.06 | 38,802,134.43 | 37,920,617.97 | 559,719,401.18 | |||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Remaining Available Funds | 3,158,535.89 | 1,306,477.98 | 848,551.57 | — | — | — | 14,557,829.34 | |||||||||||||||||||||||||||||||||
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2004
EXHIBIT 99.3
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||
July-04 | August-04 | September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||||||||||
D. | CALCULATIONS | |||||||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 15,149,495.44 | 10,110,130.01 | 9,975,340.71 | 13,604,046.50 | 8,413,072.02 | 8,342,511.44 | 151,244,547.00 | |||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 40,758,123.91 | 36,841,997.96 | 29,218,899.87 | 38,227,037.56 | 30,389,062.41 | 29,578,106.53 | 408,474,854.18 | |||||||||||||||||||||||
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 | 55,907,619.35 | 46,952,127.97 | 39,194,240.58 | 51,831,084.06 | 38,802,134.43 | 37,920,617.97 | 559,719,401.18 | |||||||||||||||||||||||
Remaining Available Funds (Item 40) | 59,066,155.24 | 48,258,605.95 | 40,042,792.15 | 51,831,084.06 | 38,802,134.43 | 37,920,617.97 | 574,277,230.52 | |||||||||||||||||||||||
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) | 55,907,619.35 | 46,952,127.97 | 39,194,240.58 | 51,831,084.06 | 38,802,134.43 | 37,920,617.97 | 559,719,401.18 | |||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 61,249,648.08 | 50,285,557.46 | 41,938,277.70 | 52,969,708.95 | 40,088,345.35 | 38,410,697.77 | ||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | 647,116.79 | 1,001,520.51 | ||||||||||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 694,721.60 | 648,131.92 | 609,005.15 | 576,343.28 | 533,150.71 | 500,815.60 | ||||||||||||||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||||||||||
Less: Interest Paid to Noteholders (Item 39) | 1,483,771.24 | 1,373,819.59 | 1,281,480.41 | 1,204,398.40 | 1,102,463.93 | 1,026,153.07 | ||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 59,066,155.24 | 48,258,605.95 | 40,042,792.15 | 51,183,967.27 | 37,800,613.92 | 35,877,208.59 | ||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | N/A | N/A | 2,118,436.37 | 2,264,290.51 | 2,634,129.89 | ||||||||||||||||||||||||
Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0) | — | — | — | 647,116.79 | 1,001,520.51 | 2,043,409.38 | 4,190,114.60 | |||||||||||||||||||||||
Reconciliation of Servicer Advance: | ||||||||||||||||||||||||||||||
Beginning Balance of Servicer Advance | 0.00 | 0.00 | 0.00 | 0.00 | 647,116.79 | 1,001,520.51 | ||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | 647,116.79 | 1,001,520.51 | ||||||||||||||||||||||||
Additional Payment Advances for current period | — | — | — | 647,116.79 | 1,001,520.51 | 2,043,409.38 | ||||||||||||||||||||||||
Ending Balance of Payment Advance | 0.00 | 0.00 | 0.00 | 647,116.79 | 1,001,520.51 | 2,043,409.38 | ||||||||||||||||||||||||
E. | RESERVE ACCOUNT | |||||||||||||||||||||||||||||
Reserve Account Balances: | ||||||||||||||||||||||||||||||
Specified Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | 57,065,217.39 | 57,065,217.39 | 57,065,217.39 | 57,065,217.39 | |||||||||||||||||||||||
Initial Reserve Account Balance | 24,456,521.74 | 24,456,521.74 | 24,456,521.74 | 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 | 57,065,217.39 | 57,065,217.39 | 64,217,391.30 | |||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 62,060.89 | 71,158.14 | 76,653.01 | 88,271.50 | 90,535.00 | 97,673.96 | 786,390.85 | |||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 64,279,452.19 | 64,288,549.44 | 64,294,044.31 | 64,305,662.80 | 57,155,752.39 | 57,162,891.35 | 65,003,782.15 | |||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | — | |||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||
Subtotal Reserve Account Balance | 64,279,452.19 | 64,288,549.44 | 64,294,044.31 | 64,305,662.80 | 57,155,752.39 | 57,162,891.35 | 65,003,782.15 | |||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 62,060.89 | 71,158.14 | 76,653.01 | 7,240,445.41 | 90,535.00 | 97,673.96 | 7,938,564.76 | |||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 64,217,391.30 | 64,217,391.30 | 64,217,391.30 | 57,065,217.39 | 57,065,217.39 | 57,065,217.39 | 57,065,217.39 | |||||||||||||||||||||||
Current Period Net Residual Losses: | ||||||||||||||||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 24,362,009.87 | 21,657,138.43 | 18,077,948.06 | 23,532,339.64 | 19,417,079.41 | 17,808,283.85 | 219,256,905.27 | |||||||||||||||||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units* | (23,942,610.41 | ) | (20,501,817.97 | ) | (16,212,230.58 | ) | (21,212,123.16 | ) | (17,194,420.71 | ) | (15,133,628.27 | ) | (200,859,797.64 | ) | ||||||||||||||||
Less: Excess Wear and Tear Received | (116,147.47 | ) | (99,865.31 | ) | (132,413.49 | ) | (151,319.54 | ) | (118,085.22 | ) | (143,185.07 | ) | (1,286,845.28 | ) | ||||||||||||||||
Less: Excess Mileage Received | (203,848.44 | ) | (176,499.38 | ) | (245,414.39 | ) | (234,526.84 | ) | (233,719.47 | ) | (181,206.20 | ) | (2,360,441.43 | ) | ||||||||||||||||
Current Period Net Residual Losses/(Gains)* | 99,403.55 | 878,955.77 | 1,487,889.60 | 1,934,370.10 | 1,870,854.01 | 2,350,264.31 | 14,749,820.92 | |||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 8,411,058.47 | 8,510,462.02 | 9,389,417.79 | 10,877,307.39 | 12,811,677.49 | 14,682,531.50 | 2,282,974.89 | |||||||||||||||||||||||
Current Period Net Residual Losses (Item 91) | 99,403.55 | 878,955.77 | 1,487,889.60 | 1,934,370.10 | 1,870,854.01 | 2,350,264.31 | 14,749,820.92 | |||||||||||||||||||||||
Ending Cumulative Net Residual Losses* | 8,510,462.02 | 9,389,417.79 | 10,877,307.39 | 12,811,677.49 | 14,682,531.50 | 17,032,795.81 | 17,032,795.81 | |||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value* | 0.52 | % | 0.58 | % | 0.67 | % | 0.79 | % | 0.90 | % | 1.04 | % | 1.04 | % | ||||||||||||||||
* | Aggregate Sales Proceeds for Scheduled Terminated Units, Current Period and Cumulative Net Residual Losses, and the Cumulative Net Residual Loss % of Aggregate Initial Securitization Value reflect revisions to the calculation of Sales Proceeds Recoveries. | |||||||||||||||||||||||||||||
Aggregate Sales Proceeds for Scheduled Terminated Units (As Reported) | (24,045,178.72 | ) | (20,600,928.40 | ) | (16,296,042.59 | ) | (21,310,328.22 | ) | (17,216,557.87 | ) | (15,173,640.85 | ) | (201,080,462.81 | ) | ||||||||||||||||
Aggregate Sales Proceeds for Scheduled Terminated Units (Revised) | (23,942,610.41 | ) | (20,501,817.97 | ) | (16,212,230.58 | ) | (21,212,123.16 | ) | (17,194,420.71 | ) | (15,133,628.27 | ) | (200,859,797.64 | ) | ||||||||||||||||
Current Period Net Residual Losses/Gains (As Reported) | (3,164.76 | ) | 779,845.34 | 1,404,077.59 | 1,836,165.04 | 1,848,716.85 | 2,310,251.73 | 14,529,155.75 | ||||||||||||||||||||||
Current Period Net Residual Losses/Gains (Revised) | 99,403.55 | 878,955.77 | 1,487,889.60 | 1,934,370.10 | 1,870,854.01 | 2,350,264.31 | 14,749,820.92 | |||||||||||||||||||||||
Ending Cumulative Net Residual Losses (As Reported) | 8,633,074.09 | 9,412,919.43 | 10,816,997.02 | 12,653,162.06 | 14,501,878.91 | 16,812,130.64 | 16,812,130.64 | |||||||||||||||||||||||
Ending Cumulative Net Residual Losses (Revised) | 8,510,462.02 | 9,389,417.79 | 10,877,307.39 | 12,811,677.49 | 14,682,531.50 | 17,032,795.81 | 17,032,795.81 | |||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value (As Reported) | 0.53 | % | 0.58 | % | 0.66 | % | 0.78 | % | 0.89 | % | 1.03 | % | 1.03 | % | ||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value (Revised) | 0.52 | % | 0.58 | % | 0.67 | % | 0.79 | % | 0.90 | % | 1.04 | % | 1.04 | % |
Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2004
EXHIBIT 99.3
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||
Initial | July-04 | August-04 | September-04 | October-04 | November-04 | December-04 | TOTALS | |||||||||||||||||||||||||||
F. | POOL STATISTICS | |||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,630,434,784 | 777,758,305 | 730,806,178 | 691,611,936 | 639,780,852 | 600,978,718 | 563,058,100 | |||||||||||||||||||||||||||
Number of Current Contracts | 80,341 | 50,331 | 47,678 | 45,595 | 42,859 | 40,685 | 38,560 | |||||||||||||||||||||||||||
Weighted Average Lease Rate | 6.50 | % | 6.25 | % | 6.24 | % | 6.23 | % | 6.22 | % | 6.22 | % | 6.20 | % | ||||||||||||||||||||
Average Remaining Term | 29.38 | 9.78 | 9.25 | 8.64 | 7.87 | 7.33 | 6.70 | |||||||||||||||||||||||||||
Average Original Term | 42.19 | 43.29 | 43.45 | 43.59 | 43.78 | 43.95 | 44.09 | |||||||||||||||||||||||||||
Monthly Prepayment Speed | 72.00 | % | 69.02 | % | ||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 833,665,924 | 777,758,305 | 730,806,177 | 691,611,936 | 639,780,852 | 600,978,718 | 1,122,777,501 | |||||||||||||||||||||||||||
Depreciation/Payments | (15,149,495 | ) | (10,110,130 | ) | (9,975,341 | ) | (13,604,047 | ) | (8,413,072 | ) | (8,342,511 | ) | (151,244,547 | ) | ||||||||||||||||||||
Early Terminations | (16,396,114 | ) | (15,184,860 | ) | (11,140,952 | ) | (14,694,698 | ) | (10,971,983 | ) | (11,769,823 | ) | (189,217,949 | ) | ||||||||||||||||||||
�� | Scheduled Terminations | (24,362,010 | ) | (21,657,138 | ) | (18,077,948 | ) | (23,532,340 | ) | (19,417,079 | ) | (17,808,284 | ) | (219,256,905 | ) | |||||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Pool Balance - End of Period | 777,758,305 | 730,806,177 | 691,611,936 | 639,780,852 | 600,978,718 | 563,058,100 | 563,058,100 | |||||||||||||||||||||||||||
Delinquencies Aging Profile - End of Period Securitization Value | ||||||||||||||||||||||||||||||||||
Current | 765,129,169 | 719,458,154 | 679,557,831 | 629,420,701 | 589,658,511 | 550,601,679 | ||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 10,751,743 | 9,711,062 | 10,136,047 | 8,672,172 | 9,552,977 | 10,808,267 | ||||||||||||||||||||||||||||
90+ Days Delinquent | 1,877,393 | 1,636,962 | 1,918,060 | 1,687,980 | 1,767,230 | 1,648,155 | ||||||||||||||||||||||||||||
Total | 777,758,305 | 730,806,178 | 691,611,938 | 639,780,853 | 600,978,718 | 563,058,101 | ||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 839,033 | 900,799 | 420,144 | 1,247,251 | 550,148 | 487,913 | 10,801,283 | |||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (489,570 | ) | (515,082 | ) | (242,796 | ) | (652,690 | ) | (294,744 | ) | (253,118 | ) | (5,533,666 | ) | ||||||||||||||||||||
Recoveries on charged-off units | (60,700 | ) | (43,492 | ) | (20,722 | ) | (41,848 | ) | (44,032 | ) | (32,645 | ) | (992,453 | ) | ||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 288,764 | 342,225 | 156,627 | 552,713 | 211,372 | 202,151 | 4,275,164 | |||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 7,166,375 | 7,455,139 | 7,797,363 | 7,953,990 | 8,506,703 | 8,718,075 | 4,645,062 | |||||||||||||||||||||||||||
Current Period Net Credit Losses (Item 120) | 288,764 | 342,225 | 156,627 | 552,713 | 211,372 | 202,151 | 4,275,164 | |||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 7,455,139 | 7,797,363 | 7,953,990 | 8,506,703 | 8,718,075 | 8,920,226 | 8,920,226 | |||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.46 | % | 0.48 | % | 0.49 | % | 0.52 | % | 0.53 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||||