EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | ||||||||||||||||||||||||||||||||||||||
SERVICER CERTIFICATE For the Annual Collection Period ended December 2005 | Collection Period Ended: January-05 | Collection Period Ended: February-05 | Collection Period Ended: March-05 | Collection Period Ended: April-05 | Collection Period Ended: May-05 | Collection Period Ended: June-05 | ||||||||||||||||||||||||||||||||
SUMMARY | ||||||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | ||||||||||||||||||||||||||||||
Class A-1 Notes | 321,000,000.00 | — | — | 39,726,636.21 | 32,493,140.68 | 39,904,388.39 | 49,886,705.04 | — | — | |||||||||||||||||||||||||||||
Class A-2 Notes | 437,000,000.00 | 60,863,200.12 | 0.1392751 | — | — | — | 200,134.35 | 39,458,792.28 | 35,490,542.56 | |||||||||||||||||||||||||||||
Class A-3 Notes | 326,000,000.00 | 326,000,000.00 | 1.0000000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Class A-4a Notes | 100,000,000.00 | 100,000,000.00 | 1.0000000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Class A-4b Notes | 316,000,000.00 | 316,000,000.00 | 1.0000000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Certificates | 209,401,709.41 | 209,401,709.41 | 1.0000000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 1,709,401,709.41 | $ | 1,012,264,909.53 | $ | 39,726,636.21 | $ | 32,493,140.68 | $ | 39,904,388.39 | $ | 50,086,839.39 | $ | 39,458,792.28 | $ | 35,490,542.56 | ||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | ||||||||||||||||||||||||||||||||
Class A-1 Notes | 1.9992 | % | 296,901.12 | 183,352.98 | 149,591.96 | 83,111.25 | — | — | ||||||||||||||||||||||||||||||
Class A-2 Notes | 2.4700 | % | 899,491.67 | 899,491.67 | 899,491.67 | 899,491.67 | 899,079.72 | 817,860.38 | ||||||||||||||||||||||||||||||
Class A-3 Notes | 2.8400 | % | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | ||||||||||||||||||||||||||||||
Class A-4a Notes | 3.0900 | % | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | ||||||||||||||||||||||||||||||
Class A-4b Notes | 4.4700 | % | 753,133.33 | 639,753.06 | 776,833.33 | 813,700.00 | 868,034.44 | 884,800.00 | ||||||||||||||||||||||||||||||
Total | 2,978,559.45 | 2,751,631.04 | 2,854,950.29 | 2,825,336.25 | 2,796,147.50 | 2,731,693.71 | ||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 34,086,676.95 | 26,448,301.96 | 27,932,014.08 | 32,544,251.99 | 25,308,656.03 | 23,957,620.38 | ||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 14,661,635.94 | 12,230,413.50 | 13,975,326.49 | 17,583,751.24 | 16,366,766.77 | 15,099,796.43 | ||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 848,486.82 | 2,416,590.52 | 6,002,678.38 | 6,458,980.77 | 5,219,850.49 | 3,709,474.51 | ||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 42,275.00 | 36,815.00 | 67,825.00 | 85,254.75 | 82,199.00 | 53,300.00 | ||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 4,464.98 | 6,893.31 | 23,460.97 | 65,070.05 | 38,941.34 | 34,537.30 | ||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 12,296.70 | 24,425.74 | 31,213.40 | 86,801.77 | 80,296.73 | 68,108.34 | ||||||||||||||||||||||||||||||||
Other Recoveries Received | 55,738.52 | 240,143.03 | 175,220.55 | 155,586.30 | 298,305.14 | 247,743.68 | ||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 49,711,574.91 | 41,403,583.06 | 48,207,738.87 | 56,979,696.87 | 47,395,015.50 | 43,170,580.64 | ||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | 1,645,151.28 | 304,873.35 | 432,735.35 | ||||||||||||||||||||||||||||||||
Net Swap Receipt — Class A-4b | — | — | — | 4,740.00 | 59,074.44 | 75,840.00 | ||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 89,449.17 | 96,824.74 | 112,449.83 | 132,044.96 | 137,589.91 | 131,918.89 | ||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 49,801,024.08 | 41,500,407.80 | 48,320,188.70 | 58,761,633.11 | 47,896,553.20 | 43,811,074.88 | ||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total Available Funds | 49,801,024.08 | 41,500,407.80 | 48,320,188.70 | 58,761,633.11 | 47,896,553.20 | 43,811,074.88 | ||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 1,292,010.48 | 1,258,904.95 | 1,231,827.34 | 1,198,573.68 | 1,156,834.65 | 1,123,952.32 | ||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Swap Payment — Class A-4b | 55,826.67 | 169,206.94 | 32,126.67 | — | — | — | ||||||||||||||||||||||||||||||||
Senior Swap Termination Payment (paid pro rata with Noteholder Interest payment) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
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-4a Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest Shortfall from Prior Periods Class A-4b Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-1 Notes | 296,901.12 | 183,352.98 | 149,591.96 | 83,111.25 | — | — | ||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | 899,491.67 | 899,491.67 | 899,491.67 | 899,491.67 | 899,079.72 | 817,860.38 | ||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | ||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4a Notes | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | ||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4b Notes | 753,133.33 | 639,753.06 | 776,833.33 | 813,700.00 | 868,034.44 | 884,800.00 | ||||||||||||||||||||||||||||||||
Interest Shortfall Class A-1 Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest Shortfall Class A-2 Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest Shortfall Class A-3 Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest Shortfall Class A-4a Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Interest Shortfall Class A-4b Notes | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Principal Paid to Noteholders | 39,726,636.21 | 32,493,140.68 | 39,904,388.39 | 50,086,839.39 | 39,458,792.28 | 35,490,542.56 | ||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | 538,802.00 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subordinated Swap Termination Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Remaining Available Funds | 5,204,189.27 | 4,822,524.19 | 4,291,896.01 | 4,645,883.79 | 4,479,778.78 | 4,459,886.29 | ||||||||||||||||||||||||||||||||
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: January-05 | Collection Period Ended: February-05 | Collection Period Ended: March-05 | Collection Period Ended: April-05 | Collection Period Ended: May-05 | Collection Period Ended: June-05 | ||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2005 | ||||||||||||||||||||||||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 24,201,358.08 | 17,530,920.34 | 19,073,341.79 | 23,313,428.42 | 17,064,159.53 | 15,991,751.97 | ||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 15,525,278.13 | 14,962,220.34 | 20,831,046.60 | 25,128,259.69 | 22,089,759.40 | 19,066,055.24 | ||||||||||||||||||||||||||||||||
For Repurchases: Securitization Value (Beg. Of Collection Period) | — | — | — | 1,645,151.28 | 304,873.35 | 432,735.35 | ||||||||||||||||||||||||||||||||
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 | 39,726,636.21 | 32,493,140.68 | 39,904,388.39 | 50,086,839.39 | 39,458,792.28 | 35,490,542.56 | ||||||||||||||||||||||||||||||||
Remaining Available Funds (Item 40) | 45,469,627.48 | 37,315,664.87 | 44,196,284.40 | 54,732,723.18 | 43,938,571.06 | 39,950,428.85 | ||||||||||||||||||||||||||||||||
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) | 39,726,636.21 | 32,493,140.68 | 39,904,388.39 | 50,086,839.39 | 39,458,792.28 | 35,490,542.56 | ||||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 49,801,024.08 | 41,500,407.80 | 48,320,188.70 | 58,761,633.11 | 47,896,553.20 | 43,811,074.88 | ||||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 1,292,010.48 | 1,258,904.95 | 1,231,827.34 | 1,198,573.68 | 1,156,834.65 | 1,123,952.32 | ||||||||||||||||||||||||||||||||
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 and Swap Counterparties (Items 38e, 38f, and 39) | 3,034,386.12 | 2,920,837.98 | 2,887,076.96 | 2,825,336.25 | 2,796,147.50 | 2,731,693.71 | ||||||||||||||||||||||||||||||||
Less: Principal Paid to Noteholders (Item 42) | — | — | 39,904,388.39 | 50,086,839.39 | 39,458,792.28 | 35,490,542.56 | ||||||||||||||||||||||||||||||||
Less: Amount Paid to Reserve Account to Reach Specified Balance (Item 43) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Subordinated Swap Termination Payments (Item 43b) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Other Amounts paid to Trustees (Item 44) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 45,469,627.48 | 37,315,664.87 | 4,291,896.01 | 4,645,883.79 | 4,479,778.78 | 4,459,886.29 | ||||||||||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 70 > 0) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, 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 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
RESERVE ACCOUNT | ||||||||||||||||||||||||||||||||||||||
Reserve Account Balances: | ||||||||||||||||||||||||||||||||||||||
Specified Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | ||||||||||||||||||||||||||||||||
Initial Reserve Account Balance | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | ||||||||||||||||||||||||||||||||
Beginning Reserve Account Balance | 50,660,007.39 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | ||||||||||||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 83,241.89 | 88,056.90 | 110,285.74 | 114,660.54 | 126,111.03 | 127,221.20 | ||||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 50,743,249.28 | 51,370,108.18 | 51,392,337.02 | 51,396,711.82 | 51,408,162.31 | 51,409,272.48 | ||||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | 538,802.00 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 51,282,051.28 | 51,370,108.18 | 51,392,337.02 | 51,396,711.82 | 51,408,162.31 | 51,409,272.48 | ||||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | — | 88,056.90 | 110,285.74 | 114,660.54 | 126,111.03 | 127,221.20 | ||||||||||||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | ||||||||||||||||||||||||||||||||
Change in Reserve Account Balance from Immediately Preceding Payment Date | 622,043.89 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Current Period Net Residual Losses: | Amounts | Amounts | Amounts | Amounts | Amounts | Amounts | ||||||||||||||||||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 905,618.93 | 2,699,498.13 | 6,667,798.79 | 7,368,235.00 | 5,792,463.90 | 4,168,588.37 | ||||||||||||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (852,711.82 | ) | (2,428,240.52 | ) | (6,041,778.38 | ) | (6,507,230.77 | ) | (5,261,850.49 | ) | (3,733,174.51 | ) | ||||||||||||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (1,100.00 | ) | (12,983.00 | ) | (21,687.50 | ) | (30,662.84 | ) | (113,321.76 | ) | (170,138.52 | ) | ||||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (4,464.98 | ) | (6,893.31 | ) | (23,460.97 | ) | (65,070.05 | ) | (38,941.34 | ) | (34,537.30 | ) | ||||||||||||||||||||||||||
Less: Excess Mileage Received | (12,296.70 | ) | (24,425.74 | ) | (31,213.40 | ) | (86,801.77 | ) | (80,296.73 | ) | (68,108.34 | ) | ||||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains) | 35,045.43 | 226,955.56 | 549,658.54 | 678,469.57 | 298,053.58 | 162,629.70 | ||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 12,781.43 | 47,826.86 | 274,782.42 | 824,440.96 | 1,502,910.53 | 1,800,964.11 | ||||||||||||||||||||||||||||||||
Current Period Net Residual Losses (Item 95) | 35,045.43 | 226,955.56 | 549,658.54 | 678,469.57 | 298,053.58 | 162,629.70 | ||||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 47,826.86 | 274,782.42 | 824,440.96 | 1,502,910.53 | 1,800,964.11 | 1,963,593.81 | ||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.00 | % | 0.02 | % | 0.05 | % | 0.09 | % | 0.11 | % | 0.11 | % | ||||||||||||||||||||||||||
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2005 | January-05 | February-05 | March-05 | April-05 | May-05 | June-05 | ||||||||||||||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,709,401,709 | 1,510,685,944 | 1,478,192,803 | 1,438,288,414 | 1,388,201,575 | 1,348,742,783 | 1,313,252,240 | |||||||||||||||||||||||||||||||
Number of Current Contracts | 85,972 | 81,565 | 80,664 | 79,347 | 77,637 | 76,200 | 74,940 | |||||||||||||||||||||||||||||||
Weighted Average Lease Rate | 4.96 | % | 4.89 | % | 4.88 | % | 4.87 | % | 4.83 | % | 4.81 | % | 4.79 | % | ||||||||||||||||||||||||
Average Remaining Term | 28.67 | 22.33 | 21.49 | 20.63 | 19.68 | 18.89 | 18.10 | |||||||||||||||||||||||||||||||
Average Original Term | 44.43 | 44.39 | 44.39 | 44.40 | 44.43 | 44.45 | 44.47 | |||||||||||||||||||||||||||||||
Monthly Prepayment Speed | 105.28 | % | 90.45 | % | 90.18 | % | 102.70 | % | 102.12 | % | 96.31 | % | ||||||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 1,550,412,580 | 1,510,685,944 | 1,478,192,803 | 1,438,288,414 | 1,388,201,575 | 1,348,742,783 | ||||||||||||||||||||||||||||||||
Depreciation/Payments | (24,201,358 | ) | (17,530,920 | ) | (19,073,342 | ) | (23,313,428 | ) | (17,064,160 | ) | (15,991,752 | ) | ||||||||||||||||||||||||||
Gross Credit Losses | (951,461 | ) | (1,210,085 | ) | (1,686,913 | ) | (1,856,777 | ) | (1,131,768 | ) | (1,088,812 | ) | ||||||||||||||||||||||||||
Early Terminations | (13,668,198 | ) | (11,052,637 | ) | (12,476,335 | ) | (15,903,247 | ) | (15,165,528 | ) | (13,808,655 | ) | ||||||||||||||||||||||||||
Scheduled Terminations | (905,619 | ) | (2,699,498 | ) | (6,667,799 | ) | (7,368,235 | ) | (5,792,464 | ) | (4,168,588 | ) | ||||||||||||||||||||||||||
Repurchase/Reallocation | — | — | — | (1,645,151 | ) | (304,873 | ) | (432,735 | ) | |||||||||||||||||||||||||||||
Pool Balance — End of Period | 1,510,685,944 | 1,478,192,803 | 1,438,288,414 | 1,388,201,575 | 1,348,742,783 | 1,313,252,240 | ||||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||||
Current | 1,492,707,664 | 1,461,111,408 | 1,424,638,233 | 1,374,688,449 | 1,335,382,150 | 1,296,841,423 | ||||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 14,984,968 | 13,796,086 | 10,943,438 | 11,499,437 | 11,631,592 | 14,773,594 | ||||||||||||||||||||||||||||||||
90+ Days Delinquent | 2,993,312 | 3,285,310 | 2,706,744 | 2,013,689 | 1,729,041 | 1,637,223 | ||||||||||||||||||||||||||||||||
Total | 1,510,685,943 | 1,478,192,803 | 1,438,288,414 | 1,388,201,575 | 1,348,742,783 | 1,313,252,240 | ||||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 951,461 | 1,210,085 | 1,686,913 | 1,856,777 | 1,131,768 | 1,088,812 | ||||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (384,334 | ) | (702,496 | ) | (1,050,085 | ) | (1,107,753 | ) | (672,023 | ) | (611,286 | ) | ||||||||||||||||||||||||||
Recoveries on charged-off units | — | (134,453 | ) | (79,322 | ) | (31,695 | ) | (82,717 | ) | (32,894 | ) | |||||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 567,127 | 373,136 | 557,505 | 717,330 | 377,028 | 444,633 | ||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 498,161 | 1,093,169 | 1,466,305 | 2,023,811 | 2,741,141 | 3,118,169 | ||||||||||||||||||||||||||||||||
Current Period Net Credit Losses (Item 124)* | 595,008 | 373,136 | 557,505 | 717,330 | 377,028 | 444,633 | ||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses* | 1,093,169 | 1,466,305 | 2,023,811 | 2,741,141 | 3,118,169 | 3,562,801 | ||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.06 | % | 0.09 | % | 0.12 | % | 0.16 | % | 0.18 | % | 0.21 | % | ||||||||||||||||||||||||||
Current Period Net Credit Losses (As Reported)* | 567,127 | |||||||||||||||||||||||||||||||||||||
Current Period Net Credit Losses (Revised)* | 595,008 | |||||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses (As Reported)* | 1,065,288 | |||||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses (Revised)* | 1,093,169 |
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE For the Annual Collection Period ended December 2005 | Collection Period Ended: July-05 | Collection Period Ended: August-05 | Collection Period Ended: September-05 | Collection Period Ended: October-05 | Collection Period Ended: November-05 | Collection Period Ended: December-05 | TOTALS | |||||||||||||||||||||||||||||||||||
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 | 321,000,000.00 | — | — | — | — | — | — | — | — | 162,010,870.32 | ||||||||||||||||||||||||||||||||
Class A-2 Notes | 437,000,000.00 | 60,863,200.12 | 0.1392751 | 51,923,706.32 | 47,271,849.28 | 67,006,852.63 | 44,695,565.35 | 45,315,451.48 | 44,773,905.63 | 376,136,799.88 | ||||||||||||||||||||||||||||||||
Class A-3 Notes | 326,000,000.00 | 326,000,000.00 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class A-4a Notes | 100,000,000.00 | 100,000,000.00 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class A-4b Notes | 316,000,000.00 | 316,000,000.00 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Certificates | 209,401,709.41 | 209,401,709.41 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,709,401,709.41 | $ | 1,012,264,909.53 | $ | 51,923,706.32 | $ | 47,271,849.28 | $ | 67,006,852.63 | $ | 44,695,565.35 | $ | 45,315,451.48 | $ | 44,773,905.63 | $ | 538,147,670.20 | ||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||||||||||
Class A-1 Notes | 1.9992 | % | — | — | — | — | — | — | 712,957.31 | |||||||||||||||||||||||||||||||||
Class A-2 Notes | 2.4700 | % | 744,809.01 | 637,932.71 | 540,631.49 | 402,709.05 | 310,710.68 | 217,436.38 | 8,169,136.09 | |||||||||||||||||||||||||||||||||
Class A-3 Notes | 2.8400 | % | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 9,258,400.00 | |||||||||||||||||||||||||||||||||
Class A-4a Notes | 3.0900 | % | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 3,090,000.00 | |||||||||||||||||||||||||||||||||
Class A-4b Notes | 4.4700 | % | 1,022,523.33 | 944,243.29 | 1,026,012.50 | 1,151,644.44 | 1,084,248.84 | 1,216,336.67 | 11,181,263.24 | |||||||||||||||||||||||||||||||||
Total | 2,796,365.68 | 2,611,209.33 | 2,595,677.32 | 2,583,386.83 | 2,423,992.86 | 2,462,806.38 | 32,411,756.65 | |||||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 30,189,076.23 | 22,575,327.84 | 26,369,637.88 | 21,161,655.48 | 19,900,704.43 | 20,360,148.00 | 310,834,071.25 | |||||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 21,902,168.80 | 17,354,615.35 | 19,150,237.77 | 14,114,772.96 | 14,030,442.91 | 13,581,771.21 | 190,051,699.37 | |||||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 7,680,375.58 | 13,760,467.84 | 26,814,607.95 | 13,232,935.47 | 16,425,413.16 | 16,106,154.82 | 118,676,016.31 | |||||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 84,651.00 | 109,150.00 | 172,741.00 | 97,000.00 | 86,449.00 | 96,175.00 | 1,013,834.75 | |||||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 61,875.55 | 78,782.56 | 117,426.89 | 116,642.52 | 98,399.46 | 133,020.25 | 779,515.18 | |||||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 90,075.67 | 116,953.92 | 183,874.59 | 153,945.10 | 121,823.56 | 183,785.77 | 1,153,601.29 | |||||||||||||||||||||||||||||||||||
Other Recoveries Received | 389,832.49 | 242,210.11 | 279,376.26 | 407,745.53 | 638,730.44 | 1,407,471.54 | 4,538,103.59 | |||||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 60,398,055.32 | 54,237,507.62 | 73,087,902.34 | 49,284,697.06 | 51,301,962.96 | 51,868,526.59 | 627,046,841.74 | |||||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Postmaturity Term Extension | 887,880.20 | 1,031,175.30 | 1,497,027.57 | 1,629,150.55 | — | — | 7,427,993.60 | |||||||||||||||||||||||||||||||||||
Net Swap Receipt — Class A-4b | 213,563.33 | 135,283.29 | 217,052.50 | 342,684.44 | 275,288.84 | 407,376.67 | 1,730,903.52 | |||||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 153,304.45 | 195,797.24 | 187,072.22 | 209,320.55 | 194,901.88 | 222,757.26 | 1,863,431.10 | |||||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 61,652,803.30 | 55,599,763.45 | 74,989,054.63 | 51,465,852.60 | 51,772,153.68 | 52,498,660.52 | 638,069,169.96 | |||||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total Available Funds | 61,652,803.30 | 55,599,763.45 | 74,989,054.63 | 51,465,852.60 | 51,772,153.68 | 52,498,660.52 | 638,069,169.96 | |||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 1,094,376.87 | 1,051,107.11 | 1,011,713.90 | 955,874.86 | 918,628.56 | 880,865.68 | 13,174,670.39 | |||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net Swap Payment — Class A-4b | — | — | — | — | — | — | 257,160.27 | |||||||||||||||||||||||||||||||||||
Senior Swap Termination Payment (paid pro rata with Noteholder Interest payment) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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-4a Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall from Prior Periods Class A-4b Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-1 Notes | — | — | — | — | — | — | 712,957.31 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | 744,809.01 | 637,932.71 | 540,631.49 | 402,709.05 | 310,710.68 | 217,436.38 | 8,169,136.09 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 771,533.33 | 9,258,400.00 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4a Notes | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 3,090,000.00 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4b Notes | 1,022,523.33 | 944,243.29 | 1,026,012.50 | 1,151,644.44 | 1,084,248.84 | 1,216,336.67 | 11,181,263.24 | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-1 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-2 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-3 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-4a Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-4b Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Principal Paid to Noteholders | 51,923,706.32 | 47,271,849.28 | 67,006,852.63 | 44,695,565.35 | 45,315,451.48 | 44,773,905.63 | 538,147,670.20 | |||||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | 538,802.00 | |||||||||||||||||||||||||||||||||||
Subordinated Swap Termination Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Remaining Available Funds | 5,833,354.44 | 4,660,597.72 | 4,369,810.77 | 3,226,025.56 | 3,109,080.79 | 4,376,082.83 | 53,479,110.45 | |||||||||||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2005 | July-05 | August-05 | September-05 | October-05 | November-05 | December-05 | TOTALS | |||||||||||||||||||||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 21,808,284.71 | 15,111,281.20 | 19,240,589.76 | 14,470,677.40 | 13,334,592.17 | 14,059,091.01 | 215,199,476.38 | |||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 29,227,541.41 | 31,129,392.78 | 46,269,235.30 | 28,595,737.40 | 31,980,859.31 | 30,714,814.62 | 315,520,200.22 | |||||||||||||||||||||||||||||||||||
For Repurchases: Securitization Value (Beg. Of Collection Period) | 887,880.20 | 1,031,175.30 | 1,497,027.57 | 1,629,150.55 | — | — | 7,427,993.60 | |||||||||||||||||||||||||||||||||||
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 | 51,923,706.32 | 47,271,849.28 | 67,006,852.63 | 44,695,565.35 | 45,315,451.48 | 44,773,905.63 | 538,147,670.20 | |||||||||||||||||||||||||||||||||||
Remaining Available Funds (Item 40) | 57,757,060.76 | 51,932,447.00 | 71,376,663.40 | 47,921,590.91 | 48,424,532.27 | 49,149,988.46 | 592,165,582.65 | |||||||||||||||||||||||||||||||||||
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) | 51,923,706.32 | 47,271,849.28 | 67,006,852.63 | 44,695,565.35 | 45,315,451.48 | 44,773,905.63 | 538,147,670.20 | |||||||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 61,652,803.30 | 55,599,763.45 | 74,989,054.63 | 51,465,852.60 | 51,772,153.68 | 52,498,660.52 | ||||||||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 1,094,376.87 | 1,051,107.11 | 1,011,713.90 | 955,874.86 | 918,628.56 | 880,865.68 | ||||||||||||||||||||||||||||||||||||
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 and Swap Counterparties (Items 38e, 38f, and 39) | 2,796,365.68 | 2,611,209.33 | 2,595,677.32 | 2,583,386.83 | 2,423,992.86 | 2,462,806.38 | ||||||||||||||||||||||||||||||||||||
Less: Principal Paid to Noteholders (Item 42) | 51,923,706.32 | 47,271,849.28 | 67,006,852.63 | 44,695,565.35 | 45,315,451.48 | 44,773,905.63 | ||||||||||||||||||||||||||||||||||||
Less: Amount Paid to Reserve Account to Reach Specified Balance (Item 43) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: Subordinated Swap Termination Payments (Item 43b) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: Other Amounts paid to Trustees (Item 44) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 5,833,354.44 | 4,660,597.72 | 4,369,810.77 | 3,226,025.56 | 3,109,080.79 | 4,376,082.83 | ||||||||||||||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 70 > 0) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, 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 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
RESERVE ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||
Reserve Account Balances: | ||||||||||||||||||||||||||||||||||||||||||
Specified Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | |||||||||||||||||||||||||||||||||||
Initial Reserve Account Balance | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | |||||||||||||||||||||||||||||||||||
Beginning Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 50,660,007.39 | |||||||||||||||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 139,117.19 | 147,204.91 | 149,145.57 | 161,274.28 | 164,929.10 | 178,785.11 | 1,590,033.46 | |||||||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 51,421,168.47 | 51,429,256.19 | 51,431,196.85 | 51,443,325.56 | 51,446,980.38 | 51,460,836.39 | 52,250,040.85 | |||||||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | 538,802.00 | |||||||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 51,421,168.47 | 51,429,256.19 | 51,431,196.85 | 51,443,325.56 | 51,446,980.38 | 51,460,836.39 | 52,788,842.85 | |||||||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 139,117.19 | 147,204.91 | 149,145.57 | 161,274.28 | 164,929.10 | 178,785.11 | 1,506,791.57 | |||||||||||||||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | |||||||||||||||||||||||||||||||||||
Change in Reserve Account Balance from Immediately Preceding Payment Date | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Current Period Net Residual Losses: | Amounts | Amounts | Amounts | Amounts | Amounts | Amounts | ||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 7,969,489.08 | 14,323,762.13 | 27,782,355.98 | 14,709,160.81 | 18,423,325.54 | 17,467,524.40 | 128,277,821.06 | |||||||||||||||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (7,722,325.58 | ) | (13,846,567.84 | ) | (26,949,482.95 | ) | (13,294,635.47 | ) | (16,483,163.16 | ) | (16,160,154.82 | ) | (119,281,316.31 | ) | ||||||||||||||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (163,583.50 | ) | (152,397.52 | ) | (236,893.54 | ) | (369,473.19 | ) | (618,012.36 | ) | (1,392,407.40 | ) | (3,282,661.13 | ) | ||||||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (61,875.55 | ) | (78,782.56 | ) | (117,426.89 | ) | (116,642.52 | ) | (98,399.46 | ) | (133,020.25 | ) | (779,515.18 | ) | ||||||||||||||||||||||||||||
Less: Excess Mileage Received | (90,075.67 | ) | (116,953.92 | ) | (183,874.59 | ) | (153,945.10 | ) | (121,823.56 | ) | (183,785.77 | ) | (1,153,601.29 | ) | ||||||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains) | (68,371.22 | ) | 129,060.29 | 294,678.01 | 774,464.53 | 1,101,927.00 | (401,843.84 | ) | 3,780,727.15 | |||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 1,963,593.81 | 1,895,222.59 | 2,024,282.88 | 2,318,960.89 | 3,093,425.42 | 4,195,352.42 | 12,781.43 | |||||||||||||||||||||||||||||||||||
Current Period Net Residual Losses (Item 95) | (68,371.22 | ) | 129,060.29 | 294,678.01 | 774,464.53 | 1,101,927.00 | (401,843.84 | ) | 3,780,727.15 | |||||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 1,895,222.59 | 2,024,282.88 | 2,318,960.89 | 3,093,425.42 | 4,195,352.42 | 3,793,508.58 | 3,793,508.58 | |||||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.11 | % | 0.12 | % | 0.14 | % | 0.18 | % | 0.25 | % | 0.22 | % | 0.22 | % | ||||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2005 | July-05 | August-05 | September-05 | October-05 | November-05 | December-05 | TOTALS | |||||||||||||||||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,709,401,709 | 1,261,328,534 | 1,214,056,685 | 1,147,049,832 | 1,102,354,267 | 1,057,038,815 | 1,012,264,910 | |||||||||||||||||||||||||||||||||||
Number of Current Contracts | 85,972 | 72,947 | 70,679 | 67,207 | 65,074 | 62,838 | 60,753 | |||||||||||||||||||||||||||||||||||
Weighted Average Lease Rate | 4.96 | % | 4.77 | % | 4.76 | % | 4.74 | % | 4.73 | % | 4.74 | % | 4.75 | % | ||||||||||||||||||||||||||||
Average Remaining Term | 28.67 | 17.14 | 16.51 | 15.86 | 15.22 | 14.64 | 13.95 | |||||||||||||||||||||||||||||||||||
Average Original Term | 44.43 | 44.51 | 44.58 | 44.75 | 44.84 | 44.96 | 45.07 | |||||||||||||||||||||||||||||||||||
Monthly Prepayment Speed | 93.19 | % | 87.13 | % | 95.19 | % | 88.54 | % | 85.35 | % | 83.41 | % | ||||||||||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 1,313,252,240 | 1,261,328,534 | 1,214,056,685 | 1,147,049,832 | 1,102,354,267 | 1,057,038,815 | 1,550,412,580 | |||||||||||||||||||||||||||||||||||
Depreciation/Payments | (21,808,285 | ) | (15,111,281 | ) | (19,240,590 | ) | (14,470,677 | ) | (13,334,592 | ) | (14,059,091 | ) | (215,199,476 | ) | ||||||||||||||||||||||||||||
Gross Credit Losses | (833,972 | ) | (756,404 | ) | (1,032,407 | ) | (1,201,775 | ) | (432,945 | ) | (718,407 | ) | (12,901,726 | ) | ||||||||||||||||||||||||||||
Early Terminations | (20,424,081 | ) | (16,049,226 | ) | (17,454,473 | ) | (12,684,802 | ) | (13,124,589 | ) | (12,528,883 | ) | (174,340,654 | ) | ||||||||||||||||||||||||||||
Scheduled Terminations | (7,969,489 | ) | (14,323,762 | ) | (27,782,356 | ) | (14,709,161 | ) | (18,423,326 | ) | (17,467,524 | ) | (128,277,821 | ) | ||||||||||||||||||||||||||||
Repurchase/Reallocation | (887,880 | ) | (1,031,175 | ) | (1,497,028 | ) | (1,629,151 | ) | — | — | (7,427,994 | ) | ||||||||||||||||||||||||||||||
Pool Balance — End of Period | 1,261,328,534 | 1,214,056,685 | 1,147,049,832 | 1,102,354,267 | 1,057,038,815 | 1,012,264,910 | 1,012,264,910 | |||||||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||||||||
Current | 1,243,339,921 | 1,195,251,154 | 1,128,536,366 | 1,084,303,050 | 1,038,236,938 | 993,271,722 | ||||||||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 15,631,990 | 15,895,755 | 15,550,980 | 15,075,310 | 15,396,261 | 15,180,560 | ||||||||||||||||||||||||||||||||||||
90+ Days Delinquent | 2,356,622 | 2,909,775 | 2,962,486 | 2,975,906 | 3,405,616 | 3,812,627 | ||||||||||||||||||||||||||||||||||||
Total | 1,261,328,534 | 1,214,056,685 | 1,147,049,832 | 1,102,354,267 | 1,057,038,815 | 1,012,264,909 | ||||||||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 833,972 | 756,404 | 1,032,407 | 1,201,775 | 432,945 | 718,407 | 12,901,726 | |||||||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (605,624 | ) | (522,859 | ) | (720,576 | ) | (855,783 | ) | (299,673 | ) | (502,824 | ) | (8,035,316 | ) | ||||||||||||||||||||||||||||
Recoveries on charged-off units | (167,459 | ) | (33,410 | ) | (9,336 | ) | — | (1,583 | ) | (220 | ) | (573,089 | ) | |||||||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 60,888 | 200,135 | 302,495 | 345,992 | 131,689 | 215,362 | 4,293,321 | |||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 3,562,801 | 3,623,689 | 3,823,825 | 4,126,319 | 4,472,311 | 4,604,001 | 498,161 | |||||||||||||||||||||||||||||||||||
Current Period Net Credit Losses (Item 124)* | 60,888 | 200,135 | 302,495 | 345,992 | 131,689 | 215,362 | 4,321,202 | |||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses* | 3,623,689 | 3,823,825 | 4,126,319 | 4,472,311 | 4,604,001 | 4,819,363 | 4,819,363 | |||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.21 | % | 0.22 | % | 0.24 | % | 0.26 | % | 0.27 | % | 0.28 | % | 0.28 | % | ||||||||||||||||||||||||||||
Current Period Net Credit Losses (As Reported)* | ||||||||||||||||||||||||||||||||||||||||||
Current Period Net Credit Losses (Revised)* | ||||||||||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses (As Reported)* | ||||||||||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses (Revised)* |