EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | ||
SERVICER CERTIFICATE | ||
For the Annual Collection Period ended December 2004 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||
September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||||||||||||||
A. SUMMARY | ||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | |||||||||||||||||||||||||
Class A-1 Notes | 321,000,000.00 | 162,010,870.32 | 0.5047068 | 58,925,225.75 | 40,381,388.93 | 28,286,396.95 | 31,396,118.05 | 158,989,129.68 | ||||||||||||||||||||||||
Class A-2 Notes | 437,000,000.00 | 437,000,000.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||
Class A-3 Notes | 326,000,000.00 | 326,000,000.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||
Class A-4a Notes | 100,000,000.00 | 100,000,000.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||
Class A-4b Notes | 316,000,000.00 | 316,000,000.00 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||
Certificates | 209,401,709.41 | 209,401,709.41 | 1.0000000 | — | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 1,709,401,709.41 | $ | 1,550,412,579.73 | $ | 58,925,225.75 | $ | 40,381,388.93 | $ | 28,286,396.95 | $ | 31,396,118.05 | $ | 158,989,129.68 | ||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||
Class A-1 Notes | 1.9992 | % | 374,350.20 | 480,278.23 | 344,718.43 | 332,956.58 | 1,532,303.44 | |||||||||||||||||||||||||
Class A-2 Notes | 2.4700 | % | 629,644.17 | 899,491.67 | 899,491.67 | 899,491.67 | 3,328,119.17 | |||||||||||||||||||||||||
Class A-3 Notes | 2.8400 | % | 540,073.33 | 771,533.33 | 771,533.33 | 771,533.33 | 2,854,673.33 | |||||||||||||||||||||||||
Class A-4a Notes | 3.0900 | % | 180,250.00 | 257,500.00 | 257,500.00 | 257,500.00 | 952,750.00 | |||||||||||||||||||||||||
Class A-4b Notes | 2.5100 | % | 357,606.67 | 582,230.00 | 550,542.22 | 682,998.89 | 2,173,377.78 | |||||||||||||||||||||||||
Total | 2,081,924.37 | 2,991,033.23 | 2,823,785.66 | 2,944,480.47 | 10,841,223.72 | |||||||||||||||||||||||||||
B. COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||
Lease Payments Received | 55,192,161.39 | 35,274,406.48 | 26,072,550.72 | 27,400,396.26 | 143,939,514.85 | |||||||||||||||||||||||||||
Sales Proceeds – Early Terminations | 24,830,628.21 | 16,358,497.21 | 11,684,146.73 | 13,366,995.46 | 66,240,267.61 | |||||||||||||||||||||||||||
Sales Proceeds – Scheduled Terminations | — | — | 20,068.30 | 79,052.68 | 99,120.98 | |||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 48,700.00 | 35,650.00 | 23,425.00 | 37,525.00 | 145,300.00 | |||||||||||||||||||||||||||
Excess Wear and Tear Received | 585.00 | 500.00 | 1,442.00 | 1,206.50 | 3,733.50 | |||||||||||||||||||||||||||
Excess Mileage Charges Received | — | 2,894.25 | 2,948.30 | 542.81 | 6,385.36 | |||||||||||||||||||||||||||
Other Recoveries Received | — | 134,821.11 | 94,252.00 | 37,854.19 | 266,927.30 | |||||||||||||||||||||||||||
Subtotal: Total Collections | 80,072,074.60 | 51,806,769.05 | 37,898,833.05 | 40,923,572.90 | 210,701,249.60 | |||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | |||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | |||||||||||||||||||||||||||
Net Swap Receipt – Class A-4b | — | — | — | — | — | |||||||||||||||||||||||||||
Investment Earnings on Collection Account | — | 109,954.28 | 77,738.93 | 77,744.50 | 265,437.71 | |||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 80,072,074.60 | 51,916,723.33 | 37,976,571.98 | 41,001,317.40 | 210,966,687.31 | |||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | |||||||||||||||||||||||||||
Total Available Funds | 80,072,074.60 | 51,916,723.33 | 37,976,571.98 | 41,001,317.40 | 210,966,687.31 | |||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | ||
SERVICER CERTIFICATE | ||
For the Annual Collection Period ended December 2004 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||
September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||
C.DISTRIBUTIONS | ||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | |||||||||||||||
Servicing Fee: | ||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | |||||||||||||||
Servicing Fee Due in Current Period | 2,849,002.85 | 1,375,397.07 | 1,341,745.91 | 1,318,173.91 | 6,884,319.75 | |||||||||||||||
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 | 20,000.00 | |||||||||||||||
Administration Fee Shortfall | — | — | — | — | — | |||||||||||||||
Net Swap Payment – Class A-4b | 208,665.33 | 226,730.00 | 258,417.78 | 125,961.11 | 819,774.22 | |||||||||||||||
Senior Swap Termination Payment (paid pro rata with Noteholder Interest payment) | — | — | — | — | — | |||||||||||||||
Interest Paid to Noteholders | ||||||||||||||||||||
Interest Shortfall from Prior Periods Class A-1 Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-2 Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-3 Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-4a Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall from Prior Periods Class A-4b Notes | — | — | — | — | — | |||||||||||||||
Interest Due in Current Period Class A-1 Notes | 374,350.20 | 480,278.23 | 344,718.43 | 332,956.58 | 1,532,303.44 | |||||||||||||||
Interest Due in Current Period Class A-2 Notes | 629,644.17 | 899,491.67 | 899,491.67 | 899,491.67 | 3,328,119.17 | |||||||||||||||
Interest Due in Current Period Class A-3 Notes | 540,073.33 | 771,533.33 | 771,533.33 | 771,533.33 | 2,854,673.33 | |||||||||||||||
Interest Due in Current Period Class A-4a Notes | 180,250.00 | 257,500.00 | 257,500.00 | 257,500.00 | 952,750.00 | |||||||||||||||
Interest Due in Current Period Class A-4b Notes | 357,606.67 | 582,230.00 | 550,542.22 | 682,998.89 | 2,173,377.78 | |||||||||||||||
Interest Shortfall Class A-1 Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall Class A-2 Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall Class A-3 Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall Class A-4a Notes | — | — | — | — | — | |||||||||||||||
Interest Shortfall Class A-4b Notes | — | — | — | — | — | |||||||||||||||
Principal Paid to Noteholders | 58,925,225.75 | 40,381,388.93 | 28,286,396.95 | 31,396,118.05 | 158,989,129.68 | |||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | 16,002,256.30 | 6,937,174.10 | 5,261,225.68 | 5,211,583.86 | 33,412,239.94 | |||||||||||||||
Subordinated Swap Termination Payments | — | — | — | — | ||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | |||||||||||||||
Remaining Available Funds | — | — | — | — | — | |||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | ||
SERVICER CERTIFICATE | ||
For the Annual Collection Period ended December 2004 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||
September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||
D. CALCULATIONS | ||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||
For Current Units: Change in Securitization Value | 35,027,639.90 | 24,659,260.08 | 16,807,621.85 | 18,082,193.50 | 94,576,715.33 | |||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | |||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 23,897,585.85 | 15,722,128.85 | 11,478,775.10 | 13,313,924.55 | 64,412,414.35 | |||||||||||||||
For Repurchases: Securitization Value (Beg. Of Collection Period) | — | — | — | — | — | |||||||||||||||
b) Principal Carryover Shortfall from Preceding Payment Date | — | — | — | — | — | |||||||||||||||
c) Additional Amounts to pay in full Notes on or after Final Scheduled Payment Date | — | — | — | — | — | |||||||||||||||
Principal Distribution Amount before Reserve Account Draw Amount | 58,925,225.75 | 40,381,388.93 | 28,286,396.95 | 31,396,118.05 | 158,989,129.68 | |||||||||||||||
Remaining Available Funds (Item 40) | 74,927,482.05 | 47,318,563.03 | 33,547,622.63 | 36,607,701.91 | 192,401,369.62 | |||||||||||||||
Available Funds Shortfall Amount (If Item 54 > 55, Item 54 less Item 55,else 0) | — | — | — | — | — | |||||||||||||||
Reserve Account Draw Amount (If Item 56 is > 0, Lesser of the Reserve Account Balance and Item 56) | — | — | — | — | — | |||||||||||||||
Principal Carryover Shortfall (If Item 56 > Item 57 less Item 57, else 0) | — | — | — | — | — | |||||||||||||||
Principal Distribution Amount (If Item 56 > 0, Item 57 plus Item 55, else Item 54) | 58,925,225.75 | 40,381,388.93 | 28,286,396.95 | 31,396,118.05 | 158,989,129.68 | |||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 80,072,074.60 | 51,916,723.33 | 37,976,571.98 | 41,001,317.40 | ||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | ||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 2,849,002.85 | 1,375,397.07 | 1,341,745.91 | 1,318,173.91 | ||||||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||
Less: Interest Paid to Noteholders (Item 39) | 2,290,589.70 | 3,217,763.23 | 3,082,203.43 | 3,070,441.58 | ||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall) | 74,927,482.05 | 47,318,563.03 | 33,547,622.63 | 36,607,701.91 | ||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54) | N/A | N/A | N/A | N/A | ||||||||||||||||
Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0) | — | — | — | — | — | |||||||||||||||
Reconciliation of Servicer Advance: | ||||||||||||||||||||
Beginning Balance of Servicer Advance | — | — | — | — | ||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | ||||||||||||||||
Additional Payment Advances for current period | — | — | — | — | ||||||||||||||||
Ending Balance of Payment Advance | — | — | — | — | ||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | ||
SERVICER CERTIFICATE | ||
For the Annual Collection Period ended December 2004 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||
September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||
E. RESERVE ACCOUNT | ||||||||||||||||||||
Reserve Account Balances: | ||||||||||||||||||||
Specified Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | |||||||||||||||
Initial Reserve Account Balance | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | |||||||||||||||
Beginning Reserve Account Balance | 17,094,017.09 | 33,096,273.39 | 40,066,553.71 | 45,378,179.84 | 17,094,017.09 | |||||||||||||||
Plus:Net Investment Income for the Collection Period | — | 33,106.22 | 50,400.45 | 70,243.69 | 153,750.36 | |||||||||||||||
Subtotal:Reserve Fund Available for Distribution | 17,094,017.09 | 33,129,379.61 | 40,116,954.16 | 45,448,423.53 | 17,247,767.45 | |||||||||||||||
Plus:Deposit of Excess Available Funds | 16,002,256.30 | 6,937,174.10 | 5,261,225.68 | 5,211,583.86 | 33,412,239.94 | |||||||||||||||
Less:Reserve Account Draw Amount | — | — | — | — | — | |||||||||||||||
Subtotal Reserve Account Balance | 33,096,273.39 | 40,066,553.71 | 45,378,179.84 | 50,660,007.39 | 50,660,007.39 | |||||||||||||||
Less: Excess Reserve Account Funds to Transferor | — | — | — | — | — | |||||||||||||||
Equals: Ending Reserve Account Balance | 33,096,273.39 | 40,066,553.71 | 45,378,179.84 | 50,660,007.39 | 50,660,007.39 | |||||||||||||||
Current Period Net Residual Losses: | ||||||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | — | — | 23,320.52 | 98,115.75 | 121,436.27 | |||||||||||||||
Less: Aggregate Sales Proceeds for Scheduled Terminated Units | — | — | (20,068.30 | ) | (79,052.68 | ) | (99,120.98 | ) | ||||||||||||
Less: Excess Wear and Tear Received | — | (500.00 | ) | (1,442.00 | ) | (1,206.50 | ) | (3,148.50 | ) | |||||||||||
Less: Excess Mileage Received | — | (2,894.25 | ) | (2,948.30 | ) | (542.81 | ) | (6,385.36 | ) | |||||||||||
Current Period Net Residual Losses/(Gains) | — | (3,394.25 | ) | (1,138.08 | ) | 17,313.76 | 12,781.43 | |||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||
Beginning Cumulative Net Residual Losses | — | — | (3,394.25 | ) | (4,532.33 | ) | — | |||||||||||||
Current Period Net Residual Losses (Item 91) | — | (3,394.25 | ) | (1,138.08 | ) | 17,313.76 | 12,781.43 | |||||||||||||
Ending Cumulative Net Residual Losses | — | (3,394.25 | ) | (4,532.33 | ) | 12,781.43 | 12,781.43 | |||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | ||
SERVICER CERTIFICATE | ||
For the Annual Collection Period ended December 2004 |
Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||
September-04 | October-04 | November-04 | December-04 | TOTALS | ||||||||||||||||||||
F. POOL STATISTICS | Initial | |||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||
Aggregate Securitization Value | 1,709,401,710 | 1,650,476,484 | 1,610,095,095 | 1,581,808,698 | 1,550,412,580 | |||||||||||||||||||
Number of Current Contracts | 85,792 | 84,709 | 83,856 | 83,214 | 82,460 | |||||||||||||||||||
Weighted Average Lease Rate | 4.96 | % | 4.94 | % | 4.93 | % | 4.92 | % | 4.90 | % | ||||||||||||||
Average Remaining Term | 28.67 | 26.96 | 25.14 | 24.28 | 23.36 | |||||||||||||||||||
Average Original Term | 44.43 | 44.41 | 44.41 | 44.40 | 44.40 | |||||||||||||||||||
Monthly Prepayment Speed | 89.53 | % | 116.00 | % | 104.54 | % | 100.85 | % | ||||||||||||||||
Pool Balance (Securitization Value) – Beginning of Period | 1,709,401,710 | 1,650,476,484 | 1,610,095,095 | 1,581,808,698 | 1,709,401,710 | |||||||||||||||||||
Depreciation/Payments | (35,027,640 | ) | (24,659,260 | ) | (16,807,622 | ) | (18,082,194 | ) | (94,576,715 | ) | ||||||||||||||
Gross Credit Losses | — | (196,528 | ) | (393,632 | ) | (676,635 | ) | (1,266,795 | ) | |||||||||||||||
Early Terminations | (23,897,586 | ) | (15,525,601 | ) | (11,061,823 | ) | (12,539,174 | ) | (63,024,184 | ) | ||||||||||||||
Scheduled Terminations | — | — | (23,321 | ) | (98,116 | ) | (121,436 | ) | ||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | |||||||||||||||||||
Pool Balance – End of Period | 1,650,476,484 | 1,610,095,095 | 1,581,808,698 | 1,550,412,580 | 1,550,412,580 | |||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||
Current | 1,638,008,096 | 1,597,251,857 | 1,565,043,446 | 1,532,193,167 | ||||||||||||||||||||
31 - 90 Days Delinquent | 12,468,388 | 11,830,308 | 15,154,363 | 15,998,149 | ||||||||||||||||||||
90+ Days Delinquent | — | 1,012,929 | 1,610,889 | 2,221,264 | ||||||||||||||||||||
Total | 1,650,476,484 | 1,610,095,095 | 1,581,808,698 | 1,550,412,580 | ||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | — | 196,528 | 393,632 | 676,635 | 1,266,795 | |||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | — | (107,781 | ) | (246,105 | ) | (414,748 | ) | (768,633 | ) | |||||||||||||||
Recoveries on charged-off units | — | — | — | — | — | |||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | — | 88,747 | 147,527 | 261,887 | 498,161 | |||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | — | — | 88,747 | 236,274 | — | |||||||||||||||||||
Current Period Net Credit Losses (Item 120) | — | 88,747 | 147,527 | 261,887 | 498,161 | |||||||||||||||||||
Ending Cumulative Net Credit Losses | — | 88,747 | 236,274 | 498,161 | 498,161 | |||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.00 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.03 | % | ||||||||||||||