EXHIBIT 99.3
Volkswagen Auto Lease Trust 2005-A | ||||||||||||||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2005 | February-05 | March-05 | April-05 | May-05 | June-05 | |||||||||||||||||||||||||||||
SUMMARY | ||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | |||||||||||||||||||||||||||
Class A-1 Notes | 425,000,000.00 | — | — | 74,244,777.11 | 33,870,898.01 | 42,922,711.21 | 31,716,972.65 | 29,473,795.43 | ||||||||||||||||||||||||||
Class A-2 Notes | 420,000,000.00 | 335,660,250.37 | 0.7991911 | — | — | — | — | — | ||||||||||||||||||||||||||
Class A-3 Notes | 485,000,000.00 | 485,000,000.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||||
Class A-4 Notes | 170,000,000.00 | 170,000,000.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||||
Certificates | 185,393,258.00 | 185,393,258.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 1,685,393,258.00 | $ | 1,176,053,508.37 | $ | 74,244,777.11 | $ | 33,870,898.01 | $ | 42,922,711.21 | $ | 31,716,972.65 | $ | 29,473,795.43 | ||||||||||||||||||||
Total Sec. Value | $ | 1,685,393,258.00 | $ | 1,209,761,374.37 | ||||||||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||||
Class A-1 Notes | 2.9850 | % | 634,312.50 | 872,503.62 | 788,249.76 | 704,195.50 | 602,583.54 | |||||||||||||||||||||||||||
Class A-2 Notes | 3.5200 | % | 739,200.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | |||||||||||||||||||||||||||
Class A-3 Notes | 3.8200 | % | 926,350.00 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | |||||||||||||||||||||||||||
Class A-4 Notes | 3.9400 | % | 334,900.00 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | |||||||||||||||||||||||||||
Total | 2,634,762.50 | 4,206,586.95 | 4,122,333.09 | 4,038,278.83 | 3,936,666.88 | |||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||
Lease Payments Received | 64,411,085.63 | 30,039,978.74 | 36,299,576.16 | 27,447,687.13 | 26,208,542.86 | |||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 15,251,517.74 | 9,245,344.54 | 11,889,586.73 | 12,020,896.40 | 9,494,276.53 | |||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | — | — | — | 843,062.99 | 3,062,125.47 | |||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 30,925.00 | 21,800.00 | 36,550.00 | 43,250.00 | 27,224.00 | |||||||||||||||||||||||||||||
Excess Wear and Tear Received | — | — | 2,649.74 | 10,132.13 | 12,749.03 | |||||||||||||||||||||||||||||
Excess Mileage Charges Received | — | 412.00 | 10,045.25 | 29,528.65 | 56,434.88 | |||||||||||||||||||||||||||||
Other Recoveries Received | — | 6,485.00 | 41,931.00 | 77,673.81 | 69,802.00 | |||||||||||||||||||||||||||||
Subtotal: Total Collections | 79,693,528.37 | 39,314,020.28 | 48,280,338.88 | 40,472,231.11 | 38,931,154.77 | |||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | |||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | 153,973.31 | 925,707.20 | |||||||||||||||||||||||||||||
Investment Earnings on Collection Account | — | 126,943.93 | 105,046.04 | 112,229.65 | 103,786.42 | |||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 79,693,528.37 | 39,440,964.21 | 48,385,384.92 | 40,738,434.07 | 39,960,648.39 | |||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | |||||||||||||||||||||||||||||
Total Available Funds | 79,693,528.37 | 39,440,964.21 | 48,385,384.92 | 40,738,434.07 | 39,960,648.39 | |||||||||||||||||||||||||||||
Reserve Account Draw | — | — | — | — | — | |||||||||||||||||||||||||||||
Available for Distribution | 79,693,528.37 | 39,440,964.21 | 48,385,384.92 | 40,738,434.07 | 39,960,648.39 | |||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | |||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | |||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 2,808,988.76 | 1,358,479.25 | 1,335,340.62 | 1,305,336.15 | 1,280,288.14 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
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 | 634,312.50 | 872,503.62 | 788,249.76 | 704,195.50 | 602,583.54 | |||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | 739,200.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | |||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 926,350.00 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | |||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4 Notes | 334,900.00 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | |||||||||||||||||||||||||||||
Interest Shortfall Class A-1 Notes | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest Shortfall Class A-2 Notes | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest Shortfall Class A-3 Notes | — | — | — | — | — | |||||||||||||||||||||||||||||
Interest Shortfall Class A-4 Notes | — | — | — | — | — | |||||||||||||||||||||||||||||
First Priority Principal Distribution Amount | — | — | — | — | — | |||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | |||||||||||||||||||||||||||||
Regular Principal Paid to Noteholders | 74,244,777.11 | 33,870,898.01 | 42,922,711.21 | 31,716,972.65 | 29,473,795.43 | |||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | |||||||||||||||||||||||||||||
Remaining Available Funds | — | — | — | 3,672,846.44 | 5,264,897.94 | |||||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2005-A | ||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||
For the Annual Collection Period ended December 2005 | February-05 | March-05 | April-05 | May-05 | June-05 | |||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||
Calculation of First Priority Principal Distribution Amount: | ||||||||||||||||||||||
Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 1,500,000,000.00 | 1,425,755,222.89 | 1,391,884,324.88 | 1,348,961,613.67 | 1,317,244,641.02 | |||||||||||||||||
Less: Aggregate Securitization Value (End of Collection Period) | (1,630,175,094.69 | ) | (1,602,408,747.68 | ) | (1,566,403,375.13 | ) | (1,536,345,765.02 | ) | (1,506,871,969.59 | ) | ||||||||||||
First Priority Principal Distribution Amount (not less than zero) | — | — | — | — | — | |||||||||||||||||
Calculation of Regular Principal Distribution Amount: | ||||||||||||||||||||||
Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 1,500,000,000.00 | 1,425,755,222.89 | 1,391,884,324.88 | 1,348,961,613.67 | 1,317,244,641.02 | |||||||||||||||||
Less: First Priority Principal Distribution Amount | — | — | — | — | — | |||||||||||||||||
Less: Targeted Note Balance | (1,411,073,970.69 | ) | (1,383,307,623.68 | ) | (1,347,302,251.13 | ) | (1,317,244,641.02 | ) | (1,287,770,845.59 | ) | ||||||||||||
Regular Principal Distribution Amount | 88,926,029.31 | 42,447,599.21 | 44,582,073.75 | 31,716,972.65 | 29,473,795.43 | |||||||||||||||||
Calculation of Targeted Note Balance: | ||||||||||||||||||||||
Aggregate Securitization Value (End of Collection Period) | 1,630,175,094.69 | 1,602,408,747.68 | 1,566,403,375.13 | 1,536,345,765.02 | 1,506,871,969.59 | |||||||||||||||||
Less: Targeted Overcollateralization Amount (13% of Initial Securitization Value) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | ||||||||||||
Targeted Note Balance | 1,411,073,970.69 | 1,383,307,623.68 | 1,347,302,251.13 | 1,317,244,641.02 | 1,287,770,845.59 | |||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||
Available Funds, prior to Servicer Advances | 79,693,528.37 | 39,440,964.21 | 48,385,384.92 | 40,738,434.07 | 39,960,648.39 | |||||||||||||||||
Less: Payment Date Advance Reimbursement | — | — | — | — | — | |||||||||||||||||
Less: Servicing Fees Paid | 2,808,988.76 | 1,358,479.25 | 1,335,340.62 | 1,305,336.15 | 1,280,288.14 | |||||||||||||||||
Less: Administration Fees Paid | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||||||||||
Less: Interest Paid to Noteholders | 2,634,762.50 | 4,206,586.95 | 4,122,333.09 | 4,038,278.83 | 3,936,666.88 | |||||||||||||||||
Less: 1st Priority Principal Distribution | — | — | — | — | — | |||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 74,244,777.11 | 33,870,898.01 | 42,922,711.21 | 35,389,819.09 | 34,738,693.37 | |||||||||||||||||
Monthly Lease Payments Due on Included Units but not received | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
Servicer Advance | — | — | — | — | — | |||||||||||||||||
Total Available Funds after Servicer Advance | 74,244,777.11 | 33,870,898.01 | 42,922,711.21 | 35,389,819.09 | 34,738,693.37 | |||||||||||||||||
Reserve Account Draw Amount | — | — | — | — | — | |||||||||||||||||
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 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||
Initial Reserve Account Balance | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||
Beginning Reserve Account Balance | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||
Plus: Net Investment Income for the Collection Period | — | 33,969.92 | 37,677.68 | 41,446.60 | 41,811.46 | |||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 16,853,932.58 | 16,887,902.50 | 16,891,610.26 | 16,895,379.18 | 16,895,744.04 | |||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | |||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | |||||||||||||||||
Subtotal Reserve Account Balance | 16,853,932.58 | 16,887,902.50 | 16,891,610.26 | 16,895,379.18 | 16,895,744.04 | |||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | — | 33,969.92 | 37,677.68 | 41,446.60 | 41,811.46 | |||||||||||||||||
Equals: Ending Reserve Account Balance | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||
Change in Reserve Account Balance from Immediately Preceding Payment Date | — | — | — | — | — | |||||||||||||||||
Current Period Net Residual Losses: | Amounts | Amounts | Amounts | Amounts | Amounts | |||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | — | — | — | 912,679.34 | 3,235,452.13 | |||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | — | — | — | (849,562.99 | ) | (3,070,900.47 | ) | |||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | — | — | — | — | (944.00 | ) | ||||||||||||||||
Less: Excess Wear and Tear Received | — | — | — | (10,132.13 | ) | (12,749.03 | ) | |||||||||||||||
Less: Excess Mileage Received | — | — | — | (29,528.65 | ) | (56,434.88 | ) | |||||||||||||||
Current Period Net Residual Losses/(Gains) | — | — | — | 23,455.57 | 94,423.75 | |||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | — | — | — | — | 23,455.57 | |||||||||||||||||
Current Period Net Residual Losses | — | — | — | 23,455.57 | 94,423.75 | |||||||||||||||||
Ending Cumulative Net Residual Losses | — | — | — | 23,455.57 | 117,879.32 | |||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2005-A | ||||||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||
For the Annual Collection Period ended December 2005 | February-05 | March-05 | April-05 | May-05 | June-05 | |||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||
Aggregate Securitization Value | 1,685,393,258 | 1,630,175,095 | 1,602,408,748 | 1,566,403,375 | 1,536,345,765 | 1,506,871,970 | ||||||||||||||||||||
Number of Current Contracts | 72,157 | 71,507 | 71,095 | 70,539 | 69,925 | 69,249 | ||||||||||||||||||||
Weighted Average Lease Rate | 3.59 | % | 3.58 | % | 3.57 | % | 3.61 | % | 3.55 | % | 3.54 | % | ||||||||||||||
Average Remaining Term | 27.48 | 25.47 | 23.86 | 24.25 | 21.94 | 21.14 | ||||||||||||||||||||
Average Original Term | 42.98 | 42.97 | 42.96 | 43.61 | 42.95 | 42.95 | ||||||||||||||||||||
Monthly Prepayment Speed | 82.81 | % | 81.14 | % | 98.00 | % | 96.32 | % | 89.89 | % | ||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | ||||||||||||||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 1,685,393,259 | 1,630,175,095 | 1,602,408,748 | 1,566,403,375 | 1,536,345,765 | |||||||||||||||||||||
Depreciation/Payments | (40,939,759 | ) | (19,068,636 | ) | (24,419,958 | ) | (17,231,483 | ) | (15,985,245 | ) | ||||||||||||||||
Gross Credit Losses | (18,127 | ) | (119,246 | ) | (644,371 | ) | (550,645 | ) | (576,494 | ) | ||||||||||||||||
Early Terminations | (14,260,279 | ) | (8,578,464 | ) | (10,941,043 | ) | (11,208,829 | ) | (8,750,897 | ) | ||||||||||||||||
Scheduled Terminations | — | — | — | (912,679 | ) | (3,235,452 | ) | |||||||||||||||||||
Repurchase/Reallocation | — | — | — | (153,973 | ) | (925,707 | ) | |||||||||||||||||||
Pool Balance - End of Period | 1,630,175,095 | 1,602,408,748 | 1,566,403,375 | 1,536,345,765 | 1,506,871,970 | |||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||
Current | 1,621,476,424 | 1,594,787,424 | 1,555,586,030 | 1,525,533,601 | 1,494,182,100 | |||||||||||||||||||||
31 - 90 Days Delinquent | 8,512,491 | 6,743,998 | 9,722,670 | 9,775,516 | 11,660,725 | |||||||||||||||||||||
90+ Days Delinquent | 186,180 | 877,326 | 1,094,676 | 1,036,648 | 1,029,145 | |||||||||||||||||||||
Total | 1,630,175,095 | 1,602,408,748 | 1,566,403,375 | 1,536,345,765 | 1,506,871,970 | |||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 18,127 | 119,246 | 644,371 | 550,645 | 576,494 | |||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (476 | ) | (69,536 | ) | (445,017 | ) | (388,946 | ) | (378,837 | ) | ||||||||||||||||
Recoveries on charged-off units | — | — | — | — | — | |||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 17,651 | 49,710 | 199,354 | 161,699 | 197,657 | |||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | — | 17,651 | 67,361 | 266,716 | 428,415 | |||||||||||||||||||||
Current Period Net Credit Losses | 17,651 | 49,710 | 199,354 | 161,699 | 197,657 | |||||||||||||||||||||
Ending Cumulative Net Credit Losses | 17,651 | 67,361 | 266,716 | 428,415 | 626,072 | |||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.00 | % | 0.00 | % | 0.02 | % | 0.03 | % | 0.04 | % | ||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2005-A | ||||||||||||||||||||||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period | Collection Period | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2005 | July-05 | August-05 | September-05 | October-05 | November-05 | December-05 | TOTALS | |||||||||||||||||||||||||||||||||||
SUMMARY | ||||||||||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | Principal Pmt (Regular) | |||||||||||||||||||||||||||||||||
Class A-1 Notes | 425,000,000.00 | — | — | 48,815,866.55 | 44,528,560.32 | 63,520,251.02 | 46,470,387.23 | 9,435,780.47 | — | 425,000,000.00 | ||||||||||||||||||||||||||||||||
Class A-2 Notes | 420,000,000.00 | 335,660,250.37 | 0.7991911 | — | — | — | — | 32,852,146.70 | 51,487,602.93 | 84,339,749.63 | ||||||||||||||||||||||||||||||||
Class A-3 Notes | 485,000,000.00 | 485,000,000.00 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class A-4 Notes | 170,000,000.00 | 170,000,000.00 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Certificates | 185,393,258.00 | 185,393,258.00 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,685,393,258.00 | $ | 1,176,053,508.37 | $ | 48,815,866.55 | $ | 44,528,560.32 | $ | 63,520,251.02 | $ | 46,470,387.23 | $ | 42,287,927.17 | $ | 51,487,602.93 | $ | 509,339,749.63 | ||||||||||||||||||||||||
Total Sec. Value | $ | 1,685,393,258.00 | $ | 1,209,761,374.37 | ||||||||||||||||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||||||||||
Class A-1 Notes | 2.9850 | % | 582,194.23 | 394,243.41 | 297,073.22 | 148,337.70 | 22,689.12 | — | 5,046,382.59 | |||||||||||||||||||||||||||||||||
Class A-2 Notes | 3.5200 | % | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,135,633.70 | 12,962,833.70 | |||||||||||||||||||||||||||||||||
Class A-3 Notes | 3.8200 | % | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 16,365,516.67 | |||||||||||||||||||||||||||||||||
Class A-4 Notes | 3.9400 | % | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 5,916,566.67 | |||||||||||||||||||||||||||||||||
Total | 3,916,277.56 | 3,728,326.74 | 3,631,156.55 | 3,482,421.03 | 3,356,772.45 | 3,237,717.04 | 40,291,299.63 | |||||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 33,878,026.56 | 24,775,688.39 | 29,887,596.91 | 23,545,003.16 | 22,194,984.46 | 22,652,045.56 | 341,340,215.56 | |||||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 16,391,808.09 | 12,659,553.22 | 14,644,216.97 | 11,239,713.80 | 9,874,233.60 | 11,206,475.67 | 133,917,623.29 | |||||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 7,661,252.27 | 13,635,606.36 | 23,310,381.76 | 14,579,953.61 | 14,634,311.45 | 21,011,135.32 | 98,737,829.23 | |||||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 73,700.00 | 86,750.00 | 112,775.00 | 85,949.00 | 78,763.30 | 111,724.00 | 709,410.30 | |||||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 48,665.22 | 64,938.61 | 70,505.43 | 90,620.84 | 77,763.79 | 105,627.48 | 483,652.27 | |||||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 131,909.74 | 155,620.15 | 145,541.09 | 209,052.53 | 169,074.84 | 198,738.61 | 1,106,357.74 | |||||||||||||||||||||||||||||||||||
Other Recoveries Received | 95,755.70 | 66,411.95 | 175,235.74 | 417,443.98 | 844,042.34 | 1,840,589.52 | 3,635,371.04 | |||||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 58,281,117.58 | 51,444,568.68 | 68,346,252.90 | 50,167,736.92 | 47,873,173.78 | 57,126,336.16 | 579,930,459.43 | |||||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Postmaturity Term Extension | 1,312,428.70 | 1,424,799.17 | 2,307,005.21 | 2,181,498.20 | — | — | 8,305,411.79 | |||||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 137,487.36 | 169,488.70 | 171,636.02 | 191,161.61 | 174,709.69 | 224,380.63 | 1,516,870.05 | |||||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 59,731,033.64 | 53,038,856.55 | 70,824,894.13 | 52,540,396.73 | 48,047,883.47 | 57,350,716.79 | 589,752,741.27 | |||||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total Available Funds | 59,731,033.64 | 53,038,856.55 | 70,824,894.13 | 52,540,396.73 | 48,047,883.47 | 57,350,716.79 | 589,752,741.27 | |||||||||||||||||||||||||||||||||||
Reserve Account Draw | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Available for Distribution | 59,731,033.64 | 53,038,856.55 | 70,824,894.13 | 52,540,396.73 | 48,047,883.47 | 57,350,716.79 | 589,752,741.27 | |||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 1,255,726.64 | 1,215,046.75 | 1,177,939.62 | 1,125,006.08 | 1,086,280.75 | 1,051,040.81 | 14,999,473.57 | |||||||||||||||||||||||||||||||||||
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 | 55,000.00 | |||||||||||||||||||||||||||||||||||
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 | 582,194.23 | 394,243.41 | 297,073.22 | 148,337.70 | 22,689.12 | — | 5,046,382.59 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,232,000.00 | 1,135,633.70 | 12,962,833.70 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 1,543,916.67 | 16,365,516.67 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4 Notes | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 5,916,566.67 | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-1 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-2 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-3 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-4 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
First Priority Principal Distribution Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Regular Principal Paid to Noteholders | 48,815,866.55 | 44,528,560.32 | 63,520,251.02 | �� | 46,470,387.23 | 42,287,927.17 | 51,487,602.93 | 509,339,749.63 | ||||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Remaining Available Funds | 5,738,162.89 | 3,561,922.73 | 2,490,546.94 | 1,457,582.39 | 1,311,903.09 | 1,569,356.01 | 25,067,218.45 | |||||||||||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2005-A | ||||||||||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period | Collection Period | 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 First Priority Principal Distribution Amount: | ||||||||||||||||||||||||||||||
Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 1,287,770,845.59 | 1,238,954,979.04 | 1,194,426,418.72 | 1,130,906,167.70 | 1,084,435,780.47 | 1,042,147,853.30 | ||||||||||||||||||||||||
Less: Aggregate Securitization Value (End of Collection Period) | (1,458,056,103.04 | ) | (1,413,527,542.72 | ) | (1,350,007,291.70 | ) | (1,303,536,904.47 | ) | (1,261,248,977.30 | ) | (1,209,761,374.37 | ) | ||||||||||||||||||
First Priority Principal Distribution Amount (not less than zero) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Calculation of Regular Principal Distribution Amount: | ||||||||||||||||||||||||||||||
Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 1,287,770,845.59 | 1,238,954,979.04 | 1,194,426,418.72 | 1,130,906,167.70 | 1,084,435,780.47 | 1,042,147,853.30 | ||||||||||||||||||||||||
Less: First Priority Principal Distribution Amount | — | — | — | — | — | — | ||||||||||||||||||||||||
Less: Targeted Note Balance | (1,238,954,979.04 | ) | (1,194,426,418.72 | ) | (1,130,906,167.70 | ) | (1,084,435,780.47 | ) | (1,042,147,853.30 | ) | (990,660,250.37 | ) | ||||||||||||||||||
Regular Principal Distribution Amount | 48,815,866.55 | 44,528,560.32 | 63,520,251.02 | 46,470,387.23 | 42,287,927.17 | 51,487,602.93 | 534,257,065.57 | |||||||||||||||||||||||
Calculation of Targeted Note Balance: | ||||||||||||||||||||||||||||||
Aggregate Securitization Value (End of Collection Period) | 1,458,056,103.04 | 1,413,527,542.72 | 1,350,007,291.70 | 1,303,536,904.47 | 1,261,248,977.30 | 1,209,761,374.37 | ||||||||||||||||||||||||
Less: Targeted Overcollateralization Amount (13% of Initial Securitzation Value) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | (219,101,124.00 | ) | ||||||||||||||||||
Targeted Note Balance | 1,238,954,979.04 | 1,194,426,418.72 | 1,130,906,167.70 | 1,084,435,780.47 | 1,042,147,853.30 | 990,660,250.37 | ||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances | 59,731,033.64 | 53,038,856.55 | 70,824,894.13 | 52,540,396.73 | 48,047,883.47 | 57,350,716.79 | ||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||
Less: Servicing Fees Paid | 1,255,726.64 | 1,215,046.75 | 1,177,939.62 | 1,125,006.08 | 1,086,280.75 | 1,051,040.81 | ||||||||||||||||||||||||
Less: Administration Fees Paid | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||||||||||
Less: Interest Paid to Noteholders | 3,916,277.56 | 3,728,326.74 | 3,631,156.55 | 3,482,421.03 | 3,356,772.45 | 3,237,717.04 | ||||||||||||||||||||||||
Less: 1st Priority Principal Distribution | — | — | — | — | — | — | ||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 54,554,029.44 | 48,090,483.05 | 66,010,797.96 | 47,927,969.62 | 43,599,830.26 | 53,056,958.94 | ||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total Available Funds after Servicer Advance | 54,554,029.44 | 48,090,483.05 | 66,010,797.96 | 47,927,969.62 | 43,599,830.26 | 53,056,958.94 | ||||||||||||||||||||||||
Reserve Account Draw Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||
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 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||||||||
Initial Reserve Account Balance | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||||||||
Beginning Reserve Account Balance | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 45,717.44 | 48,366.36 | 49,011.03 | 52,998.10 | 54,187.16 | 58,751.82 | 463,937.57 | |||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 16,899,650.02 | 16,902,298.94 | 16,902,943.61 | 16,906,930.68 | 16,908,119.74 | 16,912,684.40 | 17,317,870.15 | |||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | — | |||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||
Subtotal Reserve Account Balance | 16,899,650.02 | 16,902,298.94 | 16,902,943.61 | 16,906,930.68 | 16,908,119.74 | 16,912,684.40 | 17,317,870.15 | |||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 45,717.44 | 48,366.36 | 49,011.03 | 52,998.10 | 54,187.16 | 58,751.82 | 463,937.57 | |||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | 16,853,932.58 | |||||||||||||||||||||||
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 | 8,588,666.30 | 15,384,633.64 | 27,009,405.08 | 18,274,380.26 | 18,723,907.92 | 26,211,979.56 | 118,341,104.23 | |||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (7,697,252.27 | ) | (13,694,431.36 | ) | (23,389,156.76 | ) | (14,641,077.61 | ) | (14,688,649.75 | ) | (21,098,359.32 | ) | (99,129,390.53 | ) | ||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (3,731.00 | ) | (5,074.00 | ) | (92,921.16 | ) | (328,857.31 | ) | (790,771.96 | ) | (1,794,934.68 | ) | (3,017,234.11 | ) | ||||||||||||||||
Less: Excess Wear and Tear Received | (48,665.22 | ) | (64,938.61 | ) | (70,505.43 | ) | (90,620.84 | ) | (77,763.79 | ) | (105,627.48 | ) | (481,002.53 | ) | ||||||||||||||||
Less: Excess Mileage Received | (131,909.74 | ) | (155,620.15 | ) | (145,541.09 | ) | (209,052.53 | ) | (169,074.84 | ) | (198,738.61 | ) | (1,095,900.49 | ) | ||||||||||||||||
Current Period Net Residual Losses/(Gains) | 707,108.07 | 1,464,569.52 | 3,311,280.64 | 3,004,771.97 | 2,997,647.58 | 3,014,319.47 | 14,617,576.57 | |||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 117,879.32 | 824,987.39 | 2,289,556.91 | 5,600,837.55 | 8,605,609.52 | 11,603,257.10 | — | |||||||||||||||||||||||
Current Period Net Residual Losses | 707,108.07 | 1,464,569.52 | 3,311,280.64 | 3,004,771.97 | 2,997,647.58 | 3,014,319.47 | 14,617,576.57 | |||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 824,987.39 | 2,289,556.91 | 5,600,837.55 | 8,605,609.52 | 11,603,257.10 | 14,617,576.57 | 14,617,576.57 | |||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.05 | % | 0.14 | % | 0.33 | % | 0.51 | % | 0.69 | % | 0.87 | % | 0.87 | % | ||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2005-A | ||||||||||||||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period | Collection Period | 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 | 1,685,393,258 | 1,458,056,103 | 1,413,527,543 | 1,350,007,292 | 1,303,536,904 | 1,261,248,977 | 1,209,761,374 | |||||||||||||||||||||||||||
Number of Current Contracts | 72,157 | 67,907 | 66,328 | 63,996 | 62,304 | 60,775 | 58,869 | |||||||||||||||||||||||||||
Weighted Average Lease Rate | 3.59 | % | 3.52 | % | 3.51 | % | 3.49 | % | 3.49 | % | 3.50 | % | 3.53 | % | ||||||||||||||||||||
Average Remaining Term | 27.48 | 20.21 | 19.61 | 18.95 | 18.39 | 17.81 | 17.24 | |||||||||||||||||||||||||||
Average Original Term | 42.98 | 42.95 | 42.98 | 43.03 | 43.07 | 43.12 | 43.19 | |||||||||||||||||||||||||||
Monthly Prepayment Speed | 90.24 | % | 83.68 | % | 89.51 | % | 79.42 | % | 72.41 | % | 74.11 | % | ||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||
Pool Balance (Securitization Value) - Beginning of Period | 1,506,871,970 | 1,458,056,103 | 1,413,527,543 | 1,350,007,292 | 1,303,536,904 | 1,261,248,977 | 1,685,393,259 | |||||||||||||||||||||||||||
Depreciation/Payments | (22,844,587 | ) | (15,377,725 | ) | (20,182,677 | ) | (14,855,539 | ) | (13,802,628 | ) | (14,441,566 | ) | (219,149,804 | ) | ||||||||||||||||||||
Gross Credit Losses | (633,710 | ) | (725,498 | ) | (879,313 | ) | (863,023 | ) | (451,749 | ) | (577,994 | ) | (6,040,172 | ) | ||||||||||||||||||||
Early Terminations | (15,436,475 | ) | (11,615,904 | ) | (13,141,850 | ) | (10,295,947 | ) | (9,309,642 | ) | (10,256,063 | ) | (123,795,393 | ) | ||||||||||||||||||||
Scheduled Terminations | (8,588,666 | ) | (15,384,634 | ) | (27,009,405 | ) | (18,274,380 | ) | (18,723,908 | ) | (26,211,980 | ) | (118,341,104 | ) | ||||||||||||||||||||
Repurchase/Reallocation | (1,312,429 | ) | (1,424,799 | ) | (2,307,005 | ) | (2,181,498 | ) | — | — | (8,305,412 | ) | ||||||||||||||||||||||
Pool Balance - End of Period | 1,458,056,103 | 1,413,527,543 | 1,350,007,292 | 1,303,536,904 | 1,261,248,977 | 1,209,761,374 | 1,209,761,374 | |||||||||||||||||||||||||||
Delinquencies Aging Profile - End of Period Securitization Value | ||||||||||||||||||||||||||||||||||
Current | 1,442,000,833 | 1,397,613,257 | 1,333,196,344 | 1,287,476,092 | 1,244,509,084 | 1,192,884,466 | ||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 14,113,695 | 13,993,149 | 14,533,234 | 13,754,502 | 13,936,086 | 13,813,078 | ||||||||||||||||||||||||||||
90+ Days Delinquent | 1,941,575 | 1,921,137 | 2,277,714 | 2,306,311 | 2,803,807 | 3,063,831 | ||||||||||||||||||||||||||||
Total | 1,458,056,103 | 1,413,527,543 | 1,350,007,292 | 1,303,536,904 | 1,261,248,977 | 1,209,761,374 | ||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 633,710 | 725,498 | 879,313 | 863,023 | 451,749 | 577,994 | 6,040,172 | |||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (371,372 | ) | (508,715 | ) | (563,098 | ) | (520,478 | ) | (206,604 | ) | (402,848 | ) | (3,855,927 | ) | ||||||||||||||||||||
Recoveries on charged-off units | (346 | ) | (17,824 | ) | (21,697 | ) | (47,383 | ) | (252 | ) | (30,740 | ) | (118,242 | ) | ||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 261,992 | 198,959 | 294,518 | 295,161 | 244,893 | 144,407 | 2,066,003 | |||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 626,072 | 888,064 | 1,087,023 | 1,381,542 | 1,676,703 | 1,921,596 | — | |||||||||||||||||||||||||||
Current Period Net Credit Losses | 261,992 | 198,959 | 294,518 | 295,161 | 244,893 | 144,407 | 2,066,003 | |||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses | 888,064 | 1,087,023 | 1,381,542 | 1,676,703 | 1,921,596 | 2,066,003 | 2,066,003 | |||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.05 | % | 0.06 | % | 0.08 | % | 0.10 | % | 0.11 | % | 0.12 | % | 0.12 | % | ||||||||||||||||||||