EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A | |||||||||||||||||||||||||||||||||||||||||||||||||||
SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | |||||||||||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | January-06 | February-06 | March-06 | April-06 | May-06 | June-06 | |||||||||||||||||||||||||||||||||||||||||||||
SUMMARY | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | |||||||||||||||||||||||||||||||||||||||||||
Class A-1 Notes | 321,000,000.00 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class A-2 Notes | 437,000,000.00 | — | — | 56,380,758.06 | 4,482,442.06 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class A-3 Notes | 326,000,000.00 | — | — | — | 39,404,942.52 | 55,371,721.81 | 42,037,832.75 | 41,573,926.55 | 49,455,213.54 | ||||||||||||||||||||||||||||||||||||||||||
Class A-4a Notes | 100,000,000.00 | 60,004,820.64 | 0.6000482 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class A-4b Notes | 316,000,000.00 | 189,615,233.24 | 0.6000482 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Certificates | 209,401,709.41 | 209,401,709.41 | 1.0000000 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,709,401,709.41 | $ | 459,021,763.29 | $ | 56,380,758.06 | $ | 43,887,384.58 | $ | 55,371,721.81 | $ | 42,037,832.75 | $ | 41,573,926.55 | $ | 49,455,213.54 | |||||||||||||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||||||||||||||||||||
Class A-1 Notes | 1.9992 | % | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Class A-2 Notes | 2.4700 | % | 125,276.75 | 9,226.36 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Class A-3 Notes | 2.8400 | % | 771,533.33 | 771,533.33 | 678,274.97 | 547,228.56 | 447,739.02 | 349,347.40 | |||||||||||||||||||||||||||||||||||||||||||
Class A-4a Notes | 3.0900 | % | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | |||||||||||||||||||||||||||||||||||||||||||
Class A-4b Notes | 5.4500 | % | 1,289,280.00 | 1,106,790.00 | 1,326,881.81 | 1,410,764.44 | 1,318,758.15 | 1,413,278.40 | |||||||||||||||||||||||||||||||||||||||||||
Total | 2,443,590.09 | 2,145,049.69 | 2,262,656.77 | 2,215,493.01 | 2,023,997.17 | 2,020,125.80 | |||||||||||||||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 23,782,482.23 | 18,112,095.38 | 22,869,773.54 | 17,075,338.36 | 15,738,927.73 | 18,692,022.82 | |||||||||||||||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 18,013,373.60 | 14,174,636.48 | 19,712,394.40 | 16,016,379.89 | 16,431,317.45 | 17,997,369.78 | |||||||||||||||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 20,073,651.82 | 16,080,947.53 | 18,403,656.29 | 13,703,296.98 | 13,218,822.32 | 16,716,678.73 | |||||||||||||||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 108,750.00 | 103,001.97 | 141,872.41 | 117,541.00 | 132,525.00 | 103,750.00 | |||||||||||||||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 142,890.94 | 121,093.93 | 138,369.88 | 151,382.55 | 46,011.78 | 113,045.53 | |||||||||||||||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 211,524.79 | 179,517.42 | 234,155.02 | 250,265.91 | 43,465.06 | 164,618.05 | |||||||||||||||||||||||||||||||||||||||||||||
Other Recoveries Received | 1,438,560.73 | 1,044,235.18 | 1,094,004.07 | 551,299.44 | 305,407.03 | 1,075,420.87 | |||||||||||||||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 63,771,234.11 | 49,815,527.89 | 62,594,225.61 | 47,865,504.13 | 45,916,476.37 | 54,862,905.78 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net Swap Receipt — Class A-4b | 480,320.00 | 297,830.00 | 517,921.81 | 601,804.44 | 509,798.15 | 604,318.40 | |||||||||||||||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 240,619.02 | 240,459.78 | 231,646.88 | 227,247.88 | 225,307.47 | 217,483.47 | |||||||||||||||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 64,492,173.13 | 50,353,817.67 | 63,343,794.30 | 48,694,556.45 | 46,651,581.99 | 55,684,707.65 | |||||||||||||||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Available Funds | 64,492,173.13 | 50,353,817.67 | 63,343,794.30 | 48,694,556.45 | 46,651,581.99 | 55,684,707.65 | |||||||||||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Servicing Fee: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 843,554.09 | 796,570.13 | 759,997.31 | 713,854.20 | 678,822.68 | 644,177.74 | |||||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Administration Fee | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | |||||||||||||||||||||||||||||||||||||||||||||
Administration Fee Shortfall | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net Swap Payment — Class A-4b | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | 125,276.75 | 9,226.36 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 771,533.33 | 771,533.33 | 678,274.97 | 547,228.56 | 447,739.02 | 349,347.40 | |||||||||||||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4a Notes | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | 257,500.00 | |||||||||||||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4b Notes | 1,289,280.00 | 1,106,790.00 | 1,326,881.81 | 1,410,764.44 | 1,318,758.15 | 1,413,278.40 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 56,380,758.06 | 43,887,384.58 | 55,371,721.81 | 42,037,832.75 | 41,573,926.55 | 49,455,213.54 | |||||||||||||||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subordinated Swap Termination Payments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Remaining Available Funds | 4,819,270.89 | 3,519,813.27 | 4,944,418.40 | 3,722,376.49 | 2,369,835.59 | 3,560,190.57 | |||||||||||||||||||||||||||||||||||||||||||||
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: January-06 | Collection Period Ended: February-06 | Collection Period Ended: March-06 | Collection Period Ended: April-06 | Collection Period Ended: May-06 | Collection Period Ended: June-06 | ||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | ||||||||||||||||||||||||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 17,482,531.28 | 12,481,268.48 | 17,116,608.66 | 11,947,120.45 | 11,219,868.03 | 13,840,602.55 | ||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 38,898,226.78 | 31,406,116.10 | 38,255,113.15 | 30,090,712.30 | 30,354,058.52 | 35,614,610.99 | ||||||||||||||||||||||||||||||||
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 | 56,380,758.06 | 43,887,384.58 | 55,371,721.81 | 42,037,832.75 | 41,573,926.55 | 49,455,213.54 | ||||||||||||||||||||||||||||||||
Remaining Available Funds (Item 40) | 61,200,028.95 | 47,407,197.85 | 60,316,140.21 | 45,760,209.24 | 43,943,762.14 | 53,015,404.11 | ||||||||||||||||||||||||||||||||
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) | 56,380,758.06 | 43,887,384.58 | 55,371,721.81 | 42,037,832.75 | 41,573,926.55 | 49,455,213.54 | ||||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 64,492,173.13 | 50,353,817.67 | 63,343,794.30 | 48,694,556.45 | 46,651,581.99 | 55,684,707.65 | ||||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 843,554.09 | 796,570.13 | 759,997.31 | 713,854.20 | 678,822.68 | 644,177.74 | ||||||||||||||||||||||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||||||||||||||||||
Less: Interest Paid to Noteholders and Swap Counterparties (Items 38e, 38f, and 39) | 2,443,590.09 | 2,145,049.69 | 2,262,656.77 | 2,215,493.01 | 2,023,997.17 | 2,020,125.80 | ||||||||||||||||||||||||||||||||
Less: Principal Paid to Noteholders (Item 42) | 56,380,758.06 | 43,887,384.58 | 55,371,721.81 | 42,037,832.75 | 41,573,926.55 | 49,455,213.54 | ||||||||||||||||||||||||||||||||
Less: Amount Paid to Reserve Account to Reach Specified Balance (Item 43) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Subordinated Swap Termination Payments (Item 43b) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Other Amounts paid to Trustees (Item 44) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 4,819,270.89 | 3,519,813.27 | 4,944,418.40 | 3,722,376.49 | 2,369,835.59 | 3,560,190.57 | ||||||||||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 70 > 0) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, else 0) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Reconciliation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||
Beginning Balance of Servicer Advance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Additional Payment Advances for current period | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Ending Balance of Payment Advance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
RESERVE ACCOUNT | ||||||||||||||||||||||||||||||||||||||
Reserve Account Balances: | ||||||||||||||||||||||||||||||||||||||
Specified Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | ||||||||||||||||||||||||||||||||
Initial Reserve Account Balance | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | ||||||||||||||||||||||||||||||||
Beginning Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | ||||||||||||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 183,694.94 | 171,714.04 | 194,744.06 | 196,124.41 | 210,304.63 | 208,401.29 | ||||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 51,465,746.22 | 51,453,765.32 | 51,476,825.34 | 51,478,175.69 | 51,492,355.91 | 51,490,452.57 | ||||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 51,465,746.22 | 51,453,765.32 | 51,476,825.34 | 51,478,175.69 | 51,492,355.91 | 51,490,452.57 | ||||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 183,694.94 | 171,714.04 | 194,774.06 | 196,124.41 | 210,304.63 | 208,401.29 | ||||||||||||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | ||||||||||||||||||||||||||||||||
Change in Reserve Account Balance from Immediately Preceding Payment Date | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Current Period Net Residual Losses: | Amounts | Amounts | Amounts | Amounts | Amounts | Amounts | ||||||||||||||||||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 21,289,372.47 | 16,868,721.69 | 19,005,938.06 | 14,349,392.58 | 13,988,093.19 | 17,455,118.85 | ||||||||||||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (20,146,051.82 | ) | (16,151,124.50 | ) | (18,489,453.70 | ) | (13,780,687.98 | ) | (13,307,497.32 | ) | (16,780,478.73 | ) | ||||||||||||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (1,392,889.66 | ) | (1,005,382.13 | ) | (909,363.51 | ) | (446,179.38 | ) | (223,804.19 | ) | (978,920.79 | ) | ||||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (142,890.94 | ) | (121,093.93 | ) | (138,369.88 | ) | (151,382.55 | ) | (46,011.78 | ) | (113,045.53 | ) | ||||||||||||||||||||||||||
Less: Excess Mileage Received | (211,524.79 | ) | (179,517.42 | ) | (234,155.02 | ) | (250,265.91 | ) | (43,465.06 | ) | (164,618.05 | ) | ||||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains) | (603,984.74 | ) | (588,396.29 | ) | (765,404.05 | ) | (279,123.24 | ) | 367,314.84 | (581,944.25 | ) | |||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 3,793,508.58 | 3,189,523.84 | 2,601,127.55 | 1,835,723.50 | 1,556,600.26 | 1,923,915.10 | ||||||||||||||||||||||||||||||||
Current Period Net Residual Losses (Item 95) | (603,984.74 | ) | (588,396.29 | ) | (765,404.05 | ) | (279,123.24 | ) | 367,314.84 | (581,944.25 | ) | |||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 3,189,523.84 | 2,601,127.55 | 1,835,723.50 | 1,556,600.26 | 1,923,915.10 | 1,341,970.85 | ||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.19 | % | 0.15 | % | 0.11 | % | 0.09 | % | 0.11 | % | 0.08 | % | ||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | January-06 | February-06 | March-06 | April-06 | May-06 | June-06 | ||||||||||||||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,709,401,709 | 955,884,151 | 911,996,767 | 856,625,045 | 814,587,212 | 773,013,286 | 723,558,072 | |||||||||||||||||||||||||||||||
Number of Current Contracts | 85,972 | 58,147 | 56,012 | 53,410 | 51,355 | 49,234 | 46,714 | |||||||||||||||||||||||||||||||
Weighted Average Lease Rate | 4.96 | % | 4.74 | % | 4.74 | % | 4.73 | % | 4.69 | % | 4.66 | % | 4.63 | % | ||||||||||||||||||||||||
Average Remaining Term | 28.67 | 13.27 | 12.65 | 11.81 | 11.17 | 10.52 | 9.74 | |||||||||||||||||||||||||||||||
Average Original Term | 44.43 | 45.20 | 45.30 | 45.42 | 45.54 | 45.64 | 45.75 | |||||||||||||||||||||||||||||||
Monthly Prepayment Speed | 87.69 | % | 85.62 | % | 89.75 | % | 90.52 | % | 93.18 | % | 99.85 | % | ||||||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 1,012,264,910 | 955,884,151 | 911,996,767 | 856,625,045 | 814,587,212 | 773,013,286 | ||||||||||||||||||||||||||||||||
Depreciation/Payments | (17,482,531 | ) | (12,481,268 | ) | (17,116,609 | ) | (11,947,120 | ) | (11,219,868 | ) | (13,840,603 | ) | ||||||||||||||||||||||||||
Gross Credit Losses | (961,546 | ) | (1,302,407 | ) | (1,204,038 | ) | (690,187 | ) | (599,706 | ) | (579,542 | ) | ||||||||||||||||||||||||||
Early Terminations | (16,647,308 | ) | (13,234,988 | ) | (18,045,137 | ) | (15,051,132 | ) | (15,766,259 | ) | (17,579,950 | ) | ||||||||||||||||||||||||||
Scheduled Terminations | (21,289,372 | ) | (16,868,722 | ) | (19,005,938 | ) | (14,349,393 | ) | (13,988,093 | ) | (17,455,119 | ) | ||||||||||||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Pool Balance — End of Period | 955,884,151 | 911,996,767 | 856,625,045 | 814,587,212 | 773,013,286 | 723,558,072 | ||||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||||
Current | 940,166,855 | 898,909,989 | 844,660,697 | 802,510,478 | 761,386,554 | 711,119,365 | ||||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 12,691,990 | 10,797,844 | 10,258,591 | 10,554,057 | 10,333,982 | 11,267,769 | ||||||||||||||||||||||||||||||||
90+ Days Delinquent | 3,025,307 | 2,288,934 | 1,705,756 | 1,522,677 | 1,292,750 | 1,170,938 | ||||||||||||||||||||||||||||||||
Total | 955,884,151 | 911,996,767 | 856,625,045 | 814,587,212 | 773,013,286 | 723,558,072 | ||||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 961,546 | 1,302,407 | 1,204,038 | 690,187 | 599,706 | 579,542 | ||||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (688,621 | ) | (482,804 | ) | (869,209 | ) | (479,773 | ) | (377,167 | ) | (391,879 | ) | ||||||||||||||||||||||||||
Recoveries on charged-off units | — | — | (128,941 | ) | (45,872 | ) | (47,052 | ) | (36,621 | ) | ||||||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 272,925 | 819,603 | 205,889 | 164,542 | 175,487 | 151,042 | ||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 4,819,363 | 5,092,288 | 5,911,891 | 6,117,779 | 6,282,321 | 6,457,808 | ||||||||||||||||||||||||||||||||
Current Period Net Credit Losses | 272,925 | 819,603 | 205,889 | 164,542 | 175,487 | 151,042 | ||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses | 5,092,288 | 5,911,891 | 6,117,779 | 6,282,321 | 6,457,808 | 6,608,850 | ||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.30 | % | 0.35 | % | 0.36 | % | 0.37 | % | 0.38 | % | 0.39 | % | ||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE For the Annual Collection Period ended December 2006 | Collection Period Ended: July-06 | Collection Period Ended: August-06 | Collection Period Ended: September-06 | Collection Period Ended: October-06 | Collection Period Ended: November-06 | Collection Period Ended: December-06 | TOTALS | |||||||||||||||||||||||||||||||||||
SUMMARY | ||||||||||||||||||||||||||||||||||||||||||
Initial Balance | Ending Balance | Note Factor | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | Principal Payment | |||||||||||||||||||||||||||||||||
Class A-1 Notes | 321,000,000.00 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class A-2 Notes | 437,000,000.00 | — | — | — | — | — | — | — | — | 60,863,200.12 | ||||||||||||||||||||||||||||||||
Class A-3 Notes | 326,000,000.00 | — | — | 38,393,161.72 | 43,933,380.77 | 15,829,820.34 | — | — | — | 326,000,000.00 | ||||||||||||||||||||||||||||||||
Class A-4a Notes | 100,000,000.00 | 60,004,820.64 | 0.6000482 | — | — | 8,757,754.31 | 9,938,330.15 | 10,682,470.23 | 10,616,624.67 | 39,995,179.36 | ||||||||||||||||||||||||||||||||
Class A-4b Notes | 316,000,000.00 | 189,615,233,24 | 0.6000482 | — | — | 27,674,503.62 | 31,405,123.28 | 3,756,605.92 | 3,548,533.94 | 126,384,766.76 | ||||||||||||||||||||||||||||||||
Certificates | 209,401,709.41 | 209,401,709.41 | 1.0000000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 1,709,401,709.41 | $ | 459,021,763.29 | $ | 38,393,161.72 | $ | 43,933,380.77 | $ | 52,262,078.27 | $ | 41,343,453.43 | $ | 44,439,076.15 | $ | 44,165,158.61 | $ | 553,243,146.24 | ||||||||||||||||||||||||
Coupon Rate | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | Interest Payment | |||||||||||||||||||||||||||||||||||
Class A-1 Notes | 1.9992 | % | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Class A-2 Notes | 2.4700 | % | — | — | — | — | — | — | 134,503.11 | |||||||||||||||||||||||||||||||||
Class A-3 Notes | 2.8400 | % | 232,303.39 | 141,439.58 | 37,463.91 | — | — | — | 3,976,863.49 | |||||||||||||||||||||||||||||||||
Class A-4a Notes | 3.0900 | % | 257,500.00 | 257,500.00 | 257,500.00 | 234,948.78 | 209,357.58 | 181,850.22 | 2,943,656.59 | |||||||||||||||||||||||||||||||||
Class A-4b Notes | 5.4500 | % | 1,538,745.85 | 1,428,583.33 | 1,429,900.00 | 1,345,679.16 | 1,160,423.69 | 1,114,888.99 | 15,883,973.82 | |||||||||||||||||||||||||||||||||
Total | 2,028,549.24 | 1,827,522.91 | 1,724,863.91 | 1,580,627.95 | 1,369,781.27 | 1,296,739.21 | 22,938,997.01 | |||||||||||||||||||||||||||||||||||
COLLECTIONS AND AVAILABLE FUNDS | ||||||||||||||||||||||||||||||||||||||||||
Lease Payments Received | 14,478,868.86 | 13,462,646.01 | 15,539,901.56 | 11,299,664.09 | 10,132,068.09 | 9,644,854.85 | 190,828,643.52 | |||||||||||||||||||||||||||||||||||
Sales Proceeds — Early Terminations | 14,536,875.44 | 16,311,980.38 | 16,147,321.41 | 10,614,368.27 | 8,863,508.48 | 9,769,790.14 | 178,589,315.72 | |||||||||||||||||||||||||||||||||||
Sales Proceeds — Scheduled Terminations | 13,092,248.63 | 17,735,078.77 | 24,066,675.57 | 21,519,024.05 | 26,258,680.59 | 25,242,712.92 | 226,111,474.20 | |||||||||||||||||||||||||||||||||||
Security Deposits for Terminated Accounts | 105,136.10 | 135,325.00 | 138,849.00 | 106,350.00 | 139,240.00 | 116,399.55 | 1,448,740.03 | |||||||||||||||||||||||||||||||||||
Excess Wear and Tear Received | 105,175.32 | 104,854.12 | 195,569.97 | 174,429.63 | 193,575.89 | 233,305.79 | 1,719,705.33 | |||||||||||||||||||||||||||||||||||
Excess Mileage Charges Received | 157,453.78 | 200,713.93 | 233,040.28 | 224,896.47 | 222,724.90 | 202,391.17 | 2,324,766.78 | |||||||||||||||||||||||||||||||||||
Other Recoveries Received | 564,182.43 | 473,905.94 | 505,541.68 | 718,246.97 | 1,007,897.55 | 927,202.33 | 9,705,904.22 | |||||||||||||||||||||||||||||||||||
Subtotal: Total Collections | 43,039,940.56 | 48,424,504.15 | 56,826,899.47 | 44,656,979.48 | 46,817,695.50 | 46,136,656.75 | 610,728,549.80 | |||||||||||||||||||||||||||||||||||
Repurchase Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Postmaturity Term Extension | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net Swap Receipt — Class A-4b | 729,785.85 | 619,623.33 | 620,940.00 | 607,565.89 | 502,707.53 | 543,589.74 | 6,636,205.15 | |||||||||||||||||||||||||||||||||||
Investment Earnings on Collection Account | 223,646.66 | 274,906.57 | 305,684.98 | 293,664.66 | 335,183.41 | 418,314.30 | 3,234,165.08 | |||||||||||||||||||||||||||||||||||
Total Available Funds, prior to Servicer Advances | 43,993,373.07 | 49,319,034.05 | 57,753,534.45 | 45,558,210.03 | 47,655,586.44 | 47,098,560.79 | 620,598,920.03 | |||||||||||||||||||||||||||||||||||
Servicer Advance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total Available Funds | 43,993,373.07 | 49,319,034.05 | 57,753,524.45 | 45,558,210.03 | 47,655,586.44 | 47,098,560.79 | 620,598,920.03 | |||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | ||||||||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Servicing Fee: | ||||||||||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall from Prior Periods | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Servicing Fee Due in Current Period | 602,965.06 | 570,970.76 | 534,359.61 | 490,807.88 | 456,355.00 | 419,322.43 | 7,511,756.88 | |||||||||||||||||||||||||||||||||||
Servicing Fee Shortfall | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Administration Fee | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Administration Fee Shortfall from Prior Periods | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Administration Fee Due in Current Period | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 60,000.00 | |||||||||||||||||||||||||||||||||||
Administration Fee Shortfall | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Net Swap Payment — Class A-4b | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-2 Notes | — | — | — | — | — | — | 134,503.11 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-3 Notes | 232,303.39 | 141,439.58 | 37,463.91 | — | — | — | 3,976,863.49 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4a Notes | 257,500.00 | 257,500.00 | 257,500.00 | 234,948.78 | 209,357.58 | 181,850.22 | 2,943,656.59 | |||||||||||||||||||||||||||||||||||
Interest Due in Current Period Class A-4b Notes | 1,538,745.85 | 1,428,583.33 | 1,429,900.00 | 1,345,679.16 | 1,160,423.69 | 1,114,888.99 | 15,883,973.82 | |||||||||||||||||||||||||||||||||||
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 | 38,393,161.72 | 43,93,380.77 | 52,262,078.27 | 41,343,453.43 | 44,439,076.15 | 44,165,158.61 | 553,243,146.24 | |||||||||||||||||||||||||||||||||||
Amount Paid to Reserve Account to Reach Specified Balance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Subordinated Swap Termination Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Other Amounts paid to Trustees | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Remaining Available Funds | 2,963,697.05 | 2,982,159.00 | 3,227,222.66 | 2,138,320.78 | 1,385,374.02 | 1,212,340.54 | 36,845,019.90 | |||||||||||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | July-06 | August-06 | September-06 | October-06 | November-06 | December-06 | TOTALS | |||||||||||||||||||||||||||||||||||
CALCULATIONS | ||||||||||||||||||||||||||||||||||||||||||
Calculation of Principal Distribution Amount:(Sum of) | ||||||||||||||||||||||||||||||||||||||||||
a) Targeted Principal Distributable Amount: | ||||||||||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value | 9,864,714.18 | 9,079,003.33 | 11,277,793.86 | 7,813,053.33 | 6,815,109.44 | 6,777,521.26 | 135,715,194.85 | |||||||||||||||||||||||||||||||||||
For Current Units: Change in Securitization Value for Advanced Payments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
For All Terminated Units: Securitization Value (Beg. of Collection Period) | 28,528,447.54 | 34,854,377.44 | 40,984,284.41 | 33,530,400.10 | 37,623,966.71 | 37,387,637.35 | 417,527,951.39 | |||||||||||||||||||||||||||||||||||
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 | 38,393,161.72 | 43,933,380.77 | 52,262,078.27 | 41,343,453.43 | 44,439,076.15 | 44,165,158.61 | 553,243,146.24 | |||||||||||||||||||||||||||||||||||
Remaining Available Funds (Item 40) | 41,356,858.77 | 46,915,540.39 | 55,489,300.93 | 43,481,774.21 | 45,824,450.17 | 45,377,499.15 | 590,088,166.14 | |||||||||||||||||||||||||||||||||||
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) | 38,393,161.72 | 43,933,380.77 | 52,262,078.27 | 41,343,453.43 | 44,349,076.15 | 44,165,158.61 | 553,243,146.24 | |||||||||||||||||||||||||||||||||||
Calculation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||||||
Available Funds, prior to Servicer Advances (Item 27) | 43,993,373.07 | 49,319,034.05 | 57,753,524.45 | 45,558,210.03 | 47,655,586.44 | 47,098,560.79 | ||||||||||||||||||||||||||||||||||||
Less: Payment Date Advance Reimbursement (Item 71) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: Servicing Fees Paid (Items 32, 33 and 34) | 602,965.06 | 570,970.76 | 534,359.61 | 490,807.88 | 456,355.00 | 419,322.43 | ||||||||||||||||||||||||||||||||||||
Less: Administration Fees Paid (Items 36, 37 and 38) | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | 5,000.00 | ||||||||||||||||||||||||||||||||||||
Less: Interest Paid to Noteholders and Swap Counterparties (Items 38e, 38f, and 39) | 2,028,549.24 | 1,827,522.91 | 1,724,863.91 | 1,580,627.95 | 1,369,781.27 | 1,296,739.21 | ||||||||||||||||||||||||||||||||||||
Less: Principal Paid to Noteholders (Item 42) | 38,393,161.72 | 43,933,380.77 | 52,262,078.27 | 41,343,453.43 | 44,439,076.15 | 44,165,158.61 | ||||||||||||||||||||||||||||||||||||
Less: Amount Paid to Reserve Account to Reach Specified Balance (Item 43) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: Subordinated Swap Termination Payments (Item 43b) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: Other Amounts paid to Trustees (Item 44) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 2,963,697.05 | 2,982,159.62 | 3,227,222.26 | 2,138,320.78 | 1,385,374.02 | 1,212,340.54 | ||||||||||||||||||||||||||||||||||||
Monthly Lease Payments Due on Included Units but not received (N/A if Item 70 > 0) | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, else 0) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Reconciliation of Servicer Advance: | ||||||||||||||||||||||||||||||||||||||||||
Beginning Balance of Servicer Advance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Payment Date Advance Reimbursement | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Additional Payment Advances for current period | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Ending Balance of Payment Advance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
RESERVE ACCOUNT | ||||||||||||||||||||||||||||||||||||||||||
Reserve Account Balances: | ||||||||||||||||||||||||||||||||||||||||||
Specified Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | |||||||||||||||||||||||||||||||||||
Initial Reserve Account Balance | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | 17,094,017.09 | |||||||||||||||||||||||||||||||||||
Beginning Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | |||||||||||||||||||||||||||||||||||
Plus: Net Investment Income for the Collection Period | 223,904.69 | 226,486.46 | 219,940.16 | 227,423.30 | 220,476.25 | 227,909.48 | 2,511,153.71 | |||||||||||||||||||||||||||||||||||
Subtotal: Reserve Fund Available for Distribution | 51,505,955.97 | 51,508,537.74 | 51,501,991.44 | 51,509,474.58 | 51,502,527.53 | 51,509,960.76 | 53,793,204.99 | |||||||||||||||||||||||||||||||||||
Plus: Deposit of Excess Available Funds | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Less: Reserve Account Draw Amount | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Subtotal Reserve Account Balance | 51,505,955.97 | 51,508,537.74 | 51,501,991.44 | 51,509,474.58 | 51,502,527.53 | 51,509,960.76 | 53,793,204.99 | |||||||||||||||||||||||||||||||||||
Less: Excess Reserve Account Funds to Transferor | 223,904.69 | 226,486.46 | 219,940.16 | 227,423.30 | 220,476.25 | 227,909.48 | 2,511,153.71 | |||||||||||||||||||||||||||||||||||
Equals: Ending Reserve Account Balance | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | 51,282,051.28 | |||||||||||||||||||||||||||||||||||
Change in Reserve Account Balance from Immediately Preceding Payment Date | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Current Period Net Residual Losses: | Amounts | Amounts | Amounts | Amounts | Amounts | Amounts | ||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value for Scheduled Terminated Units | 13,738,187.44 | 18,453,470.21 | 24,930,725.33 | 23,060,832.04 | 28,718,551.97 | 27,685,590.35 | 239,543,994.18 | |||||||||||||||||||||||||||||||||||
Less: Sales Proceeds for Current Month Scheduled Terminations | (13,157,348.63 | ) | (17,826,853.77 | ) | (24,174,499.57 | ) | (21,604,449.05 | ) | (26,373,345.59 | ) | (25,339,412.47 | ) | (227,131,203.13 | ) | ||||||||||||||||||||||||||||
Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations | (498,687.21 | ) | (415,432.33 | ) | (428,511.78 | ) | (662,261.33 | ) | (968,717.40 | ) | (884,571.06 | ) | (8,814,720.77 | ) | ||||||||||||||||||||||||||||
Less: Excess Wear and Tear Received | (105,175.32 | ) | (104,854.12 | ) | (195,569.97 | ) | (174,429.63 | ) | (193,575.89 | ) | (233,305.79 | ) | (1,719,705.33 | ) | ||||||||||||||||||||||||||||
Less: Excess Mileage Received | (157,453.78 | ) | (200,713.93 | ) | (233,040.28 | ) | (224,896.47 | ) | (222,724.90 | ) | (202,391.17 | ) | (2,324,766.78 | ) | ||||||||||||||||||||||||||||
Current Period Net Residual Losses/(Gains) | (180.477.50 | ) | (94,383.94 | ) | (100,896.27 | ) | 394,795.56 | 960,188.19 | 1,025,909.86 | (446,401.83 | ) | |||||||||||||||||||||||||||||||
Cumulative Net Residual Losses: | ||||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Residual Losses | 1,341.970.85 | 1,161,493.35 | 1,067,109.41 | 966,213,14 | 1,361,008.70 | 2,321,196.89 | 3,793,508.58 | |||||||||||||||||||||||||||||||||||
Current Period Net Residual Losses (Item 95) | (180,477.50 | ) | (94,383.94 | ) | (100,896.27 | ) | 394,795.56 | 960,188.19 | 1,025.909.86 | (446,401.83 | ) | |||||||||||||||||||||||||||||||
Ending Cumulative Net Residual Losses | 1,161,493.35 | 1,067,109.41 | 966,213.14 | 1,361,008.70 | 2,321,196.89 | 3,347,106.75 | 3,347,106.75 | |||||||||||||||||||||||||||||||||||
Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value | 0.07 | % | 0.06 | % | 0.06 | % | 0.08 | % | 0.14 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||||||||||
EXHIBIT 99.3
Volkswagen Auto Lease Trust 2004-A SERVICER CERTIFICATE | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | Collection Period Ended: | ||||||||||||||||||||||||||||||||||||
For the Annual Collection Period ended December 2006 | July-06 | August-06 | September-06 | October-06 | November-06 | December-06 | TOTALS | |||||||||||||||||||||||||||||||||||
POOL STATISTICS | Initial | |||||||||||||||||||||||||||||||||||||||||
Collateral Pool Balance Data | ||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value | 1,709,401,709 | 685,164,911 | 641,231.530 | 588,969,451 | 547,625,998 | 503,186,922 | 459,021,763 | |||||||||||||||||||||||||||||||||||
Number of Current Contracts | 85,972 | 44,674 | 42,084 | 39,062 | 36,525 | 33,699 | 30,882 | |||||||||||||||||||||||||||||||||||
Weighted Average Lease Rate | 4.96 | % | 4.63 | % | 4.62 | % | 4.63 | % | 4.64 | % | 4.64 | % | 4.65 | % | ||||||||||||||||||||||||||||
Average Remaining Term | 28.67 | 9.10 | 8.58 | 7.95 | 7.48 | 7.11 | 6.63 | |||||||||||||||||||||||||||||||||||
Average Original Term | 44.43 | 45.81 | 45.87 | 45.96 | 46.06 | 46.19 | 46.32 | |||||||||||||||||||||||||||||||||||
Monthly Prepayment Speed | 96.46 | % | 92.15 | % | 91.92 | % | 87.14 | % | 82.99 | % | 81.06 | % | ||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||
Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | Securitization Value | |||||||||||||||||||||||||||||||||||||
Pool Balance (Securitization Value) — Beginning of Period | 723,558,072 | 685,164,911 | 641,231,530 | 588,969,451 | 547,625,998 | 503,186,922 | 1,012,264,910 | |||||||||||||||||||||||||||||||||||
Depreciation/Payments | (9,864,714 | ) | (9,079,003 | ) | (11,227,794 | ) | (7,813,053 | ) | (6,815,109 | ) | (6,777,521 | ) | (135,715,195 | ) | ||||||||||||||||||||||||||||
Gross Credit Losses | (683,390 | ) | (387,877 | ) | (568,932 | ) | (379,771 | ) | (413,772 | ) | (390,307 | ) | (8,161,475 | ) | ||||||||||||||||||||||||||||
Early Terminations | (14,106,871 | ) | (16,013,030 | ) | (15,484,627 | ) | (10,089,797 | ) | (8,491,643 | ) | (9,311,740 | ) | (169,822,482 | ) | ||||||||||||||||||||||||||||
Scheduled Terminations | (13,738,187 | ) | (18,453,470 | ) | (24,930,725 | ) | (23,060,832 | ) | (28,718,552 | ) | (27,685,590 | ) | (239,543,994 | ) | ||||||||||||||||||||||||||||
Repurchase/Reallocation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Pool Balance — End of Period | 685,164,911 | 641,231,530 | 588,969,451 | 547,625,998 | 503,186,922 | 459,021,763 | 459,021,763 | |||||||||||||||||||||||||||||||||||
Delinquencies Aging Profile — End of Period Securitization Value | ||||||||||||||||||||||||||||||||||||||||||
Current | 671,773,627 | 627,923,873 | 576,483,829 | 535,547,448 | 492,358,050 | 448,880,226 | ||||||||||||||||||||||||||||||||||||
31 - 90 Days Delinquent | 12,035,010 | 11,743,667 | 10,703,075 | 10,092,826 | 9,223,467 | 8,620,129 | ||||||||||||||||||||||||||||||||||||
90+ Days Delinquent | 1,356,274 | 1,563,990 | 1,782,548 | 1,985,725 | 1,605,405 | 1,521,408 | ||||||||||||||||||||||||||||||||||||
Total | 685,164,910 | 641,231,530 | 588,969,451 | 547,625,998 | 503,186,922 | 459,021,763 | ||||||||||||||||||||||||||||||||||||
Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||
Aggregate Securitization Value on charged-off units | 683,390 | 387,877 | 568,932 | 379,771 | 413,772 | 390,307 | 8,161,475 | |||||||||||||||||||||||||||||||||||
Aggregate Liquidation Proceeds on charged-off units | (279,284 | ) | (269,239 | ) | (419,723 | ) | (264,667 | ) | (272,119 | ) | (261,527 | ) | (5,056,012 | ) | ||||||||||||||||||||||||||||
Recoveries on charged-off units | (14,478 | ) | (21,673 | ) | (8,731 | ) | — | — | (299 | ) | (303,668 | ) | ||||||||||||||||||||||||||||||
Current Period Aggregate Net Credit Losses/(Gains) | 389,628 | 96,965 | 140,478 | 115,104 | 141,653 | 128,481 | 2,801,796 | |||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses: | ||||||||||||||||||||||||||||||||||||||||||
Beginning Cumulative Net Credit Losses | 6,608,850 | 6,998,478 | 7,095,443 | 7,235,920 | 7,351,024 | 7,492,678 | 4,819,363 | |||||||||||||||||||||||||||||||||||
Current Period Net Credit Losses | 389,628 | 96,965 | 140,478 | 115,104 | 141,653 | 128,481 | 2,801,796 | |||||||||||||||||||||||||||||||||||
Ending Cumulative Net Credit Losses | 6,998,478 | 7,095,443 | 7,235,920 | 7,351,024 | 7,492,678 | 7,621,159 | 7,621,159 | |||||||||||||||||||||||||||||||||||
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value | 0.41 | % | 0.42 | % | 0.42 | % | 0.43 | % | 0.44 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||||||