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: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | January-06 | February-06 | March-06 | April-06 | May-06 | June-06 | ||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
Class A-1 Notes | 425,000,000.00 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Class A-2 Notes | 420,000,000.00 | — | — | 56,324,292.41 | 42,245,874.86 | 52,385,708.25 | 39,276,829.11 | 39,939,659.70 | 55,160,154.77 | |||||||||||||||||||||||||||||||
Class A-3 Notes | 485,000,000.00 | 254,365,880.67 | 0.5244657 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
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 | $ | 609,759,138.67 | $ | 56,324,292.41 | $ | 42,245,874.86 | $ | 52,385,708.25 | $ | 39,276,829.11 | $ | 39,939,659.70 | $ | 55,160,154.77 | ||||||||||||||||||||||||
Total Sec. Value | $ | 1,685,393,258.00 | $ | 643,467,004.67 | ||||||||||||||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | ||||||||||||||||||||||||||||||||||
Class A-1 Notes | 2.9850 | % | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class A-2 Notes | 3.5200 | % | 984,603.40 | 819,385.48 | 695,464.24 | 541,799.50 | 426,587.47 | 309,431.13 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Class A-4 Notes | 3.9400 | % | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | ||||||||||||||||||||||||||||||||
Total | 3,086,686.73 | 2,921,468.81 | 2,797,547.58 | 2,643,882.83 | 2,528,670.80 | 2,411,514.47 | ||||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 27,391,954.31 | 20,756,918.74 | 26,979,567.78 | 19,802,023.52 | 19,030,894.30 | 22,187,674.74 | ||||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 14,705,257.83 | 11,337,159.44 | 15,554,739.41 | 11,795,098.74 | 13,452,197.17 | 14,194,073.40 | ||||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 19,427,766.38 | 15,342,570.67 | 15,683,921.51 | 12,234,045.76 | 11,858,327.33 | 22,821,237.78 | ||||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 189,625.00 | 139,548.99 | 123,624.00 | 87,499.00 | 101,825.00 | 133,422.00 | ||||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 104,777.70 | 92,175.94 | 115,449.72 | 70,268.13 | 79,831.56 | 130,844.93 | ||||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 275,870.26 | 223,781.00 | 237,109.01 | 131,685.84 | 189,426.46 | 245,246.63 | ||||||||||||||||||||||||||||||||||
Other Recoveries Received | 1,726,301.62 | 1,017,254.88 | 1,064,386.45 | 592,630.72 | 427,481.63 | 787,779.54 | ||||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 63,821,553.10 | 48,909,409.66 | 59,758,797.88 | 44,713,251.71 | 45,139,983.45 | 60,500,279.02 | ||||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 246,254.31 | 205,006.27 | 201,714.49 | 215,263.69 | 194,219.21 | 221,140.39 | ||||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 64,067,807.41 | 49,114,415.93 | 59,960,512.37 | 44,928,515.40 | 45,334,202.66 | 60,721,419.41 | ||||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total Available Funds | 64,067,807.41 | 49,114,415.93 | 59,960,512.37 | 44,928,515.40 | 45,334,202.66 | 60,721,419.41 | ||||||||||||||||||||||||||||||||||
Reserve Account Draw | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Available for Distribution | 64,067,807.41 | 49,114,415.93 | 59,960,512.37 | 44,928,515.40 | 45,334,202.66 | 60,721,419.41 | ||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 1,008,134.48 | 961,197.57 | 925,992.67 | 882,337.92 | 849,607.22 | 816,324.18 | ||||||||||||||||||||||||||||||||||
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 | 984,603.40 | 819,385.48 | 695,464.24 | 541,799.50 | 426,587.47 | 309,431.13 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
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 | 56,324,292.41 | 42,245,874.86 | 52,385,708.25 | 39,276,829.11 | 39,939,659.70 | 55,160,154.77 | ||||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Remaining Available Funds | 3,643,693.79 | 2,980,874.69 | 3,846,263.87 | 2,120,465.54 | 2,011,264.93 | 2,328,426.00 | ||||||||||||||||||||||||||||||||||
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: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | January-06 | February-06 | March-06 | April-06 | May-06 | June-06 | ||||||||||||||||||||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||||||||||||||||||||
Calculation of First Priority Principal Distribution Amount: | ||||||||||||||||||||||||||||||||||||||||
Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 990,660,250.37 | 934,335,957.96 | 892,090,083.10 | 839,704,374.85 | 800,427,545.74 | 760,487,886.04 | ||||||||||||||||||||||||||||||||||
Less: Aggregate Securitization Value (End of Collection Period) | (1,153,437,081.96 | ) | (1,111,191,207.10 | ) | (1,058,805,498.85 | ) | (1,019,528,669.74 | ) | (979,589,010.04 | ) | (924,428,855.27 | ) | ||||||||||||||||||||||||||||
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) | 990,660,250.37 | 934,335,957.96 | 892,090,083.10 | 839,704,374.85 | 800,427,545.74 | 760,487,886.04 | ||||||||||||||||||||||||||||||||||
Less: First Priority Principal Distribution Amount | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Less: Targeted Note Balance | (934,335,957.96 | ) | (892,090,083.10 | ) | (839,704,374.85 | ) | (800,427,545.74 | ) | (760,487,886.04 | ) | (705,327,731.27 | ) | ||||||||||||||||||||||||||||
Regular Principal Distribution Amount | 56,324,292.41 | 42,245,874.86 | 52,385,708.25 | 39,276,829.11 | 39,939,659.70 | 55,160,154.77 | ||||||||||||||||||||||||||||||||||
Calculation of Targeted Note Balance: | ||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value (End of Collection Period) | 1,153,437,081.96 | 1,111,191,207.10 | 1,058,805,498.85 | 1,019,528,669.74 | 979,589,010.04 | 924,428,855.27 | ||||||||||||||||||||||||||||||||||
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 | ) | (219,101,124.00 | ) | ||||||||||||||||||||||||||||
Targeted Note Balance | 934,335,957.96 | 892,090,083.10 | 839,704,374.85 | 800,427,545.74 | 760,487,886.04 | 705,327,731.27 | ||||||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances | 64,067,807.41 | 49,114,415.93 | 59,960,512.37 | 44,928,515.40 | 45,334,202.66 | 60,721,419.41 | ||||||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Less: Servicing Fees Paid | 1,008,134.48 | 961,197.57 | 925,992.67 | 882,337.92 | 849,607.22 | 816,324.18 | ||||||||||||||||||||||||||||||||||
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 | 3,086,686.73 | 2,921,468.81 | 2,797,547.58 | 2,643,882.83 | 2,528,670.80 | 2,411,514.47 | ||||||||||||||||||||||||||||||||||
Less: 1st Priority Principal Distribution | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 59,967,986.20 | 45,226,749.55 | 56,231,972.12 | 41,397,294.65 | 41,950,924.63 | 57,488,580.77 | ||||||||||||||||||||||||||||||||||
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 | 59,967,986.20 | 45,226,749.55 | 56,231,972.12 | 41,397,294.65 | 41,950,924.63 | 57,488,580.77 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 60,364.89 | 56,405.27 | 63,992.20 | 64,456.59 | 69,091.34 | 68,491.37 | ||||||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 16,914,297.47 | 16,910,337.85 | 16,917,924.78 | 16,918,389.17 | 16,923,023.92 | 16,922,423.95 | ||||||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 16,914,297.47 | 16,910,337.85 | 16,917,924.78 | 16,918,389.17 | 16,923,023.92 | 16,922,423.95 | ||||||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 60,364.89 | 56,405.27 | 63,992.20 | 64,456.59 | 69,091.34 | 68,491.37 | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
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 | 22,906,812.13 | 17,942,920.33 | 18,341,806.59 | 14,337,082.29 | 14,207,879.25 | 25,669,184.21 | ||||||||||||||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (19,552,341.38 | ) | (15,438,844.66 | ) | (15,773,821.51 | ) | (12,297,494.76 | ) | (11,922,827.33 | ) | (22,919,311.78 | ) | ||||||||||||||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (1,629,086.26 | ) | (956,643.36 | ) | (984,648.22 | ) | (521,075.58 | ) | (304,555.10 | ) | (711,252.04 | ) | ||||||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (104,777.70 | ) | (92,175.94 | ) | (115,449.72 | ) | (70,268.13 | ) | (79,831.56 | ) | (130,844.93 | ) | ||||||||||||||||||||||||||||
Less: Excess Mileage Received | (275,870.26 | ) | (223,781.00 | ) | (237,109.01 | ) | (131,685.84 | ) | (189,426.46 | ) | (245,246.63 | ) | ||||||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains) | 1,344,736.53 | 1,231,475.37 | 1,230,778.13 | 1,316,557.98 | 1,711,238.80 | 1,662,528.83 | ||||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 14,617,576.57 | 15,962,313.10 | 17,193,788.47 | 18,424,566.60 | 19,741,124.58 | 21,452,363.38 | ||||||||||||||||||||||||||||||||||
Current Period Net Residual Losses | 1,344,736.53 | 1,231,475.37 | 1,230,778.13 | 1,316,557.98 | 1,711,238.80 | 1,662,528.83 | ||||||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 15,962,313.10 | 17,193,788.47 | 18,424,566.60 | 19,741,124.58 | 21,452,363.38 | 23,114,892.21 | ||||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.95 | % | 1.02 | % | 1.09 | % | 1.17 | % | 1.27 | % | 1.37 | % | ||||||||||||||||||||||||||||
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: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | January-06 | February-06 | March-06 | April-06 | May-06 | June-06 | ||||||||||||||||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,685,393,258 | 1,153,437,082 | 1,111,191,207 | 1,058,805,499 | 1,019,528,670 | 979,589,010 | 924,428,855 | |||||||||||||||||||||||||||||||||
Number of Current Contracts | 72,157 | 56,893 | 55,348 | 53,512 | 52,045 | 50,509 | 48,203 | |||||||||||||||||||||||||||||||||
Weighted Average Lease Rate | 3.59 | % | 3.54 | % | 3.54 | % | 3.54 | % | 3.52 | % | 3.50 | % | 3.51 | % | ||||||||||||||||||||||||||
Average Remaining Term | 27.48 | 16.60 | 16.01 | 15.16 | 14.51 | 13.86 | 13.21 | |||||||||||||||||||||||||||||||||
Average Original Term | 42.98 | 43.25 | 43.30 | 43.33 | 43.36 | 43.39 | 43.46 | |||||||||||||||||||||||||||||||||
Monthly Prepayment Speed | 81.25 | % | 79.82 | % | 82.63 | % | 79.87 | % | 79.63 | % | 85.94 | % | ||||||||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 1,209,761,374 | 1,153,437,082 | 1,111,191,207 | 1,058,805,499 | 1,019,528,670 | 979,589,010 | ||||||||||||||||||||||||||||||||||
Depreciation/Payments | (18,653,111 | ) | (13,167,467 | ) | (18,862,600 | ) | (12,886,576 | ) | (12,343,196 | ) | (15,302,905 | ) | ||||||||||||||||||||||||||||
Gross Credit Losses | (950,530 | ) | (702,043 | ) | (934,873 | ) | (1,023,889 | ) | (532,033 | ) | (419,594 | ) | ||||||||||||||||||||||||||||
Early Terminations | (13,813,839 | ) | (10,433,445 | ) | (14,246,429 | ) | (11,029,282 | ) | (12,856,551 | ) | (13,768,472 | ) | ||||||||||||||||||||||||||||
Scheduled Terminations | (22,906,812 | ) | (17,942,920 | ) | (18,341,807 | ) | (14,337,082 | ) | (14,207,879 | ) | (25,669,184 | ) | ||||||||||||||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Pool Balance — End of Period | 1,153,437,082 | 1,111,191,207 | 1,058,805,499 | 1,019,528,670 | 979,589,010 | 924,428,855 | ||||||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||||||
Current | 1,138,466,636 | 1,099,420,824 | 1,048,084,439 | 1,009,379,583 | 970,189,844 | 911,948,342 | ||||||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 12,349,038 | 9,647,064 | 9,066,648 | 9,019,056 | 8,377,846 | 11,547,408 | ||||||||||||||||||||||||||||||||||
90+ Days Delinquent | 2,621,408 | 2,123,319 | 1,654,412 | 1,130,031 | 1,021,320 | 933,106 | ||||||||||||||||||||||||||||||||||
Total | 1,153,437,082 | 1,111,191,207 | 1,058,805,499 | 1,019,528,670 | 979,589,010 | 924,428,855 | ||||||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 950,530 | 702,043 | 934,873 | 1,023,889 | 532,033 | 419,594 | ||||||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (630,284 | ) | (471,038 | ) | (606,414 | ) | (403,821 | ) | (337,588 | ) | (307,881 | ) | ||||||||||||||||||||||||||||
Recoveries on charged-off units | (63,944 | ) | — | (11,345 | ) | (714 | ) | (78,495 | ) | (13,053 | ) | |||||||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 256,302 | 231,005 | 317,113 | 619,354 | 115,950 | 98,660 | ||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 2,066,003 | 2,322,305 | 2,553,310 | 2,870,423 | 3,489,777 | 3,605,727 | ||||||||||||||||||||||||||||||||||
Current Period Net Credit Losses | 256,302 | 231,005 | 317,113 | 619,354 | 115,950 | 98,660 | ||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses | 2,322,305 | 2,553,310 | 2,870,423 | 3,489,777 | 3,605,727 | 3,704,387 | ||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.14 | % | 0.15 | % | 0.17 | % | 0.21 | % | 0.21 | % | 0.22 | % | ||||||||||||||||||||||||||||
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: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | July-06 | August-06 | September-06 | October-06 | November-06 | December-06 | 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 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Class A-2 Notes | 420,000,000.00 | — | — | 43,994,344.48 | 6,333,386.79 | — | — | — | — | 335,660,250.37 | ||||||||||||||||||||||||||||||||||
Class A-3 Notes | 485,000,000.00 | 254,365,880.67 | 0.5244657 | — | 42,343,650.62 | 54,236,711.87 | 41,991,603.57 | 46,459,873.54 | 45,602,279.73 | 230,634,119.33 | ||||||||||||||||||||||||||||||||||
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 | $ | 609,759,138.67 | $ | 43,994,344.48 | $ | 48,677,037.41 | $ | 54,236,711.87 | $ | 41,991,603.57 | $ | 46,459,873.54 | $ | 45,602,279.73 | $ | 566,294,369.70 | ||||||||||||||||||||||||||
Total Sec. Value | $ | 1,685,393,258.00 | $ | 643,467,004.67 | ||||||||||||||||||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||||||||||||
Class A-1 Notes | 2.9850 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Class A-2 Notes | 3.5200 | % | 147,628.01 | 18,577.93 | — | — | — | — | 3,943,477.17 | |||||||||||||||||||||||||||||||||||
Class A-3 Notes | 3.8200 | % | 1,543,916.67 | 1,543,916.67 | 1,409,122.71 | 1,236,469.18 | 1,102,795.91 | 954,898.64 | 17,054,619.78 | |||||||||||||||||||||||||||||||||||
Class A-4 Notes | 3.9400 | % | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 558,166.67 | 6,698,000.00 | |||||||||||||||||||||||||||||||||||
Total | 2,249,711.35 | 2,120,661.27 | 1,967,289.38 | 1,794,635.85 | 1,660,962.57 | 1,513,065.31 | 27,696,096.94 | |||||||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 17,059,670.38 | 16,047,858.58 | 19,263,057.75 | 14,543,495.72 | 12,792,841.11 | 12,998,237.67 | 228,854,194.60 | |||||||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 12,760,229.60 | 12,207,311.29 | 12,990,704.36 | 8,592,718.24 | 8,971,464.07 | 7,296,413.24 | 143,857,366.79 | |||||||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 17,889,728.03 | 23,118,183.96 | 25,571,667.48 | 21,548,201.66 | 25,387,084.24 | 25,966,080.11 | 236,848,814.91 | |||||||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 109,700.00 | 137,360.70 | 124,848.91 | 118,105.00 | 150,067.00 | 120,922.00 | 1,536,547.60 | |||||||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 104,326.89 | 142,384.33 | 187,101.19 | 208,307.64 | 174,643.75 | 215,328.69 | 1,625,440.47 | |||||||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 171,507.51 | 242,117.16 | 265,939.02 | 283,238.48 | 257,951.13 | 273,080.84 | 2,796,953.34 | |||||||||||||||||||||||||||||||||||||
Other Recoveries Received | 573,963.56 | 367,382.06 | 500,305.87 | 694,897.35 | 693,319.93 | 736,175.35 | 9,181,878.96 | |||||||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 48,669,125.97 | 52,262,598.08 | 58,903,624.58 | 45,988,964.09 | 48,427,371.23 | 47,606,237.90 | 624,701,196.67 | |||||||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 240,111.83 | 279,511.43 | 318,364.67 | 289,927.94 | 311,405.85 | 399,014.43 | 3,121,934.51 | |||||||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 48,909,237.80 | 52,542,109.51 | 59,221,989.25 | 46,278,892.03 | 48,738,777.08 | 48,005,252.33 | 627,823,131.18 | |||||||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Available Funds | 48,909,237.80 | 52,542,109.51 | 59,221,989.25 | 46,278,892.03 | 48,738,777.08 | 48,005,252.33 | 627,823,131.18 | |||||||||||||||||||||||||||||||||||||
Reserve Account Draw | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Available for Distribution | 48,909,237.80 | 52,542,109.51 | 59,221,989.25 | 46,278,892.03 | 48,738,777.08 | 48,005,252.33 | 627,823,131.18 | |||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 770,357.38 | 733,695.43 | 693,131.23 | 647,933.97 | 612,940.96 | 573,964.73 | 9,475,617.73 | |||||||||||||||||||||||||||||||||||||
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 | 147,628.01 | 18,577.93 | — | — | — | — | 3,943,477.17 | |||||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 1,543,916.67 | 1,543,916.67 | 1,409,122.71 | 1,236,469.18 | 1,102,795.91 | 954,898.64 | 17,054,619.78 | |||||||||||||||||||||||||||||||||||||
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 | 6,698,000.00 | |||||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-1 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-2 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-3 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Interest Shortfall Class A-4 Notes | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
First Priority Principal Distribution Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Regular Principal Paid to Noteholders | 43,994,344.48 | 48,677,037.41 | 54,236,711.87 | 41,991,603.57 | 46,459,873.54 | 45,602,279.73 | 566,294,369.70 | |||||||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Remaining Available Funds | 1,889,824.60 | 1,005,715.41 | 2,319,856.77 | 1,839,718.65 | — | 310,942.56 | 24,297,046.80 | |||||||||||||||||||||||||||||||||||||
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: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | July-06 | August-06 | September-06 | October-06 | November-06 | December-06 | TOTALS | |||||||||||||||||||||||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||||||||||||||||||||||||
Calculation of First Priority Principal Distribution Amount: | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 705,327,731.27 | 661,333,386.79 | 612,656,349.38 | 558,419,637.51 | 516,428,033.94 | 469,968,160.40 | ||||||||||||||||||||||||||||||||||||||
Less: Aggregate Securitization Value (End of Collection Period) | (880,434,510.79 | ) | (831,757,473.38 | ) | (777,520,761.51 | ) | (735,529,157.94 | ) | (688,757,679.77 | ) | (643,467,004.67 | ) | ||||||||||||||||||||||||||||||||
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) | 705,327,731.27 | 661,333,386.79 | 612,656,349.38 | 558,419,637.51 | 516,428,033.94 | 469,968,160.40 | ||||||||||||||||||||||||||||||||||||||
Less: First Priority Principal Distribution Amount | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Less: Targeted Note Balance | (661,333,386.79 | ) | (612,656,349.38 | ) | (558,419,637.51 | ) | (516,428,033.94 | ) | (469,656,555.77 | ) | (424,365,880.67 | ) | ||||||||||||||||||||||||||||||||
Regular Principal Distribution Amount | 43,994,344.48 | 48,677,037.41 | 54,236,711.87 | 41,991,603.57 | 46,771,478.17 | 45,602,279.73 | 566,605,974.33 | |||||||||||||||||||||||||||||||||||||
Calculation of Targeted Note Balance: | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value (End of Collection Period) | 880,434,510.79 | 831,757,473.38 | 777,520,761.51 | 735,529,157.94 | 688,757,679.77 | 643,467,004.67 | ||||||||||||||||||||||||||||||||||||||
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 | ) | (219,101,124.00 | ) | ||||||||||||||||||||||||||||||||
Targeted Note Balance | 661,333,386.79 | 612,656,349.38 | 558,419,637.51 | 516,428,033.94 | 469,656,555.77 | 424,365,880.67 | ||||||||||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances | 48,909,237.80 | 52,542,109.51 | 59,221,989.25 | 46,278,892.03 | 48,738,777.08 | 48,005,252.33 | ||||||||||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Less: Servicing Fees Paid | 770,357.38 | 733,695.43 | 693,131.23 | 647,933.97 | 612,940.96 | 573,964.73 | ||||||||||||||||||||||||||||||||||||||
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 | 2,249,711.35 | 2,120,661.27 | 1,967,289.38 | 1,794,635.85 | 1,660,962.57 | 1,513,065.31 | ||||||||||||||||||||||||||||||||||||||
Less: 1st Priority Principal Distribution | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 45,884,169.08 | 49,682,752.82 | 56,556,568.64 | 43,831,322.22 | 46,459,873.54 | 45,913,222.29 | ||||||||||||||||||||||||||||||||||||||
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 | 45,884,169.08 | 49,682,752.82 | 56,556,568.64 | 43,831,322.22 | 46,459,873.54 | 45,913,222.29 | ||||||||||||||||||||||||||||||||||||||
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 | 73,577.02 | 74,403.81 | 72,283.60 | 74,732.76 | 72,427.80 | 74,892.42 | 825,119.07 | |||||||||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 16,927,509.60 | 16,928,336.39 | 16,926,216.18 | 16,928,665.34 | 16,926,360.38 | 16,928,825.00 | 17,679,051.65 | |||||||||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 16,927,509.60 | 16,928,336.39 | 16,926,216.18 | 16,928,665.34 | 16,926,360.38 | 16,928,825.00 | 17,679,051.65 | |||||||||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 73,577.02 | 74,403.81 | 72,283.60 | 74,732.76 | 72,427.80 | 74,892.42 | 825,119.07 | |||||||||||||||||||||||||||||||||||||
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 | 20,216,925.97 | 26,101,192.05 | 27,908,850.80 | 24,162,502.30 | 29,240,009.95 | 29,501,858.88 | 270,537,024.75 | |||||||||||||||||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (17,969,853.03 | ) | (23,220,394.66 | ) | (25,665,066.48 | ) | (21,637,631.66 | ) | (25,499,702.24 | ) | (26,056,827.11 | ) | (237,954,116.60 | ) | ||||||||||||||||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (522,980.56 | ) | (308,383.70 | ) | (454,722.01 | ) | (607,456.75 | ) | (652,060.07 | ) | (634,643.58 | ) | (8,287,507.23 | ) | ||||||||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (104,326.89 | ) | (142,384.33 | ) | (187,101.19 | ) | (208,307.64 | ) | (174,643.75 | ) | (215,328.69 | ) | (1,625,440.47 | ) | ||||||||||||||||||||||||||||||
Less: Excess Mileage Received | (171,507.51 | ) | (242,117.16 | ) | (265,939.02 | ) | (283,238.48 | ) | (257,951.13 | ) | (273,080.84 | ) | (2,796,953.34 | ) | ||||||||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains) | 1,448,257.98 | 2,187,912.20 | 1,336,022.10 | 1,425,867.77 | 2,655,652.76 | 2,321,978.66 | 19,873,007.11 | |||||||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 23,114,892.21 | 24,563,150.19 | 26,751,062.39 | 28,087,084.49 | 29,512,952.26 | 32,168,605.02 | 14,617,576.57 | |||||||||||||||||||||||||||||||||||||
Current Period Net Residual Losses | 1,448,257.98 | 2,187,912.20 | 1,336,022.10 | 1,425,867.77 | 2,655,652.76 | 2,321,978.66 | 19,873,007.11 | |||||||||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 24,563,150.19 | 26,751,062.39 | 28,087,084.49 | 29,512,952.26 | 32,168,605.02 | 34,490,583.68 | 34,490,583.68 | |||||||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 1.46 | % | 1.59 | % | 1.67 | % | 1.75 | % | 1.91 | % | 2.05 | % | 2.05 | % | ||||||||||||||||||||||||||||||
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: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | July-06 | August-06 | September-06 | October-06 | November-06 | December-06 | TOTALS | |||||||||||||||||||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,685,393,258 | 880,434,511 | 831,757,473 | 777,520,762 | 735,529,158 | 688,757,680 | 643,467,005 | |||||||||||||||||||||||||||||||||||||
Number of Current Contracts | 72,157 | 46,235 | 43,815 | 41,219 | 39,151 | 36,772 | 34,557 | |||||||||||||||||||||||||||||||||||||
Weighted Average Lease Rate | 3.59 | % | 3.52 | % | 3.52 | % | 3.54 | % | 3.54 | % | 3.53 | % | 3.52 | % | ||||||||||||||||||||||||||||||
Average Remaining Term | 27.48 | 12.68 | 12.28 | 11.71 | 11.25 | 10.90 | 10.44 | |||||||||||||||||||||||||||||||||||||
Average Original Term | 42.98 | 43.50 | 43.53 | 43.59 | 43.64 | 43.73 | 43.86 | |||||||||||||||||||||||||||||||||||||
Monthly Prepayment Speed | 80.49 | % | 77.51 | % | 77.56 | % | 74.06 | % | 72.88 | % | 70.95 | % | ||||||||||||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 924,428,855 | 880,434,511 | 831,757,473 | 777,520,762 | 735,529,158 | 688,757,680 | 1,209,761,374 | |||||||||||||||||||||||||||||||||||||
Depreciation/Payments | (10,892,635 | ) | (10,147,273 | ) | (13,271,010 | ) | (9,276,096 | ) | (8,187,309 | ) | (8,500,937 | ) | (151,491,114 | ) | ||||||||||||||||||||||||||||||
Gross Credit Losses | (575,871 | ) | (377,445 | ) | (452,144 | ) | (406,344 | ) | (740,744 | ) | (313,514 | ) | (7,429,024 | ) | ||||||||||||||||||||||||||||||
Early Terminations | (12,308,913 | ) | (12,051,128 | ) | (12,604,707 | ) | (8,146,661 | ) | (8,603,415 | ) | (6,974,365 | ) | (136,837,207 | ) | ||||||||||||||||||||||||||||||
Scheduled Terminations | (20,216,926 | ) | (26,101,192 | ) | (27,908,851 | ) | (24,162,502 | ) | (29,240,010 | ) | (29,501,859 | ) | (270,537,025 | ) | ||||||||||||||||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Pool Balance — End of Period | 880,434,511 | 831,757,473 | 777,520,762 | 735,529,158 | 688,757,680 | 643,467,005 | 643,467,005 | |||||||||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||||||||||
Current | 868,274,769 | 819,596,173 | 766,205,103 | 725,027,591 | 678,509,677 | 633,167,637 | ||||||||||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 11,093,642 | 10,785,810 | 9,658,171 | 8,845,039 | 8,780,934 | 8,951,291 | ||||||||||||||||||||||||||||||||||||||
90+ Days Delinquent | 1,066,100 | 1,375,490 | 1,657,488 | 1,656,528 | 1,467,069 | 1,348,077 | ||||||||||||||||||||||||||||||||||||||
Total | 880,434,511 | 831,757,473 | 777,520,762 | 735,529,158 | 688,757,680 | 643,467,005 | ||||||||||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 575,871 | 377,445 | 452,144 | 406,344 | 740,744 | 313,514 | 7,429,024 | |||||||||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (409,483 | ) | (240,402 | ) | (321,445 | ) | (263,778 | ) | (253,924 | ) | (189,205 | ) | (4,435,264 | ) | ||||||||||||||||||||||||||||||
Recoveries on charged-off units | (9,197 | ) | — | — | — | — | — | (176,748 | ) | |||||||||||||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 157,192 | 137,043 | 130,700 | 142,566 | 486,820 | 124,308 | 2,817,012 | |||||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 3,704,387 | 3,861,578 | 3,998,622 | 4,129,321 | 4,271,887 | 4,758,707 | 2,066,003 | |||||||||||||||||||||||||||||||||||||
Current Period Net Credit Losses | 157,192 | 137,043 | 130,700 | 142,566 | 486,820 | 124,308 | 2,817,012 | |||||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses | 3,861,578 | 3,998,622 | 4,129,321 | 4,271,887 | 4,758,707 | 4,883,015 | 4,883,015 | |||||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.23 | % | 0.24 | % | 0.25 | % | 0.25 | % | 0.28 | % | 0.29 | % | 0.29 | % | ||||||||||||||||||||||||||||||