EXHIBIT 1
M&I Auto Loan Trust 2002-1 | ||
Monthly Servicing Report | Page 1 |
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | |||||||||||||||||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | |||||||||||||||||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 | |||||||||||||||||
| A. Initial Bond Characteristics | Cutoff Balance | Coupon | Accrual Calendar | Legal Final Maturity | CUSIP | |||||||||||||||
I. | Class A-1 Notes | $ | 133,000,000.00 | 1.770 | % | Actual/360 | October 20, 2003 | 55255PAF7 | ||||||||||||
ii | Class A-2 Notes | $ | 122,000,000.00 | 1.950 | % | 30/360 | July 20, 2005 | 55255PAG5 | ||||||||||||
iii | Class A-3 Notes | $ | 190,000,000.00 | 2.490 | % | 30/360 | October 22, 2007 | 55255PAH3 | ||||||||||||
iv | Class A-4 Notes | $ | 68,187,500.00 | 3.040 | % | 30/360 | October 20, 2008 | 55255PAJ9 | ||||||||||||
v | Class B Notes | $ | 11,812,500.00 | 3.520 | % | 30/360 | September 21, 2009 | 55255PAK6 | ||||||||||||
| B. Bond Balances | Balance as of | % of Original Balance | Unpaid Interest | Unpaid Interest | ||||||||||||||||
| 08/20/2003 | 09/22/2003 | 08/20/2003 | 09/22/2003 | 08/20/2003 | 09/22/2003 | |||||||||||||||
I. | Class A-1 Notes | $ | 0.00 | $ | 0.00 | 0.00 | % | 0.00 | % | — | — | |||||||||
ii | Class A-2 Notes | $ | 69,661,735.35 | $ | 52,013,021.06 | 57.10 | % | 42.63 | % | — | — | |||||||||
iii | Class A-3 Notes | $ | 190,000,000.00 | $ | 190,000,000.00 | 100.00 | % | 100.00 | % | — | — | |||||||||
iv | Class A-4 Notes | $ | 68,187,500.00 | $ | 68,187,500.00 | 100.00 | % | 100.00 | % | — | — | |||||||||
v | Class B Notes | $ | 11,812,500.00 | $ | 11,812,500.00 | 100.00 | % | 100.00 | % | — | — | |||||||||
M&I Auto Loan Trust 2002-1 | ||
Monthly Servicing Report | Page 2 |
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | ||||||||||||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | ||||||||||||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 | ||||||||||||
| C. Reserve Account | |||||||||||||||
I. | Initial Reserve Deposit | $ | 2,431,305.00 | ||||||||||||
ii | Reserve Account Deposits for Prefunding | — | |||||||||||||
iii | Beginning of Period Reserve Balance (Including Prefunding Deposits) | $ | 2,624,940.86 | ||||||||||||
iv | Specified Reserve Account Percent | 0.50 | % | Of Aggregate Loans Purchased | |||||||||||
v | Specified Reserve Account Floor | $ | 0.00 | ||||||||||||
vi | Specified Reserve Account Balance | $ | 2,624,940.86 | ||||||||||||
vii | Reserve Account Release | $ | 0.00 | ||||||||||||
viii | Reserve Account Draws | $ | 0.00 | ||||||||||||
ix | Reserve Account Deposits | $ | 0.00 | ||||||||||||
x | End of Period Reserve Balance | $ | 2,624,940.86 | ||||||||||||
xi | Outstanding Simple Interest Advances | $ | 57,008.36 | ||||||||||||
| D. Pre-Funding Account | |||||||||||||||
I | Pre-Funding Amount % | 17.57 | % | ||||||||||||
ii | Pre-Funding Transfer Amount | $ | 92,217,688.56 | ||||||||||||
iii | Pre-Funding Account Balance | $ | 0.00 | ||||||||||||
iv | Investment Earnings and Income on funds in deposit in the Pre-Funding Account during the collection period | $ | 0.00 | ||||||||||||
| E. Servicing | |||||||||||||||
I | Servicing Fee Percentage | 0.50 | % | ||||||||||||
ii | Beginning of Period Servicing Shortfall | 0.00 | |||||||||||||
iii | End of Period Servicing Shortfall | 0.00 | |||||||||||||
M&I Auto Loan Trust 2002-1 | ||
Monthly Servicing Report | Page 3 |
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | |||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | |||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 |
| F. Portfolio Characteristics | Initial Balance | Prefunding | Adjusted Initial Balances | Balance as of | % of Adjusted Initial Balances as of | |||||||||||||||||||||||
| 10/04/2002 | 11/15/2002 | 07/31/2003 | 08/31/2003 | 07/31/2003 | 08/31/2003 | |||||||||||||||||||||||
I | Principal Balance | $ | 432,770,483.68 | $ | 92,217,688.56 | $ | 524,988,172.24 | $ | 339,661,735.35 | $ | 322,013,021.06 | 64.70 | % | 61.34 | % | |||||||||||||
ii | Number of Contracts | 32,439 | 5,706 | 38,145 | 29,403 | 28,375 | 77.08 | % | 74.39 | % | ||||||||||||||||||
iii | Weighted Average Coupon (WAC) | 7.32 | % | 6.77 | % | 7.22 | % | 7.19 | % | 7.19 | % | |||||||||||||||||
iv | Weighted Average Original Term | 59.64 | 60.04 | 59.71 | 59.87 | 59.89 | ||||||||||||||||||||||
v | Weighted Average Remaining Term | 50.24 | 58.22 | 51.64 | 43.54 | 42.68 | ||||||||||||||||||||||
vi | Weighted Average Seasoning | 9.40 | 1.82 | 8.07 | 16.33 | 17.21 | ||||||||||||||||||||||
M&I Auto Loan Trust 2002-1 Monthly Servicing Report | Page 4 | |||||
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | |||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | |||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 | |||
| G.1 Portfolio Performance | # of Contracts | % of # of Contracts | Principal Balance | % of Principal Balance | ||||||||||||||||||
| 07/31/2003 | 08/31/2003 | 07/31/2003 | 08/31/2003 | 07/31/2003 | 08/31/2003 | 07/31/2003 | 08/31/2003 | |||||||||||||||
I | 30-59 Days Delinquent | 90 | 89 | 0.31 | % | 0.31 | % | 930,338.71 | 894,455.60 | 0.27 | % | 0.28 | % | |||||||||
ii | 60-89 Days Delinquent | 24 | 32 | 0.08 | % | 0.11 | % | 215,116.74 | 333,926.73 | 0.06 | % | 0.10 | % | |||||||||
iii | 90-119 Days Delinquent | 4 | 12 | 0.01 | % | 0.04 | % | 47,592.78 | 102,149.24 | 0.01 | % | 0.03 | % | |||||||||
iv | 120+ Days Delinquent | 1 | 0 | 0.00 | % | 0.00 | % | 2,827.26 | 0.00 | 0.00 | % | 0.00 | % | |||||||||
v | Repo in Inventory (Charged-Off) | 20 | 16 | 0.07 | % | 0.06 | % | 245,396.66 | 176,162.54 | 0.07 | % | 0.05 | % | |||||||||
vi | Repo in Inventory (Not Charged-Off) | 9 | 15 | 0.03 | % | 0.05 | % | 100,137.79 | 198,988.81 | 0.03 | % | 0.06 | % | |||||||||
vii | Gross Charge-Offs in Period | 20 | 11 | 0.07 | % | 0.04 | % | 176,520.72 | 72,688.18 | 0.05 | % | 0.02 | % | |||||||||
| G.2 Ratios | Ratio | |||||||||||||||
| 06/30/2003 | 07/31/2003 | 08/31/2003 | 3 Month Average | |||||||||||||
I | Net Loss Ratio | 0.33 | % | 0.33 | % | -0.01 | % | 0.22 | % | |||||||
ii | Delinquency Ratio | 0.08 | % | 0.08 | % | 0.14 | % | 0.10 | % | |||||||
| H. Portfolio Charge-Offs | Dollar Amount | % of Original Balance | ||||||||||||||
| 07/31/2003 | 08/31/2003 | 07/31/2003 | 08/31/2003 | |||||||||||||
I | Gross Charge-Offs in Period | $ | 176,520.72 | $ | 72,688.18 | 0.034 | % | 0.014 | % | |||||||
ii | Cumulative Gross Charge-Offs | $ | 993,393.12 | $ | 1,066,081.30 | 0.189 | % | 0.203 | % | |||||||
iii | Net Losses in Period | $ | 96,429.29 | $ | (2,303.88 | ) | 0.018 | % | 0.000 | % | ||||||
iv | Cumulative Net Losses | $ | 722,398.41 | $ | 720,094.53 | 0.138 | % | 0.137 | % | |||||||
M&I Auto Loan Trust 2002-1 Monthly Servicing Report | Page 5 | |||||
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | |||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | |||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 | |||
| I. Pool Collections | |||||
I. | Borrower Interest Collections | 1,957,467.23 | |||
ii | Borrower Principal Collections | 17,566,832.61 | |||
iii | Net Liquidation Proceeds | 9,193.50 | |||
iv | Recoveries | 74,992.06 | |||
v. | Simple Interest Advance | 57,008.36 | |||
vi. | Repurchase Amounts (Interest) | — | |||
vii. | Repurchase Amounts (Principal) | — | |||
viii. | Total Interest Collections | 2,014,475.59 | |||
ix. | Total Principal Collections | 17,651,018.17 | |||
| J. Pool Balance Reconciliation | |||||
I. | Beginning Pool Balance | 339,661,735.35 | |||
ii | Additional Fundings | — | |||
iii | Pool Balance Reductions from Principal Collections | 17,576,026.11 | |||
iv | Gross Charge-Offs in Period | $ | 72,688.18 | ||
v | Ending Pool Balance | $ | 322,013,021.06 | ||
| K. Total Available | ||||||||
I. | Total Pool Collections | 19,665,493.76 | ||||||
ii | Reinvestment Income from Reserve Account | $ | 0.00 | |||||
Reserve Account Balance | $ | 2,624,940.86 | ||||||
Specified Reserve Account Amount | $ | 2,624,940.86 | ||||||
iii | Reserve Account Release | $ | 0.00 | |||||
iv | Reserve Account Draw | 0.00 | ||||||
v | Collected Funds | 19,665,493.76 | ||||||
M&I Auto Loan Trust 2002-1 | ||
Monthly Servicing Report | Page 6 |
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | |||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | |||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 |
| L. Waterfall | Calculation Steps | Amount Due | Amount Available for Distribution | Amount Paid | ||||||||||
I | Reimbursement of Outstanding Simple Interest Advances | $ | 0.00 | $ | 38,419.85 | $ | 19,665,493.76 | $ | 38,419.85 | |||||
Servicing Fee | $ | 141,525.72 | ||||||||||||
Previous Servicing Fee Shortfall | $ | 0.00 | ||||||||||||
ii | Total Servicing Fee | $ | 141,525.72 | $ | 141,525.72 | $ | 19,627,073.91 | $ | 141,525.72 | |||||
iii | Class A Notes Interest Distribution | $ | 680,191.99 | $ | 19,485,548.19 | $ | 680,191.99 | |||||||
iv | Class B Notes Interest Distribution | $ | 0.00 | $ | 34,650.00 | $ | 18,805,356.20 | $ | 34,650.00 | |||||
v | Reserve Fund Deposit | $ | 0.00 | $ | 0.00 | $ | 18,770,706.20 | $ | 0.00 | |||||
a) Previous Class A-1 Notes | $ | 0.00 | $ | 0.00 | — | — | ||||||||
b) Previous Note Balance – Pool Balance | $ | 17,648,714.29 | $ | 0.00 | — | — | ||||||||
| X.) MAX of a) and b) | $ | 17,648,714.29 | $ | 0.00 | — | — | ||||||||
vi | Regular Principal Distribution | $ | 17,648,714.29 | $ | 17,648,714.29 | $ | 18,770,706.20 | $ | 17,648,714.29 | |||||
vii | Release to Seller | $ | 1,121,991.91 | $ | 1,121,991.91 | $ | 1,121,991.91 | |||||||
M&I Auto Loan Trust 2002-1 | ||
Monthly Servicing Report | Page 7 |
Distribution Date | September 22, 2003 | Closing Date: | October 10, 2002 | |||
Collection Period Begin Date: | August 1, 2003 | Previous Distribution Date: | August 20, 2003 | |||
Collection Period End Date: | August 31, 2003 | Previous Collection Period End Date: | July 31, 2003 |
M. Bond Interest Distributions | Coupon | Number of Days in Pay Period | Current Interest | Previous Interest Shortfall | Accrued Interest on Interest Shortfall | Total Bond Interest Due | Total Bond Interest Paid | Interest Shortfall | |||||||||||
Total Class A Notes | $ | 680,191.99 | 0.00 | 0.00 | 680,191.99 | $ | 680,191.99 | 0.00 | |||||||||||
Class A-1 Notes | 1.770 | % | 33 | $ | 0.00 | 0.00 | 0.00 | 0.00 | $ | 0.00 | 0.00 | ||||||||
Class A-2 Notes | 1.950 | % | 30 | $ | 113,200.32 | 0.00 | 0.00 | 113,200.32 | $ | 113,200.32 | 0.00 | ||||||||
Class A-3 Notes | 2.490 | % | 30 | $ | 394,250.00 | 0.00 | 0.00 | 394,250.00 | $ | 394,250.00 | 0.00 | ||||||||
Class A-4 Notes | 3.040 | % | 30 | $ | 172,741.67 | 0.00 | 0.00 | 172,741.67 | $ | 172,741.67 | 0.00 | ||||||||
Class B Notes | 3.520 | % | 30 | $ | 34,650.00 | 0.00 | 0.00 | 34,650.00 | $ | 34,650.00 | 0.00 | ||||||||
N. Bond Principal Distributions | |||||||||||||||||||
Priority Principal Distribution | — | ||||||||||||||||||
Regular Principal Distribution | 17,648,714.29 | ||||||||||||||||||
Total Principal Distribution | 17,648,714.29 | ||||||||||||||||||
Class A-1 Notes Principal Distribution | 0.00 | ||||||||||||||||||
Class A-2 Notes Principal Distribution | 17,648,714.29 | ||||||||||||||||||
Class A-3 Notes Principal Distribution | 0.00 | ||||||||||||||||||
Class A-4 Notes Principal Distribution | 0.00 | ||||||||||||||||||
Class B Notes Principal Distribution | 0.00 | ||||||||||||||||||
MONTHLY NOTEHOLDERS STATEMENT
M&I AUTO LOAN TRUST 2002-1
Class A1 1.77% Asset Backed Notes
Class A2 1.95% Asset Backed Notes
Class A3 2.49% Asset Backed Notes
Class A4 3.04% Asset Backed Notes
Class B 3.52% Asset Backed Notes
| DISTRIBUTION DATE: | September 22, 2003 | |
| MONTHLY PERIOD: | August, 2003 | |
Under the Sales and Servicing Agreement dated as of October 10, 2002 among Marshall & Ilsley Bank as servicer and Marshall & Ilsley Auto Receivables LLC, as seller, Marshall & Ilsley Auto Trust 2002-1 as issuer and the Bank One, National Association as indenture trustee, the Servicer is required to prepare certain information each month regarding current distributions to Noteholders and the performance of the Trust during the previous month. The information that is required to be prepared with respect to the Distribution Date and Monthly Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Note, and certain other information is presented upon the aggregate amounts for the Trust as a whole.
A. | Information Regarding the Current Monthly Distribution | ||||||||
1. | Notes | ||||||||
(A) | The aggregate amount of the distribution with respect to: | ||||||||
| Class A-1 Notes | $ | 0.00 | |||||||
| Class A-2 Notes | $ | 17,761,914.61 | |||||||
| Class A-3 Notes | $ | 394,250.00 | |||||||
| Class A-4 Notes | $ | 172,741.67 | |||||||
| Class B Notes | $ | 34,650.00 | |||||||
| (B) | The amount of the distribution set forth in paragraph A.1 (A) above in respect of interest on: | ||||||||
Class A-1 Notes | $ | 0.00 | |||||||
Class A-2 Notes | $ | 113,200.32 | |||||||
Class A-3 Notes | $ | 394,250.00 | |||||||
Class A-4 Notes | $ | 172,741.67 | |||||||
Class B Notes | $ | 34,650.00 | |||||||
| (C) | The amount of the distribution set forth in paragraph A.1 (A) above in respect of principal on: | ||||||||
| Class A-1 Notes | — | ||||||||
Class A-2 Notes | 17,648,714.29 | ||||||||
Class A-3 Notes | — | ||||||||
Class A-4 Notes | — | ||||||||
Class B Notes | — | ||||||||
MONTHLY NOTEHOLDERS STATEMENT
M&I AUTO LOAN TRUST 2002-1
Class A1 1.77% Asset Backed Notes
Class A2 1.95% Asset Backed Notes
Class A3 2.49% Asset Backed Notes
Class A4 3.04% Asset Backed Notes
Class B 3.52% Asset Backed Notes
| DISTRIBUTION DATE: | September 22, 2003 | |
| MONTHLY PERIOD: | August, 2003 | |
| (D) | The amount of the distribution set forth in paragraph A.1 (A) above per $1,000 interest in: | |||||||
| Class A-1 Notes | — | |||||||
| Class A-2 Notes | 145.58946402 | |||||||
| Class A-3 Notes | 2.07500000 | |||||||
| Class A-4 Notes | 2.53333338 | |||||||
| Class B Notes | 2.93333333 | |||||||
| (E) | The amount of the distribution set forth in paragraph A.1 (B) above per $1,000 interest in: | |||||||
| Class A-1 Notes | — | |||||||
| Class A-2 Notes | 0.92787148 | |||||||
| Class A-3 Notes | 2.07500000 | |||||||
| Class A-4 Notes | 2.53333338 | |||||||
| Class B Notes | 2.93333333 | |||||||
| (F) | The amount of the distribution set forth in paragraph A.1 (C) above per $1,000 interest in: | |||||||
| Class A-1 Notes | — | |||||||
| Class A-2 Notes | 144.66159254 | |||||||
| Class A-3 Notes | — | |||||||
| Class A-4 Notes | — | |||||||
| Class B Notes | — | |||||||
| B. | INFORMATION REGARDING THE PERFORMANCE OF THE TRUST | |||||||
| 1. | Pool Balance and Note Principal Balance | |||||||
| (A) | The Pool Balance at the close of business on the last day of the Monthly Period: | 322,013,021.06 | ||||||
MONTHLY NOTEHOLDERS STATEMENT
M&I AUTO LOAN TRUST 2002-1
Class A1 1.77% Asset Backed Notes
Class A2 1.95% Asset Backed Notes
Class A3 2.49% Asset Backed Notes
Class A4 3.04% Asset Backed Notes
Class B 3.52% Asset Backed Notes
DISTRIBUTION DATE: | September 22, 2003 | |
MONTHLY PERIOD: | August, 2003 |
| (B) | The aggregate outstanding principal amount of each Class of Notes after giving effect to payments allocated to principal as set forth in paragraph A.1 (C) above with respect to: | |||||||||
| Class A-1 Notes | — | |||||||||
Class A-2 Notes | 52,013,021.06 | |||||||||
Class A-3 Notes | 190,000,000.00 | |||||||||
Class A-4 Notes | 68,187,500.00 | |||||||||
Class B Notes | 11,812,500.00 | |||||||||
| (C) | The Note Pool Factor for each Class of Notes after giving affect to the payments set forth in paragraph A.1 (C) above with respect to: | |||||||||
| Class A-1 Notes | — | |||||||||
Class A-2 Notes | 0.42633624 | |||||||||
Class A-3 Notes | 1.00000000 | |||||||||
Class A-4 Notes | 1.00000000 | |||||||||
Class B Notes | 1.00000000 | |||||||||
| (D) | The amount of aggregate Realized Losses for the preceding Monthly Period: | (2,303.88 | ) | |||||||
(E) | The aggregate Purchase Amount for all Receivables that were repurchased in the Monthly Period: | |||||||||
2. | Servicing Fee | |||||||||
| The aggregate amount of the Servicing Fee paid to the Servicer with respect to the preceding Monthly Period | $ | 141,525.72 | ||||||||
3. | Payment Shortfalls | |||||||||
| (A) | The amount of the Noteholders’ Interest Carryover Shortfall after giving effect to the payments set forth in paragraph A.1 (B) above with respect to: | |||||||||
| Class A-1 Notes | — | |||||||||
Class A-2 Notes | — | |||||||||
| Class A-3 Notes | — | |||||||||
| Class A-4 Notes | — | |||||||||
| Class B Notes | — | |||||||||
MONTHLY NOTEHOLDERS STATEMENT
M&I AUTO LOAN TRUST 2002-1
Class A1 1.77% Asset Backed Notes
Class A2 1.95% Asset Backed Notes
Class A3 2.49% Asset Backed Notes
Class A4 3.04% Asset Backed Notes
Class B 3.52% Asset Backed Notes
| DISTRIBUTION DATE: | September 22, 2003 | |
| MONTHLY PERIOD: | August, 2003 | |
(B) | The amount of the Noteholders' Interest Carryover Shortfall set forth in paragraph 3(A) above per $1,000 interest with respect to: | |||||||
Class A-1 Notes | — | |||||||
Class A-2 Notes | — | |||||||
Class A-3 Notes | — | |||||||
Class A-4 Notes | — | |||||||
Class B Notes | — | |||||||
4 | ||||||||
| (A) | The aggregate amount of collections by the Servicer during the preceding Monthly Period: | 19,665,493.76 | ||||||
| (B) | The aggregate amount which was received by the Trust from the Servicer during the Monthly Period: | 19,523,968.04 | ||||||
(C) | The number of Receivables that are delinquent for: | |||||||
30-59 days | 89 | |||||||
60-89 days | 32 | |||||||
90 or more days | 12 | |||||||
| Repossessed Autos in Inventory | 31 | |||||||
