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Class A Notes | |||||||||||||||||||||||||
Class B | Class C | Class D | |||||||||||||||||||||||
A-2a Notes | A-2b Notes | A-3a Notes | A-3b Notes | A-4a Notes | Notes | Notes | Notes | ||||||||||||||||||
Principal Amount | $175,000,000 | $480,000,000 | $140,000,000 | $520,000,000 | $405,007,000 | $56,250,000 | $55,000,000 | $60,000,000 | |||||||||||||||||
Interest Rate | 5.40% | One-Month LIBOR + 0.03% | 5.38% | One-Month LIBOR + 0.06% | One-Month LIBOR + 0.10% | 5.52% | 5.73% | 6.05% | |||||||||||||||||
Final Scheduled Distribution Date | October 15, 2009 | October 15, 2009 | July 15, 2010 | July 15, 2010 | February 15, 2011 | March 15, 2011 | March 15, 2011 | January 17, 2012 | |||||||||||||||||
Price to Public | 99.992416% | 100.000000% | 99.999586% | 100.000000% | 100.000000% | 99.984574% | 99.973796% | 99.999632% | |||||||||||||||||
Underwriting Discount | 0.150% | 0.150% | 0.175% | 0.175% | 0.250% | 0.275% | 0.300% | 0.400% | |||||||||||||||||
Proceeds to Depositor | 99.842416% | 99.850000% | 99.824586% | 99.825000% | 99.750000% | 99.709574% | 99.673796% | 99.599632% | |||||||||||||||||
• | The Class B Notes are subordinated to the Class A Notes. The Class C Notes are subordinated to the Class A Notes and the Class B Notes. The Class D Notes are subordinated to the Class A Notes, the Class B Notes and the Class C Notes. |
• | Overcollateralization in an initial amount of $193,751,486.50, representing the excess of the aggregate ABS Value of the lease assets as of the cut-off date over the aggregate principal amount of all notes issued by the issuing entity. |
• | A cash reserve account with a deposit of $18,750,063.65. |
Banc of America Securities LLC | BNP PARIBAS | Citi | SOCIETE GENERALE |
CIBC World Markets |
Daiwa Securities America Inc. |
KeyBanc Capital Markets |
RBC Capital Markets |
Banc of America Securities LLC | BNP PARIBAS | Citi | SOCIETE GENERALE |
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(a) | the prospectus, which provides general information and terms of the notes, some of which may not apply to a particular series of notes, including your series. | |
(b) | this prospectus supplement, which provides information regarding the secured notes held by the issuing entity and the leases and leased vehicles securing the secured notes, and specifies the terms of your series of notes. |
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THE SPONSOR | S-22 | ||||
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WEIGHTED AVERAGE LIFE OF THE NOTES | S-37 | ||||
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Summary of Monthly Deposits to and Withdrawals from COLT and CARAT Accounts | S-53 | ||||
Summary of Monthly Deposits to and Withdrawals from COLT and CARAT Accounts | S-54 | ||||
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Basic Servicing Fee | S-67 | ||||
Additional Servicing Fee | S-67 | ||||
Trust Administration Fee | S-68 | ||||
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Aggregate Principal Amount to be Purchased | S-71 | ||||
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APPENDIX A: STATIC POOL DATA | A-1 |
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* | This chart provides only a simplified overview of the relations between the key parties to the transaction. Refer to this prospectus supplement and the accompanying prospectus for a further description. |
** | Together, the CARAT certificates and the COLT certificates represent the Aggregate Overcollateralization Amount. Collections on the secured notes will applied to reach or maintain, as applicable, the Target Aggregate Overcollateralization Amount of $243,750,827.43. |
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• | We anticipate that the issuing entity will offer the classes of notes listed on the cover page of this prospectus supplement. The notes will be available for purchase in denominations of $1,000 and integral |
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multiples thereof, and will be available in book-entry form only. We sometimes refer to these notes as the“offered notes.” |
• | The issuing entity will also issue Class A-1a Notes and Class A-1b Notes with the initial principal amounts, interest rates and final scheduled distribution dates set forth on page S-48 of this prospectus supplement. The Class A-1 Notes are not being offered under this prospectus supplement. |
• | The interest rate for each class of notes will be a fixed rate, a floating rate or the combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche. We refer in this prospectus supplement to notes that bear interest at a floating rate as“floating rate notes,”and to notes that bear interest at a fixed rate as“fixed rate notes.” |
• | For each class or tranche of floating rate notes, the issuing entity will enter into corresponding interest rate swaps. |
• | Interest will accrue on the notes from and including the closing date. |
• | The issuing entity will pay interest on the notes on the 15th day of each calendar month, or if that day is not a business day, the next business day, beginning on June 15, 2007. We refer to these dates as“distribution dates.” |
• | The issuing entity will pay interest on fixed rate notes other than the Class A-1a Notes on each distribution date based on a 360-day year consisting of twelve 30-day months. |
• | The issuing entity will pay interest on floating rate notes and the Class A-1a Notes on each distribution date based on the actual days elapsed during the period for which interest is payable and a360-day year. |
• | Interest payments on all classes of Class A Notes will have the same priority. Interest payments on all classes of Class B Notes will have the same priority. Interest payments on all classes of Class C Notes will have the same priority. Interest payments on all classes of Class D Notes will have the same priority. |
• | The payment of interest on the Class B Notes is subordinated to the payment of interest on the Class A Notes, the payment of interest on the Class C Notes is subordinated to the payment of interest on the Class A Notes and the Class B Notes and the payment of interest on the Class D Notes is subordinated to the payment of interest on the Class A Notes, the Class B Notes and the Class C Notes, in each case as described in“Priority of Distributions.” No interest will be paid on the Class B Notes on any distribution date until all interest due and payable on the Class A Notes has been paid in full. No interest will be paid on the Class C Notes on any distribution date until all interest due and payable on the Class A Notes and the Class B Notes has been paid in full. No interest will be paid on the Class D Notes on any distribution date until all interest due and payable on the Class A Notes, Class B Notes and Class C Notes has been paid in full. |
• | The issuing entity will pay principal on the notes monthly on each distribution date. |
• | The issuing entity will make principal payments based on the amount of collections, which include lease payments and amounts received upon the sale of leased vehicles, on the lease assets during the related collection period. |
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• | On each distribution date, except as described below, the amount available to make principal payments will be applied: |
(1) | to the Class A-1 Notes, pro rata among the Class A-1a Notes and the Class A-1b Notes, until the Class A-1 Notes are paid in full; |
(2) | to the Class A-2 Notes, pro rata among the Class A-2a Notes and the Class A-2b Notes, until the Class A-2 Notes are paid in full; |
(3) | to the Class A-3 Notes, pro rata among the Class A-3a Notes and the Class A-3b Notes, until the Class A-3 Notes are paid in full; |
(4) | to the Class A-4 Notes, until the Class A-4 Notes are paid in full; |
(5) | to the Class B Notes, until the Class B Notes are paid in full; |
(6) | to the Class C Notes, until the Class C Notes are paid in full; and |
(7) | to the Class D Notes, until the Class D Notes are paid in full. |
• | The failure of the issuing entity to pay any class of notes in full by its final scheduled distribution date will constitute an event of default under the CARAT indenture. |
• | the lease assets, including payments due under the leases on and after April 1, 2007; we refer to that date as the“cut-off date”; |
• | amounts received upon the sale of leased vehicles; |
• | proceeds from insurance policies relating to the lease assets; |
• | any proceeds from recourse against dealers on the lease assets; and |
• | the reserve account. |
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(1) | basic servicing fee payments to the Servicer; |
(2) | to the issuing entity or any other holder of the secured notes, interest on the secured notes; |
(3) | to the issuing entity or any other holder of the secured notes, principal on the secured notes; |
(4) | deposits into the CARAT collection account of any shortfall in the amounts required to be paid from the CARAT collection account on that distribution date; |
(5) | deposits into the reserve account in the amount necessary to cause the amount on deposit in the reserve account to equal the reserve account required amount; |
(6) | additional servicing fee payments to the Servicer; and |
(7) | the remainder to the holder of the equity certificates of the COLT series. |
(1) | administration fee payments to the Trust Administrator; |
(2) | the net amount payable, if any, to the swap counterparty, other than any swap termination payments; |
(3) | interest on the Class A Notes and any senior swap termination payments on any interest rate swaps related to the Class A Notes, pro rata; |
(4) | principal on the notes in an amount equal to the excess, if any, of the aggregate principal balance of the Class A Notes over the aggregate ABS Value of the lease assets; |
(5) | interest on the Class B Notes; |
(6) | principal on the notes in an amount equal to the excess, if any, of the aggregate principal balance of the Class A Notes and the Class B Notes— reduced by the amount of principal allocated to the notes above— over the aggregate ABS Value of the lease assets; |
(7) | interest on the Class C Notes; |
(8) | principal on the notes in an amount equal to the excess, if any, of the aggregate principal balance of the Class A Notes, the Class B Notes and the Class C Notes— reduced by the amount of principal allocated to the notes above— over the aggregate ABS Value of the lease assets; |
(9) | interest on the Class D Notes; |
(10) | principal on the notes in an amount equal to the lesser of either the aggregate principal balance of the notes, or the amount by which the aggregate principal balance of the notes— reduced by the amounts of principal allocated to the notes above— exceeds an amount equal to the aggregate ABS Value of the lease assets minus the sum of the aggregate overcollateralization amount and amounts deposited in the note distribution account under step (13) below on all prior distribution dates; |
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(11) | if the outstanding principal balance of the notes is equal to or less than the reserve account available amount, an amount equal to the outstanding principal balance of the notes; |
(12) | to the reserve account in the amount necessary to cause the amount on deposit in the reserve account to equal the reserve account required amount (after giving effect to any deposits into the reserve account on that distribution date); |
(13) | principal on the notes in an amount equal to the lesser of either the outstanding principal balance of the notes, or the amount by which the outstanding principal balance of the notes— reduced by the amounts of principal allocated to the notes above— exceeds an amount equal to the aggregate ABS Value of the lease assets minus the Target Aggregate Overcollateralization Amount; |
(14) | any subordinated swap termination payments on any interest rate swaps related to the Class A Notes; and |
(15) | the remainder to the holder of the certificates issued by the issuing entity. |
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• | the offered notes will be characterized as indebtedness for federal income tax purposes; and |
• | the issuing entity will not be taxable as an association or publicly traded partnership taxable as a corporation. |
• | Class A-1 Notes in the highest rating category for short-term obligations (i.e., “A-1+,” “F1+” or their respective equivalents); |
• | Class A Notes (other than Class A-1 Notes) in the highest rating category for long-term obligations (i.e., “AAA” or its equivalent); |
• | Class B Notes in the “AA” category for long-term obligations or its equivalent; |
• | Class C Notes in the “A” category for long-term obligations or its equivalent; and |
• | Class D Notes in the “BBB” category for long-term obligations or its equivalent. |
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Class B Notes, Class C Notes and Class D Notes are Subject to Greater Risk Because the Class B Notes are Subordinated to the Class A Notes, the Class C Notes are Subordinated to the Class A Notes and the Class B Notes and the Class D Notes are Subordinated to the Class A Notes, Class B Notes and Class C Notes | The Class B Notes bear greater risk than the Class A Notes because payments of interest and principal on the Class B Notes are subordinated, to the extent described below, to administration fees, payments of interest and principal on the Class A Notes and any payments due and payable to the swap counterparty, including any senior swap termination payments on interest rate swaps related to the floating rate Class A Notes. The Class C Notes bear greater risk than the Class A Notes and the Class B Notes because payments of interest and principal on the Class C Notes are subordinated, to the extent described below, to administration fees, payments of interest and principal on the Class A Notes and the Class B Notes and any payments due and payable to the swap counterparty, including any senior swap termination payments on interest rate swaps related to the floating rate Class A Notes. The Class D Notes bear greater risk than the Class A Notes, the Class B Notes and the Class C Notes because payments of interest and principal on the Class D Notes are subordinated, to the extent described below, to administration fees, payments of interest and principal on the Class A Notes, the Class B Notes and the Class C Notes and any payments due and payable to the swap counterparty, including any senior swap termination payments on interest rate swaps related to the floating rate Class A Notes. | |
Interest payments on the Class B Notes on each distribution date will be subordinated to administration fees, interest payments on the Class A Notes, any payments due and payable to the swap counterparty, including any senior swap termination payments on interest rate swaps related to the floating rate Class A Notes, and principal payments on the Class A Notes to the extent the aggregate principal balance of the Class A Notes as of the preceding distribution date exceeds the Aggregate ABS Value of the lease assets as of that distribution date. Interest payments on the Class C Notes on each distribution date will be subordinated to administration fees, interest payments on the Class A Notes and the Class B Notes, any payments due and payable to the swap counterparty, including any senior swap termination payments on interest rate swaps related to the floating rate Class A Notes, and principal payments on the Class A Notes and the Class B Notes to the extent the aggregate principal balance of the Class A Notes and the Class B |
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Notes as of the preceding distribution date exceeds the Aggregate ABS Value of the lease assets as of that distribution date. Interest payments on the Class D Notes on each distribution date will be subordinated to administration fees, interest payments on the Class A Notes, the Class B Notes and the Class C Notes, any payments due and payable to the swap counterparty, including any senior swap termination payments on interest rate swaps related to the floating rate Class A Notes, and principal payments on the Class A Notes, the Class B Notes and the Class C Notes to the extent the aggregate principal balance of the Class A Notes, the Class B Notes and the Class C Notes as of the preceding distribution date exceeds the Aggregate ABS Value of the lease assets as of that distribution date. | ||
No principal will be paid on the Class B Notes until principal on all classes of the Class A Notes has been paid in full, no principal will be paid on the Class C Notes until principal on all classes of the Class B Notes has been paid in full, and no principal will be paid on the Class D Notes until principal on all classes of the Class C Notes has been paid in full. In addition, on each distribution date after an event of default occurs under the CARAT indenture and the notes are accelerated, until the time when all events of default have been cured or waived as provided in the CARAT indenture, no interest will be paid on the Class B Notes until all principal and interest on the Class A Notes and any senior swap termination payments due and payable to the swap counterparty with respect to the interest rate swaps related to the floating rate Class A Notes have been paid in full, no interest will be paid on the Class C Notes until all principal and interest on the Class A and the Class B Notes and any senior swap termination payments due and payable to the swap counterparty with respect to the interest rate swaps related to the floating rate Class A Notes have been paid in full, and no interest will be paid on the Class D Notes until all principal and interest on the Class A Notes, the Class B Notes and the Class C Notes and any senior swap termination payments due and payable to the swap counterparty with respect to the interest rate swaps related to the floating rate Class A Notes have been paid in full. | ||
This subordination could result in reduced or delayed payments of principal and interest on the Class B Notes, the Class C Notes and the Class D Notes. |
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Holders of the Class B Notes, the Class C Notes and the Class D Notes May Suffer Losses Because They Have Limited Control Over Actions of the Issuing Entity and Conflicts Between Classes of Notes May Occur | The most senior outstanding class of notes will be the “controlling class” under the CARAT indenture. Thus, while any Class A Notes are outstanding, they will be the controlling class. Thereafter, as long as only Class B Notes, Class C Notes and Class D Notes are outstanding, the Class B Notes will be the controlling class. Thereafter, as long as the Class C Notes and Class D Notes are outstanding, the Class C Notes will be the controlling class. Thereafter, as long as the Class D Notes are outstanding, the Class D Notes will be the controlling class. The rights of the controlling class will include the following: | |
• following an event of default under the CARAT indenture, to direct the CARAT Indenture Trustee to exercise one or more of the remedies specified in the CARAT indenture relating to the property of the issuing entity, including a sale of the secured notes; | ||
• following a trust administrator default, to waive the trust administrator default or to terminate the Trust Administrator; | ||
• to remove the CARAT Indenture Trustee and appoint a successor; and | ||
• to consent to specified types of amendments to the CARAT indenture and the transfer and servicing agreements for the issuing entity. | ||
In exercising any rights or remedies under the CARAT indenture, the controlling class may act solely in its own interests. Therefore, holders of offered notes that are subordinated to the controlling class will not be able to participate in determining any actions to take that are within the purview of the controlling class, and the controlling class could take actions that will adversely affect the subordinate classes. | ||
Furthermore, the issuing entity’s failure to make a timely payment of interest will constitute an event of default under the CARAT indenture only if the failure relates to the controlling class. | ||
Payments on the Notes Depend on Collections on the Lease Assets and Sale Proceeds from the Sale of Leased Vehicles at Termination of the Lease Assets | The issuing entity will pay principal on the notes monthly, and any remaining principal balance on each note will be due on its final scheduled distribution date. The issuing entity will pay principal on the notes with funds available from collections on the lease assets, which include lease payments and proceeds from the sale of |
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related leased vehicles, and from the amount on deposit in the reserve account. | ||
The amount of funds available to make payments on the notes will primarily depend upon the amount of collections on the lease assets, the number of leases that default, the amount of the proceeds realized from the sale of related leased vehicles after default, scheduled lease terminations or early lease terminations, the amount on deposit in the reserve account and any payments by the swap counterparty to the issuing entity under the interest rate swaps. COLT expects, but does not guarantee, that the principal portion of the monthly lease payments and the net proceeds it receives from the sale of the leased vehicles upon lease termination, together with related credit enhancement, will be sufficient to repay the secured notes and thus the notes. If there are decreased collections, increased defaults or insufficient funds in the reserve account, you may experience delays or reductions in principal payments on your offered notes. Furthermore, if the net sale proceeds from the leased vehicles received upon default or termination of the leases are less than the lease residuals established upon inception of those leases, there may be insufficient funds to pay the notes in full. | ||
GMAC’s losses on lease assets will be a function of the amount of leases that default and the relationship between the lease residual and the net sale proceeds received for the leased vehicle upon its sale. For a description of how GMAC sets residual values, see“Description of Motor Vehicle Business of GMAC— Determination of Residual Value”in the accompanying prospectus. There can be no assurance as to how closely the lease residual of a leased vehicle at lease inception will approximate the market value or net sale proceeds received upon the sale of that leased vehicle. We expect that, in general, if the market value exceeds the residual value stated in the lease, the lessee or the originating dealer is likely to purchase the leased vehicle rather than return it to GMAC. Conversely, if the market value is less than the residual value stated in the lease, the leased vehicle is generally more likely to be returned to GMAC, resulting in a loss on the sale of that leased vehicle. As a result of such a loss, there may be insufficient funds to pay the notes in full. | ||
The notes, the secured notes and the lease assets will not be insured or guaranteed by GMAC, the depositor, the issuing entity, the CARAT Owner Trustee, the CARAT Indenture Trustee, COLT, COLT, LLC, VAULT, the COLT Owner Trustee, the COLT Indenture Trustee, any of their affiliates or any other person or entity. |
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If General Motors or GMAC, as Pull Ahead Agent, Offers a Pull Ahead Program, You Must Rely on the Pull Ahead Agent to Deposit Pull Ahead Payments. If the Pull Ahead Agent Fails to Make a Pull Ahead Payment, the Issuing Entity Would Likely Experience a Shortfall in Collections and Consequently, there Might be Reductions or Delays in Payments on the Notes | Under a pull ahead program, General Motors or GMAC, as the“pull ahead agent”for General Motors, may elect to permit a qualified lessee that is purchasing or leasing a new General Motors vehicle to terminate an existing lease prior to its scheduled lease end date without payment by the lessee of all or a portion of its remaining monthly payments under that lease, as described in“Residual Values— Pull Ahead Programs.” As a condition to the modification of a lease included in the lease assets to permit its early termination in a pull ahead program, under the Pull Ahead Funding Agreement the pull ahead agent must deliver the pull ahead payment for that lease asset to the Servicer, and under the COLT Servicing Agreement the Servicer must deposit this payment into the COLT collection account. However, the obligation of the pull ahead agent to pay, and the Servicer’s obligation to deposit, a pull ahead payment will not arise until the collection period after the collection period in which the lessee returned its vehicle to the dealer. Accordingly, as a practical matter, the lessee will have returned the leased vehicle up to a month prior to the time that the pull ahead payment is due from the pull ahead agent. If the pull ahead agent fails to make the pull ahead payment, the issuing entity would likely experience a shortfall in collections and you might experience reductions or delays in payments on your securities, due to several factors: | |
• it is unlikely that the Servicer or the issuing entity will be able to recover the unpaid monthly lease payments from lessees who have participated in a pull ahead program; | ||
• the Servicer may be unable to prevent further participation in pull ahead programs by lessees even if the pull ahead agent has failed to make the pull ahead payments; and | ||
• if GMAC becomes bankrupt or insolvent, the ability of the issuing entity to obtain unpaid pull ahead payments will be subject to delays and possible reduction. | ||
Failure to Comply with Consumer Protection Laws Governing the Lease Assets Could Reduce or Delay Payments On Your Securities | Numerous federal and state consumer protection laws, including the Michigan Consumer Protection Act, the federal Consumer Leasing Act of 1976 and Regulation M, promulgated by the Board of Governors of the Federal Reserve System, impose requirements on lessors and servicers of retail lease contracts of the type that secure the secured notes. In addition, many states have enacted comprehensive vehicle leasing statutes that, among other things, regulate disclosures to be made at the time a vehicle is leased. Failure to comply with these requirements may give rise to liabilities on the part of the |
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Servicer, and enforcement of the leases by the lessor may be subject to set-off as a result of noncompliance. Further, many states have adopted “lemon laws” that provide vehicle users, including lessees like those leasing the leased vehicles securing the secured notes, rights in respect of substandard vehicles. A successful claim under a lemon law could result in, among other things, the termination of the lease of a substandard leased vehicle and/or could require the refund of all or a portion of lease payments previously paid by the lessee. | ||
The depositor, GMAC and their affiliates are generally not obligated to make any payments to you on your securities and do not guarantee payments on the secured notes or your securities. However, GMAC, as seller of the lease assets to COLT, will make representations and warranties to COLT regarding the characteristics of the lease assets, including that these lease assets comply in all material respects with all requirements of law. If GMAC breaches the representations and warranties regarding the lease assets, it must repurchase any affected lease assets from COLT and the payments received from the repurchase will be used to reduce the outstanding secured note principal balance by the corresponding amount. If GMAC fails to repurchase lease assets, you might experience reductions or delays in payments on your securities. | ||
Timing of Principal Payments on Your Securities is Uncertain | Events that could result in principal being paid on your securities sooner than expected include: • higher than expected rate of early termination of the leases, including early terminations permitted under a pull ahead program; and | |
• GMAC or the depositor being required to repurchase secured notes from the issuing entity or GMAC being required to repurchase lease assets from COLT as a result of breaches of representations, warranties or covenants as detailed in the accompanying prospectus under“The Transfer and Servicing Agreements— Sale and Assignment of Lease Assets and Secured Notes— Sale and Assignment of Lease Assets”and“— Sale and Assignment of Secured Notes.” | ||
Events that could result in principal being paid on your securities later than expected include: | ||
• delinquencies or losses on the lease assets;. | ||
• lower than expected rate of early termination of the leases; or |
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• extensions or deferrals on leases and delays in the disposition of any returned vehicles, if not covered by an advance made by the Servicer. | ||
The Servicer may in its discretion but is not obligated to make advances as described in“The Transfer and Servicing Agreements— Advances by the Servicer”in the accompanying prospectus. However, if advances are made, we can make no assurance as to whether these advances will be sufficient to reduce the outstanding principal balance on the notes to zero by the expected maturity date for your securities. The rate at which payments will be made on your securities will still be affected by the payment, early termination, liquidation and extension experience of the lease assets, all of which cannot be predicted. | ||
Early termination of the leases may occur at any time without penalty. Early termination may result from permitted early terminations under a pull ahead program or otherwise, defaults on leases or casualty losses to the leased vehicles. GMAC may also be required to repurchase lease assets from COLT in specified circumstances. In addition, the depositor has the option to purchase all remaining secured notes from the issuing entity after the aggregate ABS Value of the lease assets declines to 2.00% or less of the aggregate ABS Value of the lease assets as of the cut-off date, and the Servicer has the option to purchase all the remaining lease assets from COLT after the aggregate ABS Value of the lease assets declines to 2.00% or less of the aggregate ABS Value of the lease assets as of the cut-off date and after payment in full of all obligations on the notes. | ||
Each early lease termination, repurchase of lease assets or purchase of secured notes described in the preceding paragraph will shorten the average lives of the securities then outstanding, and you will bear all reinvestment risk resulting from it. | ||
Sale of the Lease Assets May Not Be Available as a Remedy for all Events of Default Under the CARAT Indenture | Events of default under the CARAT indenture will not constitute events of default under the COLT indenture. See“The Secured Notes— The COLT Indenture— COLT Events of Default; Rights Upon COLT Event of Default” in the accompanying prospectus. However, because the issuing entity will receive payments from excess collections under the payment priorities for COLT, it is likely that a shortfall in principal or interest under the CARAT indenture will also be a shortfall under the COLT indenture. |
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If an event of default occurs under both the CARAT indenture and the COLT indenture, the secured notes can be declared due and payable and the lease assets can be foreclosed upon or sold, as described in“The Secured Notes— The COLT Indenture— COLT Events of Default; Rights Upon COLT Event of Default”in the accompanying prospectus. However, if an event of default occurs under the CARAT indenture that is not an event of default under the COLT indenture, the notes can be declared due and payable and only the secured notes can be foreclosed upon or sold, as described in“The Notes— The CARAT Indenture— CARAT Events of Default; Rights Upon CARAT Event of Default”in the accompanying prospectus. The market for sale of the secured notes may be more limited than the market for sale of a portfolio of lease assets. If any sale of the secured notes is delayed or the secured notes cannot be sold, you might experience reductions or delays in payments on your offered notes. | ||
Failure by the Swap Counterparty to Make Payments to the Issuing Entity and the Seniority of Payments Owed to the Swap Counterparty Could Reduce or Delay Payments on the Notes | As described further in the“The Transfer and Servicing Agreements— Interest Rate Swaps”in this prospectus supplement, the issuing entity will enter into related interest rate swaps because the secured notes owned by the issuing entity will bear interest at a fixed rate while the floating rate notes will bear interest at a floating rate based on one-month LIBOR plus an applicable spread. If the floating rate payable by the swap counterparty is greater than the fixed rate payable by the issuing entity, the issuing entity will be more dependent on receiving payments from the swap counterparty in order to make payments on the notes. In addition, the obligations of the swap counterparty under the interest rate swaps are unsecured. If the swap counterparty fails to pay the net amount due, you may experience delays or reductions in the interest and principal payments on your offered notes. | |
If the floating rate payable by the swap counterparty is less than the fixed rate payable by the issuing entity, the issuing entity will be obligated to make payments to the swap counterparty. The swap counterparty will have a claim on the assets of the issuing entity for the net amount due, if any, to the swap counterparty under the interest rate swaps. Except in the case of swap termination payments as discussed below, amounts owing to the swap counterparty will be senior to payments on all classes of notes. These payments to the swap counterparty could cause a shortage of funds available on any distribution date, in which case you may experience delays or |
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reductions in interest and principal payments on your offered notes. | ||
In addition, if an interest rate swap terminates as a result of a default by, or other circumstances with respect to the issuing entity, a termination payment may be due to the swap counterparty. Senior swap termination payments to the swap counterparty would be made by the issuing entity out of funds that would otherwise be available to make payments on the notes and would be senior to payments of principal and equal in priority to payments of interest on the applicable class of notes. Senior swap termination payments on the interest rate swap for a particular class of notes would also be senior to payments of principal and interest on any class of notes subordinate to that class of notes. The amount of the senior swap termination payment will be based on the market value of the interest rate swap at the time of termination. The senior swap termination payment could be substantial if market interest rates and other conditions have changed materially since the issuance of the notes. In that event, you may experience delays or reductions in interest and principal payments on your offered notes. | ||
The issuing entity will make payments to the swap counterparty out of, and will include receipts from the swap counterparty in, its generally available funds— not solely from funds that are dedicated to the floating rate notes. Therefore, in situations like those described above, the impact would be to reduce the amounts available for distribution to holders of all securities, not just holders of floating rate notes. | ||
Concentrations of the Leases Could Result in Losses or Payment Delays on Your Securities | As of the cut-off date, of the 109,148 leases included in the pool of assets, 29.28%, 12.82%, 9.70%, 9.22%, 7.05% and 5.46% of the leases (in each case based on the aggregate ABS Value of the lease assets as of the cut-off date), are related to lessees with mailing addresses in Michigan, New York, Florida, New Jersey, California and Pennsylvania, respectively. As a result of this geographic concentration, adverse economic factors such as unemployment, interest rates, the rate of inflation, consumer perception of the economy and legislative changes or other factors affecting these states could have a disproportionate impact on defaults on the leases and the ability to sell or dispose of the related leased vehicles for an amount at least equal to their stated residual value. | |
In addition, GMAC believes that a portion of the lessees under the leases are General Motors employees. Adverse changes in the automotive industry could have an impact |
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on lessees who are employees of automotive manufacturers generally, including General Motors. | ||
Used Car Market and Other Factors May Increase the Risk of Loss on Your Securities | The used car market is affected by supply and demand, consumer tastes, economic factors and manufacturer decisions on pricing and incentives offered for the purchase of new car and light duty truck models. For instance, introduction of a new model by General Motors or its affiliates may impact the resale value of the existing portfolio of similar model types. Other economic factors that are beyond the control of GMAC, the issuing entity, the depositor, the Servicer, COLT and the Trust Administrator could also have a negative impact on the resale value of a vehicle. | |
The Ratings of the Notes May be Revised or Withdrawn | The notes will be issued only if they receive the required ratings. A rating is not a recommendation to buy, sell or hold the notes. The ratings may be revised or withdrawn at any time. The rating considers only the likelihood that the issuing entity will pay interest on time and will ultimately pay principal in full. Ratings on the notes do not address the timing of distributions of principal on the notes prior to their applicable final scheduled distribution date, nor do ratings consider the prices of securities or their suitability for a particular investor. Although the notes will be issued only if they receive the required ratings, a rating may be revised or withdrawn at any time after the notes are issued if the rating agency believes that circumstances have changed. If a rating agency changes its rating on your offered notes, no one has an obligation to provide additional credit enhancement or restore the original rating. |
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• | acquire, hold and manage the secured notes and other assets of the issuing entity; | |
• | issue securities; | |
• | make payments on the securities; and | |
• | take any action necessary to fulfill the role of the issuing entity in connection with the notes and the certificates. |
Class A-1a and Class A-1b Asset Backed Notes | $ | 415,000,000.00 | |||
Class A-2a and Class A-2b Asset Backed Notes | 655,000,000.00 | ||||
Class A-3a and Class A-3b Asset Backed Notes | 660,000,000.00 | ||||
Class A-4 Asset Backed Notes | 405,007,000.00 | ||||
Class B Asset Backed Notes | 56,250,000.00 | ||||
Class C Asset Backed Notes | 55,000,000.00 | ||||
Class D Asset Backed Notes | 60,000,000.00 | ||||
CARAT Overcollateralization Amount | 18,750,063.65 | ||||
Total Trust Capitalization | $ | 2,325,007,063.65 | |||
COLT Overcollateralization Amount | 175,001,422.85 | ||||
Total Transaction Capitalization | $ | 2,500,008,486.50 | |||
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• | the leased vehicle is a new automobile or light duty truck; | |
• | the lease has an original scheduled term of 12 to 48 months; | |
• | the lease was acquired by GMAC or its subsidiaries in its ordinary course of business; | |
• | the dealer is located in the United States and each lessee has a billing address in the United States; | |
• | the lease provides for level monthly payments, except that the first and last monthly payments may differ from the level payments; | |
• | the lease complies with applicable federal, state and local laws; | |
• | the lease represents a binding obligation of the lessee; | |
• | the lease is in force and not terminated; | |
• | as of the cut-off date, the lease was not considered past due, that is, the payments due on that lease in excess of $25.00 had been received within 30 days of the payment date; | |
• | no lease asset is a Liquidating Lease Asset; | |
• | the lessee is required to maintain physical damage and liability insurance policies; | |
• | the lease and the related leased vehicle are legally assigned to the purchaser; | |
• | the lease was originated in the United States; and | |
• | the lessee is required to pay all costs relating to taxes, insurance and maintenance for the leased vehicle. |
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Average | Minimum | Maximum | ||||||||||
ABS Value | $22,904.76 | $ | 3,646.26 | $ | 97,799.51 | |||||||
Lease Residual | $14,392.94 | $ | 2,571.40 | $ | 63,000.00 | |||||||
Seasoning (Months) | 6.01 | — | 45.00 | |||||||||
Remaining Term (Months) | 32.28 | 3.00 | 48.00 | |||||||||
Original Term (Months) | 38.29 | 12.00 | 48.00 | |||||||||
Lease Residual as a % of Initial ABS Value | 62.84 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 42.93 | % | ||||||||||
Percentage of New Vehicles | 100.00 | |||||||||||
Original FICO Score Range | 709.43 | 372.00 | 897.00 | |||||||||
Cut-Off Date | April 1, 2007 |
Percentage | |||||||||||||||||||||
of Total | Aggregate Lease | ||||||||||||||||||||
Number | Number | Percentage | Residual as a % | ||||||||||||||||||
of Lease | of Lease | Initial | of Initial | of Aggregate | |||||||||||||||||
Original Term | Assets | Assets | ABS Value | ABS Value | Adjusted MSRP | ||||||||||||||||
0-24 | 6,749 | 6.18 | % | $ | 164,006,836.98 | 6.56 | % | 52.91 | % | ||||||||||||
25-36 | 31,477 | 28.84 | % | $ | 696,833,043.20 | 27.87 | % | 47.09 | % | ||||||||||||
37-39 | 44,488 | 40.76 | % | $ | 1,025,614,281.13 | 41.03 | % | 41.75 | % | ||||||||||||
40-48 | 26,434 | 24.22 | % | $ | 613,554,325.19 | 24.54 | % | 36.49 | % | ||||||||||||
Total | 109,148 | 100.00 | % | $ | 2,500,008,486.50 | 100.00 | % | ||||||||||||||
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Percentage | |||||||||||||||||||||
of Total | Aggregate Lease | ||||||||||||||||||||
Number | Number | Percentage | Residual as a % | ||||||||||||||||||
Scheduled Lease | of Lease | of Lease | Initial | of Initial | of Aggregate | ||||||||||||||||
End Date | Assets | Assets | ABS Value | ABS Value | Adjusted MSRP | ||||||||||||||||
Apr 2007-Jun 2007 | 219 | 0.20 | % | $ | 2,834,875.19 | 0.11 | % | 38.86 | % | ||||||||||||
Jul 2007-Sep 2007 | 755 | 0.69 | % | $ | 11,408,187.17 | 0.46 | % | 41.48 | % | ||||||||||||
Oct 2007-Dec 2007 | 1,057 | 0.97 | % | $ | 18,367,253.40 | 0.73 | % | 42.88 | % | ||||||||||||
Jan 2008-Mar 2008 | 1,702 | 1.56 | % | $ | 29,741,630.58 | 1.19 | % | 44.43 | % | ||||||||||||
Apr 2008-Jun 2008 | 2,572 | 2.36 | % | $ | 50,568,364.96 | 2.02 | % | 48.63 | % | ||||||||||||
Jul 2008-Sep 2008 | 4,879 | 4.47 | % | $ | 99,906,014.48 | 4.00 | % | 49.45 | % | ||||||||||||
Oct 2008-Dec 2008 | 8,009 | 7.34 | % | $ | 169,048,699.78 | 6.76 | % | 49.52 | % | ||||||||||||
Jan 2009-Mar 2009 | 8,858 | 8.12 | % | $ | 201,252,427.80 | 8.05 | % | 49.65 | % | ||||||||||||
Apr 2009-Jun 2009 | 5,694 | 5.22 | % | $ | 122,266,303.50 | 4.89 | % | 43.73 | % | ||||||||||||
Jul 2009-Sep 2009 | 9,927 | 9.09 | % | $ | 224,364,351.60 | 8.97 | % | 43.44 | % | ||||||||||||
Oct 2009-Dec 2009 | 13,356 | 12.24 | % | $ | 306,328,596.75 | 12.25 | % | 42.20 | % | ||||||||||||
Jan 2010-Mar 2010 | 11,685 | 10.71 | % | $ | 286,555,181.54 | 11.46 | % | 42.28 | % | ||||||||||||
Apr 2010-Jun 2010 | 22,966 | 21.03 | % | $ | 540,419,955.76 | 21.63 | % | 40.50 | % | ||||||||||||
Jul 2010-Sep 2010 | 6,373 | 5.84 | % | $ | 150,274,472.47 | 6.01 | % | 36.90 | % | ||||||||||||
Oct 2010-Dec 2010 | 2,206 | 2.02 | % | $ | 57,699,528.49 | 2.31 | % | 37.59 | % | ||||||||||||
Jan 2011-Mar 2011 | 8,890 | 8.14 | % | $ | 228,972,643.03 | 9.16 | % | 36.18 | % | ||||||||||||
Total | 109,148 | 100.00 | % | $ | 2,500,008,486.50 | 100.00 | % | ||||||||||||||
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Initial | of Initial | ||||||||||||||
State of Origination | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Michigan | 37,280 | 34.16 | % | $ | 732,201,467.33 | 29.28 | % | ||||||||||
New York | 14,262 | 13.07 | % | $ | 320,546,716.98 | 12.82 | % | ||||||||||
Florida | 9,155 | 8.39 | % | $ | 242,448,193.95 | 9.70 | % | ||||||||||
New Jersey | 9,673 | 8.86 | % | $ | 230,451,088.96 | 9.22 | % | ||||||||||
California | 5,678 | 5.20 | % | $ | 176,128,576.38 | 7.05 | % | ||||||||||
Pennsylvania | 6,584 | 6.03 | % | $ | 136,412,228.88 | 5.46 | % | ||||||||||
Other | 26,516 | 24.29 | % | $ | 661,820,214.02 | 26.47 | % | ||||||||||
Total | 109,148 | 100.00 | % | $ | 2,500,008,486.50 | 100.00 | % | ||||||||||
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Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Initial | of Initial | ||||||||||||||
Vehicle Make | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Chevrolet | 43,883 | 40.20 | % | $ | 907,652,659.65 | 36.31 | % | ||||||||||
Cadillac | 18,485 | 16.94 | % | $ | 610,512,477.20 | 24.42 | % | ||||||||||
GMC | 12,732 | 11.66 | % | $ | 350,118,239.54 | 14.00 | % | ||||||||||
Pontiac | 13,379 | 12.26 | % | $ | 220,511,587.18 | 8.82 | % | ||||||||||
Hummer | 6,034 | 5.53 | % | $ | 165,085,197.76 | 6.60 | % | ||||||||||
Buick | 8,512 | 7.80 | % | $ | 150,492,673.84 | 6.02 | % | ||||||||||
Saturn | 6,102 | 5.59 | % | $ | 95,451,075.29 | 3.82 | % | ||||||||||
Oldsmobile | 21 | 0.02 | % | $ | 184,576.04 | 0.01 | % | ||||||||||
Total | 109,148 | 100.00 | % | $ | 2,500,008,486.50 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Initial | of Initial | ||||||||||||||
Vehicle Model | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Escalade | 4,525 | 4.15 | % | $ | 217,695,046.26 | 8.71 | % | ||||||||||
Trailblazer | 9,113 | 8.35 | % | $ | 178,658,917.12 | 7.15 | % | ||||||||||
Yukon | 4,443 | 4.07 | % | $ | 162,166,493.44 | 6.49 | % | ||||||||||
Impala | 9,415 | 8.63 | % | $ | 157,261,582.07 | 6.29 | % | ||||||||||
Tahoe | 4,709 | 4.31 | % | $ | 153,280,892.21 | 6.13 | % | ||||||||||
CTS | 5,970 | 5.47 | % | $ | 139,522,440.15 | 5.57 | % | ||||||||||
G6 | 8,220 | 7.53 | % | $ | 135,232,958.47 | 5.41 | % | ||||||||||
Other | 62,753 | 57.49 | % | $ | 1,356,190,156.78 | 54.25 | % | ||||||||||
Total | 109,148 | 100.00 | % | $ | 2,500,008,486.50 | 100.00 | % | ||||||||||
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Number | Percentage | ||||||||||||
of Lease | Initial | of Initial | |||||||||||
Original FICO Band | Assets | ABS Value | ABS Value | ||||||||||
300 to 400 | 7 | $ | 176,449.34 | 0.01 | % | ||||||||
401 to 420 | 14 | $ | 265,560.52 | 0.01 | % | ||||||||
421 to 440 | 102 | $ | 2,174,653.67 | 0.09 | % | ||||||||
441 to 460 | 176 | $ | 3,574,059.73 | 0.14 | % | ||||||||
461 to 480 | 331 | $ | 6,856,981.36 | 0.27 | % | ||||||||
481 to 500 | 609 | $ | 12,450,194.51 | 0.50 | % | ||||||||
501 to 520 | 1,127 | $ | 23,890,529.46 | 0.96 | % | ||||||||
521 to 540 | 1,604 | $ | 33,649,718.97 | 1.35 | % | ||||||||
541 to 560 | 2,049 | $ | 44,629,187.49 | 1.79 | % | ||||||||
561 to 580 | 2,792 | $ | 61,460,324.46 | 2.46 | % | ||||||||
581 to 600 | 3,564 | $ | 80,338,046.95 | 3.21 | % | ||||||||
601 to 620 | 4,721 | $ | 109,026,498.04 | 4.36 | % | ||||||||
621 to 640 | 6,022 | $ | 141,409,679.52 | 5.66 | % | ||||||||
641 to 660 | 6,605 | $ | 155,567,391.01 | 6.22 | % | ||||||||
661 to 680 | 6,977 | $ | 164,643,613.53 | 6.59 | % | ||||||||
681 to 700 | 7,031 | $ | 166,518,931.57 | 6.66 | % | ||||||||
701 to 720 | 7,407 | $ | 170,576,530.75 | 6.82 | % | ||||||||
721 to 740 | 7,223 | $ | 163,945,536.75 | 6.56 | % | ||||||||
741 to 760 | 7,046 | $ | 157,608,325.28 | 6.30 | % | ||||||||
761 to 780 | 6,542 | $ | 144,824,337.63 | 5.79 | % | ||||||||
781 to 800 | 7,350 | $ | 161,126,714.15 | 6.44 | % | ||||||||
801 to 820 | 7,974 | $ | 168,969,831.27 | 6.76 | % | ||||||||
821 to 840 | 7,165 | $ | 147,296,010.12 | 5.89 | % | ||||||||
841 to 860 | 4,161 | $ | 81,876,302.43 | 3.27 | % | ||||||||
861 to 880 | 1,252 | $ | 24,467,748.03 | 0.98 | % | ||||||||
881 to 900 | 67 | $ | 1,387,026.03 | 0.06 | % | ||||||||
Total | 99,918 | $ | 2,228,710,182.57 | 89.15 | % | ||||||||
Out of Range | 9,230 | $ | 271,298,303.93 | 10.85 | % | ||||||||
Total | 109,148 | $ | 2,500,008,486.50 | 100.00 | % | ||||||||
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• | has the benefit of a first priority security interest in the lease assets; | |
• | contains enforceable provisions to render the rights and remedies of secured noteholders adequate for realization against the collateral of the benefits of security; | |
• | has a final scheduled distribution date of January 17, 2012; and | |
• | will bear interest at a rate, which we refer to as the“Secured Note Rate,” which will equal the fixed rate on the Class D Notes, or, if the Class D Notes are floating rate notes, then it will equal the fixed rate payable on the interest rate swap related to the Class D Notes. |
• | delinquencies; | |
• | repossessions; and | |
• | credit and residual losses. |
• | competition for lessees; | |
• | the supply and demand for cars and light duty trucks; | |
• | consumer debt burden per household; | |
• | personal bankruptcies; and | |
• | values at which the residual values are booked. |
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At or for the Three | At or for the Twelve | |||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
Leases | 2007 | 2006 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||
Average Number of Lease Contracts Outstanding | 1,102,823 | 936,251 | 1,009,416 | 855,638 | 819,204 | 1,030,600 | ||||||||||||||||||
Average Daily Delinquency | ||||||||||||||||||||||||
31-60 Days | 1.53 | % | 1.28 | % | 1.72 | % | 1.45 | % | 1.74 | % | 1.78 | % | ||||||||||||
61-90 Days | 0.12 | % | 0.10 | % | 0.17 | % | 0.14 | % | 0.18 | % | 0.19 | % | ||||||||||||
91 Days or more | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.02 | % | 0.02 | % |
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At or for | At or for | |||||||||||||||||||||||
the Three | the Twelve | |||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Ending Number of Lease Contracts Outstanding | 1,115,046 | 965,339 | 1,091,853 | 909,055 | 792,207 | 878,743 | ||||||||||||||||||
Average Number of Lease Contracts Outstanding | 1,102,823 | 936,251 | 1,009,416 | 855,638 | 819,204 | 1,030,600 | ||||||||||||||||||
Number of Repossessions Sold | 4,723 | 3,318 | 14,951 | 11,350 | 11,926 | 18,219 | ||||||||||||||||||
Number of Repossessions Sold as a Percentage of Ending Number of Lease Contracts Outstanding | 1.69 | % | 1.37 | % | 1.37 | % | 1.25 | % | 1.51 | % | 2.07 | % | ||||||||||||
Number of Repossessions Sold as a Percentage of Average Number of Lease Contracts Outstanding | 1.71 | % | 1.42 | % | 1.48 | % | 1.33 | % | 1.46 | % | 1.77 | % | ||||||||||||
Ending Dollar Amount of Lease Balance Outstanding (in thousands) | $ | 25,197,225 | $ | 21,772,566 | $ | 24,775,142 | $ | 20,304,218 | $ | 17,067,466 | $ | 17,117,538 | ||||||||||||
Twelve Month Rolling Average Dollar Amount of Lease Balance Outstanding (in thousands) | $ | 23,800,462 | $ | 19,786,644 | $ | 22,818,969 | $ | 18,887,633 | $ | 16,814,211 | $ | 19,334,280 | ||||||||||||
Losses on Repossessions (Without Giving Effect to Manufacturer’s Support Payments) (in thousands) | 47,563 | 31,701 | 153,167 | 103,416 | 100,769 | 146,244 | ||||||||||||||||||
Average Losses on Repossessions (Without Giving Effect to Manufacturer’s Support Payments) Per Vehicle | 10,071 | 9,554 | 10,245 | 9,112 | 8,450 | 8,027 | ||||||||||||||||||
Losses on Repossessions (Without Giving Effect to Manufacturer’s Support Payments) as a Percentage of Ending Dollar Amount of Lease Balance Outstanding | 0.76 | % | 0.58 | % | 0.62 | % | 0.51 | % | 0.59 | % | 0.85 | % | ||||||||||||
Losses on Repossessions (Without Giving Effect to Manufacturer’s Support Payments) as a Percentage of Average Dollar Amount of Lease Balance Outstanding | 0.80 | % | 0.64 | % | 0.67 | % | 0.55 | % | 0.60 | % | 0.76 | % |
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At or for | At or for | |||||||||||||||||||||||
the Three | the Twelve | |||||||||||||||||||||||
Months Ended | Months Ended | |||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2007 | 2006 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Total Number of Leases Scheduled to Terminate | 77,275 | 80,421 | 256,341 | 361,146 | 392,220 | 641,511 | ||||||||||||||||||
Scheduled Terminations | ||||||||||||||||||||||||
Number of Returned Vehicles | 27,801 | 24,426 | 83,995 | 99,646 | 120,383 | 230,610 | ||||||||||||||||||
Total ALG Residual of Returned Vehicles (in thousands) | $ | 392,113 | $ | 324,908 | $ | 1,162,235 | $ | 1,334,426 | $ | 1,548,374 | $ | 2,998,132 | ||||||||||||
Total ALG Residual of Returned Vehicles as % of Adjusted MSRP | 43.23 | % | 41.45 | % | 41.92 | % | 42.07 | % | 44.06 | % | 47.89 | % | ||||||||||||
Full Termination Ratio | 35.98 | % | 30.37 | % | 32.77 | % | 27.59 | % | 30.69 | % | 35.95 | % | ||||||||||||
Loss/(Gain) versus ALG Residual (in thousands) | $ | 4,879 | $ | (13,437 | ) | $ | 16,665 | $ | (30,711 | ) | $ | 81,185 | $ | 465,542 | ||||||||||
Average Loss/(Gain) versus ALG Residual | $ | 176 | $ | (550 | ) | $ | 198 | $ | (308 | ) | $ | 674 | $ | 2,019 | ||||||||||
Loss/(Gain) versus ALG as a Percentage of Total ALG Residual of Returned Vehicles | 1.24 | % | (4.14 | %) | 1.43 | % | (2.30 | %) | 5.24 | % | 15.53 | % | ||||||||||||
Early Terminations | ||||||||||||||||||||||||
Number of Returned Vehicles | 43,024 | 38,925 | 166,084 | 158,928 | 264,624 | 344,217 | ||||||||||||||||||
Total ALG Residual of Returned Vehicles (in thousands) | $ | 591,512 | $ | 502,525 | $ | 2,268,058 | $ | 2,029,092 | $ | 3,364,756 | $ | 4,280,224 | ||||||||||||
Total ALG Residual of Returned Vehicles as % of Adjusted MSRP | 41.38 | % | 40.12 | % | 41.31 | % | 40.91 | % | 42.36 | % | 45.52 | % | ||||||||||||
Loss/(Gain) versus ALG Residual (in thousands) | $ | (35,984 | ) | $ | (48,732 | ) | $ | (85,273 | ) | $ | (148,317 | ) | $ | (167,620 | ) | $ | 307,369 | |||||||
Average Loss/(Gain) versus ALG Residual | $ | (836 | ) | $ | (1,252 | ) | $ | (513 | ) | $ | (933 | ) | $ | (633 | ) | $ | 893 | |||||||
Loss/(Gain) versus ALG as a Percentage of Total ALG Residual of Returned Vehicles | (6.08 | %) | (9.70 | %) | (3.76 | %) | (7.31 | %) | (4.98 | %) | 7.18 | % | ||||||||||||
All Terminations | ||||||||||||||||||||||||
Average Loss/(Gain) versus ALG Residual | $ | (439 | ) | $ | (981 | ) | $ | (274 | ) | $ | (692 | ) | $ | (225 | ) | $ | 1,345 | |||||||
Loss/(Gain) versus ALG as a Percentage of Total ALG Residual of Returned Vehicles | (3.16 | %) | (7.51 | %) | (2.00 | %) | (5.32 | %) | (1.76 | %) | 10.62 | % |
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Average Amount | Number of Pull | |||||||
Per Vehicle | Ahead Lease | |||||||
Date | Collected | Contracts Waived | ||||||
Third Quarter 2002 | 1,368.43 | 55,391 | ||||||
Fourth Quarter 2002 | 1,083.76 | 26,173 | ||||||
First Quarter 2003 | 1,035.21 | 40,231 | ||||||
Second Quarter 2003 | 1,040.78 | 43,565 | ||||||
Third Quarter 2003 | 1,217.38 | 44,078 | ||||||
Fourth Quarter 2003 | 1,559.88 | 43,102 | ||||||
First Quarter 2004 | 1,475.57 | 51,399 | ||||||
Second Quarter 2004 | 1,926.63 | 52,458 | ||||||
Third Quarter 2004 | 2,164.80 | 44,027 | ||||||
Fourth Quarter 2004 | 2,044.50 | 50,833 | ||||||
First Quarter 2005 | 1,486.65 | 24,301 | ||||||
Second Quarter 2005 | 1,386.46 | 27,037 | ||||||
Third Quarter 2005 | 1,386.65 | 24,670 | ||||||
Fourth Quarter 2005 | 1,263.91 | 19,532 | ||||||
First Quarter 2006 | 1,255.80 | 24,333 | ||||||
Second Quarter 2006 | 1,512.78 | 27,638 | ||||||
Third Quarter 2006 | 1,410.78 | 29,850 | ||||||
Fourth Quarter 2006 | 1,279.65 | 24,669 | ||||||
First Quarter 2007 | 1,170.29 | 23,960 |
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Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 78.73 | % | 77.43 | % | 76.78 | % | 76.12 | % | 75.46 | % | 74.79 | % | 74.12 | % | ||||||||||||||
July 2007 | 69.69 | % | 67.65 | % | 66.61 | % | 65.57 | % | 64.52 | % | 63.46 | % | 62.39 | % | ||||||||||||||
August 2007 | 61.17 | % | 58.29 | % | 56.83 | % | 55.35 | % | 53.87 | % | 52.37 | % | 50.87 | % | ||||||||||||||
September 2007 | 53.57 | % | 49.80 | % | 47.88 | % | 45.95 | % | 44.01 | % | 42.04 | % | 40.06 | % | ||||||||||||||
October 2007 | 46.41 | % | 41.68 | % | 39.28 | % | 36.86 | % | 34.41 | % | 31.94 | % | 29.44 | % | ||||||||||||||
November 2007 | 38.61 | % | 32.87 | % | 29.96 | % | 27.01 | % | 24.03 | % | 21.02 | % | 17.97 | % | ||||||||||||||
December 2007 | 30.93 | % | 24.13 | % | 20.67 | % | 17.16 | % | 13.62 | % | 10.03 | % | 6.40 | % | ||||||||||||||
January 2008 | 22.86 | % | 14.94 | % | 10.91 | % | 6.82 | % | 2.68 | % | 0.00 | % | 0.00 | % | ||||||||||||||
February 2008 | 14.93 | % | 5.85 | % | 1.22 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
March 2008 | 6.35 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
April 2008 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 0.37 | 0.33 | 0.31 | 0.30 | 0.28 | 0.27 | 0.26 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 0.37 | 0.33 | 0.31 | 0.30 | 0.28 | 0.27 | 0.26 |
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Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 99.04 | % | 96.34 | % | ||||||||||||||
February 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 97.80 | % | 94.77 | % | 91.71 | % | 88.59 | % | ||||||||||||||
March 2008 | 100.00 | % | 97.52 | % | 94.19 | % | 90.81 | % | 87.38 | % | 83.89 | % | 80.33 | % | ||||||||||||||
April 2008 | 98.04 | % | 90.77 | % | 87.05 | % | 83.25 | % | 79.39 | % | 75.46 | % | 71.46 | % | ||||||||||||||
May 2008 | 92.14 | % | 84.08 | % | 79.94 | % | 75.72 | % | 71.42 | % | 67.03 | % | 62.55 | % | ||||||||||||||
June 2008 | 85.83 | % | 76.98 | % | 72.42 | % | 67.77 | % | 63.02 | % | 58.16 | % | 53.19 | % | ||||||||||||||
July 2008 | 78.90 | % | 69.27 | % | 64.29 | % | 59.21 | % | 54.00 | % | 48.66 | % | 43.20 | % | ||||||||||||||
August 2008 | 71.64 | % | 61.23 | % | 55.84 | % | 50.32 | % | 44.65 | % | 38.83 | % | 32.85 | % | ||||||||||||||
September 2008 | 63.56 | % | 52.40 | % | 46.61 | % | 40.66 | % | 34.54 | % | 28.25 | % | 21.76 | % | ||||||||||||||
October 2008 | 53.85 | % | 42.03 | % | 35.87 | % | 29.53 | % | 23.00 | % | 16.25 | % | 9.28 | % | ||||||||||||||
November 2008 | 39.60 | % | 27.35 | % | 20.94 | % | 14.34 | % | 7.51 | % | 0.44 | % | 0.00 | % | ||||||||||||||
December 2008 | 27.98 | % | 15.23 | % | 8.54 | % | 1.63 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
January 2009 | 20.99 | % | 7.55 | % | 0.47 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
February 2009 | 12.58 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
March 2009 | 0.85 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
April 2009 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 1.39 | 1.29 | 1.24 | 1.20 | 1.16 | 1.11 | 1.07 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 1.39 | 1.29 | 1.24 | 1.20 | 1.16 | 1.11 | 1.07 |
S-41
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Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 93.16 | % | ||||||||||||||
December 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 94.50 | % | 87.11 | % | 79.41 | % | ||||||||||||||
January 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 93.18 | % | 85.61 | % | 77.71 | % | 69.45 | % | ||||||||||||||
February 2009 | 100.00 | % | 98.42 | % | 90.97 | % | 83.20 | % | 75.07 | % | 66.53 | % | 57.51 | % | ||||||||||||||
March 2009 | 100.00 | % | 86.18 | % | 78.34 | % | 70.10 | % | 61.38 | % | 52.10 | % | 42.13 | % | ||||||||||||||
April 2009 | 86.41 | % | 71.31 | % | 63.13 | % | 54.44 | % | 45.11 | % | 34.95 | % | 23.70 | % | ||||||||||||||
May 2009 | 79.76 | % | 63.62 | % | 54.75 | % | 45.17 | % | 34.67 | % | 22.87 | % | 9.11 | % | ||||||||||||||
June 2009 | 72.79 | % | 55.57 | % | 45.92 | % | 35.30 | % | 23.30 | % | 9.17 | % | 0.00 | % | ||||||||||||||
July 2009 | 63.17 | % | 45.07 | % | 34.69 | % | 22.97 | % | 9.20 | % | 0.00 | % | 0.00 | % | ||||||||||||||
August 2009 | 52.77 | % | 33.85 | % | 22.73 | % | 9.77 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
September 2009 | 42.60 | % | 23.06 | % | 11.33 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
October 2009 | 31.19 | % | 11.39 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
November 2009 | 14.47 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
December 2009 | 0.27 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
January 2010 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 2.23 | 2.10 | 2.02 | 1.95 | 1.88 | 1.81 | 1.75 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 2.23 | 2.10 | 2.02 | 1.95 | 1.88 | 1.81 | 1.75 |
S-42
Table of Contents
Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 85.58 | % | ||||||||||||||
July 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 86.53 | % | 43.18 | % | ||||||||||||||
August 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 89.66 | % | 51.93 | % | 0.00 | % | ||||||||||||||
September 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 95.63 | % | 66.12 | % | 20.33 | % | 0.00 | % | ||||||||||||||
October 2009 | 100.00 | % | 100.00 | % | 98.85 | % | 74.87 | % | 42.94 | % | 0.00 | % | 0.00 | % | ||||||||||||||
November 2009 | 100.00 | % | 93.04 | % | 74.33 | % | 51.64 | % | 21.72 | % | 0.00 | % | 0.00 | % | ||||||||||||||
December 2009 | 100.00 | % | 71.45 | % | 53.67 | % | 32.14 | % | 4.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
January 2010 | 89.54 | % | 60.61 | % | 42.85 | % | 21.37 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
February 2010 | 77.53 | % | 49.00 | % | 31.47 | % | 10.31 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
March 2010 | 57.54 | % | 30.93 | % | 14.57 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
April 2010 | 36.28 | % | 12.13 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
May 2010 | 22.78 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
June 2010 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 2.84 | 2.70 | 2.62 | 2.51 | 2.38 | 2.24 | 2.13 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 2.84 | 2.70 | 2.62 | 2.51 | 2.38 | 2.24 | 2.13 |
S-43
Table of Contents
Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
September 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
October 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 33.48 | % | 0.00 | % | ||||||||||||||
November 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
December 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
January 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 53.50 | % | 0.00 | % | 0.00 | % | ||||||||||||||
February 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
March 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 62.89 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
April 2010 | 100.00 | % | 100.00 | % | 80.34 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
May 2010 | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
June 2010 | 5.22 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
July 2010 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 3.03 | 3.02 | 2.92 | 2.82 | 2.65 | 2.38 | 2.19 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 3.03 | 3.02 | 2.92 | 2.82 | 2.65 | 2.38 | 2.19 |
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Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
September 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
October 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
November 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 14.63 | % | 0.00 | % | ||||||||||||||
December 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
January 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
February 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 77.76 | % | 0.00 | % | 0.00 | % | ||||||||||||||
March 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
April 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 50.34 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
May 2010 | 100.00 | % | 100.00 | % | 99.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
June 2010 | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
July 2010 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 3.11 | 3.02 | 3.02 | 2.90 | 2.75 | 2.45 | 2.19 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 3.11 | 3.02 | 3.02 | 2.90 | 2.75 | 2.45 | 2.19 |
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Prepayment Assumption | ||||||||||||||||||||||||||||
Distribution Date | 0% | 50% | 75% | 100% | 125% | 150% | 175% | |||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2007 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
September 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
October 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
November 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
December 2008 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
January 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
February 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
March 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
April 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
May 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
June 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
July 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||
August 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
September 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
October 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
November 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | ||||||||||||||
December 2009 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
January 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
February 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
March 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 80.48 | % | 0.00 | % | 0.00 | % | ||||||||||||||
April 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
May 2010 | 100.00 | % | 100.00 | % | 100.00 | % | 76.84 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
June 2010 | 100.00 | % | 82.27 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
July 2010 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
Weighted Average Life To Maturity (years) | 3.11 | 3.09 | 3.02 | 3.00 | 2.84 | 2.52 | 2.19 | |||||||||||||||||||||
Weighted Average Life To Call (years) | 3.11 | 3.09 | 3.02 | 3.00 | 2.84 | 2.52 | 2.19 |
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Monthly Lease Payments | ||||
Collection Period | and Residual Values | |||
April 2007 | $ | 46,517,766.84 | ||
May 2007 | $ | 46,517,766.84 | ||
June 2007 | $ | 49,149,787.31 | ||
July 2007 | $ | 49,363,438.03 | ||
August 2007 | $ | 51,022,378.72 | ||
September 2007 | $ | 48,938,703.03 | ||
October 2007 | $ | 51,342,295.30 | ||
November 2007 | $ | 50,584,329.34 | ||
December 2007 | $ | 51,934,480.37 | ||
January 2008 | $ | 51,069,392.82 | ||
February 2008 | $ | 53,453,629.53 | ||
March 2008 | $ | 56,706,462.37 | ||
April 2008 | $ | 55,902,322.74 | ||
May 2008 | $ | 58,180,764.42 | ||
June 2008 | $ | 61,886,650.73 | ||
July 2008 | $ | 63,663,716.25 | ||
August 2008 | $ | 68,626,680.55 | ||
September 2008 | $ | 78,721,638.95 | ||
October 2008 | $ | 107,715,101.59 | ||
November 2008 | $ | 89,898,220.79 | ||
December 2008 | $ | 59,095,652.30 | ||
January 2009 | $ | 68,026,284.31 | ||
February 2009 | $ | 89,079,808.71 | ||
March 2009 | $ | 106,751,072.03 | ||
April 2009 | $ | 55,047,549.80 | ||
May 2009 | $ | 56,756,837.02 | ||
June 2009 | $ | 73,672,843.55 | ||
July 2009 | $ | 78,316,699.30 | ||
August 2009 | $ | 76,207,147.99 | ||
September 2009 | $ | 83,840,331.67 | ||
October 2009 | $ | 117,883,129.14 | ||
November 2009 | $ | 100,489,164.67 | ||
December 2009 | $ | 50,585,743.61 | ||
January 2010 | $ | 54,694,572.74 | ||
February 2010 | $ | 86,318,773.64 | ||
March 2010 | $ | 90,722,855.30 | ||
April 2010 | $ | 58,885,703.94 | ||
May 2010 | $ | 148,554,298.19 | ||
June 2010 | $ | 139,081,577.82 | ||
July 2010 | $ | 41,555,921.56 | ||
August 2010 | $ | 36,136,067.73 | ||
September 2010 | $ | 11,778,597.54 | ||
October 2010 | $ | 11,545,483.82 | ||
November 2010 | $ | 12,125,023.34 | ||
December 2010 | $ | 16,769,036.36 | ||
January 2011 | $ | 18,569,456.28 | ||
February 2011 | $ | 45,129,184.81 | ||
March 2011 | $ | 38,637,488.41 |
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Class A-1a Notes | Class A-1b Notes | |||||||
Principal amount | $ | 315,000,000.00 | $100,000,000 | |||||
Interest rate | 5.366 | % | One-Month LIBOR + 0.00 | % | ||||
Final scheduled distribution date | June 16, 2008 | June 16, 2008 |
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• | First, to the Class A-1 Notes, pro rata among the Class A-1a Notes and the Class A-1b Notes, until the Class A-1 Notes are paid in full; | |
• | Second, to the Class A-2 Notes, pro rata among the Class A-2a Notes and the Class A-2b Notes, until the Class A-2 Notes are paid in full; | |
• | Third, to the Class A-3 Notes, pro rata among the Class A-3a Notes and the Class A-3b Notes, until the Class A-3 Notes are paid in full; | |
• | Fourth, to the Class A-4 Notes, until the Class A-4 Notes are paid in full; | |
• | Fifth, to the Class B Notes, until the Class B Notes are paid in full; | |
• | Sixth, to the Class C Notes, until the Class C Notes are paid in full; and | |
• | Seventh, to the Class D Notes, until the Class D Notes are paid in full. |
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* | This chart provides only a simplified overview of the monthly flow of funds. Refer to this prospectus supplement and the accompanying prospectus for a further description. |
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(1) the Monthly Lease Payments received with respect to the lease assets (including Applied Payments Ahead but excluding Excess Payments made during the related Collection Period that are treated as Payments Ahead); | |
(2) all Pull Ahead Payments received or deposited by the Servicer since the preceding distribution date (or with respect to the first distribution date, since the cut-off date) with respect to any lease assets that became Pull Ahead Lease Assets during or prior to the related Collection Period; | |
(3) all Warranty Purchase Payments received or deposited by the Servicer in respect of lease assets during the related Collection Period; | |
(4) all Administrative Purchase Payments received or deposited by the Servicer in respect of lease assets during the related Collection Period; | |
(5) all Sale Proceeds received or deposited by the Servicer in respect of the lease assets during the related Collection Period; | |
(6) any Monthly Payment Advances and Residual Advances with respect to that distribution date; | |
(7) all Extended Lease Payments received or deposited by the Servicer with respect to Extended Leases during the related Collection Period; | |
(8) if the Servicer has exercised its right to purchase the lease assets as described in“The Trust Sale and Servicing Agreements— Termination— Servicer Purchase Option” in the accompanying prospectus, the purchase price for the lease assets that was deposited into the COLT collection account by the Servicer on that distribution date; | |
(9) all Insurance Proceeds received with respect to the lease assets during the related Collection Period; |
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(10) without double counting any amounts set forth above, the portion of any security deposits with respect to the lease assets deemed to be included as part of COLT Collections for the related Collection Period under the COLT Servicing Agreement; | |
(11) all recoveries and early termination payments in respect of the lease assets; and | |
(12) any other amounts received by the Servicer during the related Collection Period with respect to the lease assets, other than Excluded Amounts, Supplemental Servicing Fees, Excess Payments and Sales and Use Tax Amounts. |
(1) the excess of (A) the sum of (i) all COLT Collections received by the Servicer on the lease assets during the related Collection Period and (ii) the Applied Extended Lease Payment Amount for that distribution date, over (B) the Unapplied Extended Lease Payment Amount for that distribution date; plus | |
(2) the amounts transferred from the reserve account to the COLT collection account on that distribution date as described under“—Monthly Withdrawals from and Deposits to the COLT Collection Account” below; minus | |
(3) any Outstanding Advances and liquidation expenses for which the Servicer is entitled to reimbursement under the COLT Servicing Agreement. |
(1) the Basic Servicing Fee and the Additional Servicing Fee for the Servicer; | |
(2) the Aggregate Noteholders’ Principal Distributable Amount; | |
(3) the Reserve Account Required Amount; | |
(4) the Reserve Account Available Amount; | |
(5) the Secured Note Principal Balance for each secured note; | |
(6) the aggregate Secured Note Principal Balance; | |
(7) the Secured Note Monthly Accrued Interest; | |
(8) the Secured Note Interest Distributable Amount; | |
(9) the Secured Note Principal Distributable Amount; | |
(10) the aggregate Outstanding Advances made by the Servicer; and | |
(11) all other amounts required to determine the amounts, if any, to be deposited into or paid from each of the COLT collection account, the reserve account and the Payment Ahead Servicing Account. |
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• | withdraw Excess Payments made during the preceding month from the COLT collection account and pay these amounts to the Servicer or, if required under the COLT Servicing Agreement, to the Payment Ahead Servicing Account; | |
• | transfer from the Payment Ahead Servicing Account (or, if the Servicer is not required to make deposits to the Payment Ahead Servicing Account on a daily basis under the COLT Servicing Agreement, the Servicer will deposit) to the COLT collection account the aggregate Applied Payments Ahead for that distribution date; | |
• | withdraw from the COLT collection account and pay to the Servicer any Outstanding Advances and liquidation expenses for which the Servicer is entitled to reimbursement under the COLT Servicing Agreement; and | |
• | withdraw from the reserve account and deposit into the COLT collection account an amount equal to the lesser of; |
(I) the Reserve Account Available Amount on that distribution date; and | |
(II) the excess, if any, of |
(A) the sum, for that distribution date, of the Basic Servicing Fee for the Servicer for that distribution date and any unpaid Basic Servicing Fees from prior distribution dates, the Aggregate Secured Note Interest Distributable Amount, the Secured Note Principal Distributable Amount and the CARAT Collection Account Shortfall Amount on that distribution date, over | |
(B) the excess of (i) the sum of (x) the COLT Collections with respect to the lease assets for that distribution date, plus (y) the Applied Extended Lease Payment Amount for that distribution date, over (ii) the sum of (x) the amount of any Outstanding Advances and liquidation expenses for which the Servicer is entitled to reimbursement under the COLT Servicing Agreement which have been withdrawn and paid to the Servicer on that distribution date, plus (y) the Unapplied Extended Lease Payment Amount for that distribution date. |
(1) to the Servicer, the Basic Servicing Fee and any unpaid Basic Servicing Fees from any preceding distribution date; | |
(2) to the issuing entity, as holder of the secured notes, pro rata based on the Secured Note Interest Distributable Amount due on each secured note, the Aggregate Secured Note Interest Distributable Amount; |
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(3) to the issuing entity, as holder of the secured notes, pro rata based on the Secured Note Principal Balance of each secured note, the Secured Note Principal Distributable Amount; | |
(4) to the CARAT collection account, the CARAT Collection Account Shortfall Amount, if any; | |
(5) to the reserve account, an amount necessary to cause the Reserve Account Available Amount (after giving effect to any withdrawal from the reserve account on that distribution date) to equal the Reserve Account Required Amount for that distribution date; | |
(6) to the Servicer, an amount equal to the Additional Servicing Fee, if any; and | |
(7) the remainder to the certificateholder. |
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(1) amounts deposited in the CARAT collection account with respect to the CARAT Collection Account Shortfall Amount on or before that distribution date; | |
(2) all payments on the secured notes held by the issuing entity during the period from the last distribution date to but excluding the current distribution date; |
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(3) the amount, if any, paid by the swap counterparty to the issuing entity under any interest rate swap; and | |
(4) amounts paid for any secured notes repurchased by the depositor. |
(1) the administration fee for the Trust Administrator; | |
(2) the Aggregate Noteholders’ Interest Distributable Amount, including the Aggregate Class A Interest Distributable Amount, the Aggregate Class B Interest Distributable Amount, the Aggregate Class C Interest Distributable Amount and the Aggregate Class D Interest Distributable Amount; | |
(3) the First Priority Principal Distributable Amount, the Second Priority Principal Distributable Amount and the Third Priority Principal Distributable Amount; | |
(4) the Noteholders’ Regular Principal Distributable Amount; | |
(5) the net amount, if any, payable by the issuing entity under any interest rate swaps and Senior Swap Termination Payments and Subordinated Swap Termination Payments, if any, required to be paid on that distribution date; | |
(6) the amounts to be paid to the reserve account and to the certificateholders; and | |
(7) all other amounts required to determine the amounts, if any, to be deposited into or paid from each of the CARAT collection account and the note distribution account. |
(1) to the Trust Administrator, the administration fee for that distribution date and any unpaid administration fees from any preceding distribution date; | |
(2) to the swap counterparty, the net amount, if any, due under the interest rate swaps, other than any swap termination payments; | |
(3) to the note distribution account for payment to the Class A Noteholders, the Aggregate Class A Interest Distributable Amount and any Senior Swap Termination |
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Payments due to the swap counterparty on any interest rate swaps related to the Class A Notes allocated ratably between the Aggregate Class A Interest Distributable Amount and these Senior Swap Termination Payments in proportion to their respective amounts; | |
(4) to the note distribution account for payment to the noteholders, the First Priority Principal Distributable Amount, if any; | |
(5) to the note distribution account for payment to the Class B Noteholders, the Aggregate Class B Interest Distributable Amount; | |
(6) to the note distribution account for payment to the noteholders, the Second Priority Principal Distributable Amount, if any; | |
(7) to the note distribution account for payment to the Class C Noteholders, the Aggregate Class C Interest Distributable Amount; | |
(8) to the note distribution account for payment to the noteholders, the Third Priority Principal Distributable Amount, if any; | |
(9) to the note distribution account for payment to the Class D Noteholders, the Aggregate Class D Interest Distributable Amount; | |
(10) to the note distribution account for payment to the noteholders, the Noteholders’ Regular Principal Distributable Amount; | |
(11) if the outstanding principal balance of the notes (after giving effect to payments of principal from the note distribution account as contemplated by the foregoing clauses (1) through (10)) is equal to or less than the Reserve Account Available Amount, then to the note distribution account for payment to the noteholders, the outstanding principal balance of the notes (the amount of such outstanding principal balance of the notes being the“Mandatory Prepayment Amount”); | |
(12) to the reserve account, the amount necessary to cause the Reserve Account Available Amount to equal the Reserve Account Required Amount; | |
(13) to the note distribution account for payment to the noteholders, the Noteholders’ Additional Principal Distributable Amount; | |
(14) to the swap counterparty, any Subordinated Swap Termination Payments on any interest rate swaps related to the Class A Notes; and | |
(15) to the certificateholders, all remaining amounts. |
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• | the issuing entity’s failure to make payments due under that primary swap; | |
• | a merger by the issuing entity without an assumption of its obligations under the primary swap; | |
• | the occurrence of an event of default (other than a bankruptcy related event of default) by the issuing entity under the CARAT Indenture after which the notes are declared due and payable or the CARAT Indenture Trustee sells the assets of the issuing entity or the occurrence of a bankruptcy related event of default with respect to the issuing entity under the CARAT Indenture, as described in the accompanying prospectus under“The Notes— The CARAT Indenture— CARAT Events of Default; Rights Upon CARAT Event of Default;” and | |
• | the issuing entity amends the CARAT Related Documents in a manner that materially and adversely affects the swap counterparty without the prior written consent of the swap counterparty. |
• | the failure by the swap counterparty to make payments due under that primary swap; | |
• | the breach by the swap counterparty of the agreement evidencing that primary swap; | |
• | the existence of a misrepresentation by the swap counterparty in the agreement evidencing that primary swap; |
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• | the occurrence of bankruptcy and insolvency events with respect to the swap counterparty; and | |
• | a merger by the swap counterparty without an assumption of its obligations under the primary swap. |
• | an event of default under the primary swap has occurred, the swap counterparty is the defaulting party and the issuing entity has declared a designated event; | |
• | a termination event has occurred where the swap counterparty is the affected party and no transfer of the swap counterparty’s responsibilities, as described above, is effected; | |
• | a credit downgrade, as described below, has occurred and no appropriate arrangements, as described below, are made; and |
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• | the issuing entity receives notice from the swap counterparty that it will be unable to make a swap payment on the next distribution date. |
• | post collateral or make other appropriate credit support arrangements; or | |
• | obtain a substitute swap counterparty to assume the rights and obligations of the swap counterparty under the primary swap or of the contingent swap counterparty under the contingent assignment agreement, in either case so that the substitution would be acceptable to the issuing entity, which acceptance is not to be unreasonably withheld, and would result in a joint probability of at least “AA-” by Standard & Poor’s. |
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• | post collateral pursuant to an ISDA Credit Support Annex on terms satisfactory to Fitch to be negotiated between the parties at such time; or | |
• | obtain a substitute swap counterparty with Fitch ratings of at least “A” (long-term) and “F1” (short-term) to assume the rights and obligations of the swap counterparty under the primary swap acceptable to the issuing entity, which acceptance is not unreasonably withheld; or | |
• | provide an unconditional guaranty from an entity with a Fitch rating of at least “A” (long-term) and “F1” (short-term); or | |
• | make other appropriate credit support arrangements acceptable to Fitch. |
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• | the Class A-1 Notes in the highest rating category for short-term obligations (i.e.,“A-1+,” “F1+” or their respective equivalents); | |
• | the Class A-2, Class A-3 and Class A-4 Notes in the highest rating category for long-term obligations (i.e., “AAA” or its equivalent); | |
• | the Class B Notes in the “AA” category for long-term obligations or its equivalent; | |
• | the Class C Notes in the “A” category for long-term obligations or its equivalent; and | |
• | the Class D Notes in the “BBB” category for long-term obligations or its equivalent. |
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Class A-2a | Class A-2b | Class A-3a | Class A-3b | Class A-4 | Class B | Class C | Class D | |||||||||||||||||||||||||
Banc of America Securities LLC | $ | 39,375,000 | $ | 108,000,000 | $ | 31,500,000 | $ | 117,000,000 | $ | 91,126,575 | $ | 14,062,500 | $ | 13,750,000 | $ | 15,000,000 | ||||||||||||||||
BNP Paribas Securities Corp. | $ | 39,375,000 | $ | 108,000,000 | $ | 31,500,000 | $ | 117,000,000 | $ | 91,126,575 | $ | 14,062,500 | $ | 13,750,000 | $ | 15,000,000 | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 39,375,000 | $ | 108,000,000 | $ | 31,500,000 | $ | 117,000,000 | $ | 91,126,575 | $ | 14,062,500 | $ | 13,750,000 | $ | 15,000,000 | ||||||||||||||||
SG Americas Securities, LLC | $ | 39,375,000 | $ | 108,000,000 | $ | 31,500,000 | $ | 117,000,000 | $ | 91,126,575 | $ | 14,062,500 | $ | 13,750,000 | $ | 15,000,000 | ||||||||||||||||
BMO Capital Markets Corp. | $ | 3,500,000 | $ | 9,600,000 | $ | 2,800,000 | $ | 10,400,000 | $ | 8,100,140 | — | — | — | |||||||||||||||||||
CIBC World Markets Corp. | $ | 3,500,000 | $ | 9,600,000 | $ | 2,800,000 | $ | 10,400,000 | $ | 8,100,140 | — | — | — | |||||||||||||||||||
Daiwa Securities America Inc. | $ | 3,500,000 | $ | 9,600,000 | $ | 2,800,000 | $ | 10,400,000 | $ | 8,100,140 | — | — | — | |||||||||||||||||||
KeyBanc Capital Markets Inc. | $ | 3,500,000 | $ | 9,600,000 | $ | 2,800,000 | $ | 10,400,000 | $ | 8,100,140 | — | — | — | |||||||||||||||||||
RBC Capital Markets Corporation | $ | 3,500,000 | $ | 9,600,000 | $ | 2,800,000 | $ | 10,400,000 | $ | 8,100,140 | — | — | — | |||||||||||||||||||
Total | $ | 175,000,000 | $ | 480,000,000 | $ | 140,000,000 | $ | 520,000,000 | $ | 405,007,000 | $ | 56,250,000 | $ | 55,000,000 | $ | 60,000,000 | ||||||||||||||||
Selling Concession | Reallowance | |||||||
Class A-2a Notes | 0.090% | 0.050% | ||||||
Class A-2b Notes | 0.090% | 0.050% | ||||||
Class A-3a Notes | 0.105% | 0.060% | ||||||
Class A-3b Notes | 0.105% | 0.060% | ||||||
Class A-4 Notes | 0.150% | 0.090% | ||||||
Class B Notes | 0.165% | 0.100% | ||||||
Class C Notes | 0.180% | 0.110% | ||||||
Class D Notes | 0.240% | 0.150% |
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As a Percent of | ||||||||
Initial Aggregate | ||||||||
Principal Amount | ||||||||
Aggregate Amount | of the Notes | |||||||
Sale of the Offered Notes Proceeds | $ | 1,891,219,839 | 99.998035% | |||||
Underwriting Discount of the Offered Notes | $ | 3,709,705 | 0.196150% | |||||
Additional Offering Expenses | $ | 1,200,000 | 0.063450% | |||||
Net Proceeds to Depositor | $ | 1,886,310,134 | 99.738435% |
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(a) for each lease asset for which the Servicer has paid the Administrative Purchase Payment as of the close of business on the last day of the related Collection Period under the COLT Servicing Agreement, zero; | |
(b) for each lease asset for which GMAC has paid the Warranty Purchase Payment as of the close of business on the last day of the related Collection Period under the COLT Sale and Contribution Agreement, zero; | |
(c) for each lease asset that (i) terminated during or prior to the related Collection Period and reached its scheduled lease end date during or prior to the related Collection Period, (ii) became a Pull Ahead Lease Asset during or prior to the related Collection Period, or (iii) became an Extended Lease during or prior to the related Collection Period but, in each case, that did not become a Liquidating Lease Asset during or prior to the related Collection Period, the Lease Residual; | |
(d) for each lease asset that became a Liquidating Lease Asset during or prior to the related Collection Period, zero; and | |
(e) for each other lease asset, the sum of (i) the present value, as of the close of business on the last day of the related Collection Period (discounted at a rate equal to the Discount Rate and computed on the basis of a360-day year comprised of twelve30-day months), of each Monthly Lease Payment for that lease asset due after the last day of the related Collection Period, discounted from the first day of the Collection Period in which the Monthly Lease Payment is due to the last day of the related Collection Period, (ii) the aggregate amount of past due and unpaid Monthly Lease Payments for which no Advances have been made, and (iii) the present value, as of the close of business on the last day of the related Collection Period (discounted at a rate equal to the Discount Rate and computed on the basis of a360-day year comprised of twelve30-day months), of the Lease Residual for that lease asset, discounted from the first day of the Collection Period in which the scheduled lease end date for that lease asset occurs to the last day of the related Collection Period. |
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(a) the related vehicle was sold or otherwise disposed of by the Servicer following the scheduled or early termination of the related lease; | |
(b) the related lease terminated prior to the related Collection Period and reached its scheduled lease end date more than 120 days prior to the end of that Collection Period and as of the end of that Collection Period, the related vehicle remained unsold; | |
(c) the related lease became an Extended Lease on its scheduled lease end date, which scheduled lease end date shall have occurred more than 120 days prior to the end of that Collection Period and as of the end of that Collection Period, the related vehicle remained unsold; or | |
(d) the Servicer’s records, in accordance with its customary servicing procedures, disclose that all Insurance Proceeds expected to be received have been received by the Servicer following a casualty or other loss with respect to the related vehicle. |
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(A) the outstanding principal balance of the notes as of the close of the immediately preceding distribution date or, in the case of the first distribution date, the outstanding principal balance of the notes on the closing date; and | |
(B) the excess, if any, of: |
(1) the outstanding principal balance of the notes on that distribution date (after giving effect to any Noteholders’ Regular Principal Distributable Amount and any Aggregate Noteholders’ Priority Principal Distributable Amount for that date),over(2) the result of the Aggregate ABS Value as of the close of business on the last day of the related Collection Period,minusthe Target Aggregate Overcollateralization Amount. |
(A) the outstanding principal balance of the notes as of the close of the immediately preceding distribution date or, in the case of the first distribution date, the outstanding principal balance of the notes on the closing date; and | |
(B) the excess, if any, of: |
(1) the outstanding principal balance of the notes on that distribution date (after giving effect to any Aggregate Noteholders’ Priority Principal Distributable Amount for that date),over(2) the result of the Aggregate ABS Value as of the close of business on the last day of the related Collection Period,minusthe sum of the Aggregate Overcollateralization Amount and the total of all amounts deposited in the note distribution account on all prior Distribution Dates, if any, pursuant to step (13) as described under“The Transfer and Servicing Agreements— Distributions on the Notes— Priorities for Distributions from the CARAT Collection Account”(or in the case of the first Distribution Date, $0). |
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(1) all proceeds from the sale of the related vehicle following the termination of the lease, including any amounts realized from sales to dealers, during the related Collection Period,plus | |
(2) if the lease terminated prior to its scheduled lease end date (other than by reason of being a Pull Ahead Lease Asset), all amounts paid by the lessee in connection with the early termination of the lease,plus | |
(3) without duplication of any amounts described inclause (1)or(2), any other amounts (other than Excluded Amounts, Supplemental Servicing Fees, Excess Payments, any Extended Lease Payments on that lease asset and Sales and Use Tax Amounts) received by the Servicer during the related Collection Period with respect to the lease after its scheduled lease end date, including all amounts collected by the Servicer in respect of excess wear and excess mileage charges for the related vehicle,minus | |
(4) the sum of (a) any liquidation expenses with respect to that lease asset, (b) any amounts that are required to be paid or refunded to the lessee or any other person or entity under applicable law and (c) any Sales and Use Tax Amounts payable under the lease. |
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(a) the Secured Note Monthly Accrued Interest for that secured note on that distribution date; | |
(b) any Secured Note Interest Distributable Amount due but not paid with respect to that secured note on the preceding distribution date; and | |
(c) interest on any unpaid Secured Note Interest Distributable Amount specified in clause (b) determined by multiplying |
(1) the Secured Note Rate, by | |
(2) the amount of the unpaid Secured Note Interest Distributable Amount, and by | |
(3) 1/12. |
(a) the aggregate Secured Note Principal Balance at the close of business on the immediately preceding distribution date (after giving effect to any principal payments made on the secured notes on that date) (or with respect to the first distribution date, on the closing date); and |
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(b) an amount equal to the excess, if any, of (i) the aggregate Secured Note Principal Balance as of the close of business on the immediately preceding distribution date (after giving effect to any principal payments made on the secured notes on that date) (or with respect to the first distribution date, on the closing date),over(ii) the result of the Aggregate ABS Value as of the close of business on the last day of the related Collection Period minus the COLT Overcollateralization Amount. |
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ABS Value of the Series 2005-SN1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency | Lease Assets of $2,000,005,300.94 | |||||||||||||||||||||||||||||||||||||||||||||||
31-60 days | 61-90 days | Over 90 days | ||||||||||||||||||||||||||||||||||||||||||||||
Monthly Net Losses | Monthly Net Losses | |||||||||||||||||||||||||||||||||||||||||||||||
Total | (Gains) on Early | (Gains) on Returned | ||||||||||||||||||||||||||||||||||||||||||||||
Prepay- | Number | Number | Number | Number | Term Defaults | Vehicles Sold by GMAC | ||||||||||||||||||||||||||||||||||||||||||
ment | of | of | of | of | ||||||||||||||||||||||||||||||||||||||||||||
Month | Speeds | Contracts | % | Contracts | % | Contracts | % | Contracts | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||
March-05 | 0.41 | 1,174 | 1.1898 | % | 4 | 0.0041 | % | — | 0.0000 | % | 98,676 | — | 0.0000 | % | (902,375.78 | ) | (0.0451 | %) | ||||||||||||||||||||||||||||||
April-05 | 0.56 | 1,134 | 1.1563 | % | 128 | 0.1305 | % | 3 | 0.0031 | % | 98,068 | 22,254.54 | 0.0011 | % | (1,387,752.78 | ) | (0.0694 | %) | ||||||||||||||||||||||||||||||
May-05 | 1.47 | 1,656 | 1.7206 | % | 184 | 0.1912 | % | 48 | 0.0499 | % | 96,245 | 98,985.87 | 0.0050 | % | (3,261,627.04 | ) | (0.1631 | %) | ||||||||||||||||||||||||||||||
June-05 | 1.44 | 1,869 | 1.9816 | % | 279 | 0.2958 | % | 101 | 0.1071 | % | 94,320 | 151,481.92 | 0.0077 | % | (2,513,472.46 | ) | (0.1257 | %) | ||||||||||||||||||||||||||||||
July-05 | 1.25 | 1,926 | 2.0787 | % | 344 | 0.3713 | % | 168 | 0.1813 | % | 92,656 | 172,136.93 | 0.0087 | % | (1,621,413.06 | ) | (0.0811 | %) | ||||||||||||||||||||||||||||||
August-05 | 0.73 | 1,529 | 1.6869 | % | 249 | 0.2747 | % | 184 | 0.2030 | % | 90,637 | 353,200.08 | 0.0179 | % | (2,856,371.27 | ) | (0.1428 | %) | ||||||||||||||||||||||||||||||
September-05 | 0.38 | 1,915 | 2.1636 | % | 258 | 0.2915 | % | 240 | 0.2712 | % | 88,509 | 177,038.78 | 0.0090 | % | (2,643,134.50 | ) | (0.1322 | %) | ||||||||||||||||||||||||||||||
October-05 | 0.40 | 1,897 | 2.2015 | % | 368 | 0.4271 | % | 237 | 0.2750 | % | 86,168 | 402,742.06 | 0.0204 | % | (1,300,484.60 | ) | (0.0650 | %) | ||||||||||||||||||||||||||||||
November-05 | 0.38 | 1,760 | 2.1050 | % | 350 | 0.4186 | % | 299 | 0.3576 | % | 83,610 | 361,226.83 | 0.0183 | % | (1,143,590.40 | ) | (0.0572 | %) | ||||||||||||||||||||||||||||||
December-05 | 0.00 | 2,175 | 2.6708 | % | 371 | 0.4556 | % | 295 | 0.3623 | % | 81,435 | 603,844.37 | 0.0307 | % | (1,825,211.37 | ) | (0.0913 | %) | ||||||||||||||||||||||||||||||
January-06 | 0.42 | 1,938 | 2.4560 | % | 366 | 0.4638 | % | 309 | 0.3916 | % | 78,909 | 355,291.68 | 0.0180 | % | (2,670,147.51 | ) | (0.1335 | %) | ||||||||||||||||||||||||||||||
February-06 | 0.22 | 1,570 | 2.0616 | % | 320 | 0.4202 | % | 304 | 0.3992 | % | 76,153 | 132,519.20 | 0.0067 | % | (3,721,768.58 | ) | (0.1861 | %) | ||||||||||||||||||||||||||||||
March-06 | 0.81 | 2,005 | 2.7649 | % | 276 | 0.3806 | % | 288 | 0.3972 | % | 72,516 | 235,742.33 | 0.0120 | % | (5,158,392.97 | ) | (0.2579 | %) | ||||||||||||||||||||||||||||||
April-06 | 1.81 | 2,031 | 2.9234 | % | 391 | 0.5628 | % | 221 | 0.3181 | % | 69,473 | 283,269.83 | 0.0144 | % | (3,868,773.60 | ) | (0.1934 | %) | ||||||||||||||||||||||||||||||
May-06 | 1.39 | 1,354 | 2.0437 | % | 183 | 0.2762 | % | 75 | 0.1132 | % | 66,254 | 229,740.37 | 0.0117 | % | (1,456,419.02 | ) | (0.0728 | %) | ||||||||||||||||||||||||||||||
June-06 | 1.44 | 1,287 | 2.0343 | % | 176 | 0.2782 | % | 63 | 0.0996 | % | 63,266 | 263,773.22 | 0.0134 | % | (728,228.48 | ) | (0.0364 | %) | ||||||||||||||||||||||||||||||
July-06 | 1.09 | 1,468 | 2.4272 | % | 207 | 0.3423 | % | 64 | 0.1058 | % | 60,482 | 181,979.13 | 0.0092 | % | (432,539.23 | ) | (0.0216 | %) | ||||||||||||||||||||||||||||||
August-06 | 1.62 | 1,295 | 2.2682 | % | 189 | 0.3310 | % | 56 | 0.0981 | % | 57,093 | 362,483.82 | 0.0184 | % | 223,725.05 | 0.0112 | % | |||||||||||||||||||||||||||||||
September-06 | 1.12 | 1,302 | 2.3983 | % | 165 | 0.3039 | % | 57 | 0.1050 | % | 54,288 | 211,740.47 | 0.0107 | % | 1,853,272.89 | 0.0927 | % | |||||||||||||||||||||||||||||||
October-06 | 0.65 | 1,202 | 2.3329 | % | 143 | 0.2775 | % | 52 | 0.1009 | % | 51,524 | 239,444.48 | 0.0122 | % | 1,049,601.90 | 0.0525 | % | |||||||||||||||||||||||||||||||
November-06 | 0.00 | 1,077 | 2.2005 | % | 154 | 0.3146 | % | 52 | 0.1062 | % | 48,944 | 160,671.37 | 0.0082 | % | 468,147.79 | 0.0234 | % | |||||||||||||||||||||||||||||||
December-06 | 0.00 | 1,381 | 2.9844 | % | 198 | 0.4279 | % | 53 | 0.1145 | % | 46,274 | 136,163.89 | 0.0069 | % | 769,920.32 | 0.0385 | % | |||||||||||||||||||||||||||||||
January-07 | 1.84 | 1,049 | 2.4269 | % | 121 | 0.2799 | % | 43 | 0.0995 | % | 43,223 | 216,851.01 | 0.0110 | % | (403,479.71 | ) | (0.0202 | %) | ||||||||||||||||||||||||||||||
February-07 | 0.95 | 773 | 1.9055 | % | 88 | 0.2169 | % | 34 | 0.0838 | % | 40,567 | 142,886.67 | 0.0073 | % | (1,991,520.32 | ) | (0.0996 | %) | ||||||||||||||||||||||||||||||
March-07 | 0.65 | 900 | 2.3714 | % | 50 | 0.1317 | % | 24 | 0.0632 | % | 37,952 | 35,761.43 | 0.0018 | % | (3,614,282.23 | ) | (0.1807 | %) |
Average | Minimum | Maximum | ||||||||||
ABS Value | $20,185.56 | $ | 4,133.38 | $ | 77,836.99 | |||||||
Lease Residual | $13,368.32 | $ | 1,913.55 | $ | 50,803.50 | |||||||
Seasoning (Months) | 12.23 | 0.00 | 42.00 | |||||||||
Remaining Term (Months) | 26.93 | 6.00 | 48.00 | |||||||||
Original Term (Months) | 39.16 | 24.00 | 48.00 | |||||||||
Lease Residual as a % of ABS Value | 66.23 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 40.07 | % | ||||||||||
Percentage of New Vehicles | 100.00 | % | ||||||||||
FICO Score Range | Not available | |||||||||||
Cut-Off Date | March 1, 2005 |
A-2
Table of Contents
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | as a % of | ||||||||||||||||||||
Number | Number | Percentage | Aggregate | ||||||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | ABS Value | ABS Value | MSRP | ||||||||||||||||
0 to 24 | 11,631 | 11.74 | % | $ | 240,913,877.94 | 12.05 | % | 50.08 | % | ||||||||||||
25 to 36 | 49,277 | 49.73 | % | $ | 947,778,253.23 | 47.39 | % | 40.93 | % | ||||||||||||
37 to 48 | 38,173 | 38.53 | % | $ | 811,313,169.77 | 40.56 | % | 35.67 | % | ||||||||||||
Total | 99,081 | 100.00 | % | $ | 2,000,005,300.94 | 100.00 | % | ||||||||||||||
Percentage | Lease | ||||||||||||||||||||
of Total | Residual | ||||||||||||||||||||
Number | Number | Percentage | as a % of | ||||||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | ABS Value | ABS Value | MSRP | ||||||||||||||||
Jun 2005-Aug 2005 | 1,332 | 1.34 | % | $ | 19,392,039.14 | 0.97 | % | 42.97 | % | ||||||||||||
Sep 2005-Nov 2005 | 6,504 | 6.56 | % | $ | 101,491,782.06 | 5.07 | % | 42.95 | % | ||||||||||||
Dec 2005-Feb 2006 | 8,196 | 8.27 | % | $ | 130,851,875.67 | 6.54 | % | 41.44 | % | ||||||||||||
Mar 2006-May 2006 | 7,201 | 7.27 | % | $ | 119,500,997.86 | 5.98 | % | 40.77 | % | ||||||||||||
Jun 2006-Aug 2006 | 7,206 | 7.27 | % | $ | 126,083,206.70 | 6.30 | % | 41.08 | % | ||||||||||||
Sep 2006-Nov 2006 | 9,395 | 9.48 | % | $ | 187,940,934.65 | 9.40 | % | 43.60 | % | ||||||||||||
Dec 2006-Feb 2007 | 8,897 | 8.98 | % | $ | 174,256,261.52 | 8.71 | % | 42.09 | % | ||||||||||||
Mar 2007-May 2007 | 8,441 | 8.52 | % | $ | 172,246,962.35 | 8.61 | % | 38.98 | % | ||||||||||||
Jun 2007-Aug 2007 | 7,381 | 7.45 | % | $ | 150,750,851.01 | 7.54 | % | 38.55 | % | ||||||||||||
Sep 2007-Nov 2007 | 7,418 | 7.49 | % | $ | 177,523,579.27 | 8.88 | % | 41.85 | % | ||||||||||||
Dec 2007-Feb 2008 | 7,579 | 7.65 | % | $ | 174,820,078.31 | 8.74 | % | 39.76 | % | ||||||||||||
Mar 2008-May 2008 | 8,694 | 8.78 | % | $ | 188,297,724.67 | 9.42 | % | 35.19 | % | ||||||||||||
Jun 2008-Aug 2008 | 4,623 | 4.67 | % | $ | 112,040,327.92 | 5.60 | % | 35.32 | % | ||||||||||||
Sep 2008-Nov 2008 | 3,291 | 3.32 | % | $ | 88,364,062.64 | 4.42 | % | 37.01 | % | ||||||||||||
Dec 2008-Feb 2009 | 2,923 | 2.95 | % | $ | 76,444,617.17 | 3.82 | % | 36.52 | % | ||||||||||||
Total | 99,081 | 100.00 | % | $ | 2,000,005,300.94 | 100.00 | % | ||||||||||||||
A-3
Table of Contents
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | ||||||||||||||
State of Origination | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Michigan | 46,055 | 46.48 | % | $ | 832,294,272.12 | 41.61 | % | ||||||||||
Florida | 8,257 | 8.33 | % | $ | 190,753,176.08 | 9.54 | % | ||||||||||
New Jersey | 8,232 | 8.31 | % | $ | 175,427,493.85 | 8.77 | % | ||||||||||
Pennsylvania | 8,596 | 8.68 | % | $ | 165,829,073.42 | 8.29 | % | ||||||||||
California | 5,475 | 5.53 | % | $ | 152,503,913.19 | 7.63 | % | ||||||||||
Indiana | 6,695 | 6.76 | % | $ | 129,616,839.69 | 6.48 | % | ||||||||||
Other | 15,771 | 15.91 | % | $ | 353,580,532.59 | 17.68 | % | ||||||||||
Total | 99,081 | 100.00 | % | $ | 2,000,005,300.94 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | ||||||||||||||
Vehicle Make | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Chevrolet | 37,549 | 37.90 | % | $ | 691,167,064.21 | 34.56 | % | ||||||||||
Cadillac | 17,204 | 17.36 | % | $ | 522,937,916.17 | 26.15 | % | ||||||||||
GMC | 11,219 | 11.32 | % | $ | 271,987,944.47 | 13.60 | % | ||||||||||
Pontiac | 17,026 | 17.19 | % | $ | 240,657,022.48 | 12.03 | % | ||||||||||
Buick | 8,411 | 8.49 | % | $ | 144,370,627.86 | 7.22 | % | ||||||||||
Saturn | 5,344 | 5.39 | % | $ | 60,759,120.08 | 3.04 | % | ||||||||||
Hummer | 1,325 | 1.34 | % | $ | 53,852,951.12 | 2.69 | % | ||||||||||
Oldsmobile | 1,003 | 1.01 | % | $ | 14,272,654.55 | 0.71 | % | ||||||||||
Total | 99,081 | 100.00 | % | $ | 2,000,005,300.94 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | ||||||||||||||
Model | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Trailblazer | 11,708 | 11.82 | % | $ | 244,183,395.67 | 12.21 | % | ||||||||||
Envoy | 7,367 | 7.44 | % | $ | 164,654,279.09 | 8.23 | % | ||||||||||
Escalade | 3,795 | 3.83 | % | $ | 149,019,424.87 | 7.45 | % | ||||||||||
CTS | 5,642 | 5.69 | % | $ | 136,708,211.31 | 6.84 | % | ||||||||||
Deville | 4,375 | 4.42 | % | $ | 123,464,942.14 | 6.17 | % | ||||||||||
Grand Prix | 7,119 | 7.18 | % | $ | 105,588,383.58 | 5.28 | % | ||||||||||
Other | 59,075 | 59.62 | % | $ | 1,076,386,664.28 | 53.82 | % | ||||||||||
Total | 99,081 | 100.00 | % | $ | 2,000,005,300.94 | 100.00 | % | ||||||||||
A-4
Table of Contents
Monthly | |||||||||
Month | Residual Advances | Payment Advances | |||||||
March 2005 | — | $ | 1,870,669.28 | ||||||
April 2005 | — | $ | 3,303,299.27 | ||||||
May 2005 | — | $ | 2,521,745.43 | ||||||
June 2005 | — | $ | 2,676,534.07 | ||||||
July 2005 | — | $ | 3,527,007.95 | ||||||
August 2005 | — | $ | 2,064,425.94 | ||||||
September 2005 | — | $ | 2,608,201.43 | ||||||
October 2005 | — | $ | 2,185,015.47 | ||||||
November 2005 | — | $ | 2,664,762.35 | ||||||
December 2005 | $ | 45,535.30 | $ | 2,578,230.22 | |||||
January 2006 | $ | 39,840.51 | $ | 2,063,058.43 | |||||
February 2006 | $ | 91,940.70 | $ | 2,822,846.47 | |||||
March 2006 | $ | 51,086.59 | $ | 1,612,477.21 | |||||
April 2006 | $ | 87,381.09 | $ | 3,490,801.44 | |||||
May 2006 | $ | 180,154.63 | $ | 1,701,496.02 | |||||
June 2006 | $ | 227,973.85 | $ | 1,837,524.45 | |||||
July 2006 | $ | 73,431.65 | $ | 1,860,482.17 | |||||
August 2006 | $ | 160,248.47 | $ | 1,690,618.70 | |||||
September 2006 | $ | 81,721.64 | $ | 2,330,747.75 | |||||
October 2006 | $ | 30,316.73 | $ | 1,387,156.82 | |||||
November 2006 | $ | 83,489.53 | $ | 1,580,836.37 | |||||
December 2006 | $ | 200,704.01 | $ | 2,123,984.02 | |||||
January 2007 | $ | 118,319.27 | $ | 1,192,441.42 | |||||
February 2007 | $ | 87,797.05 | $ | 1,547,132.02 | |||||
March 2007 | $ | 253,701.43 | $ | 1,098,441.70 | |||||
Total | $ | 1,813,642.45 | $ | 54,339,936.40 | |||||
A-5
Table of Contents
Pull Ahead | |||||
Month | Payment Advances | ||||
March 2005 | — | ||||
April 2005 | $ | 939,357.22 | |||
May 2005 | $ | 2,158,921.71 | |||
June 2005 | $ | 621,350.63 | |||
July 2005 | $ | 92,750.74 | |||
August 2005 | $ | 1,495,389.11 | |||
September 2005 | $ | 414,327.63 | |||
October 2005 | $ | 842,005.73 | |||
November 2005 | $ | 450,910.97 | |||
December 2005 | $ | 164,549.41 | |||
January 2006 | $ | 869,677.45 | |||
February 2006 | $ | 1,505,544.03 | |||
March 2006 | $ | 1,362,469.12 | |||
April 2006 | $ | 993,583.69 | |||
May 2006 | $ | 1,120,692.06 | |||
June 2006 | $ | 1,396,250.99 | |||
July 2006 | $ | 1,240,200.15 | |||
August 2006 | $ | 787,868.86 | |||
September 2006 | $ | 732,334.69 | |||
October 2006 | $ | 743,701.68 | |||
November 2006 | $ | 707,704.83 | |||
December 2006 | $ | 612,575.77 | |||
January 2007 | $ | 609,187.79 | |||
February 2007 | $ | 455,291.16 | |||
March 2007 | $ | 593,473.62 | |||
Total | $ | 20,910,119.04 | |||
ABS Value of the Series 2006-SN1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency | Lease Assets of $2,700,009,380.39 | |||||||||||||||||||||||||||||||||||||||||||||||
31-60 days | 61-90 days | Over 90 days | ||||||||||||||||||||||||||||||||||||||||||||||
Monthly Net Losses | Monthly Net Losses | |||||||||||||||||||||||||||||||||||||||||||||||
Total | (Gains) on Early | (Gains) on Returned | ||||||||||||||||||||||||||||||||||||||||||||||
Prepay- | Number | Number | Number | Number | Term Defaults | Vehicles Sold by GMAC | ||||||||||||||||||||||||||||||||||||||||||
ment | of | of | of | of | ||||||||||||||||||||||||||||||||||||||||||||
Month | Speeds | Contracts | % | Contracts | % | Contracts | % | Contracts | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||
July-06 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
August-06 | 0.46 | 1,801 | 1.4888 | % | 201 | 0.1662 | % | 2 | 0.0017 | % | 120,968 | 29,094.44 | 0.0012 | % | (995,570.08 | ) | (.0369 | %) | ||||||||||||||||||||||||||||||
September-06 | 0.34 | 1,984 | 1.6502 | % | 226 | 0.1880 | % | 34 | 0.0283 | % | 120,226 | 198,476.03 | 0.0080 | % | (288,571.97 | ) | (.0107 | %) | ||||||||||||||||||||||||||||||
October-06 | 0.46 | 2,063 | 1.7298 | % | 200 | 0.1677 | % | 40 | 0.0335 | % | 119,260 | 652,294.61 | 0.0264 | % | (409,596.88 | ) | (.0152 | %) | ||||||||||||||||||||||||||||||
November-06 | 0.37 | 1,948 | 1.6455 | % | 238 | 0.2010 | % | 42 | 0.0355 | % | 118,380 | 934,941.41 | 0.0378 | % | (466,492.36 | ) | (.0173 | %) | ||||||||||||||||||||||||||||||
December-06 | 0.37 | 2,695 | 2.2948 | % | 338 | 0.2878 | % | 54 | 0.0460 | % | 117,440 | 716,950.66 | 0.0290 | % | (502,277.20 | ) | (.0186 | %) | ||||||||||||||||||||||||||||||
January-07 | 0.60 | 2,218 | 1.9074 | % | 255 | 0.2193 | % | 53 | 0.0456 | % | 116,282 | 712,049.85 | 0.0288 | % | (917,301.68 | ) | (.0340 | %) | ||||||||||||||||||||||||||||||
February-07 | 0.53 | 1,789 | 1.5527 | % | 177 | 0.1536 | % | 37 | 0.0321 | % | 115,220 | 805,234.84 | 0.0326 | % | (936,306.36 | ) | (.0347 | %) | ||||||||||||||||||||||||||||||
March-07 | 0.54 | 2,167 | 1.9007 | % | 147 | 0.1289 | % | 36 | 0.0316 | % | 114,011 | 570,316.49 | 0.0231 | % | (1,665,870.86 | ) | (.0617 | %) |
A-6
Table of Contents
Average | Minimum | Maximum | ||||||||||
ABS Value | $22,118.90 | $ | 4,420.05 | $ | 93,378.36 | |||||||
Lease Residual | $13,883.31 | $ | 2,439.75 | $ | 62,492.90 | |||||||
Seasoning (Months) | 5.14 | 0.00 | 45.00 | |||||||||
Remaining Term (Months) | 33.30 | 3.00 | 48.00 | |||||||||
Original Term (Months) | 38.44 | 24.00 | 48.00 | |||||||||
Lease Residual as a % of ABS Value | 62.77 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 42.93 | % | ||||||||||
Percentage of New Vehicles | 100.00 | % | ||||||||||
FICO Score Range | 709.00 | 382.00 | 894.00 | |||||||||
Cut-Off Date | July 1, 2006 |
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | as a % of | ||||||||||||||||||||
Number | Number | Percentage | Aggregate | ||||||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | ABS Value | ABS Value | MSRP | ||||||||||||||||
0 to 24 | 8,316 | 6.81 | % | $ | 181,217,918.21 | 6.71 | % | 52.37 | % | ||||||||||||
25 to 36 | 43,788 | 35.87 | % | $ | 947,689,469.52 | 35.10 | % | 46.35 | % | ||||||||||||
37 to 39 | 34,062 | 27.91 | % | $ | 769,686,599.69 | 28.51 | % | 42.40 | % | ||||||||||||
40 to 48 | 35,902 | 29.41 | % | $ | 801,415,392.97 | 29.68 | % | 36.37 | % | ||||||||||||
Total | 122,068 | 100.00 | % | $ | 2,700,009,380.39 | 100.00 | % | ||||||||||||||
A-7
Table of Contents
Percentage | Lease | ||||||||||||||||||||
of Total | Residual | ||||||||||||||||||||
Number | Number | Percentage | as a % of | ||||||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | ABS Value | ABS Value | MSRP | ||||||||||||||||
Jul 2006-Sep 2006 | 341 | 0.28 | % | $ | 5,361,495.63 | 0.20 | % | 45.68 | % | ||||||||||||
Oct 2006-Dec 2006 | 1,442 | 1.18 | % | $ | 22,161,550.42 | 0.82 | % | 43.62 | % | ||||||||||||
Jan 2007-Mar 2007 | 1,565 | 1.28 | % | $ | 23,590,609.25 | 0.87 | % | 41.84 | % | ||||||||||||
Apr 2007-Jun 2007 | 2,159 | 1.77 | % | $ | 37,929,457.94 | 1.40 | % | 44.32 | % | ||||||||||||
Jul 2007-Sep 2007 | 2,129 | 1.74 | % | $ | 38,834,662.34 | 1.44 | % | 45.07 | % | ||||||||||||
Oct 2007-Dec 2007 | 2,563 | 2.10 | % | $ | 51,454,288.38 | 1.91 | % | 47.01 | % | ||||||||||||
Jan 2008-Mar 2008 | 5,918 | 4.85 | % | $ | 123,868,800.61 | 4.59 | % | 48.21 | % | ||||||||||||
Apr 2008-Jun 2008 | 12,059 | 9.88 | % | $ | 254,962,333.61 | 9.44 | % | 48.18 | % | ||||||||||||
Jul 2008-Sep 2008 | 11,206 | 9.18 | % | $ | 233,010,007.89 | 8.63 | % | 46.91 | % | ||||||||||||
Oct 2008-Dec 2008 | 3,834 | 3.14 | % | $ | 83,780,192.37 | 3.10 | % | 43.48 | % | ||||||||||||
Jan 2009-Mar 2009 | 11,731 | 9.61 | % | $ | 265,969,651.37 | 9.85 | % | 44.18 | % | ||||||||||||
Apr 2009-Jun 2009 | 23,986 | 19.65 | % | $ | 548,277,275.38 | 20.31 | % | 43.04 | % | ||||||||||||
Jul 2009-Sep 2009 | 16,283 | 13.34 | % | $ | 379,562,518.42 | 14.06 | % | 41.09 | % | ||||||||||||
Oct 2009-Dec 2009 | 2,550 | 2.09 | % | $ | 56,867,851.75 | 2.11 | % | 35.77 | % | ||||||||||||
Jan 2010-Mar 2010 | 13,001 | 10.65 | % | $ | 303,994,125.53 | 11.26 | % | 37.32 | % | ||||||||||||
Apr 2010-Jun 2010 | 11,301 | 9.26 | % | $ | 270,384,559.50 | 10.01 | % | 36.20 | % | ||||||||||||
Total | 122,068 | 100.00 | % | $ | 2,700,009,380.39 | 100.00 | % | ||||||||||||||
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | ||||||||||||||
State of Origination | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Michigan | 45,821 | 37.54 | % | $ | 889,034,474.93 | 32.92 | % | ||||||||||
New York | 15,375 | 12.59 | % | $ | 336,238,039.61 | 12.45 | % | ||||||||||
Florida | 10,836 | 8.88 | % | $ | 272,322,899.63 | 10.09 | % | ||||||||||
New Jersey | 9,956 | 8.16 | % | $ | 234,497,684.88 | 8.69 | % | ||||||||||
Pennsylvania | 7,730 | 6.33 | % | $ | 156,396,527.36 | 5.79 | % | ||||||||||
Indiana | �� | 6,679 | 5.47 | % | $ | 138,990,898.31 | 5.15 | % | |||||||||
California | 6,102 | 5.00 | % | $ | 181,185,620.42 | 6.71 | % | ||||||||||
Other | 19,569 | 16.03 | % | $ | 491,343,235.25 | 18.20 | % | ||||||||||
Total | 122,068 | 100.00 | % | $ | 2,700,009,380.39 | 100.00 | % | ||||||||||
A-8
Table of Contents
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | ||||||||||||||
Vehicle Make | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Chevrolet | 53,348 | 43.71 | % | $ | 1,051,013,712.76 | 38.93 | % | ||||||||||
Cadillac | 18,604 | 15.24 | % | $ | 615,285,057.51 | 22.79 | % | ||||||||||
GMC | 14,153 | 11.60 | % | $ | 361,667,456.57 | 13.40 | % | ||||||||||
Pontiac | 15,002 | 12.29 | % | $ | 248,753,730.42 | 9.21 | % | ||||||||||
Hummer | 5,619 | 4.60 | % | $ | 169,327,613.87 | 6.27 | % | ||||||||||
Buick | 9,122 | 7.47 | % | $ | 166,883,544.20 | 6.18 | % | ||||||||||
Saturn | 6,166 | 5.05 | % | $ | 86,489,535.99 | 3.20 | % | ||||||||||
Oldsmobile | 54 | 0.04 | % | $ | 588,729.07 | 0.02 | % | ||||||||||
Total | 122,068 | 100.00 | % | $ | 2,700,009,380.39 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | |||||||||||||||||
Number | Number | Percentage | |||||||||||||||
of Lease | of Lease | Aggregate | of Aggregate | ||||||||||||||
Model | Assets | Assets | ABS Value | ABS Value | |||||||||||||
Trailblazer | 14,171 | 11.61 | % | $ | 288,027,500.97 | 10.67 | % | ||||||||||
Envoy | 8,195 | 6.71 | % | $ | 183,386,113.14 | 6.79 | % | ||||||||||
C/ K Pickup | 7,168 | 5.87 | % | $ | 169,252,537.83 | 6.27 | % | ||||||||||
Escalade | 3,458 | 2.83 | % | $ | 161,520,319.96 | 5.98 | % | ||||||||||
CTS | 6,355 | 5.21 | % | $ | 154,088,326.66 | 5.71 | % | ||||||||||
Other | 82,721 | 67.77 | % | $ | 1,743,734,581.83 | 64.58 | % | ||||||||||
Total | 122,068 | 100.00 | % | $ | 2,700,009,380.39 | 100.00 | % | ||||||||||
A-9
Table of Contents
Number | Percentage | ||||||||||||
of Lease | Initial | of Initial | |||||||||||
Original FICO Band | Assets | ABS Value | ABS Value | ||||||||||
300 to 400 | 10 | $ | 136,896.86 | 0.01 | % | ||||||||
401 to 420 | 20 | $ | 435,755.89 | 0.02 | % | ||||||||
421 to 440 | 69 | $ | 1,359,987.74 | 0.05 | % | ||||||||
441 to 460 | 180 | $ | 3,781,045.16 | 0.14 | % | ||||||||
461 to 480 | 404 | $ | 7,909,324.31 | 0.29 | % | ||||||||
481 to 500 | 680 | $ | 13,557,424.32 | 0.50 | % | ||||||||
501 to 520 | 1,144 | $ | 23,832,516.63 | 0.88 | % | ||||||||
521 to 540 | 1,805 | $ | 36,949,435.13 | 1.37 | % | ||||||||
541 to 560 | 2,317 | $ | 48,269,534.23 | 1.79 | % | ||||||||
561 to 580 | 3,168 | $ | 67,520,445.56 | 2.50 | % | ||||||||
581 to 600 | 4,150 | $ | 91,080,384.57 | 3.38 | % | ||||||||
601 to 620 | 5,373 | $ | 119,062,121.57 | 4.41 | % | ||||||||
621 to 640 | 6,774 | $ | 152,227,953.17 | 5.64 | % | ||||||||
641 to 660 | 7,738 | $ | 176,831,797.56 | 6.55 | % | ||||||||
661 to 680 | 7,866 | $ | 177,674,898.38 | 6.58 | % | ||||||||
681 to 700 | 8,126 | $ | 181,748,194.93 | 6.73 | % | ||||||||
701 to 720 | 8,305 | $ | 183,672,664.26 | 6.80 | % | ||||||||
721 to 740 | 8,038 | $ | 176,460,082.83 | 6.54 | % | ||||||||
741 to 760 | 7,895 | $ | 170,000,555.92 | 6.30 | % | ||||||||
761 to 780 | 7,433 | $ | 160,027,053.00 | 5.93 | % | ||||||||
781 to 800 | 8,424 | $ | 177,471,369.41 | 6.57 | % | ||||||||
801 to 820 | 8,903 | $ | 184,933,980.50 | 6.85 | % | ||||||||
821 to 840 | 7,627 | $ | 155,052,526.48 | 5.74 | % | ||||||||
841 to 860 | 4,475 | $ | 89,180,441.25 | 3.30 | % | ||||||||
861 to 880 | 1,215 | $ | 24,127,367.68 | 0.89 | % | ||||||||
881 to 900 | 36 | $ | 648,648.98 | 0.02 | % | ||||||||
Total | 112,175 | $ | 2,423,952,406.32 | 89.78 | % | ||||||||
Out of Range | 9,893 | $ | 276,056,974.07 | 10.22 | % | ||||||||
Total | 122,068 | $ | 2,700,009,380.39 | 100.00 | % | ||||||||
Residual | Monthly | ||||||||
Month | Advances | Payment Advances | |||||||
July 2006 | — | — | |||||||
August 2006 | — | $ | 6,638,312.29 | ||||||
September 2006 | — | $ | 4,901,471.34 | ||||||
October 2006 | — | $ | 2,785,257.89 | ||||||
November 2006 | — | $ | 3,327,092.16 | ||||||
December 2006 | — | $ | 5,055,372.91 | ||||||
January 2007 | — | $ | 2,641,924.93 | ||||||
February 2007 | $ | 63,456.72 | $ | 3,828,658.81 | |||||
March 2007 | $ | 17,736.12 | $ | 2,706,584.03 | |||||
Total | $ | 81,192.84 | $ | $31,884,674.36 | |||||
A-10
Table of Contents
Pull Ahead | |||||
Month | Payment Advances | ||||
July 2006 | — | ||||
August 2006 | $ | 341,740.80 | |||
September 2006 | $ | 174,878.38 | |||
October 2006 | $ | 166,485.70 | |||
November 2006 | $ | 124,161.90 | |||
December 2006 | $ | 135,220.94 | |||
January 2007 | $ | 169,150.75 | |||
February 2007 | $ | 142,537.46 | |||
March 2007 | $ | 175,212.31 | |||
Total | $ | 1,429,388.24 | |||
A-11
Table of Contents
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2001 Q1 | $ | 6,033 | 0.00 | % | $ | (130,579 | ) | 0.00 | % | |||||||
2001 Q2 | $ | 454,059 | 0.00 | % | $ | (567,467 | ) | (0.01 | %) | |||||||
2001 Q3 | $ | 2,578,848 | 0.03 | % | $ | (1,686,258 | ) | (0.02 | %) | |||||||
2001 Q4 | $ | 8,169,072 | 0.09 | % | $ | (2,536,663 | ) | (0.03 | %) | |||||||
2002 Q1 | $ | 15,002,841 | 0.16 | % | $ | (5,090,023 | ) | (0.05 | %) | |||||||
2002 Q2 | $ | 21,607,813 | 0.23 | % | $ | (9,045,042 | ) | (0.10 | %) | |||||||
2002 Q3 | $ | 28,651,130 | 0.30 | % | $ | (13,878,869 | ) | (0.15 | %) | |||||||
2002 Q4 | $ | 38,042,320 | 0.40 | % | $ | (14,977,876 | ) | (0.16 | %) | |||||||
2003 Q1 | $ | 46,765,762 | 0.50 | % | $ | (14,018,447 | ) | (0.15 | %) | |||||||
2003 Q2 | $ | 55,749,585 | 0.59 | % | $ | (16,778,150 | ) | (0.18 | %) | |||||||
2003 Q3 | $ | 62,776,188 | 0.67 | % | $ | (21,030,613 | ) | (0.22 | %) | |||||||
2003 Q4 | $ | 70,350,402 | 0.75 | % | $ | (151,902 | ) | 0.00 | % | |||||||
2004 Q1 | $ | 76,785,257 | 0.81 | % | $ | 323,941 | 0.00 | % | ||||||||
2004 Q2 | $ | 80,874,997 | 0.86 | % | $ | (16,005,357 | ) | (0.17 | %) | |||||||
2004 Q3 | $ | 83,794,458 | 0.89 | % | $ | (2,806,655 | ) | (0.03 | %) | |||||||
2004 Q4 | $ | 85,254,463 | 0.90 | % | $ | 9,665,627 | 0.10 | % | ||||||||
2005 Q1 | $ | 85,874,885 | 0.91 | % | $ | 13,217,018 | 0.14 | % | ||||||||
2005 Q2 | $ | 86,241,714 | 0.91 | % | $ | 12,602,611 | 0.13 | % | ||||||||
2005 Q3 | $ | 86,418,125 | 0.92 | % | $ | 12,925,651 | 0.14 | % | ||||||||
2005 Q4 | $ | 86,543,274 | 0.92 | % | $ | 13,810,439 | 0.15 | % | ||||||||
2006 Q1 | $ | 86,550,342 | 0.92 | % | $ | 14,184,116 | 0.15 | % | ||||||||
2006 Q2 | $ | 86,550,342 | 0.92 | % | $ | 14,272,162 | 0.15 | % | ||||||||
2006 Q3 | $ | 86,557,719 | 0.92 | % | $ | 14,345,611 | 0.15 | % | ||||||||
2006 Q4 | $ | 86,557,719 | 0.92 | % | $ | 14,352,268 | 0.15 | % | ||||||||
2007 Q1 | $ | 86,557,719 | 0.92 | % | $ | 14,360,339 | 0.15 | % |
A-12
Table of Contents
Aggregate Original Adjusted Principal Balance of the Series 2001 Lease Assets | $ | 9,436,324,422.97 | ||
Percentage of New Vehicles | 99.87 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 23,934.04 | $ | 5,083.06 | $ | 122,824.18 | ||||||
Lease Residual | $ | 12,739.95 | $ | 1,063.38 | $ | 66,387.39 | ||||||
Original Term (Months) | 36 | 12 | 60 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 53.23 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 43.79 | % |
Aggregate | |||||||||||||||||||||
Percentage | Lease | ||||||||||||||||||||
Percentage | of Aggregate | Residual | |||||||||||||||||||
of Total | Original | as a % of | |||||||||||||||||||
Number | Number | Aggregate | Adjusted | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Balance | MSRP | ||||||||||||||||
0 to 24 | 28,079 | 7.12 | % | $ | 826,030,048.82 | 8.75 | % | 51.96 | % | ||||||||||||
25 to 36 | 294,751 | 74.76 | % | $ | 7,134,339,674.45 | 75.61 | % | 43.63 | % | ||||||||||||
37 to 39 | 51,353 | 13.03 | % | $ | 990,208,085.39 | 10.49 | % | 41.23 | % | ||||||||||||
40 to 48 | 19,930 | 5.05 | % | $ | 480,473,640.13 | 5.09 | % | 36.15 | % | ||||||||||||
Greater than 48 | 151 | 0.04 | % | $ | 5,272,974.18 | 0.06 | % | 40.12 | % | ||||||||||||
Total | 394,264 | 100.00 | % | $ | 9,436,324,422.97 | 100.00 | % | ||||||||||||||
Percentage | |||||||||||||||||
Percentage | of Aggregate | ||||||||||||||||
of Total | Original | ||||||||||||||||
Number | Number | Aggregate | Adjusted | ||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Balance | |||||||||||||
Michigan | 98,418 | 24.96 | % | $ | 2,187,527,314.84 | 23.18 | % | ||||||||||
New York | 41,384 | 10.50 | % | $ | 966,068,023.64 | 10.24 | % | ||||||||||
Ohio | 35,570 | 9.02 | % | $ | 772,142,076.99 | 8.18 | % | ||||||||||
California | 27,343 | 6.94 | % | $ | 747,758,115.15 | 7.92 | % | ||||||||||
Florida | 25,553 | 6.48 | % | $ | 632,289,572.63 | 6.70 | % | ||||||||||
New Jersey | 24,035 | 6.10 | % | $ | 582,829,511.09 | 6.18 | % | ||||||||||
Other | 141,961 | 36.01 | % | $ | 3,547,709,809.63 | 37.60 | % | ||||||||||
Total | 394,264 | 100.00 | % | $ | 9,436,324,422.97 | 100.00 | % | ||||||||||
A-13
Table of Contents
Percentage | |||||||||||||||||
Percentage | of Aggregate | ||||||||||||||||
of Total | Original | ||||||||||||||||
Number | Number | Aggregate | Adjusted | ||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Balance | |||||||||||||
Chevrolet | 172,395 | 43.73 | % | $ | 3,875,912,761.81 | 41.07 | % | ||||||||||
Cadillac | 44,364 | 11.25 | % | $ | 1,726,967,628.62 | 18.30 | % | ||||||||||
GMC | 42,068 | 10.67 | % | $ | 1,172,867,085.50 | 12.43 | % | ||||||||||
Pontiac | 49,266 | 12.50 | % | $ | 978,490,361.85 | 10.37 | % | ||||||||||
Saturn | 43,141 | 10.94 | % | $ | 690,966,923.48 | 7.32 | % | ||||||||||
Oldsmobile | 23,334 | 5.92 | % | $ | 528,067,416.44 | 5.60 | % | ||||||||||
Buick | 18,555 | 4.71 | % | $ | 426,540,442.44 | 4.52 | % | ||||||||||
Hummer | 51 | 0.01 | % | $ | 4,389,398.49 | 0.05 | % | ||||||||||
Saab | 8 | 0.00 | % | $ | 253,652.65 | 0.00 | % | ||||||||||
Other | 1,082 | 0.27 | % | $ | 31,868,751.69 | 0.34 | % | ||||||||||
Total | 394,264 | 100.00 | % | $ | 9,436,324,422.97 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
Percentage | of Aggregate | ||||||||||||||||
of Total | Original | ||||||||||||||||
Number | Number | Aggregate | Adjusted | ||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | ||||||||||||||
Model | Assets | Assets | Principal Balance | Balance | |||||||||||||
Deville | 20,029 | 5.08 | % | $ | 781,841,343.05 | 8.29 | % | ||||||||||
Blazer | 32,456 | 8.23 | % | $ | 707,041,982.53 | 7.49 | % | ||||||||||
Trailblazer | 19,878 | 5.04 | % | $ | 520,226,495.13 | 5.51 | % | ||||||||||
Tahoe | 13,840 | 3.51 | % | $ | 438,137,484.43 | 4.64 | % | ||||||||||
Seville | 10,744 | 2.73 | % | $ | 429,121,133.47 | 4.55 | % | ||||||||||
C/ K Pickup | 17,695 | 4.49 | % | $ | 428,760,829.76 | 4.54 | % | ||||||||||
Others | 279,622 | 70.92 | % | $ | 6,131,195,154.60 | 64.97 | % | ||||||||||
Total | 394,264 | 100.00 | % | $ | 9,436,324,422.97 | 100.00 | % | ||||||||||
A-14
Table of Contents
Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May-June 02 | 95 | $ | 3,028 | $ | 287,616 | ||||||||
2002 Q3 | 942 | $ | 2,713 | $ | 2,555,308 | ||||||||
2002 Q4 | 1,008 | $ | 1,706 | $ | 1,719,927 | ||||||||
2003 Q1 | 2,782 | $ | 1,558 | $ | 4,335,249 | ||||||||
2003 Q2 | 4,326 | $ | 1,623 | $ | 7,019,545 | ||||||||
2003 Q3 | 14,937 | $ | 1,600 | $ | 23,898,349 | ||||||||
2003 Q4 | 35,047 | $ | 1,628 | $ | 57,043,746 | ||||||||
2004 Q1 | 44,821 | $ | 1,464 | $ | 65,615,576 | ||||||||
2004 Q2 | 31,167 | $ | 1,351 | $ | 42,101,897 | ||||||||
2004 Q3 | 9,847 | $ | 1,139 | $ | 11,216,404 | ||||||||
2004 Q4 | 4,359 | $ | 1,357 | $ | 5,913,891 | ||||||||
2005 Q1 | 1,319 | $ | 1,336 | $ | 1,761,547 | ||||||||
2005 Q2 | 792 | $ | 1,085 | $ | 859,125 | ||||||||
2005 Q3 | 381 | $ | 847 | $ | 322,873 | ||||||||
2005 Q4 | 23 | $ | 838 | $ | 19,275 | ||||||||
2006 Q1 | 2 | $ | 1,480 | $ | 2,960 | ||||||||
2006 Q2 | 1 | $ | 326 | $ | 326 | ||||||||
Total | 151,849 | $ | 1,480 | (avg.) | $ | 224,673,614 | |||||||
A-15
Table of Contents
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2002 Q1 | — | 0.00 | % | $ | (53,293 | ) | 0.00 | % | ||||||||
2002 Q2 | $ | 252,685 | 0.00 | % | $ | (521,311 | ) | (0.01 | %) | |||||||
2002 Q3 | $ | 1,732,637 | 0.02 | % | $ | (1,574,577 | ) | (0.02 | %) | |||||||
2002 Q4 | $ | 5,201,075 | 0.06 | % | $ | (2,966,199 | ) | (0.03 | %) | |||||||
2003 Q1 | $ | 9,905,475 | 0.11 | % | $ | (5,251,228 | ) | (0.06 | %) | |||||||
2003 Q2 | $ | 16,197,167 | 0.18 | % | $ | (8,705,289 | ) | (0.10 | %) | |||||||
2003 Q3 | $ | 22,261,155 | 0.24 | % | $ | (14,497,304 | ) | (0.16 | %) | |||||||
2003 Q4 | $ | 30,023,064 | 0.33 | % | $ | (19,316,446 | ) | (0.21 | %) | |||||||
2004 Q1 | $ | 37,217,293 | 0.41 | % | $ | (30,360,213 | ) | (0.33 | %) | |||||||
2004 Q2 | $ | 42,603,548 | 0.47 | % | $ | (70,506,734 | ) | (0.77 | %) | |||||||
2004 Q3 | $ | 49,085,664 | 0.54 | % | $ | (110,634,061 | ) | (1.21 | %) | |||||||
2004 Q4 | $ | 55,567,088 | 0.61 | % | $ | (138,051,622 | ) | (1.51 | %) | |||||||
2005 Q1 | $ | 59,627,064 | 0.65 | % | $ | (184,442,969 | ) | (2.02 | %) | |||||||
2005 Q2 | $ | 62,872,688 | 0.69 | % | $ | (243,159,854 | ) | (2.66 | %) | |||||||
2005 Q3 | $ | 65,165,972 | 0.71 | % | $ | (256,215,328 | ) | (2.80 | %) | |||||||
2005 Q4 | $ | 67,993,047 | 0.74 | % | $ | (256,786,226 | ) | (2.81 | %) | |||||||
2006 Q1 | $ | 68,901,592 | 0.75 | % | $ | (262,168,669 | ) | (2.86 | %) | |||||||
2006 Q2 | $ | 69,593,927 | 0.76 | % | $ | (268,004,863 | ) | (2.93 | %) | |||||||
2006 Q3 | $ | 70,168,760 | 0.77 | % | $ | (270,532,145 | ) | (2.96 | %) | |||||||
2006 Q4 | $ | 70,694,809 | 0.77 | % | $ | (270,459,821 | ) | (2.95 | %) | |||||||
2007 Q1 | $ | 70,858,440 | 0.77 | % | $ | (269,545,331 | ) | (2.94 | %) |
A-16
Table of Contents
Aggregate Original Adjusted Principal Balance of the Series 2002 Lease Assets | $ | 9,152,996,099.49 | ||
Percentage of New Vehicles | 99.95 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 24,979.38 | $ | 5,007.27 | $ | 112,172.78 | ||||||
Lease Residual | $ | 13,023.18 | $ | 1,913.55 | $ | 65,370.23 | ||||||
Original Term (Months) | 37 | 12 | 60 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 52.14 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 41.65 | % |
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
0 to 24 | 25,025 | 6.83 | % | $ | 720,853,146.46 | 7.88 | % | 49.34 | % | ||||||||||||
25 to 36 | 284,068 | 77.52 | % | $ | 7,083,185,148.39 | 77.39 | % | 41.64 | % | ||||||||||||
37 to 39 | 18,256 | 4.98 | % | $ | 332,109,676.15 | 3.63 | % | 39.63 | % | ||||||||||||
40 to 48 | 39,090 | 10.67 | % | $ | 1,016,814,847.49 | 11.11 | % | 36.16 | % | ||||||||||||
Greater than 48 | 1 | 0.00 | % | $ | 33,281.00 | 0.00 | % | 37.00 | % | ||||||||||||
Total | 366,440 | 100.00 | % | $ | 9,152,996,099.49 | 100.00 | % | ||||||||||||||
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
Aug 2006 and Prior | 19 | 8.60 | % | $ | 265,480.19 | 9.09 | % | 40.05 | % | ||||||||||||
Sep 2006-Nov 2006 | 54 | 24.43 | % | $ | 738,287.00 | 25.27 | % | 37.63 | % | ||||||||||||
Dec 2006-Feb 2007 | 95 | 42.99 | % | $ | 1,258,575.60 | 43.07 | % | 36.76 | % | ||||||||||||
Mar 2007-May 2007 | 50 | 22.62 | % | $ | 615,413.09 | 21.06 | % | 36.67 | % | ||||||||||||
Jun 2007-Aug 2007 | 3 | 1.36 | % | $ | 44,186.47 | 1.51 | % | 41.39 | % | ||||||||||||
Total | 221 | 100.00 | % | $ | 2,921,942.35 | 100.00 | % | ||||||||||||||
A-17
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Michigan | 103,889 | 28.35 | % | $ | 2,335,314,498.13 | 25.51 | % | ||||||||||
New York | 46,928 | 12.81 | % | $ | 1,138,414,477.47 | 12.44 | % | ||||||||||
Ohio | 32,932 | 8.99 | % | $ | 773,695,217.15 | 8.45 | % | ||||||||||
New Jersey | 25,566 | 6.98 | % | $ | 658,345,138.96 | 7.19 | % | ||||||||||
Florida | 21,056 | 5.75 | % | $ | 571,118,589.18 | 6.24 | % | ||||||||||
California | 15,598 | 4.26 | % | $ | 479,944,830.68 | 5.24 | % | ||||||||||
Pennsylvania | 20,273 | 5.53 | % | $ | 478,030,567.70 | 5.22 | % | ||||||||||
Other | 100,198 | 27.34 | % | $ | 2,718,132,780.22 | 29.70 | % | ||||||||||
Total | 366,440 | 100.00 | % | $ | 9,152,996,099.49 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Chevrolet | 157,528 | 42.99 | % | $ | 3,619,404,849.96 | 39.54 | % | ||||||||||
Cadillac | 53,595 | 14.63 | % | $ | 2,056,373,803.53 | 22.47 | % | ||||||||||
GMC | 38,696 | 10.56 | % | $ | 1,147,678,076.50 | 12.54 | % | ||||||||||
Pontiac | 52,216 | 14.25 | % | $ | 998,041,578.58 | 10.90 | % | ||||||||||
Buick | 27,312 | 7.45 | % | $ | 601,732,177.81 | 6.57 | % | ||||||||||
Saturn | 20,784 | 5.67 | % | $ | 337,455,168.57 | 3.69 | % | ||||||||||
Oldsmobile | 13,708 | 3.74 | % | $ | 290,567,800.98 | 3.17 | % | ||||||||||
Hummer | 726 | 0.20 | % | $ | 39,643,719.95 | 0.43 | % | ||||||||||
Saab | 5 | 0.00 | % | $ | 153,265.26 | 0.00 | % | ||||||||||
Other | 1,870 | 0.51 | % | $ | 61,945,658.35 | 0.68 | % | ||||||||||
Total | 366,440 | 100.00 | % | $ | 9,152,996,099.49 | 100.00 | % | ||||||||||
A-18
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Model | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Trailblazer | 34,597 | 9.44 | % | $ | 878,046,524.57 | 9.59 | % | ||||||||||
Deville | 20,368 | 5.56 | % | $ | 770,900,722.45 | 8.42 | % | ||||||||||
Blazer | 26,155 | 7.14 | % | $ | 494,518,722.07 | 5.40 | % | ||||||||||
Envoy | 16,767 | 4.58 | % | $ | 460,038,145.61 | 5.03 | % | ||||||||||
Escalade | 8,605 | 2.35 | % | $ | 414,904,482.12 | 4.53 | % | ||||||||||
CTS | 12,777 | 3.49 | % | $ | 398,518,562.09 | 4.35 | % | ||||||||||
Grand AM | 22,568 | 6.16 | % | $ | 387,467,398.24 | 4.23 | % | ||||||||||
Others | 224,603 | 61.29 | % | $ | 5,348,601,542.34 | 58.44 | % | ||||||||||
Total | 366,440 | 100.00 | % | $ | 9,152,996,099.49 | 100.00 | % | ||||||||||
Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May-June 02 | — | — | $ | — | |||||||||
2002 Q3 | 2 | $ | 3,120 | $ | 6,240 | ||||||||
2002 Q4 | 1 | $ | 5,244 | $ | 5,244 | ||||||||
2003 Q1 | 4 | $ | 2,944 | $ | 11,776 | ||||||||
2003 Q2 | 162 | $ | 3,280 | $ | 531,301 | ||||||||
2003 Q3 | 1,004 | $ | 2,267 | $ | 2,275,765 | ||||||||
2003 Q4 | 3,004 | $ | 1,938 | $ | 5,821,892 | ||||||||
2004 Q1 | 4,322 | $ | 1,773 | $ | 7,662,449 | ||||||||
2004 Q2 | 19,270 | $ | 2,823 | $ | 54,398,994 | ||||||||
2004 Q3 | 31,310 | $ | 2,458 | $ | 76,964,226 | ||||||||
2004 Q4 | 43,363 | $ | 2,118 | $ | 91,846,075 | ||||||||
2005 Q1 | 20,818 | $ | 1,517 | $ | 31,579,761 | ||||||||
2005 Q2 | 19,672 | $ | 1,272 | $ | 25,024,012 | ||||||||
2005 Q3 | 10,292 | $ | 1,069 | $ | 11,001,846 | ||||||||
2005 Q4 | 2,303 | $ | 839 | $ | 1,931,337 | ||||||||
2006 Q1 | 2,344 | $ | 1,703 | $ | 3,992,706 | ||||||||
2006 Q2 | 3,055 | $ | 1,722 | $ | 5,260,499 | ||||||||
2006 Q3 | 2,615 | $ | 1,091 | $ | 2,853,414 | ||||||||
2006 Q4 | 933 | $ | 600 | $ | 559,923 | ||||||||
2007 Q1 | 61 | $ | 543 | $ | 33,105 | ||||||||
Total | 164,535 | $ | 1,956 | (avg.) | $ | 321,760,565 | |||||||
A-19
Table of Contents
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2003 Q1 | — | 0.00 | % | $ | (145,048 | ) | 0.00 | % | ||||||||
2003 Q2 | $ | 329,176 | 0.00 | % | $ | (641,510 | ) | (0.01 | %) | |||||||
2003 Q3 | $ | 2,161,180 | 0.03 | % | $ | (1,626,873 | ) | (0.02 | %) | |||||||
2003 Q4 | $ | 5,525,794 | 0.08 | % | $ | (2,538,065 | ) | (0.04 | %) | |||||||
2004 Q1 | $ | 9,950,846 | 0.15 | % | $ | (5,085,847 | ) | (0.07 | %) | |||||||
2004 Q2 | $ | 14,623,054 | 0.21 | % | $ | (10,431,387 | ) | (0.15 | %) | |||||||
2004 Q3 | $ | 20,609,576 | 0.30 | % | $ | (16,930,401 | ) | (0.25 | %) | |||||||
2004 Q4 | $ | 26,616,763 | 0.39 | % | $ | (21,107,177 | ) | (0.31 | %) | |||||||
2005 Q1 | $ | 31,475,236 | 0.46 | % | $ | (29,758,323 | ) | (0.44 | %) | |||||||
2005 Q2 | $ | 36,289,906 | 0.53 | % | $ | (44,419,130 | ) | (0.65 | %) | |||||||
2005 Q3 | $ | 40,838,825 | 0.60 | % | $ | (62,045,492 | ) | (0.91 | %) | |||||||
2005 Q4 | $ | 47,467,184 | 0.70 | % | $ | (68,857,588 | ) | (1.01 | %) | |||||||
2006 Q1 | $ | 51,576,195 | 0.76 | % | $ | (117,213,270 | ) | (1.72 | %) | |||||||
2006 Q2 | $ | 55,087,729 | 0.81 | % | $ | (150,731,509 | ) | (2.22 | %) | |||||||
2006 Q3 | $ | 58,238,165 | 0.86 | % | $ | (157,585,917 | ) | (2.32 | %) | |||||||
2006 Q4 | $ | 60,915,583 | 0.90 | % | $ | (153,903,007 | ) | (2.26 | %) | |||||||
2007 Q1 | $ | 62,744,669 | 0.92 | % | $ | (166,886,619 | ) | (2.45 | %) |
Aggregate Original Adjusted Principal Balance of the Series 2003 Lease Assets | $ | 6,803,190,830.69 | ||
Percentage of New Vehicles | 99.98 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
A-20
Table of Contents
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 25,049.48 | $ | 5,921.80 | $ | 123,637.18 | ||||||
Lease Residual | $ | 12,810.93 | $ | 1,101.80 | $ | 55,979.20 | ||||||
Original Term (Months) | 38 | 6 | 48 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 51.14 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 39.38 | % |
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
0 to 24 | 33,725 | 12.42 | % | $ | 847,351,468.68 | 12.46 | % | 47.93 | % | ||||||||||||
25 to 36 | 161,986 | 59.64 | % | $ | 3,876,261,376.46 | 56.98 | % | 39.53 | % | ||||||||||||
37 to 39 | 1,893 | 0.70 | % | $ | 29,975,817.12 | 0.44 | % | 33.14 | % | ||||||||||||
40 to 48 | 74,024 | 27.25 | % | $ | 2,049,602,168.43 | 30.13 | % | 34.80 | % | ||||||||||||
Total | 271,628 | 100.00 | % | $ | 6,803,190,830.69 | 100.00 | % | ||||||||||||||
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
Aug 2006 and Prior | 27 | 0.10 | % | $ | 439,230.56 | 0.12 | % | 41.39 | % | ||||||||||||
Sep 2006-Nov 2006 | 45 | 0.17 | % | $ | 662,370.37 | 0.19 | % | 42.59 | % | ||||||||||||
Dec 2006-Feb 2007 | 1,184 | 4.44 | % | $ | 13,743,389.75 | 3.85 | % | 35.69 | % | ||||||||||||
Mar 2007-May 2007 | 6,940 | 26.05 | % | $ | 76,996,821.51 | 21.56 | % | 33.83 | % | ||||||||||||
Jun 2007-Aug 2007 | 8,344 | 31.32 | % | $ | 105,697,688.62 | 29.60 | % | 33.92 | % | ||||||||||||
Sep 2007-Nov 2007 | 8,505 | 31.92 | % | $ | 132,467,919.94 | 37.09 | % | 36.22 | % | ||||||||||||
Dec 2007-Feb 2008 | 1,527 | 5.73 | % | $ | 26,020,446.76 | 7.29 | % | 36.85 | % | ||||||||||||
Mar 2008-May 2008 | 69 | 0.26 | % | $ | 1,100,217.50 | 0.31 | % | 35.10 | % | ||||||||||||
Total | 26,641 | 100.00 | % | $ | 357,128,085.01 | 100.00 | % | ||||||||||||||
A-21
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Michigan | 98,266 | 36.18 | % | $ | 2,161,047,321.44 | 31.77 | % | ||||||||||
Ohio | 28,352 | 10.44 | % | $ | 668,252,511.66 | 9.82 | % | ||||||||||
New Jersey | 17,744 | 6.53 | % | $ | 472,780,367.67 | 6.95 | % | ||||||||||
Florida | 14,606 | 5.38 | % | $ | 424,200,512.94 | 6.24 | % | ||||||||||
New York | 17,544 | 6.46 | % | $ | 423,043,208.74 | 6.22 | % | ||||||||||
Pennsylvania | 17,098 | 6.29 | % | $ | 411,433,677.40 | 6.05 | % | ||||||||||
Other | 78,018 | 28.72 | % | $ | 2,242,433,230.84 | 32.96 | % | ||||||||||
Total | 271,628 | 100.00 | % | $ | 6,803,190,830.69 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Chevrolet | 97,645 | 35.95 | % | $ | 2,210,289,834.82 | 32.49 | % | ||||||||||
Cadillac | 49,651 | 18.28 | % | $ | 1,866,661,749.25 | 27.44 | % | ||||||||||
Pontiac | 51,663 | 19.02 | % | $ | 938,247,911.15 | 13.79 | % | ||||||||||
GMC | 25,922 | 9.54 | % | $ | 769,565,338.96 | 11.31 | % | ||||||||||
Buick | 26,445 | 9.74 | % | $ | 568,964,814.66 | 8.36 | % | ||||||||||
Saturn | 12,385 | 4.56 | % | $ | 218,500,441.62 | 3.21 | % | ||||||||||
Oldsmobile | 5,044 | 1.86 | % | $ | 102,931,790.39 | 1.51 | % | ||||||||||
Hummer | 1,659 | 0.61 | % | $ | 86,478,755.11 | 1.27 | % | ||||||||||
Saab | 6 | 0.00 | % | $ | 152,016.48 | 0.00 | % | ||||||||||
Other | 1,208 | 0.44 | % | $ | 41,398,178.25 | 0.61 | % | ||||||||||
Total | 271,628 | 100.00 | % | $ | 6,803,190,830.69 | 100.00 | % | ||||||||||
A-22
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Model | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Deville | 17,473 | 6.43 | % | $ | 648,541,191.33 | 9.53 | % | ||||||||||
Trailblazer | 19,644 | 7.23 | % | $ | 505,637,662.14 | 7.43 | % | ||||||||||
CTS | 14,232 | 5.24 | % | $ | 425,157,793.85 | 6.25 | % | ||||||||||
Grand Prix | 19,359 | 7.13 | % | $ | 377,367,073.71 | 5.55 | % | ||||||||||
Grand AM | 21,012 | 7.74 | % | $ | 335,044,260.95 | 4.92 | % | ||||||||||
Escalade | 6,424 | 2.36 | % | $ | 321,326,535.91 | 4.72 | % | ||||||||||
Rendezvous | 15,080 | 5.55 | % | $ | 316,927,763.44 | 4.66 | % | ||||||||||
Envoy | 11,243 | 4.14 | % | $ | 304,713,667.85 | 4.48 | % | ||||||||||
Impala | 14,846 | 5.47 | % | $ | 279,142,243.01 | 4.10 | % | ||||||||||
Others | 132,315 | 48.71 | % | $ | 3,289,332,638.50 | 48.35 | % | ||||||||||
Total | 271,628 | 100.00 | % | $ | 6,803,190,830.69 | 100.00 | % | ||||||||||
Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May-June 02 | — | — | $ | — | |||||||||
2002 Q3 | — | — | $ | — | |||||||||
2002 Q4 | — | — | $ | — | |||||||||
2003 Q1 | — | — | $ | — | |||||||||
2003 Q2 | 6 | $ | 946 | $ | 5,675 | ||||||||
2003 Q3 | 5 | $ | 6,464 | $ | 32,321 | ||||||||
2003 Q4 | 9 | $ | 3,230 | $ | 29,074 | ||||||||
2004 Q1 | 55 | $ | 4,577 | $ | 251,734 | ||||||||
2004 Q2 | 1,085 | $ | 3,181 | $ | 3,451,566 | ||||||||
2004 Q3 | 2,651 | $ | 2,592 | $ | 6,870,729 | ||||||||
2004 Q4 | 3,058 | $ | 1,989 | $ | 6,083,602 | ||||||||
2005 Q1 | 2,152 | $ | 1,288 | $ | 2,771,081 | ||||||||
2005 Q2 | 6,197 | $ | 1,733 | $ | 10,740,402 | ||||||||
2005 Q3 | 12,849 | $ | 1,558 | $ | 20,014,442 | ||||||||
2005 Q4 | 14,390 | $ | 1,283 | $ | 18,461,881 | ||||||||
2006 Q1 | 17,292 | $ | 1,188 | $ | 20,542,465 | ||||||||
2006 Q2 | 15,903 | $ | 1,472 | $ | 23,404,957 | ||||||||
2006 Q3 | 13,577 | $ | 1,350 | $ | 18,330,374 | ||||||||
2006 Q4 | 8,037 | $ | 1,141 | $ | 9,166,859 | ||||||||
2007 Q1 | 4,978 | $ | 1,216 | $ | 6,053,791 | ||||||||
Total | 102,244 | $ | 1,430 | (avg.) | $ | 146,210,952 | |||||||
A-23
Table of Contents
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2004 Q1 | — | 0.00 | % | $ | (126,640 | ) | 0.00 | % | ||||||||
2004 Q2 | $ | 326,086 | 0.00 | % | $ | (704,178 | ) | (0.01 | %) | |||||||
2004 Q3 | $ | 2,478,038 | 0.03 | % | $ | (1,750,681 | ) | (0.02 | %) | |||||||
2004 Q4 | $ | 7,023,240 | 0.08 | % | $ | (3,135,381 | ) | (0.04 | %) | |||||||
2005 Q1 | $ | 12,149,383 | 0.14 | % | $ | (6,212,812 | ) | (0.07 | %) | |||||||
2005 Q2 | $ | 17,986,267 | 0.21 | % | $ | (10,718,996 | ) | (0.12 | %) | |||||||
2005 Q3 | $ | 24,434,947 | 0.28 | % | $ | (13,617,529 | ) | (0.16 | %) | |||||||
2005 Q4 | $ | 33,729,256 | 0.39 | % | $ | (12,469,593 | ) | (0.15 | %) | |||||||
2006 Q1 | $ | 41,753,260 | 0.49 | % | $ | (14,890,013 | ) | (0.17 | %) | |||||||
2006 Q2 | $ | 49,995,342 | 0.58 | % | $ | (6,565,401 | ) | (0.08 | %) | |||||||
2006 Q3 | $ | 58,173,938 | 0.68 | % | $ | 18,292,635 | 0.21 | % | ||||||||
2006 Q4 | $ | 66,048,112 | 0.77 | % | $ | 37,328,296 | 0.44 | % | ||||||||
2007 Q1 | $ | 72,187,782 | 0.84 | % | $ | 27,152,740 | 0.32 | % |
Aggregate Original Adjusted Principal Balance of the Series 2004 Lease Assets | $ | 8,576,278,012.90 | ||
Percentage of New Vehicles | 99.99 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
A-24
Table of Contents
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 26,704.90 | $ | 5,682.35 | $ | 116,653.30 | ||||||
Lease Residual | $ | 14,039.73 | $ | 2,140.00 | $ | 54,693.90 | ||||||
Original Term (Months) | 39 | 12 | 48 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 52.57 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 40.68 | % |
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
0 to 24 | 47,365 | 14.75 | % | $ | 1,197,821,015.57 | 13.97 | % | 50.33 | % | ||||||||||||
25 to 36 | 124,338 | 38.72 | % | $ | 3,288,771,959.22 | 38.35 | % | 42.26 | % | ||||||||||||
37 to 39 | 9,596 | 2.99 | % | $ | 214,057,024.34 | 2.50 | % | 38.72 | % | ||||||||||||
40 to 48 | 139,851 | 43.55 | % | $ | 3,875,628,013.77 | 45.19 | % | 35.82 | % | ||||||||||||
Total | 321,150 | 100.00 | % | $ | 8,576,278,012.90 | 100.00 | % | ||||||||||||||
Aggregate | |||||||||||||||||||||
Percentage | Lease | ||||||||||||||||||||
Percentage | of Aggregate | Residual | |||||||||||||||||||
of Total | Original | as a % of | |||||||||||||||||||
Number | Number | Aggregate | Adjusted | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | Principal Balance | Balance | MSRP | ||||||||||||||||
Aug 2006 and Prior | 5 | 0.00 | % | $ | 111,670.40 | 0.00 | % | 52.67 | % | ||||||||||||
Sep 2006-Nov 2006 | 19 | 0.01 | % | $ | 390,771.03 | 0.01 | % | 49.59 | % | ||||||||||||
Dec 2006-Feb 2007 | 1,038 | 0.54 | % | $ | 16,273,507.41 | 0.50 | % | 42.78 | % | ||||||||||||
Mar 2007-May 2007 | 16,540 | 8.67 | % | $ | 246,468,679.69 | 7.56 | % | 41.19 | % | ||||||||||||
Jun 2007-Aug 2007 | 24,344 | 12.76 | % | $ | 362,717,570.61 | 11.13 | % | 40.68 | % | ||||||||||||
Sep 2007-Nov 2007 | 31,496 | 16.51 | % | $ | 564,614,139.28 | 17.32 | % | 43.65 | % | ||||||||||||
Dec 2007-Feb 2008 | 23,738 | 12.45 | % | $ | 387,552,996.99 | 11.89 | % | 37.50 | % | ||||||||||||
Mar 2008-May 2008 | 44,768 | 23.47 | % | $ | 718,664,026.26 | 22.05 | % | 35.11 | % | ||||||||||||
Jun 2008-Aug 2008 | 25,489 | 13.36 | % | $ | 474,227,150.83 | 14.55 | % | 35.45 | % | ||||||||||||
Sep 2008-Nov 2008 | 19,505 | 10.23 | % | $ | 407,021,623.84 | 12.49 | % | 37.11 | % | ||||||||||||
Dec 2008-Feb 2009 | 3,722 | 1.95 | % | $ | 79,742,319.22 | 2.45 | % | 37.00 | % | ||||||||||||
Mar 2009-May 2009 | 56 | 0.03 | % | $ | 1,326,651.87 | 0.04 | % | 37.48 | % | ||||||||||||
June 2009-Aug 2009 | 1 | 0.00 | % | $ | 16,293.00 | 0.00 | % | 30.00 | % | ||||||||||||
Total | 190,721 | 100.00 | % | $ | 3,259,127,400.43 | 100.00 | % | ||||||||||||||
A-25
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Michigan | 114,197 | 35.56 | % | $ | 2,633,232,810.57 | 30.70 | % | ||||||||||
Ohio | 36,881 | 11.48 | % | $ | 909,889,770.97 | 10.61 | % | ||||||||||
Florida | 22,055 | 6.87 | % | $ | 666,158,716.90 | 7.77 | % | ||||||||||
Pennsylvania | 22,239 | 6.92 | % | $ | 570,102,228.22 | 6.65 | % | ||||||||||
New Jersey | 16,442 | 5.12 | % | $ | 502,202,267.07 | 5.86 | % | ||||||||||
California | 13,144 | 4.09 | % | $ | 482,279,325.38 | 5.62 | % | ||||||||||
Other | 96,192 | 29.95 | % | $ | 2,812,412,893.79 | 32.79 | % | ||||||||||
Total | 321,150 | 100.00 | % | $ | 8,576,278,012.90 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Chevrolet | 131,315 | 40.89 | % | $ | 3,114,137,190.92 | 36.31 | % | ||||||||||
Cadillac | 58,915 | 18.35 | % | $ | 2,326,271,294.29 | 27.12 | % | ||||||||||
GMC | 38,642 | 12.03 | % | $ | 1,167,078,282.26 | 13.61 | % | ||||||||||
Pontiac | 46,072 | 14.35 | % | $ | 851,748,332.02 | 9.93 | % | ||||||||||
Buick | 25,457 | 7.93 | % | $ | 572,901,051.49 | 6.68 | % | ||||||||||
Hummer | 5,272 | 1.64 | % | $ | 263,200,077.60 | 3.07 | % | ||||||||||
Saturn | 13,439 | 4.18 | % | $ | 222,291,829.49 | 2.59 | % | ||||||||||
Oldsmobile | 1,013 | 0.32 | % | $ | 22,089,332.19 | 0.26 | % | ||||||||||
Saab | 3 | 0.00 | % | $ | 81,978.43 | 0.00 | % | ||||||||||
Other | 1,022 | 0.32 | % | $ | 36,478,644.21 | 0.43 | % | ||||||||||
Total | 321,150 | 100.00 | % | $ | 8,576,278,012.90 | 100.00 | % | ||||||||||
A-26
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Model | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Trailblazer | 27,830 | 8.67 | % | $ | 703,095,192.54 | 8.20 | % | ||||||||||
CTS | 18,122 | 5.64 | % | $ | 565,767,495.01 | 6.60 | % | ||||||||||
Deville | 13,745 | 4.28 | % | $ | 511,249,174.30 | 5.96 | % | ||||||||||
Escalade | 8,090 | 2.52 | % | $ | 410,618,497.06 | 4.79 | % | ||||||||||
Envoy | 14,850 | 4.62 | % | $ | 410,155,809.72 | 4.78 | % | ||||||||||
SRX | 9,890 | 3.08 | % | $ | 388,387,428.07 | 4.53 | % | ||||||||||
Grand Prix | 19,843 | 6.18 | % | $ | 380,429,421.18 | 4.44 | % | ||||||||||
Others | 208,780 | 65.01 | % | $ | 5,206,574,995.02 | 60.71 | % | ||||||||||
Total | 321,150 | 100.00 | % | $ | 8,576,278,012.90 | 100.00 | % | ||||||||||
Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May-June 02 | — | — | $ | — | |||||||||
2002 Q3 | — | — | $ | — | |||||||||
2002 Q4 | — | — | $ | — | |||||||||
2003 Q1 | — | — | $ | — | |||||||||
2003 Q2 | — | — | $ | — | |||||||||
2003 Q3 | — | — | $ | — | |||||||||
2003 Q4 | — | — | $ | — | |||||||||
2004 Q1 | — | — | $ | — | |||||||||
2004 Q2 | 1 | $ | 1,319 | $ | 1,319 | ||||||||
2004 Q3 | 5 | $ | 8,868 | $ | 44,338 | ||||||||
2004 Q4 | 12 | $ | 3,337 | $ | 40,042 | ||||||||
2005 Q1 | 1 | $ | 3,727 | $ | 3,727 | ||||||||
2005 Q2 | 362 | $ | 2,159 | $ | 781,645 | ||||||||
2005 Q3 | 1,058 | $ | 1,779 | $ | 1,882,645 | ||||||||
2005 Q4 | 2,750 | $ | 1,417 | $ | 3,896,330 | ||||||||
2006 Q1 | 4,584 | $ | 1,252 | $ | 5,738,834 | ||||||||
2006 Q2 | 7,880 | $ | 1,446 | $ | 11,393,146 | ||||||||
2006 Q3 | 10,687 | $ | 1,519 | $ | 16,230,612 | ||||||||
2006 Q4 | 10,698 | $ | 1,492 | $ | 15,965,878 | ||||||||
2007 Q1 | 12,061 | $ | 1,287 | $ | 15,523,243 | ||||||||
Total | 50,099 | $ | 1,427 | (avg.) | $ | 71,501,758 | |||||||
A-27
Table of Contents
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2005 Q1 | $ | 11,747 | 0.00 | % | $ | (403,387 | ) | 0.00 | % | |||||||
2005 Q2 | $ | 268,375 | 0.00 | % | $ | (1,744,318 | ) | (0.02 | %) | |||||||
2005 Q3 | $ | 2,091,751 | 0.02 | % | $ | (4,391,745 | ) | (0.05 | %) | |||||||
2005 Q4 | $ | 8,606,818 | 0.09 | % | $ | (8,334,842 | ) | (0.09 | %) | |||||||
2006 Q1 | $ | 16,452,657 | 0.18 | % | $ | (14,206,331 | ) | (0.15 | %) | |||||||
2006 Q2 | $ | 25,514,408 | 0.27 | % | $ | (20,604,754 | ) | (0.22 | %) | |||||||
2006 Q3 | $ | 38,073,643 | 0.41 | % | $ | (24,164,650 | ) | (0.26 | %) | |||||||
2006 Q4 | $ | 50,187,546 | 0.54 | % | $ | (21,257,369 | ) | (0.23 | %) | |||||||
2007 Q1 | $ | 60,886,633 | 0.65 | % | $ | (22,831,512 | ) | (0.25 | %) |
Aggregate Original Adjusted Principal Balance of the Series 2005 Lease Assets | $ | 9,310,049,879.76 | ||
Percentage of New Vehicles | 100.00 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 25,420.00 | $ | 3,928.15 | $ | 103,615.86 | ||||||
Lease Residual | $ | 13,949.17 | $ | 1,929.60 | $ | 53,462.65 | ||||||
Original Term (Months) | 38 | 12 | 48 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 54.87 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 41.86 | % |
A-28
Table of Contents
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
0 to 24 | 68,042 | 18.58 | % | $ | 1,587,757,782.24 | 17.05 | % | 50.63 | % | ||||||||||||
25 to 36 | 157,187 | 42.92 | % | $ | 4,006,123,002.96 | 43.03 | % | 43.15 | % | ||||||||||||
37 to 39 | 16,291 | 4.45 | % | $ | 334,898,216.62 | 3.60 | % | 40.15 | % | ||||||||||||
40 to 48 | 124,729 | 34.06 | % | $ | 3,381,270,877.94 | 36.32 | % | 35.31 | % | ||||||||||||
Total | 366,249 | 100.00 | % | $ | 9,310,049,879.76 | 100.00 | % | ||||||||||||||
Aggregate | |||||||||||||||||||||
Percentage | Lease | ||||||||||||||||||||
Percentage | of Aggregate | Residual | |||||||||||||||||||
of Total | Original | as a % of | |||||||||||||||||||
Number | Number | Aggregate | Adjusted | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | Principal Balance | Balance | MSRP | ||||||||||||||||
Dec 2006-Feb 2007 | 785 | 0.25 | % | $ | 12,883,231.32 | 0.20 | % | 51.22 | % | ||||||||||||
Mar 2007-May 2007 | 12,189 | 3.91 | % | $ | 215,017,155.90 | 3.35 | % | 50.33 | % | ||||||||||||
Jun 2007-Aug 2007 | 14,735 | 4.72 | % | $ | 281,218,692.94 | 4.38 | % | 50.09 | % | ||||||||||||
Sep 2007-Nov 2007 | 11,566 | 3.71 | % | $ | 239,455,414.97 | 3.73 | % | 51.11 | % | ||||||||||||
Dec 2007-Feb 2008 | 28,553 | 9.16 | % | $ | 535,183,322.15 | 8.33 | % | 44.32 | % | ||||||||||||
Mar 2008-May 2008 | 48,712 | 15.62 | % | $ | 916,346,240.17 | 14.26 | % | 42.65 | % | ||||||||||||
Jun 2008-Aug 2008 | 45,753 | 14.67 | % | $ | 866,219,871.24 | 13.48 | % | 41.48 | % | ||||||||||||
Sep 2008-Nov 2008 | 29,488 | 9.46 | % | $ | 647,512,073.80 | 10.07 | % | 44.13 | % | ||||||||||||
Dec 2008-Feb 2009 | 27,024 | 8.67 | % | $ | 580,164,202.16 | 9.03 | % | 38.41 | % | ||||||||||||
Mar 2008-May 2009 | 37,988 | 12.18 | % | $ | 822,692,313.25 | 12.80 | % | 35.97 | % | ||||||||||||
Jun 2009-Aug 2009 | 29,935 | 9.60 | % | $ | 689,768,484.80 | 10.73 | % | 34.50 | % | ||||||||||||
Sep 2009-Nov 2009 | 20,310 | 6.51 | % | $ | 498,767,142.68 | 7.76 | % | 35.57 | % | ||||||||||||
Dec 2009-Feb 2010 | 4,819 | 1.55 | % | $ | 122,262,958.74 | 1.90 | % | 35.99 | % | ||||||||||||
Mar 2010-May 2010 | 9 | 0.00 | % | $ | 270,788.75 | 0.00 | % | 37.30 | % | ||||||||||||
Total | 311,866 | 100.00 | % | $ | 6,427,761,892.87 | 100.00 | % | ||||||||||||||
A-29
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Michigan | 123,115 | 33.62 | % | $ | 2,732,988,953.16 | 29.36 | % | ||||||||||
Ohio | 38,519 | 10.52 | % | $ | 893,768,741.92 | 9.60 | % | ||||||||||
Florida | 28,243 | 7.71 | % | $ | 821,304,674.66 | 8.82 | % | ||||||||||
California | 17,002 | 4.64 | % | $ | 566,027,778.28 | 6.08 | % | ||||||||||
New Jersey | 17,870 | 4.88 | % | $ | 498,729,970.55 | 5.36 | % | ||||||||||
Other | 141,500 | 38.63 | % | $ | 3,797,229,761.19 | 40.79 | % | ||||||||||
Total | 366,249 | 100.00 | % | $ | 9,310,049,879.76 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Chevrolet | 153,743 | 41.98 | % | $ | 3,437,899,771.79 | 36.93 | % | ||||||||||
Cadillac | 58,167 | 15.88 | % | $ | 2,282,989,535.99 | 24.52 | % | ||||||||||
GMC | 43,116 | 11.77 | % | $ | 1,275,486,350.47 | 13.70 | % | ||||||||||
Pontiac | 47,639 | 13.01 | % | $ | 904,403,393.74 | 9.71 | % | ||||||||||
Buick | 26,028 | 7.11 | % | $ | 533,574,779.77 | 5.73 | % | ||||||||||
Saturn | 26,304 | 7.18 | % | $ | 432,709,997.86 | 4.65 | % | ||||||||||
Hummer | 10,270 | 2.80 | % | $ | 407,563,365.13 | 4.38 | % | ||||||||||
Saab | 3 | 0.00 | % | $ | 110,805.82 | 0.00 | % | ||||||||||
Oldsmobile | 2 | 0.00 | % | $ | 33,029.17 | 0.00 | % | ||||||||||
Other | 977 | 0.27 | % | $ | 35,278,850.02 | 0.38 | % | ||||||||||
Total | 366,249 | 100.00 | % | $ | 9,310,049,879.76 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Model | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Trailblazer | 29,955 | 8.18 | % | $ | 698,614,006.82 | 7.50 | % | ||||||||||
CTS | 19,433 | 5.31 | % | $ | 585,625,395.12 | 6.29 | % | ||||||||||
STS | 12,775 | 3.49 | % | $ | 521,200,831.61 | 5.60 | % | ||||||||||
C/ K Pickup | 17,372 | 4.74 | % | $ | 480,574,711.50 | 5.16 | % | ||||||||||
G6 | 25,101 | 6.85 | % | $ | 461,563,198.30 | 4.96 | % | ||||||||||
Envoy | 15,130 | 4.13 | % | $ | 380,614,137.90 | 4.09 | % | ||||||||||
Others | 246,483 | 67.30 | % | $ | 6,181,857,598.51 | 66.40 | % | ||||||||||
Total | 366,249 | 100.00 | % | $ | 9,310,049,879.76 | 100.00 | % | ||||||||||
A-30
Table of Contents
Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May-June 02 | — | — | — | ||||||||||
2002 Q3 | — | — | — | ||||||||||
2002 Q4 | — | — | — | ||||||||||
2003 Q1 | — | — | — | ||||||||||
2003 Q2 | — | — | — | ||||||||||
2003 Q3 | — | — | — | ||||||||||
2003 Q4 | — | — | — | ||||||||||
2004 Q1 | — | — | — | ||||||||||
2004 Q2 | — | — | — | ||||||||||
2004 Q3 | — | — | — | ||||||||||
2004 Q4 | — | — | — | ||||||||||
2005 Q1 | — | — | — | ||||||||||
2005 Q2 | 5 | $ | 12,804 | $ | 64,020 | ||||||||
2005 Q3 | 81 | $ | 11,958 | $ | 968,612 | ||||||||
2005 Q4 | 62 | $ | 5,897 | $ | 365,620 | ||||||||
2006 Q1 | 89 | $ | 2,355 | $ | 209,553 | ||||||||
2006 Q2 | 640 | $ | 2,232 | $ | 1,428,640 | ||||||||
2006 Q3 | 2,550 | $ | 1,631 | $ | 4,159,796 | ||||||||
2006 Q4 | 4,473 | $ | 1,181 | $ | 5,282,441 | ||||||||
2007 Q1 | 6,195 | $ | 912 | $ | 5,650,184 | ||||||||
Total | 14,095 | $ | 1,286 | (avg.) | $ | 18,128,866 | |||||||
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2006 Q1 | — | 0.00 | % | $ | (245,165 | ) | (0.01 | %) | ||||||||
2006 Q2 | $ | 561,063 | 0.01 | % | $ | (1,484,430 | ) | (0.01 | %) | |||||||
2006 Q3 | $ | 4,681,920 | 0.04 | % | $ | (3,655,271 | ) | (0.03 | %) | |||||||
2006 Q4 | $ | 13,337,180 | 0.12 | % | $ | (6,201,455 | ) | (0.06 | %) | |||||||
2007 Q1 | $ | 25,366,108 | 0.23 | % | $ | (11,473,394 | ) | (0.10 | %) |
A-31
Table of Contents
Aggregate Original Adjusted Principal Balance of the Series 2006 Lease Assets | $ | 10,951,121,231.78 | ||
Percentage of New Vehicles | 100.00 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 26,577.05 | $ | 5,316.80 | $ | 139,543.17 | ||||||
Lease Residual | $ | 14,834.89 | $ | 445.15 | $ | 65,000.00 | ||||||
Original Term (Months) | 38 | 12 | 48 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 55.82 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 44.15 | % |
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
0 to 24 | 23,084 | 5.60 | % | $ | 653,595,255.11 | 5.97 | % | 54.32 | % | ||||||||||||
25 to 36 | 146,940 | 35.66 | % | $ | 3,792,157,691.55 | 34.63 | % | 48.29 | % | ||||||||||||
37 to 39 | 139,762 | 33.92 | % | $ | 3,703,519,670.86 | 33.82 | % | 42.51 | % | ||||||||||||
40 to 48 | 102,247 | 24.82 | % | $ | 2,801,848,614.26 | 25.59 | % | 37.03 | % | ||||||||||||
Total | 412,033 | 100.00 | % | $ | 10,951,121,231.78 | 100.00 | % | ||||||||||||||
A-32
Table of Contents
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
Nov 2007 and Prior | 86 | 0.02 | % | $ | 1,992,044.73 | 0.02 | % | 53.20 | % | ||||||||||||
Dec 2007-Feb 2008 | 6,572 | 1.64 | % | $ | 145,216,984.48 | 1.37 | % | 53.61 | % | ||||||||||||
Mar 2008-May 2008 | 18,929 | 4.73 | % | $ | 416,853,563.01 | 3.93 | % | 51.49 | % | ||||||||||||
Jun 2008-Aug 2008 | 23,551 | 5.88 | % | $ | 548,729,842.79 | 5.17 | % | 51.41 | % | ||||||||||||
Sep 2008-Nov 2008 | 30,471 | 7.61 | % | $ | 732,120,495.36 | 6.90 | % | 50.94 | % | ||||||||||||
Dec 2008-Feb 2009 | 36,800 | 9.19 | % | $ | 918,351,050.65 | 8.65 | % | 48.52 | % | ||||||||||||
Mar 2008-May 2009 | 46,045 | 11.50 | % | $ | 1,139,647,511.46 | 10.73 | % | 44.69 | % | ||||||||||||
Jun 2009-Aug 2009 | 50,453 | 12.60 | % | $ | 1,318,926,648.83 | 12.42 | % | 43.38 | % | ||||||||||||
Sep 2009-Nov 2009 | 50,182 | 12.53 | % | $ | 1,400,025,305.43 | 13.19 | % | 43.07 | % | ||||||||||||
Dec 2009-Feb 2010 | 55,298 | 13.81 | % | $ | 1,575,199,226.87 | 14.84 | % | 40.97 | % | ||||||||||||
Mar 2010-May 2010 | 34,560 | 8.63 | % | $ | 964,912,672.38 | 9.09 | % | 38.12 | % | ||||||||||||
June 2010-Aug 2010 | 24,929 | 6.22 | % | $ | 711,656,722.43 | 6.70 | % | 36.63 | % | ||||||||||||
Sept 2010-Nov 2010 | 19,301 | 4.82 | % | $ | 632,111,776.54 | 5.95 | % | 37.70 | % | ||||||||||||
Dec 2010-Feb 2011 | 3,331 | 0.83 | % | $ | 111,550,452.41 | 1.05 | % | 37.56 | % | ||||||||||||
Total | 400,508 | 100.00 | % | $ | 10,617,294,297.37 | 100.00 | % | ||||||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Michigan | 121,574 | 29.51 | % | $ | 2,772,585,163.58 | 25.32 | % | ||||||||||
New York | 48,268 | 11.71 | % | $ | 1,234,673,115.13 | 11.27 | % | ||||||||||
Florida | 30,653 | 7.44 | % | $ | 929,763,286.71 | 8.49 | % | ||||||||||
New Jersey | 29,478 | 7.15 | % | $ | 819,320,703.39 | 7.48 | % | ||||||||||
Ohio | 33,615 | 8.16 | % | $ | 789,023,356.38 | 7.20 | % | ||||||||||
California | 18,247 | 4.43 | % | $ | 639,297,297.64 | 5.84 | % | ||||||||||
Other | 130,198 | 31.60 | % | $ | 3,766,458,308.95 | 34.39 | % | ||||||||||
Total | 412,033 | 100.00 | % | $ | 10,951,121,231.78 | 100.00 | % | ||||||||||
A-33
Table of Contents
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Chevrolet | 171,911 | 41.72 | % | $ | 4,010,325,320.01 | 36.62 | % | ||||||||||
Cadillac | 67,598 | 16.41 | % | $ | 2,655,143,239.38 | 24.25 | % | ||||||||||
GMC | 47,613 | 11.56 | % | $ | 1,429,610,401.79 | 13.05 | % | ||||||||||
Pontiac | 43,678 | 10.60 | % | $ | 863,813,861.61 | 7.89 | % | ||||||||||
Hummer | 22,510 | 5.46 | % | $ | 730,255,924.44 | 6.67 | % | ||||||||||
Buick | 29,894 | 7.26 | % | $ | 626,711,311.53 | 5.72 | % | ||||||||||
Saturn | 19,341 | 4.69 | % | $ | 363,504,050.10 | 3.32 | % | ||||||||||
Saab | 8,813 | 2.14 | % | $ | 247,004,772.82 | 2.26 | % | ||||||||||
Other | 675 | 0.16 | % | $ | 24,752,350.10 | 0.23 | % | ||||||||||
Total | 412,033 | 100.00 | % | $ | 10,951,121,231.78 | 100.00 | % | ||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Model | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Trailblazer | 35,233 | 8.55 | % | $ | 761,995,837.54 | 6.96 | % | ||||||||||
C/ K Pickup | 22,512 | 5.46 | % | $ | 609,487,051.80 | 5.57 | % | ||||||||||
Tahoe | 16,792 | 4.08 | % | $ | 600,067,593.69 | 5.48 | % | ||||||||||
CTS | 20,669 | 5.02 | % | $ | 592,510,135.81 | 5.41 | % | ||||||||||
Impala | 27,479 | 6.67 | % | $ | 536,566,033.36 | 4.90 | % | ||||||||||
Escalade | 9,700 | 2.35 | % | $ | 520,862,820.12 | 4.76 | % | ||||||||||
DTS | 12,881 | 3.13 | % | $ | 509,559,172.63 | 4.65 | % | ||||||||||
Hummer H3 | 18,107 | 4.39 | % | $ | 506,229,831.53 | 4.62 | % | ||||||||||
G6 | 25,081 | 6.09 | % | $ | 491,527,131.01 | 4.49 | % | ||||||||||
Other | 223,579 | 54.26 | % | $ | 5,822,315,624.29 | 53.17 | % | ||||||||||
Total | 412,033 | 100.00 | % | $ | 10,951,121,231.78 | 100.00 | % | ||||||||||
A-34
Table of Contents
Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May-June 02 | — | — | — | ||||||||||
2002 Q3 | — | — | — | ||||||||||
2002 Q4 | — | — | — | ||||||||||
2003 Q1 | — | — | — | ||||||||||
2003 Q2 | — | — | — | ||||||||||
2003 Q3 | — | — | — | ||||||||||
2003 Q4 | — | — | — | ||||||||||
2004 Q1 | — | — | — | ||||||||||
2004 Q2 | — | — | — | ||||||||||
2004 Q3 | — | — | — | ||||||||||
2004 Q4 | — | — | — | ||||||||||
2005 Q1 | — | — | — | ||||||||||
2005 Q2 | — | — | — | ||||||||||
2005 Q3 | — | — | — | ||||||||||
2005 Q4 | — | — | — | ||||||||||
2006 Q1 | 1 | $ | 5,386 | $ | 5,386 | ||||||||
2006 Q2 | 3 | $ | 5,746 | $ | 17,237 | ||||||||
2006 Q3 | 2 | $ | 2,423 | $ | 4,846 | ||||||||
2006 Q4 | 2 | $ | 4,253 | $ | 8,506 | ||||||||
2007 Q1 | 17 | $ | 3,516 | $ | 59,766 | ||||||||
Total | 25 | $ | 3,830 | (avg.) | $ | 95,741 | |||||||
Cumulative | ||||||||||||||||
Cumulative | Net Losses (Gains) | |||||||||||||||
Net Losses | on Returned Vehicles | |||||||||||||||
on Early Term Defaults | Sold by GMAC | |||||||||||||||
Quarter | $ | % | $ | % | ||||||||||||
2007 Q1 | $ | 2,319 | 0.00 | % | $ | (335,421 | ) | (0.01 | %) |
A-35
Table of Contents
Aggregate Original Adjusted Principal Balance of the Series March YTD 2007 Lease Assets | $ | 2,525,080,493.90 | ||
Percentage of New Vehicles | 99.99 | % | ||
Weighted Average FICO Score | Not available | |||
FICO Score Range | Not available |
Average | Minimum | Maximum | ||||||||||
Adjusted Principal Balance | $ | 27,373.93 | $ | 7,694.50 | $ | 118,000.00 | ||||||
Lease Residual | $ | 14,771.41 | $ | 2,998.50 | $ | 63,000.00 | ||||||
Original Term (Months) | 38 | 12 | 48 | |||||||||
Lease Residual as a % of Aggregate Original Adjusted Principal Balance | 53.96 | % | ||||||||||
Lease Residual as a % of Adjusted MSRP | 42.83 | % |
Aggregate | |||||||||||||||||||||
Lease | |||||||||||||||||||||
Percentage | Residual | ||||||||||||||||||||
of Total | Percentage | as a % of | |||||||||||||||||||
Number | Number | Aggregate | of Aggregate | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | Adjusted | |||||||||||||||||
Original Term | Assets | Assets | Principal Balance | Principal Balance | MSRP | ||||||||||||||||
0 to 24 | 8,255 | 8.95 | % | $ | 231,333,039.49 | 9.16 | % | 52.63 | % | ||||||||||||
25 to 36 | 20,655 | 22.39 | % | $ | 566,478,067.32 | 22.43 | % | 46.97 | % | ||||||||||||
37 to 39 | 41,915 | 45.44 | % | $ | 1,116,081,227.09 | 44.20 | % | 41.44 | % | ||||||||||||
40 to 48 | 21,419 | 23.22 | % | $ | 611,188,160.00 | 24.20 | % | 36.56 | % | ||||||||||||
Total | 92,244 | 100.00 | % | $ | 2,525,080,493.90 | 100.00 | % | ||||||||||||||
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Aggregate | |||||||||||||||||||||
Percentage | Lease | ||||||||||||||||||||
Percentage | of Aggregate | Residual | |||||||||||||||||||
of Total | Original | as a % of | |||||||||||||||||||
Number | Number | Aggregate | Adjusted | Aggregate | |||||||||||||||||
of Lease | of Lease | Original Adjusted | Principal | Adjusted | |||||||||||||||||
Scheduled Lease End Date | Assets | Assets | Principal Balance | Balance | MSRP | ||||||||||||||||
Nov 2008 and Prior | 94 | 0.10 | % | $ | 2,207,243.87 | 0.08 | % | 52.97 | % | ||||||||||||
Dec 2008-Feb 2009 | 6,381 | 6.91 | % | $ | 182,340,378.29 | 6.40 | % | 52.35 | % | ||||||||||||
Mar 2009-May 2009 | 9,011 | 9.76 | % | $ | 241,797,774.19 | 8.49 | % | 51.52 | % | ||||||||||||
Jun 2009-Aug 2009 | 935 | 1.01 | % | $ | 30,602,432.00 | 1.07 | % | 51.02 | % | ||||||||||||
Sep 2009-Nov 2009 | 334 | 0.36 | % | $ | 11,135,031.51 | 0.39 | % | 47.37 | % | ||||||||||||
Dec 2009-Feb 2010 | 9,897 | 10.72 | % | $ | 314,458,072.66 | 11.04 | % | 44.31 | % | ||||||||||||
Mar 2010-May 2010 | 34,008 | 36.83 | % | $ | 1,030,496,037.72 | 36.19 | % | 41.67 | % | ||||||||||||
Jun 2010-Aug 2010 | 10,286 | 11.14 | % | $ | 314,684,203.30 | 11.05 | % | 41.45 | % | ||||||||||||
Sep 2010-Nov 2010 | 164 | 0.18 | % | $ | 5,465,698.74 | 0.19 | % | 37.99 | % | ||||||||||||
Dec 2010-Feb 2011 | 16,182 | 17.53 | % | $ | 542,317,552.18 | 19.04 | % | 36.61 | % | ||||||||||||
Mar 2011-May 2011 | 5,035 | 5.45 | % | $ | 172,165,013.31 | 6.05 | % | 36.34 | % | ||||||||||||
Total | 92,327 | 100.00 | % | $ | 2,847,669,437.77 | 100.00 | % | ||||||||||||||
Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Customer State | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Michigan | 27,961 | 30.31 | % | $ | 631,616,138.47 | 25.01 | % | ||||||||||
New York | 9,321 | 10.10 | % | $ | 253,703,066.61 | 10.05 | % | ||||||||||
Florida | 7,561 | 8.20 | % | $ | 236,066,229.80 | 9.35 | % | ||||||||||
New Jersey | 6,488 | 7.03 | % | $ | 189,135,976.39 | 7.49 | % | ||||||||||
Ohio | 7,488 | 8.12 | % | $ | 177,882,840.87 | 7.04 | % | ||||||||||
California | 4,788 | 5.19 | % | $ | 171,109,040.20 | 6.78 | % | ||||||||||
Other | 28,637 | 31.04 | % | $ | 865,567,201.56 | 34.28 | % | ||||||||||
Total | 92,244 | 100.00 | % | $ | 2,525,080,493.90 | 100.00 | % | ||||||||||
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Percentage | |||||||||||||||||
of Total | Percentage | ||||||||||||||||
Number | Number | Aggregate | of Aggregate | ||||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | ||||||||||||||
Vehicle Make | Assets | Assets | Principal Balance | Principal Balance | |||||||||||||
Chevrolet | 34,063 | 36.93 | % | $ | 849,165,126.11 | 33.63 | % | ||||||||||
Cadillac | 16,183 | 17.54 | % | $ | 634,268,176.11 | 25.12 | % | ||||||||||
GMC | 10,037 | 10.88 | % | $ | 322,570,441.90 | 12.77 | % | ||||||||||
Pontiac | 11,368 | 12.32 | % | $ | 224,005,772.69 | 8.87 | % | ||||||||||
Hummer | 5,254 | 5.70 | % | $ | 171,077,714.50 | 6.78 | % | ||||||||||
Buick | 7,252 | 7.86 | % | $ | 140,205,759.51 | 5.55 | % | ||||||||||
Saturn | 5,784 | 6.27 | % | $ | 116,905,158.61 | 4.63 | % | ||||||||||
Saab | 2,127 | 2.31 | % | $ | 60,280,621.78 | 2.39 | % | ||||||||||
Other | 176 | 0.19 | % | $ | 6,601,722.69 | 0.26 | % | ||||||||||
Total | 92,244 | 100.00 | % | $ | 2,525,080,493.90 | 100.00 | % | ||||||||||
Percentage | ||||||||||||||||
of Total | Percentage | |||||||||||||||
Number | Number | Aggregate | of Aggregate | |||||||||||||
of Lease | of Lease | Original Adjusted | Original Adjusted | |||||||||||||
Model | Assets | Assets | Principal Balance | Principal Balance | ||||||||||||
Impala | 10,805 | 11.71 | % | $ | 215,745,089.52 | 8.54 | % | |||||||||
G6 | 9,028 | 9.79 | % | $ | 175,354,742.07 | 6.94 | % | |||||||||
Escalade | 3,195 | 3.46 | % | $ | 165,006,496.73 | 6.53 | % | |||||||||
Tahoe | 4,224 | 4.58 | % | $ | 149,839,937.47 | 5.93 | % | |||||||||
CTS | 5,212 | 5.65 | % | $ | 143,664,409.33 | 5.69 | % | |||||||||
Hummer H3 | 4,447 | 4.82 | % | $ | 129,308,324.35 | 5.12 | % | |||||||||
Trailblazer | 5,532 | 6.00 | % | $ | 121,525,798.08 | 4.81 | % | |||||||||
C/ K Pickup | 3,889 | 4.22 | % | $ | 111,836,553.15 | 4.43 | % | |||||||||
Other | 45,912 | 49.77 | % | $ | 1,312,799,143.20 | 51.99 | % | |||||||||
Total | 92,244 | 100.00 | % | $ | 2,525,080,493.90 | 100.00 | % | |||||||||
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Number of | Average | Total | |||||||||||
Terminating Quarter | Lease Assets | Waived Payments | Waived Payments | ||||||||||
May — June 02 | — | — | — | ||||||||||
2002 Q3 | — | — | — | ||||||||||
2002 Q4 | — | — | — | ||||||||||
2003 Q1 | — | — | — | ||||||||||
2003 Q2 | — | — | — | ||||||||||
2003 Q3 | — | — | — | ||||||||||
2003 Q4 | — | — | — | ||||||||||
2004 Q1 | — | — | — | ||||||||||
2004 Q2 | — | — | — | ||||||||||
2004 Q3 | — | — | — | ||||||||||
2004 Q4 | — | — | — | ||||||||||
2005 Q1 | — | — | — | ||||||||||
2005 Q2 | — | — | — | ||||||||||
2005 Q3 | — | — | — | ||||||||||
2005 Q4 | — | — | — | ||||||||||
2006 Q1 | — | — | — | ||||||||||
2006 Q2 | — | — | — | ||||||||||
2006 Q3 | — | — | — | ||||||||||
2006 Q4 | — | — | — | ||||||||||
2007 Q1 | 1 | $ | 1,087 | $ | 1,087 | ||||||||
Total | 1 | $ | 1,087 | (avg) | $ | 1,087 | |||||||
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You should consider carefully the risk factors beginning on page 2 in this prospectus. |
The Issuing Entities —
• | The depositor will form a new issuing entity to issue each series of securities. |
• | The primary assets of each issuing entity will be: |
• | a series of non-recourse secured notes secured by new or used automobile and light duty truck leases and the related leased vehicles, and all moneys due on the secured notes on and after the closing date; |
• | the lease assets, including payments under leases and amounts received upon sale of leased vehicles; |
• | proceeds from claims on any insurance policies relating to the leases and the leased vehicles; |
• | any recourse against dealers on the leases; |
• | rights of the issuing entity under the VAULT Trust Agreement (solely with respect to the vehicles that are included in the related lease assets), the Pooling and Administration Agreement, the Trust Sale and Administration Agreement, the COLT Indenture, the COLT Sale and Contribution Agreement, the COLT Custodian Agreement, the COLT Servicing Agreement and the other documents relating to the issuing entity; |
• | the COLT reserve account and all proceeds thereof; and |
• | the CARAT reserve account, if the issuing entity has a reserve account. |
• | will represent indebtedness of the issuing entity that issued those securities, in the case of notes, or beneficial interests in the issuing entity that issued those securities, in the case of certificates; |
• | will be paid only from the assets of the issuing entity that issued those securities; |
• | will represent the right to payments in the amounts and at the times described in the accompanying prospectus supplement; |
• | may benefit from one or more forms of credit enhancement; and |
• | will be issued as part of a designated series, which will include one or more classes of notes and may include one or more classes of certificates. |
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Lack of First Priority Liens on Leased Vehicles, Leases or Secured Notes Could Make the Leases Uncollectible and Reduce or Delay Payments on the Secured Notes and the Securities | If the security interests in the leases, leased vehicles or secured notes as described in“Legal Aspects of the Secured Notes and the Lease Assets—Security Interest in the Secured Notes and the Leases and Leased Vehicles” in this prospectus are not timely or properly perfected, the interests of GMAC, the depositor, the issuing entity and the CARAT Indenture Trustee in the leases, leased vehicles or secured notes could be subordinate to, among others, the following: | |
(1) a bankruptcy trustee of GMAC, COLT, VAULT, the depositor or the issuing entity; | ||
(2) a subsequent purchaser of the leases, leased vehicles or secured notes; | ||
(3) a holder of a perfected security interest in the leases, leased vehicles or secured notes; and | ||
(4) a person who became a lien creditor with respect to the leases, leased vehicles or secured notes. | ||
The issuing entity and the CARAT Indenture Trustee may not be able to collect on the secured notes in the absence of a perfected security interest in the related leases and leased vehicles. Even if the issuing entity and the CARAT Indenture Trustee have a perfected security interest in the leases and leased vehicles, events or circumstances could jeopardize the interest, such as: | ||
(1) fraud or forgery by the vehicle lessee; | ||
(2) negligence or fraud by the servicer; | ||
(3) mistakes by governmental agencies; | ||
(4) liens for repairs or unpaid taxes; | ||
(5) the exercise of legal rights of governmental agencies under various criminal statutes; | ||
(6) the application of consumer protection laws; | ||
(7) rights and defenses of obligors made under the vehicle leases; and | ||
(8) bankruptcy of the obligor. | ||
See“Legal Aspects of the Secured Notes and the Lease Assets—Security Interest in the Secured Notes and the Leases and Leased Vehicles” in this prospectus for other events that could jeopardize that interest. |
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GMAC, the depositor and the CARAT Indenture Trustee will file financing statements with respect to the secured notes sold to the issuing entity. The financing statements will perfect the security interest of the depositor, the issuing entity and the CARAT Indenture Trustee in the secured notes. The CARAT Indenture Trustee will also perfect its security interest in the secured notes by having COLT deliver possession of the secured notes to the CARAT Indenture Trustee or a custodian thereof. See“Legal Aspects of the Secured Notes and the Lease Assets—Security Interest in the Secured Notes and the Leases and Leased Vehicles” in this prospectus. | ||
If any other party purchases or takes a security interest in the leases before the security interest of GMAC, the depositor, the issuing entity and the CARAT Indenture Trustee in the leases is perfected: | ||
(1) for value, | ||
(2) in the ordinary course of business and | ||
(3) without actual knowledge of the depositor’s, the issuing entity’s or the CARAT Indenture Trustee’s interest, | ||
then, that purchaser or secured party will acquire an interest in the leases that is senior to the issuing entity’s and the CARAT Indenture Trustee’s interest, and the collections on those leases may not be available to make payments on your securities to the extent of such purchaser or secured party’s interest. | ||
Decisions by General Motors With Respect to New Car Incentive Purchase Programs or Price Reductions and Other Market Factors May Reduce the Value of the Vehicles that Secure the Secured Notes | The pricing of used cars is affected by the supply and demand for those cars, which, in turn, is affected by consumer tastes, economic factors, the introduction and pricing of new car models and other factors. Decisions by General Motors with respect to new vehicle production, pricing and incentives may affect used car prices, particularly those for the same or similar models. A decline in the business prospects or financial condition of General Motors could also reduce consumer demand for used General Motors vehicles. A decrease in the demand for used cars may impact the residual value and residual realization of the leased vehicles securing the secured notes. Decreases in the residual value of those vehicles may, in turn, reduce the incentive of obligors to purchase vehicles upon lease termination and may also decrease the residual realized by the issuing entity from vehicle repossessions and sales after lease termination. |
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GMAC’s Bankruptcy Could Reduce or Delay Payments on the Securities | If GMAC filed for bankruptcy under the Bankruptcy Code or any state insolvency laws, a court may: | |
(1) consolidate the assets and liabilities of VAULT, the depositor, COLT or COLT, LLC with those of GMAC; | ||
(2) decide that the sale of the secured notes to the depositor was not a “true sale;” | ||
(3) decide that the transfer of the lease assets to COLT was not a “true sale;” | ||
(4) disallow a transfer of secured notes prior to the bankruptcy; or | ||
(5) disallow a transfer of lease assets prior to the bankruptcy. | ||
If the secured notes became part of GMAC’s bankruptcy estate, you might experience reductions and/or delays in payments on your securities. | ||
See“Bankruptcy Aspects of the Secured Notes— Payments on the Notes and Certificates” in this prospectus. | ||
Limited Enforceability of the Leases Could Reduce or Delay Payments on the Securities | Federal and state consumer protection laws regulate the creation and enforcement of consumer leases such as the leases securing the secured notes. Specific statutory liabilities are imposed upon creditors who fail to comply with these regulatory provisions. In some cases, this liability could affect an assignee’s ability to enforce leases such as those securing the secured notes. If an obligor had a claim for violation of these laws prior to the respective cut-off date, GMAC must repurchase the related lease asset unless the breach is cured. If GMAC fails to repurchase the lease asset, you might experience reductions and/or delays in payments on your securities. See“Legal Aspects of the Secured Notes and the Lease Assets—Consumer Protection Laws” in this prospectus. | |
You May Receive an Early Return of Your Investment or Incur a Shortfall in the Return of Your Investment Following an Event of Default Under the CARAT Indenture or the COLT Indenture | If an event of default occurs under the CARAT Indenture, the holders of a majority of the aggregate principal balance of the controlling class of notes may declare the accrued interest and outstanding principal immediately due and payable. In that event, the CARAT Indenture Trustee may sell the secured notes and other assets of the issuing entity and apply the proceeds to prepay the notes. The manner of sale will affect the amount of proceeds received and available for distribution. The liquidation and distribution of trust assets will result in an early return of principal to noteholders. You may not be able to reinvest the principal repaid to you for a rate of return or a |
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maturity date that is as favorable as those on your notes. Also, the proceeds from the sale of the secured notes may not be sufficient to fully pay amounts owed on the securities. Those circumstances may result in losses to securityholders. In addition, under a particular series of notes, as specified in the applicable prospectus supplement, notes of various classes that pay sequentially prior to an acceleration may pay proportionately in equal priority following an event of default that results in an acceleration. That change in priority of distributions will result in certain securityholders receiving a return of their principal faster or more slowly than they would have in the case of sequential payment. | ||
GMAC, COLT and the Depositor Have Limited Obligations to the Issuing Entities and They Will Not Make Payments on the Securities | GMAC, COLT, the depositor and their respective affiliates other than the issuing entity are generally not obligated to make any payments to you on your securities and do not guarantee payments on the leases, the residual value of the leased vehicles, the secured notes, the certificates or your notes or certificates. However, GMAC will make representations and warranties regarding the characteristics of the lease assets and the secured notes, and these representations and warranties will then be assigned to the issuing entity. If GMAC breaches the representations and warranties, it may be required to repurchase the applicable lease assets from COLT and any applicable secured notes from the issuing entity. | |
If GMAC fails to repurchase the lease assets or the secured notes, you might experience reductions and/or delays in payments on your securities. See“The Transfer and Servicing Agreements—Sale and Assignment of Lease Assets and Secured Notes” in this prospectus. | ||
The Assets of Each Issuing Entity Are Limited and Are the Only Source of Payment for the Securities | The issuing entity will not have any significant assets or sources of funds other than its secured notes, its rights in any CARAT reserve account or other rights or credit enhancements as are specified in the prospectus supplement for that issuing entity. The securities will only represent interests in the issuing entity from which they were issued. The securities will not be insured or guaranteed by GMAC, COLT, the depositor, the CARAT Owner Trustee, the CARAT Indenture Trustee, COLT, LLC, the COLT Owner Trustee, the COLT Indenture Trustee or any of their affiliates. You must rely primarily on collections on the lease assets that secure the secured notes that secure your securities and, if set forth in the related prospectus supplement, any COLT reserve account or CARAT reserve account, for repayment of your securities. In addition, for defaulted leases, you may have to look to the lessees of those leases and the proceeds |
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from the repossession and sale of leased vehicles that secure defaulted leases. If these sources are insufficient, you may receive payments late or may not receive back your full principal investment or all interest due to you. See“The Transfer and Servicing Agreements— Distributions,” “—Credit Enhancement” and“Legal Aspects of the Secured Notes and the Lease Assets” in this prospectus. | ||
The Absence of a Liquid Market for the Securities Would Limit Your Ability to Resell the Securities | The securities will not be listed on any securities exchange. Therefore, in order to sell your securities, you will need to find a willing buyer. The underwriters may assist in the resale of securities, but they are not required to do so. A secondary market for any securities may not develop. The absence of a secondary market could limit your ability to sell your securities. If a secondary market does develop, it might not continue or it might not be sufficiently liquid to allow you to resell any of your securities. | |
The Servicer Has Discretion Over the Servicing of the Lease Assets and the Manner in Which the Servicer Applies that Discretion May Impact the Amount and Timing of Funds Available to Pay Principal and Interest on the Securities | The Servicer has discretion in servicing the lease assets, including the ability to grant payment waivers or extensions and to determine the timing and method of collection, liquidation and whether it expects to recoup a potential servicer advance from subsequent collections or recoveries on any lease asset and, therefore, whether or not to make that servicer advance as described in“The Transfer and Servicing Agreements—Advances by the Servicer” in this prospectus. The manner in which the Servicer exercises that discretion could have an impact on the amount and timing of receipts by the issuing entity from the secured notes. If the Servicer determines not to advance funds, or if other servicing procedures do not maximize the receipts from the lease assets, the result may be losses or delays in payment on your securities. | |
Temporary Commingling of Funds by the Servicer Prior to Their Deposit into the Collection Account May Result in Losses or Delays in Payment on the Securities | The Servicer receives collections on the lease assets in an account of the Servicer that contains other funds of the Servicer and amounts collected by the Servicer in respect of other lease assets. Generally, the Servicer is not required to transfer those funds to the COLT collection account until two business days following receipt. This temporary commingling of funds prior to the deposit of collections on the lease assets into the COLT collection account may result in a delay or reduction in the amounts available to make payments on the securities if, in the event of a bankruptcy of the Servicer, the Servicer or the bankruptcy trustee is unable to specifically identify those funds and there are competing claims on those funds by other creditors of the Servicer. |
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Replacing the Servicer May Reduce or Delay Payments on the Securities | If GMAC were to cease acting as Servicer, collection practices of a successor servicer, which under certain circumstances may be the COLT Indenture Trustee, may vary from those of GMAC. In addition, after a successor servicer is appointed, the successor servicer may experience some inefficiencies as a result of the transition. While GMAC is not permitted to resign or be terminated as Servicer until a replacement servicer is installed, if GMAC were to become incapable of acting as Servicer, a successor servicer had not yet accepted appointment and the COLT Indenture Trustee failed to satisfy its obligations to act as replacement servicer, there could be a disruption in servicing that could result in a delay or decrease in collections on the lease assets. It may be difficult to identify a qualified successor servicer other than the COLT Indenture Trustee because the transaction documents do not provide for additional fees that might induce a successor to accept appointment and because the servicing fee is calculated as a percentage of the aggregate ABS Value of the lease assets and some cost components of servicing are fixed. Consequently, as the lease pool amortizes, the servicing fee will diminish at a greater rate than the cost of servicing. For the foregoing reasons, if there is a need to replace the Servicer, you may experience delays or reductions in the payments on your securities. | |
The Ratings for the Securities are Limited in Scope, May Not Continue To Be Issued and Do Not Consider the Suitability of the Securities for You | The offered securities for each issuing entity will be issued only if they receive the required rating. A security rating is not a recommendation to buy, sell or hold the securities. The rating considers only the likelihood that the issuing entity will pay interest on time and will ultimately pay principal in full or make distributions on the certificates issued by the issuing entity. Ratings on the securities do not address the timing of distributions of principal on the securities prior to their applicable final scheduled payment date. The ratings do not consider the prices of the securities or their suitability to a particular investor. The ratings may be revised or withdrawn at any time. If a rating agency changes its rating or withdraws its rating, no one has an obligation to provide additional credit enhancement or to restore the original rating. Neither GMAC nor any of its affiliates is under any obligation to monitor the ratings. |
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(a) a series of non-recourse secured notes and all moneys due on the secured notes on or after the closing date; | |
(b) the property securing the secured notes, including: |
• | the lease assets, including payments under leases and amounts received upon sale of leased vehicles; | |
• | proceeds from claims on any insurance policies relating to the leases and the leased vehicles; | |
• | any recourse against dealers on the leases; and | |
• | the COLT reserve account; |
(c) all rights of the issuing entity under the VAULT Trust Agreement (solely with respect to the vehicles that are included in the related lease assets), the Pooling and Administration Agreement, the Trust Sale and Administration Agreement, the COLT Indenture, the COLT Sale and Contribution Agreement, the COLT Custodian Agreement, the COLT Servicing Agreement and the other transaction documents relating to the issuing entity; and | |
(d) the CARAT reserve account, if any. |
• | acquiring, managing and holding secured notes and the other assets of the issuing entity and the proceeds from those assets; | |
• | issuing securities and making payments and distributions on them; |
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• | engaging in other activities that are necessary, suitable or convenient to accomplish any of the foregoing or are incidental or connected with these activities; and | |
• | any other activities not inconsistent with the foregoing that are described in the accompanying prospectus supplement. |
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• | the prospective applicant’s prior experience with GMAC, |
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• | the length of time the prospective applicant’s credit has been reported, | |
• | the type of credit the prospective applicant has established in its credit file, | |
• | the net capitalized cost on the lease agreement and the dealer invoice price of the leased vehicle, | |
• | the term of the lease, and | |
• | the prospective applicant’s overall creditworthiness and ability to pay. |
• | credit bureau scores; | |
• | severity and aging of delinquency; | |
• | percentage utilization of available credit; | |
• | net capitalizedcost-to-vehicle value ratio of the lease being applied for; and | |
• | payment-to-income ratio. |
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• | collect the first monthly payment, including a refundable security deposit, unless the lessee qualifies for the SmartLease Loyalty Program or other marketing programs, in which case both may be waived; | |
• | verify that the lessee has purchased at least the minimum physical damage and public liability insurance coverage; and | |
• | ensure that all required license fees, registration fees and up-front taxes are paid. |
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• | the lessee fails to make a payment when due; | |
• | the lessee fails to maintain required insurance coverage; | |
• | the lessee fails to maintain or repair the vehicle as required by the lease agreement; | |
• | the lessee violates the transfer of interest provisions of the lease agreement; | |
• | the lessee breaches any agreements in the lease and that breach significantly impairs the prospect of payment, performance or realization of the lessor’s interest in the vehicle; | |
• | the lessee made a material misrepresentation on his or her lease agreement; or | |
• | the lessee does any other act that is a default under a lease agreement under applicable law. |
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• | aggregate ABS Value, | |
• | number of leases in the pool, | |
• | average ABS Value, | |
• | average Lease Residual; | |
• | percentage of new vehicles in the pool; | |
• | weighted average standardized credit score, | |
• | range and distribution of standardized credit scores, | |
• | weighted average original term, and | |
• | weighted average remaining term. |
• | each lease (1) was originated by a dealer for the retail lease of the related vehicle in the ordinary course of the dealer’s business, was fully and properly executed by the parties thereto and was purchased by and validly assigned to GMAC or its subsidiaries in accordance with its terms, (2) contains customary and enforceable provisions to render the rights and remedies of the holder of the lease adequate for realization against the vehicle of the benefits of the lease and (3) except for SmartLease Plus Accounts, if any, and Paid in Full Leases, if any, provides for level monthly payments (except that the first payment and the last payment may be different from the level |
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payments) that fully amortizes the capitalized cost of the vehicle as specified on the lease to the Stated Residual Value over the lease term; | ||
• | all requirements of applicable federal, state and local laws, and regulations thereunder in respect of the leases, have been complied with in all material respects; | |
• | each lease represents the genuine legal, valid and binding payment obligation of the lessee thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights in general and by equity, regardless of whether enforceability is considered in a proceeding in equity or at law; | |
• | upon conveyance of the lease asset by the dealer to GMAC, (1) GMAC has good title in and to the lease and the amounts due thereunder, (2) VAULT has good title to the related vehicle (or all necessary and appropriate action has been commenced that would result in VAULT having good and valid title to the related vehicle), and (3) GMAC owns and has good title to all of the beneficial interest in each related vehicle, in each case free of any lien; | |
• | no lease has been satisfied (except for Paid in Full Leases), subordinated, cancelled, terminated (except for Paid in Full Leases) or rescinded; | |
• | each lessee is required to maintain physical damage and liability insurance policies of the type that GMAC requires in accordance with its customary underwriting standards for the purchase of motor vehicle leases; | |
• | no lease was originated in, or is subject to the laws of, any jurisdiction whose laws would make unlawful the sale, transfer and assignment of that lease and related vehicle by the dealer to GMAC and VAULT and by GMAC to COLT, the pledge by COLT of its interest in that lease to the COLT Indenture Trustee and the pledges by COLT and VAULT of their respective interests in the related vehicles to each secured noteholder; | |
• | each lease was underwritten in substantial conformance with underwriting guidelines applied to similar leases acquired by GMAC for its own account; | |
• | each lease has an original scheduled term of not less than 12 months or greater than 60 months. | |
• | the dealer selling each lease asset to GMAC is located in the United States and each lessee has a billing address in the United States; | |
• | each lease (including all other agreements related thereto) is a triple net lease that requires the related lessee (or another person other than GMAC) to pay all costs relating to taxes, insurance and maintenance with respect to the related vehicle; | |
• | each vehicle purchased by GMAC is an automobile or light duty truck; | |
• | no right of rescission, setoff, counterclaim or defense has been asserted or threatened with respect to any lease; | |
• | to the best of GMAC’s knowledge, (1) GMAC has not, and none of its affiliates has, taken any action that would result in a lien or claim arising out of an obligation or debt owed by GMAC or an affiliate for work, labor or materials affecting any vehicle, (2) GMAC has not, as of the closing date, received a written notice of any liens |
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asserted against any vehicle for work, labor or materials affecting any vehicle, (3) GMAC and its ERISA Affiliates have not received notice from the PBGC of a lien imposed by Section 4068 of ERISA upon any lease asset and no such notice of lien has been filed with the appropriate governmental authority upon any lease asset and (4) GMAC and its affiliates have not received notice from the IRS of a lien imposed by 26 U.S.C. § 6321 upon any lease asset and no such notice of lien has been filed with the appropriate governmental authority upon any lease asset. | ||
• | all UCC and other filings necessary in any jurisdiction to give COLT a first priority perfected security interest in the leases have been made or will be made within ten days after the closing date and no filings are necessary with respect to the transfer of the beneficial interest in each related vehicle; | |
• | there is only one original executed copy of each lease; | |
• | the lowest implicit lease rate of any lease is 0% and the highest implicit lease rate of any lease asset is less than or equal to the related discount rate used to calculate the ABS Value of those lease assets; | |
• | as of the applicable cut-off date, no lease was considered past due, that is, the payments due on any lease in excess of $25.00 had been received within 30 days of the payment date and no lease was a Liquidating Lease Asset; | |
• | no lease asset, or constituent part thereof, constitutes a “negotiable instrument” or “negotiable document of title” or unless otherwise disclosed in the applicable prospectus supplement, “electronic chattel paper” (as such terms are used in the UCC); | |
• | the aggregate Initial ABS Value of the lease assets is an amount specified in the related COLT Sale and Contribution Agreement; | |
• | since the applicable cutoff date, no provision of a lease has been or will be waived, altered or modified in any respect, except in accordance with the servicer’s customary servicing procedures and the COLT Servicing Agreement; | |
• | each lease was originated on or after a date specified in the related COLT Sale and Contribution Agreement; | |
• | the information set forth in a lease asset schedule to be supplied as part of a related COLT Sale and Contribution Agreement is true and correct in all material respects; | |
• | each lease is denominated in U.S. dollars; | |
• | the COLT Sale and Contribution Agreement and the COLT Indenture create a valid and continuing security interest (as defined in the applicable UCC) in the leases in favor of COLT and the COLT Indenture Trustee, respectively, which security interest is prior to all other liens other than certain liens that attach by operation of law, and is enforceable as such as against creditors of and purchasers from GMAC and COLT, respectively; | |
• | within 10 days of the applicable closing date, all steps necessary to perfect COLT’s security interest against the holder of the secured notes in the leases that constitute chattel paper will have been taken; |
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• | prior to the pledge of the lease assets to the COLT Indenture Trustee under the COLT Indenture, the leases other than Paid in Full Leases constitute “chattel paper,” “payment intangibles,” “instruments,” “certificated securities” or “uncertificated securities” within the meaning of the applicable UCC; | |
• | COLT owns and has good and marketable title to the lease assets free and clear of any lien, other than liens of the COLT Indenture Trustee and the secured noteholder under the COLT Indenture, claim or encumbrance of any person or entity; | |
• | GMAC has caused, or will have caused within 10 days of the applicable closing date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the leases granted to COLT under the COLT Sale and Contribution Agreement and the COLT Indenture Trustee under the COLT Indenture; | |
• | other than the sale by GMAC to COLT pursuant to the COLT Sale and Contribution Agreement and the security interest granted by COLT to the COLT Indenture Trustee and the secured noteholders under the COLT Indenture, neither GMAC nor COLT has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the lease assets; neither GMAC nor COLT has authorized the filing of, or is aware of, any financing statements against GMAC or COLT that include a description of collateral covering the lease assets other than the financing statements relating to the interests granted to COLT under the COLT Sale and Contribution Agreement and to the COLT Indenture Trustee under the COLT Indenture or any financing statement that has been terminated; and neither GMAC nor COLT is aware of any judgment or tax lien filings against GMAC or COLT covering the leases; and | |
• | GMAC, as custodian, has in its possession or under its control the original copies of the lease assets files and other documents that constitute or evidence the leases; the lease assets files and other documents that constitute or evidence the leases do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any person or entity other than COLT. |
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• | a pool of leases for new or used cars and light duty trucks and all beneficial interest in the related vehicles under the VAULT Trust Agreement, and all moneys due thereunder on and after the cut-off date with respect to the vehicles and, to the extent permitted by law, all accessions to the related vehicles; | |
• | the right to proceeds of physical damage, credit life, credit disability or other insurance policies covering the related vehicles or lessees; | |
• | any recourse against dealers on the lease assets; | |
• | specified rights of COLT in the COLT Basic Documents, solely with respect to leases and leased vehicles relating to the secured notes; and | |
• | amounts and investments of those amounts as from time to time may be held in separate trust accounts established and maintained pursuant to the COLT Indenture pursuant to which the secured notes owned by the issuing entity were issued and the proceeds thereof. |
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(1) to correct or amplify the description of the property subject to the lien of the COLT Indenture or add additional property subject to the lien of the COLT Indenture; | |
(2) to provide for the assumption of the secured notes and the COLT Indenture obligations by a permitted successor to COLT; | |
(3) to add additional covenants for the benefit of the secured noteholders; | |
(4) to convey, transfer, assign, mortgage or pledge any property to or with the COLT Indenture Trustee; |
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(5) to cure any ambiguity or correct or supplement any provision in the COLT Indenture or in any supplemental indenture that may be inconsistent with any other provision of the COLT Indenture, any supplemental indenture or in any other COLT Basic Document; | |
(6) to evidence and provide for the acceptance of the appointment by a successor or additional COLT Indenture Trustee or to add to or change any of the provisions of the COLT Indenture as will be necessary to facilitate the administration by more than one COLT Indenture Trustee; | |
(7) to modify, eliminate or add to the provisions of the COLT Indenture in order to comply with the Trust Indenture Act of 1939, as amended; or | |
(8) to add any provisions to, change in any manner, or eliminate any of the provisions of, the COLT Indenture or modify in any manner the rights of the holders of secured notes under the COLT Indenture; provided that any action specified in this clause (8) occurs pursuant to a written order of COLT and will not, as evidenced by an opinion of counsel, adversely affect in any material respect the interests of the secured noteholders unless the consent of the CARAT Indenture Trustee, as holder of the secured notes, is otherwise obtained as described in the next section of this prospectus. |
(1) change the due date of any instalment of principal of or interest on any secured note or reduce the principal amount of any secured note, the interest rate specified thereon or change any place of payment where or the coin or currency in which any secured note or any interest thereon is payable or modify any of the provisions of the COLT Indenture in a manner as to affect the calculation of the amount of any payment of interest or principal due on any secured note on any payment date; | |
(2) impair the right to institute suit for the enforcement of specified provisions of the COLT Indenture regarding payment of principal or interest on any secured note; | |
(3) reduce the percentage of the aggregate principal amount of the outstanding secured notes, the consent of the holders of which is required for any supplemental indenture or the consent of the holders of which is required for any waiver of compliance with specified provisions of the COLT Indenture or of specified defaults thereunder and their consequences as provided for in the COLT Indenture; | |
(4) modify any of the provisions of the COLT Indenture regarding the voting of secured notes by COLT, GMAC, the Servicer or any affiliate of any of them; | |
(5) reduce the percentage of the aggregate principal amount of the outstanding secured notes required to direct the COLT Indenture Trustee to sell or liquidate the |
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assets of COLT if the proceeds of that sale would be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding secured notes; | |
(6) amend the sections of the COLT Indenture to decrease the minimum percentage of the aggregate principal amount of the outstanding secured notes necessary to amend the COLT Indenture or any of the other COLT Basic Documents; | |
(7) modify any of the provisions of the COLT Indenture to change the calculation of the amount of any payment of interest or principal due on any payment date; or | |
(8) permit the creation of any lien ranking prior to or on a parity with the lien of the COLT Indenture on any part of the assets of COLT or, except as otherwise permitted or contemplated in the COLT Indenture, terminate the lien of the COLT Indenture on that collateral or deprive any of the secured noteholders of the security afforded by the lien of the COLT Indenture. |
(1) any failure to pay interest on the secured notes as and when the same becomes due and payable, which failure continues unremedied for five days; | |
(2) except as provided in clause (3), any failure to pay any principal on the secured notes as and when the same becomes due and payable, which failure continues unremedied for 30 days after the giving of written notice of the failure (X) to the Servicer by the COLT Indenture Trustee or (Y) to the Servicer and the COLT Indenture Trustee by the holders of not less than 25% of the aggregate principal amount of the outstanding secured notes; | |
(3) failure to pay in full the Secured Note Principal Balance of the secured notes by the final maturity date of the secured notes; | |
(4) any failure to observe or perform in any material respect any other covenant or agreement of COLT in the COLT Indenture, which failure materially and adversely affects the rights of secured noteholders, and continues unremedied for 30 days after the giving of written notice of the failure (X) to COLT and GMAC (or the Servicer, as applicable) by the COLT Indenture Trustee or (Y) to COLT, GMAC (or the Servicer, as applicable) and the COLT Indenture Trustee by the holders of not less than 25% of the aggregate principal amount of the outstanding secured notes; | |
(5) events of bankruptcy, insolvency or receivership for COLT indicating its insolvency, reorganization pursuant to bankruptcy proceedings or inability to pay its obligations; and | |
(6) any other events or circumstances set forth in the applicable prospectus supplement. |
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(1) institute proceedings to collect amounts due and payable on the secured notes; | |
(2) institute proceedings for complete or partial foreclosure on the collateral with respect to the COLT Indenture and the VAULT Security Agreement; | |
(3) exercise remedies as a secured party; or | |
(4) sell all or a portion of the COLT trust estate in specified circumstances following the procedures set forth in the COLT Indenture and the COLT Basic Documents. |
(1) first, to the COLT Indenture Trustee for unpaid fees, expenses and indemnification due to it under the COLT Indenture, if any, | |
(2) next, to the COLT Owner Trustee for amounts due to it, not including amounts due for payments to the holders of the equity interest of COLT, under the COLT Declaration of Trust; and | |
(3) the remainder to the COLT collection account for distribution in the following priority: (i) payment in full of the accrued and unpaid interest on the secured notes; (ii) payment in full of the unpaid principal balance of the secured notes; (iii) to the CARAT collection account for payment of any shortfalls of amounts on deposit therein; and (iv) the remainder will be distributed in accordance with the instructions of the holders of the equity interests of COLT. |
(1) (A) the CARAT Indenture Trustee, as holder of the secured notes, consents to the sale or liquidation; |
(B) the proceeds of the sale are sufficient to pay in full the principal of and the accrued interest on the secured notes at the date of the sale or liquidation; or | |
(C) (X) there has been a default in the payment of interest, principal or other amounts on the secured notes, |
(Y) the COLT Indenture Trustee determines that the assets of COLT will not continue to provide sufficient funds on an ongoing basis to make all payments on the secured notes as the payments would have become due if the obligations had not been declared due and payable, and | |
(Z) the COLT Indenture Trustee obtains the consent of the CARAT Indenture Trustee, as holder of the secured notes; and |
(2) 10 days’ prior written notice of the sale or liquidation of the least assets has been given to the credit rating agencies that have rated the related notes. |
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(1) the holder has given to the COLT Indenture Trustee written notice of a continuing COLT Event of Default; | |
(2) the holders of not less than 25% of the aggregate principal balance of the outstanding secured notes in a series have made written request to the COLT Indenture Trustee to institute the proceeding in its own name as COLT Indenture Trustee; | |
(3) the holder or holders have offered the COLT Indenture Trustee reasonable indemnity; | |
(4) the COLT Indenture Trustee has for 60 days failed to institute the proceeding; and | |
(5) no direction inconsistent with the written request has been given to the COLT Indenture Trustee during the60-day period by the holders of a majority of the aggregate principal amount of the outstanding secured notes. |
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(1) the entity formed by or surviving the consolidation or merger is organized under the laws of the United States, any state or the District of Columbia; | |
(2) the entity expressly assumes COLT’s obligation to make due and timely payments on the notes and the performance or observance of every agreement and covenant of COLT under the COLT Indenture; | |
(3) no COLT Event of Default has occurred and is continuing immediately after the merger or consolidation; | |
(4) the Servicer, the COLT Owner Trustee and the COLT Indenture Trustee have been advised that the rating of the notes or certificates then in effect will not be reduced or withdrawn by the rating agencies as a result of the merger or consolidation; | |
(5) any action necessary to maintain the lien and security interest created by the COLT Indenture has been taken; and | |
(6) COLT has delivered an opinion of counsel to the effect that the consolidation or merger would have no material adverse tax consequence to COLT or any secured noteholder. |
(1) sell, transfer, exchange or otherwise dispose of any of the assets of COLT except as provided in the COLT Indenture and the COLT Basic Documents; | |
(2) claim any credit on or make any deduction from the principal and interest payable in respect of the secured notes, other than amounts withheld under the Internal Revenue Code or applicable state law, or assert any claim against any present or former secured noteholder because of the payment of taxes levied or assessed upon any part of COLT; | |
(3) voluntarily commence any insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for thewinding-up or liquidation of its affairs; | |
(4) permit the validity or effectiveness of the COLT Indenture or any other COLT Basic Document to be impaired or permit the liens of the COLT Indenture or the VAULT Security Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any person to be released from any covenants or obligations |
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regarding the secured notes under the COLT Indenture except as may be expressly permitted by the COLT Indenture; | |
(5) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of the COLT Indenture) to be created on or extend to or otherwise arise upon or burden the assets of the COLT trust estate or any part of its assets, or any interest in its assets or the proceeds thereof; or | |
(6) permit the liens of the COLT Indenture or the VAULT Security Agreement to not constitute a valid security interest in the collateral thereunder. |
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(1) the original denomination of the noteholder’s note; and | |
(2) the Note Pool Factor. |
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(1) to correct or amplify the description of the property subject to the lien of the CARAT Indenture or add additional property subject to the lien of the CARAT Indenture; | |
(2) to provide for the assumption of the notes and the CARAT Indenture obligations by a permitted successor to the issuing entity; | |
(3) to add additional covenants for the benefit of the noteholders; | |
(4) to convey, transfer, assign, mortgage or pledge any property to or with the CARAT Indenture Trustee; | |
(5) to cure any ambiguity or correct or supplement any provision in the CARAT Indenture or in any supplemental indenture that may be inconsistent with any other provision of the CARAT Indenture or any supplemental indenture or in any other CARAT Related Document; | |
(6) to evidence and provide for the acceptance of the appointment by a successor or additional CARAT Indenture Trustee or to add to or change any of the provisions of the CARAT Indenture as will be necessary to facilitate the administration by more than one CARAT Indenture Trustee; | |
(7) to modify, eliminate or add to the provisions of the CARAT Indenture in order to comply with the Trust Indenture Act of 1939, as amended; or | |
(8) to add any provisions to, change in any manner, or eliminate any of the provisions of, the CARAT Indenture or modify in any manner the rights of noteholders under that CARAT Indenture; provided that any action specified in this clause (8) occurs pursuant to a written order of the issuing entity and will not, as evidenced by an opinion of counsel, adversely affect in any material respect the interests of any noteholder of that issuing entity unless noteholder consent is otherwise obtained as described in the next section of this prospectus. |
(1) change the due date of any instalment of principal of or interest on any note or reduce the principal amount of any note, the interest rate specified thereon or the redemption price with respect thereto or change any place of payment where or the coin or currency in which any note or any interest thereon is payable or modify any of the |
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provisions of the CARAT Indenture in a manner as to affect the calculation of the amount of any payment of interest or principal due on any note on any payment date; | |
(2) impair the right to institute suit for the enforcement of specified provisions of the CARAT Indenture regarding payment of principal or interest on any note; | |
(3) reduce the percentage of the aggregate principal amount of the Controlling Class, the consent of the holders of which is required for any supplemental indenture or the consent of the holders of which is required for any waiver of compliance with specified provisions of the CARAT Indenture or of specified defaults thereunder and their consequences as provided for in the CARAT Indenture; | |
(4) modify any of the provisions of the CARAT Indenture regarding the voting of notes held by the issuing entity, any other obligor on the notes, the depositor or an affiliate of any of them; | |
(5) reduce the percentage of the aggregate outstanding principal amount of the notes the consent of the holders of which is required to direct the CARAT Indenture Trustee to sell or liquidate the assets of the issuing entity if the proceeds of that sale would be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding notes; | |
(6) amend the sections of the CARAT Indenture to decrease the minimum percentage of the aggregate principal amount of the outstanding notes necessary to amend the CARAT Indenture or any of the other CARAT Related Documents; | |
(7) modify any of the provisions of the CARAT Indenture to change the calculation of the amount of any payment of interest or principal due on any payment date; or | |
(8) permit the creation of any lien ranking prior to or on a parity with the lien of the CARAT Indenture on any part of the assets of the issuing entity or, except as otherwise permitted or contemplated in the CARAT Indenture, terminate the lien of the CARAT Indenture on that collateral or deprive the holder of any note of the security afforded by the lien of the CARAT Indenture. |
(1) any failure to pay interest on the notes (or, if so specified in the accompanying prospectus supplement, on the Controlling Class of the notes) as and when the same becomes due and payable, which failure continues unremedied for five days; | |
(2) except as provided in clause (3), any failure to make any instalment of principal on the notes as and when the same becomes due and payable, which failure continues unremedied for 30 days after the giving of written notice of the failure (X) to the depositor (or the Trust Administrator, as applicable) by the CARAT Indenture Trustee or (Y) to the depositor (or the Trust Administrator, as applicable) and the CARAT Indenture Trustee by the holders of not less than 25% of the aggregate principal amount of the Controlling Class; | |
(3) failure to pay the unpaid principal balance of any class of notes on or prior to the respective final scheduled payment date for that class; | |
(4) any failure to observe or perform in any material respect any other covenant or agreement of the issuing entity in the CARAT Indenture, which failure materially and |
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adversely affects the rights of noteholders, and which failure continues unremedied for 30 days after the giving of written notice of the failure (X) to the depositor (or the Trust Administrator, as applicable) by the CARAT Indenture Trustee or (Y) to the depositor (or the Trust Administrator, as applicable) and the CARAT Indenture Trustee by the holders of not less than 25% of the aggregate principal amount of the Controlling Class; | |
(5) events of bankruptcy, insolvency or receivership for the issuing entity indicating its insolvency, reorganization pursuant to bankruptcy proceedings or inability to pay its obligations; and | |
(6) any other events and circumstances set forth in the applicable prospectus supplement. |
(1) institute proceedings to collect all amounts due on the notes; | |
(2) institute proceedings for the complete or partial foreclosure on the collateral securing the notes; | |
(3) exercise remedies as a secured party; or | |
(4) sell the assets of the issuing entity. |
(1) first, to the CARAT Indenture Trustee for fees, expenses and indemnification due to it under the CARAT Indenture and not paid, if any; | |
(2) next, to the CARAT Owner Trustee for amounts due to it, not including amounts due for payments to the certificateholders under the trust agreement or the Trust Sale and Administration Agreement; and | |
(3) the remainder to the CARAT collection account for distribution pursuant to the CARAT Related Documents. |
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(1) (A) the holders of all the outstanding notes consent to the sale or liquidation; |
(B) the proceeds of the sale are sufficient to pay in full the principal of and the accrued interest on the outstanding notes at the date of the sale or liquidation and make all distributions from the CARAT collection account as described in the Trust Sale and Administration Agreement; or | |
(C) (X) there has been a default in the payment of interest or principal on the notes, |
(Y) the CARAT Indenture Trustee determines that the secured notes will not continue to provide sufficient funds on an ongoing basis to make all payments on the notes as the payments would have become due if the obligations had not been declared due and payable, and | |
(Z) the CARAT Indenture Trustee obtains the consent of the holders of a majority of the aggregate outstanding amount of the Controlling Class; and |
(2) 10 days’ prior written notice of the sale or liquidation of the secured notes has been given to the credit rating agencies that have rated the related notes. |
(1) the holder has given to the CARAT Indenture Trustee written notice of a continuing CARAT Event of Default; |
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(2) the holders of not less than 25% in aggregate principal amount of the Controlling Class have made written request of the CARAT Indenture Trustee to institute the proceeding in its own name as CARAT Indenture Trustee; | |
(3) the holder or holders have offered the CARAT Indenture Trustee reasonable indemnity; | |
(4) the CARAT Indenture Trustee has for 60 days failed to institute the proceeding; and | |
(5) no direction inconsistent with the written request has been given to the CARAT Indenture Trustee during the60-day period by the holders of a majority in aggregate principal amount of the Controlling Class. |
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(1) the entity formed by or surviving the consolidation or merger is organized under the laws of the United States, any state or the District of Columbia; | |
(2) the entity expressly assumes the issuing entity’s obligation to make due and punctual payments on the notes and the performance or observance of every agreement and covenant of the issuing entity under the CARAT Indenture; | |
(3) no CARAT Event of Default has occurred and is continuing immediately after the merger or consolidation; | |
(4) the issuing entity has been advised that the rating of the notes or certificates then in effect would not be reduced or withdrawn by the rating agencies as a result of the merger or consolidation; | |
(5) any action necessary to maintain the lien and security interest created by the CARAT Indenture has been taken; and | |
(6) the issuing entity has received an opinion of counsel to the effect that the consolidation or merger would have no material adverse tax consequence to the issuing entity or to any noteholder or certificateholder. |
(1) sell, transfer, exchange or otherwise dispose of any of the assets of the issuing entity; | |
(2) claim any credit on or make any deduction from the principal and interest payable in respect of the notes, other than amounts withheld under the Internal Revenue Code or applicable state law, or assert any claim against any present or former holder of the notes because of the payment of taxes levied or assessed upon the issuing entity; | |
(3) voluntarily commence any insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for thewinding-up or liquidation of its affairs; | |
(4) permit the validity or effectiveness of the CARAT Indenture or any other CARAT Related Document to be impaired, permit the lien of the CARAT Indenture to be amended, hypothecated, subordinated, terminated or discharged or permit any person to be released from any covenants or obligations regarding the notes under the CARAT Indenture except as may be expressly permitted by the CARAT Indenture; | |
(5) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of the CARAT Indenture) to be created on or extend to or otherwise arise upon or burden the assets of the issuing entity or any part of its assets, or any interest in its assets or the proceeds thereof; or |
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(6) permit the lien of the CARAT Indenture to not constitute a valid security interest in the trust estate thereunder. |
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(1) the Trust Administrator advises the appropriate trustee in writing that DTC is no longer willing or able to discharge properly its responsibilities as depository for these securities and the issuing entity is unable to locate a qualified successor, | |
(2) the Trust Administrator, at its option, elects to terminate the book-entry system through DTC, | |
(3) after the occurrence of a CARAT Event of Default or a Trust Administrator default, holders representing at least a majority of the outstanding amount of the Controlling Class advise the appropriate trustee through DTC in writing that the continuation of a book-entry system through DTC, or a successor thereto, is no longer in the best interest of the holders of these securities, or | |
(4) for a specific series, the conditions described in the applicable prospectus supplement are satisfied. |
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(1) applicable distribution dates and determination dates used to calculate distributions on the securities; | |
(2) the amount of the distribution allocable to principal of each class of the notes; | |
(3) the amount of the distribution allocable to interest on or for each class of notes; | |
(4) the net amount, if any, of any payments to be made by the issuing entity or to be received by the issuing entity under any derivative agreement; | |
(5) the outstanding principal balance of each class of notes, the Note Pool Factor for each class of notes, each as of the beginning of the period and after giving effect to all payments reported under clauses (2) and (3) above, and to any reinvestments reported under (16) below; | |
(6) the amount of the Class A Interest Carryover Shortfall, the Class B Interest Carryover Shortfall and the Class C Interest Carryover Shortfall, if any, and the change in each of these amounts from the preceding distribution date; | |
(7) the amount of the administration fee paid to the Trust Administrator and servicing fee paid to the Servicer for the related monthly period; | |
(8) the interest rate or pass-through rate, if any, for the next period for each class of notes; | |
(9) the Secured Note Rate; | |
(10) the aggregate amount in the Payment Ahead Servicing Account and the change in that amount from the previous statement, as the case may be; | |
(11) the amount on deposit in the CARAT and/or COLT reserve account, if any, after giving effect to any withdrawals or deposits on that date and the CARAT and/or COLT Reserve Account Required Amount, if applicable, on that date; | |
(12) the amount, if any, distributed to noteholders, certificateholders and the depositor from amounts on deposit in the reserve account or from other forms of credit enhancement; | |
(13) the aggregate amount of Monthly Payment Advances and Residual Advances made by the Servicer under the COLT Servicing Agreement with respect to the related monthly period; |
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(14) the amount of any Pull Ahead Payments made by GMAC, in its capacity as agent for General Motors, under the Pull Ahead Funding Agreement and the number of lease assets that became Pull Ahead Lease Assets during the related Monthly Period; | |
(15) the current and aggregate amount of any residual or credit losses on the lease assets during the related monthly period and since the applicable cut-off date; | |
(16) the amount, if any, reinvested in additional lease assets during the revolving period, if any; | |
(17) if applicable, whether the revolving period has terminated early due to the occurrence of an early amortization event, as described in the accompanying prospectus supplement, and information on the tests used to determine whether an early amortization event has occurred; | |
(18) if applicable, the balance in the accumulation account, after giving effect to changes in that accumulation account on that date, as described in the accompanying prospectus supplement; | |
(19) the number and aggregate ABS Value of lease assets at the beginning and end of the applicable Collection Period, and updated pool composition information as of the end of the Collection Period, such as weighted average life, weighted average remaining term, prepayment rates, cumulative net losses or gains on returned vehicles sold by GMAC and number of leases terminated; | |
(20) delinquency and loss information for the period and any material changes in determining or defining delinquencies, charge-offs and uncollectible accounts; | |
(21) purchase price of lease assets repurchased by GMAC due to material breaches of representations or warranties or transaction covenants; | |
(22) purchase price of lease assets repurchased by the Servicer due to any material modifications, extensions or waivers relating to the terms of, or fees, penalties or payments on, lease assets during the distribution period or that, cumulatively, have become material over time; | |
(23) if applicable, material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures used to acquire or select the lease assets, and | |
(24) if applicable, information regarding the issuance, if any, of new asset-backed securities backed by any series of secured notes and any related pool of lease assets. |
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(1) the Pooling and Administration Agreement pursuant to which the depositor will purchase secured notes from GMAC and the Trust Administrator for the secured notes will agree to administer the secured notes; | |
(2) the Trust Sale and Administration Agreement under which an issuing entity will acquire the secured notes from the depositor and agree to the administration of those secured notes by the Trust Administrator; | |
(3) the trust agreement under which the issuing entity will be created and certificates of the issuing entity will be issued; | |
(4) the COLT Sale and Contribution Agreement pursuant to which GMAC will sell the lease assets to COLT; and | |
(5) the COLT Servicing Agreement pursuant to which the Servicer agrees to service the lease assets. |
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• | it will, in accordance with its customary servicing practices, take such steps as are necessary to establish and maintain (1) the enforceable ownership interest of VAULT in the vehicles related to the lease assets in accordance with the VAULT Trust Agreement, (2) COLT’s beneficial ownership interest in the vehicles related to the lease assets in accordance with the VAULT Trust Agreement and (3) the perfection of the CARAT Indenture Trustee’s security interest in the vehicles related to the lease assets; | |
• | except as otherwise expressly contemplated by the COLT Servicing Agreement and the VAULT Trust Agreement, it will maintain VAULT as the legal title holder of the vehicles related to the leases; | |
• | it will not impair the rights of COLT, the COLT Indenture Trustee, the COLT Owner Trustee, COLT, LLC or the CARAT Indenture Trustee, as holder of the secured notes, and will not create or permit to exist on any of the lease assets any lien that arises from any act or omission of the Servicer or for which the Servicer has any payment liability; | |
• | it will use commercially reasonable efforts to (1) pay all amounts it has received from lessees under the lease assets with respect to Sales and Use Tax Amounts to the applicable taxing authorities when these amounts are due and payable under applicable law and (2) cause any lease asset to be released from the lien of any applicable state taxing authority upon having actual knowledge of any lien of such authority; | |
• | it may, in its discretion and in accordance with its customary servicing practices (1) waive any late payment charge or penalty interest provision or any other provision in a lease, (2) extend the term of any lease or the due date for any payment due from the lessee thereunder, (3) modify any provision of any lease, (4) accept extended performance under any lease asset and (5) take any other action to waive, extend or modify any of the obligations of the lessee under any lease, provided that no such waiver, extension or modification (i) impairs the enforceable ownership interest of VAULT, the beneficial ownership interest of COLT, the lien of the holders of the secured notes in the related vehicle or the lien of the COLT Indenture Trustee for the ratable benefit of the holders of the secured notes in any lease, (ii) reduces the aggregate dollar amount of the Monthly Lease Payments due under any lease asset, (iii) extends the term of any lease asset beyond the last day of the sixth Collection Period immediately preceding the final maturity date of the related secured note, or (iv) modifies the amounts due from the lessee upon the termination of any lease, other than to reduce the amount the lessee is required to pay to purchase the vehicle at the scheduled lease end date of the related lease if the Servicer, has determined, in its |
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discretion, that the reduction of this amount is reasonably likely to maximize the sale proceeds received by the Servicer in connection with the sale or liquidation of the vehicle; the Servicer may, however, waive a lessee’s payment of one or more Monthly Lease Payments for any lease being terminated under the Pull Ahead Program if GMAC has fully complied with the Pull Ahead Funding Agreement for that lease; | ||
• | it will, in accordance with its customary servicing practices, require that lessees obtain the insurance required under the leases and will monitor such insurance; and | |
• | it will not allow General Motors to waive, extend or modify any provision of any lease, whether in connection with a Pull Ahead Program or otherwise. |
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• | GMAC has instructed the secured note registrar to identify the CARAT Indenture Trustee as the registered holder of the notes, in each case in the secured note register; | |
• | each secured note in a series (1) was issued by COLT to fund a portion of the purchase price of the related pool of lease assets, (2) has or will create a valid, binding and enforceable security interest in favor of GMAC or the COLT Indenture Trustee on behalf of GMAC in the related pool of lease assets which is assignable by GMAC to the depositor, (3) contains enforceable provisions so as to render the rights and remedies of the holder of the secured note adequate for realization against the collateral of the benefits of the security, (4) will yield interest at the rate established in the secured note, and (5) constitutes chattel paper, payment intangibles, promissory notes or certificated securities within the meaning of the applicable UCC; | |
• | each secured note represents the genuine legal, valid and binding payment obligation of COLT thereon, enforceable by the holder in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights in general and by equity, regardless of whether the enforceability is considered in a proceeding in equity or at law; | |
• | no secured note has been satisfied, subordinated or rescinded and the lease assets securing each secured note have not been released from the lien of the related secured note; | |
• | no provision of a secured note has been waived, amended or modified in any respect; | |
• | no right of rescission, setoff, counterclaim or defense has been asserted or threatened for any secured note; | |
• | to the best of GMAC’s knowledge, (1) there are no liens or claims which have been filed for work, labor or materials affecting any lease assets that are or may be liens prior to, or equal or coordinate with the security interest in the lease assets granted by the secured notes; (2) no contribution failure has occurred with respect to any Pension Plan that is sufficient to give rise to a lien under Section 302(f) of ERISA with respect to any secured note; and (3) no tax lien has been filed and no related claim is being asserted with respect to any secured note; | |
• | (1) no secured note has been sold, transferred, assigned or pledged by GMAC to any person other than the depositor; (2) immediately prior to its conveyance of the secured notes to the depositor under the applicable Pooling and Administration Agreement, GMAC had good and marketable title to the secured notes, free of any lien; and (3) upon execution and delivery of the Pooling and Administration Agreement, the depositor will have all of GMAC’s right, title and interest in the secured notes, the unpaid indebtedness evidenced thereby and the collateral security therefor, free of any lien; and | |
• | all filings (including UCC filings) necessary in any jurisdiction to give the depositor a first priority perfected ownership interest in the secured notes have been made. |
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• | except as contemplated in the Pooling and Administration Agreement and the other Transfer and Servicing Agreements, the Administrator will not release in whole or in part any part of the COLT trust estate from the security interest securing the related secured note; and | |
• | it will not impair the rights or security interest of the depositor, the CARAT Indenture Trustee, the CARAT Owner Trustee, the noteholders or the certificateholders in the secured notes. |
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• | one or more COLT collection accounts, in the name of the COLT Indenture Trustee on behalf of the COLT Indenture Trustee, the COLT Owner Trustee, COLT, LLC and the CARAT Indenture Trustee, into which all payments made on or with respect to the lease assets will be deposited; | |
• | a Payment Ahead Servicing Account in the name of the COLT Indenture Trustee on behalf of the lessees, which will not be property of COLT, into which all Payments Ahead will be deposited if the Monthly Remittance Condition is not satisfied; | |
• | if specified in the accompanying prospectus supplement, a COLT reserve account, which will be a segregated trust account held by the COLT Indenture Trustee on behalf of the CARAT Indenture Trustee, the COLT Indenture Trustee, the COLT Owner Trustee and COLT, LLC, into which amounts described under“The Transfer and Servicing Agreements—Distributions on the Secured Notes—Priorities for Distributions from the COLT Collection Account” in the accompanying prospectus supplement will be deposited; | |
• | any other accounts to be established with respect to the secured notes as will be described in the accompanying prospectus supplement. |
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• | one or more CARAT collection accounts, in the name of the CARAT Indenture Trustee on behalf of the noteholders and the certificateholders of that issuing entity, into which all payments made on or with respect to the secured notes owned by that issuing entity will be deposited; | |
• | a note distribution account, in the name of the CARAT Indenture Trustee on behalf of the related noteholders of that issuing entity, in which amounts released from the CARAT collection account and any CARAT reserve account or other credit enhancement for payment to the noteholders will be deposited and from which all distributions to the noteholders will be made; | |
• | a Certificate Distribution Account, in the name of the issuing entity on behalf of the certificateholders of that issuing entity, in which amounts released from the CARAT collection account and any CARAT reserve account or other credit enhancement for distribution to the certificateholders will be deposited and from which all distributions to those certificateholders will be made; and |
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• | any other accounts to be established with respect to securities of the issuing entity as will be described in the accompanying prospectus supplement. |
(1) the corporate trust department of the COLT Indenture Trustee, the COLT Owner Trustee, the CARAT Indenture Trustee or the CARAT Owner Trustee, as applicable, or | |
(2) a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia, or any domestic branch of a foreign bank, as long as that depository institution: |
(A) has either (X) a long-term unsecured debt rating acceptable to the rating agencies then rating the applicable series of notes or (Y) a short-term unsecured debt rating or certificate of deposit rating acceptable to the rating agencies then rating the applicable series of notes, and | |
(B) has its deposits insured by the Federal Deposit Insurance Corporation or any successor thereto. |
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• | a monthly basic servicing fee equal to one-twelfth of the basic servicing fee rate specified in the accompanying prospectus supplement multiplied by the aggregate ABS Value of the lease assets held by COLT as of the first day of that month; | |
• | if specified in the applicable prospectus supplement, a monthly additional servicing fee equal to one-twelfth of the additional servicing fee rate specified in the accompanying prospectus supplement, multiplied by the ABS Value of the lease assets held by COLT as of the first day of that month; | |
• | a supplemental servicing fee in the form of all investment earnings and any late fees, prepayment charges and other administrative fees and expenses or similar charges; | |
• | any unpaid basic servicing fees from all prior distribution dates to the extent of funds available for that purpose; and | |
• | any other servicing fees disclosed in the applicable prospectus supplement. |
• | collecting and posting of all payments; | |
• | responding to inquiries of lessees; | |
• | remarketing returned leased vehicles; | |
• | investigating delinquencies; | |
• | sending billing statements or coupon books to lessees; | |
• | reporting required tax information (if any) to lessees; | |
• | policing the vehicles; |
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• | monitoring the status of insurance policies for the lessees and the vehicles; | |
• | accounting for collections and furnishing monthly and annual statements regarding distributions; | |
• | generating federal income tax information; | |
• | giving, on a timely basis, any required notices or instructions to the COLT Owner Trustee under the COLT Declaration of Trust and giving any required instructions to VAULT under the VAULT Trust Agreement; and | |
• | performing the other duties specified in the COLT Servicing Agreement or in any other COLT Basic Document. |
• | collecting and posting all payments on the secured notes; | |
• | investigating delinquencies; | |
• | accounting for payments and furnishing monthly and annual statements to the depositor and any other person designated in the Pooling and Administration Agreement regarding distributions; | |
• | generating federal income tax information; | |
• | giving any required notices or instructions to the depositor or the CARAT Owner Trustee; and | |
• | performing the other duties specified in the Pooling and Administration Agreement. |
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(1) GMAC or any of its affiliates is the Servicer; | |
(2) no Servicer default exists; and | |
(3) either the short-term unsecured debt of the Servicer is rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s, or arrangements are made that are acceptable to the rating agencies. |
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(1) any failure by the Servicer to make any required distribution, payment, transfer or deposit into any COLT account—including, when GMAC is Servicer, obtaining and depositing Pull Ahead Payments or when another entity is Servicer, depositing Pull Ahead Payments—or to direct the COLT Indenture Trustee to make any required distribution from any COLT account, which failure continues unremedied for five business days after written notice is received by the Servicer or after discovery of that failure by an officer of the Servicer; | |
(2) any failure by the Servicer to duly observe or perform in any material respect any other covenant or agreement in the COLT Servicing Agreement, or the other COLT Basic Documents which failure materially and adversely affects the rights of the CARAT |
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Indenture Trustee and which continues unremedied for 90 days after the giving of written notice of that failure to the Servicer or after discovery of that failure by an officer of the Servicer; | |
(3) events of bankruptcy, insolvency or receivership of the Servicer by the Servicer indicating its insolvency, reorganization pursuant to bankruptcy proceedings, or inability to pay its obligations; or | |
(4) any other events or circumstances that are disclosed as Servicer defaults under the accompanying prospectus supplement. |
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(1) any failure by the Trust Administrator to deliver to the CARAT Indenture Trustee for deposit into any of the CARAT collection account or the note distribution account, any required distribution, which failure continues unremedied for five business days after written notice from the CARAT Indenture Trustee or the CARAT Owner Trustee is received by the Trust Administrator or after discovery of that failure by an officer of the Trust Administrator; | |
(2) any failure by the depositor or the Trust Administrator to duly observe or perform in any material respect any other covenant or agreement in the Trust Sale and Administration Agreement, the Pooling and Administration Agreement, the trust agreement or the CARAT Indenture, which failure materially and adversely affects the rights of the noteholders or the certificateholders and which continues unremedied for 90 days after the giving of written notice of that failure to the depositor or the Trust Administrator, as applicable, by the CARAT Indenture Trustee or the CARAT Owner Trustee or to the depositor or the Trust Administrator and the CARAT Indenture Trustee or the CARAT Owner Trustee by holders of notes or certificates, as applicable, evidencing not less than 25% in principal amount of the Controlling Class or of the interests in the Certificates or after discovery of that failure by an officer of the Trust Administrator; | |
(3) events of bankruptcy, insolvency or receivership of the Trust Administrator by the Trust Administrator indicating its insolvency, reorganization pursuant to bankruptcy proceedings, or inability to pay its obligations; or | |
(4) any other events or circumstances that are disclosed as Trust Administrator defaults under the accompanying prospectus supplement. |
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• | to cure any ambiguity; | |
• | to correct or supplement any provision in that agreement that may be defective or inconsistent with any other provision in the agreement or in any other related agreement; | |
• | to add or supplement any credit, liquidity or other enhancement arrangement for the benefit of noteholders or certificateholders of that issuing entity, provided that if the addition affects any class of noteholders or certificateholders differently from any other class of noteholders or certificateholders, then that addition will not, as evidenced by |
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an opinion of counsel, adversely affect in any material respect the interests of any class of noteholders or certificateholders; | ||
• | to add to the covenants, restrictions or obligations of the depositor, the Trust Administrator, the CARAT Owner Trustee, the CARAT Indenture Trustee, the Servicer, the COLT Owner Trustee or the COLT Indenture Trustee; | |
• | to evidence and provide for the acceptance of the appointment of a successor CARAT Owner Trustee and add to or change any provisions in that agreement as are necessary to facilitate the administration of the issuing entity by more than one trustee; or | |
• | to add, change or eliminate any other provisions of any of these agreements in any manner that will not, as evidenced by an opinion of counsel, adversely affect in any material respect the interests of the noteholders or the certificateholders of that issuing entity. |
(1) change the due date of any instalment of principal of or interest on the notes; reduce the principal amount of the notes, the interest rate applicable to the notes, or the redemption price of the notes; change any place of payment where, or the coin or currency in which any notes or any distribution on the notes, is payable; or impair the right to institute suit as provided in the CARAT Indenture or the COLT Indenture for the enforcement of the provisions of the CARAT Indenture or the COLT Indenture, as applicable, requiring the application of available funds to the payment of any amounts due on the notes or the secured notes, as applicable, on or after their respective due dates (or in the case of the redemption of the notes or the secured notes, on or after the redemption date); or | |
(2) reduce the stated percentage of consent to any of the amendments set forth above without the consent of all of the noteholders and certificateholders. |
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• | the “automatic stay” which prevents creditors from exercising remedies against a debtor in bankruptcy without permission from the court, | |
• | provisions of the Bankruptcy Code that permit substitution of collateral in certain circumstances, and | |
• | the issuing entity not having a perfected security interest in (a) the secured notes, (b) one or more of the vehicles securing the lease assets or (c) any cash collections held by the sponsor or the depositor at the time the sponsor or the depositor becomes the subject of a bankruptcy case. |
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(1) notes other than Strip Notes or any other series of notes specifically identified as receiving different tax treatment in the accompanying prospectus supplement, which the depositor, the Trust Administrator and the noteholders will agree to treat as indebtedness secured by the secured notes; | |
(2) certificates representing interests in an issuing entity which the depositor, the Trust Administrator and the applicable certificateholders will agree to treat as equity interests in a grantor trust, | |
(3) certificates including Strip Notes, representing interests in an issuing entity that the depositor, the Trust Administrator and the applicable holders will agree to treat as equity interests in a partnership, and | |
(4) certificates, all of which are owned by the depositor, representing interests in an issuing entity which the depositor and the Trust Administrator will agree to treat as a division of the depositor and hence disregarded as a separate entity, in each case for purposes of federal, state and local income and franchise taxes. |
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(1) is not actually or constructively a “10 percent shareholder” of a Tax Trust, Tax Partnership or the depositor, including a holder of 10 percent of the applicable outstanding certificates, or a “controlled foreign corporation” with respect to which the Tax Trust, Tax Partnership or the depositor is a “related person” within the meaning of the Internal Revenue Code, and | |
(2) provides an appropriate statement, signed under penalty of perjury, certifying that the beneficial owner of the note is a Foreign Person and providing that Foreign Person’s name and address; if the information provided in this statement changes, the Foreign Person must so inform the Tax Trust or Tax Partnership within 30 days of the change and provide a new statement to establish continued eligibility for exemption from withholding. |
(1) the gain is not effectively connected with the conduct of a trade or business in the United States by the Foreign Person, and | |
(2) in the case of a foreign individual, the Foreign Person is not present in the United States for 183 days or more in the taxable year. |
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(1) The acquisition of notes or certificates by a benefit plan is on terms, including the price, that are at least as favorable to the benefit plan as they would be in an arm’s-length transaction with an unrelated party; | |
(2) The notes or certificates acquired by the benefit plan have received a rating at the time of such acquisition that is in one of the four highest generic rating categories from Standard & Poor’s, Moody’s, Fitch, Inc. or DBRS, Inc.; | |
(3) The sum of all payments made to the underwriter in connection with the distribution of the notes or certificates represents not more than reasonable compensation for underwriting the notes or certificates. The sum of all payments made to and retained by the depositor pursuant to the sale of the receivables to the issuing entity represents not more than the fair market value of the receivables. The sum of all payments made to and retained by the Trust Administrator represents not more than reasonable compensation for the Trust Administrator’s services as Trust Administrator under the related agree- |
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ments and reimbursement of the Trust Administrator’s reasonable expenses in connection with these services; | |
(4) The trustee is a substantial financial institution and is not an “affiliate,” as defined in the underwriter’s exemption, of any member of the “restricted group” other than an underwriter. The “restricted group” consists of the sponsor, the underwriters, any trustee, the depositor, the Trust Administrator, the Servicer, any subservicer, any obligor with respect to motor vehicle instalment obligations constituting more than 5% of the aggregate unamortized principal balance of the assets of the issuing entity as of the date of initial issuance of the notes or certificates, any swap counterparty of an “eligible swap” (as defined below) and any affiliate of these parties; | |
(5) The benefit plan investing in the notes or certificates is an “accredited investor” as defined in Rule 501(a)(1) of Regulation D under the Securities Act; and | |
(6) The trust satisfies the following requirements: |
(a) the corpus of the trust consists solely of assets of the type which have been included in other investment pools, | |
(b) securities in these other investment pools have been rated in one of the four highest generic rating categories by one of the rating agencies specified above for at least one year prior to the benefit plan’s acquisition of the notes or certificates, and | |
(c) securities evidencing interests in these other investment pools have been purchased by investors other than benefit plans for at least one year prior to any benefit plan’s acquisition of the notes or certificates. |
(7) if benefit plans hold any securities that involve an interest rate swap or (if purchased by or on behalf of the issuing entity) an interest rate cap contract, then the swap or interest rate cap must meet several requirements, including that it: |
(a) is an “eligible swap;” | |
(b) is with an “eligible swap counterparty;” | |
(c) is purchased by a “qualified plan investor;” | |
(d) meets certain additional specific conditions which depend on whether the swap is a “ratings dependent swap” or a “non-ratings dependent swap;” and | |
(e) permits the issuing entity to make termination payments to the swap counterparty (other than currently scheduled payments) solely from excess spread or amounts otherwise payable to the Servicer or depositor. |
An “eligible swap” is one which: |
(a) is denominated in U.S. dollars; | |
(b) pursuant to which the issuing entity pays or receives, on or immediately prior to the respective payment or distribution date for the class of securities to which the swap relates, a fixed rate of interest or a floating rate of interest based on a publicly available index (e.g., LIBOR or the U.S. Federal Reserve’s Cost of Funds Index (COFI), with the issuing entity receiving such payments on at least a quarterly basis and obligated to make separate payments no more frequently than the swap counterparty, with all simultaneous payments being netted (“allowable interest rate”); | |
(c) has a notional amount that does not exceed either: (1) the principal balance of the class of securities to which the swap relates, or (2) the portion of the |
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principal balance of such class represented solely by receivables in the issuing entity (“allowable notional amount”); | |
(d) is not leveraged (i.e., payments are based on the applicable notional amount, the day count fractions, the fixed or floating rates permitted above, and the difference between the products thereof, calculated on aone-to-one ratio and not on a multiplier of such difference) (“not leveraged”); | |
(e) has a final termination date that is either the earlier of the date on which the issuing entity terminates or the related class of securities are fully repaid; and | |
(f) does not incorporate any provision that could cause a unilateral alteration in the interest rate requirements described above or the prohibition against leveraging without the consent of the trustee. |
(a) a “qualified professional asset manager” under PTCE 84-14; | |
(b) an “in-house asset manager” under PTCE 96-23; or | |
(c) has total assets (both plan and non-plan) under management of at least $100 million at the time the securities are acquired by the benefit plan. |
(a) obtain a replacement swap agreement with an eligible swap counterparty which is acceptable to the rating agency and the terms of which are substantially the same as the current swap agreement (at which time the earlier swap agreement must terminate); or | |
(b) cause the swap counterparty to establish any collateralization or other arrangement satisfactory to the rating agency such that the then current rating by the rating agency of the particular class of securities will not be withdrawn or reduced. |
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(a) obtain a replacement swap agreement with an eligible swap counterparty, the terms of which are substantially the same as the current swap agreement (at which time the earlier swap agreement must terminate); | |
(b) cause the swap counterparty to post collateral with the issuing entity in an amount equal to all payments owed by the swap counterparty if the swap transaction were terminated; or | |
(c) terminate the swap agreement in accordance with its terms. |
(8) If an issuing entity includes a yield supplement agreement, it must qualify as an “eligible yield supplement agreement” as described below: An “eligible yield supplement agreement” is any yield supplement agreement or similar arrangement or (if purchased by or on behalf of the issuing entity) an interest rate cap contract to supplement the interest rates otherwise payable on obligations held by the issuing entity. If the eligible yield supplement has a notional principal amount, the eligible yield supplement may only be held as an asset of the issuing entity with respect to securities purchased by benefit plans if it meets the following conditions: |
(a) it is denominated in U.S. dollars; | |
(b) it pays an “allowable interest rate”; | |
(c) it is “not leveraged”; | |
(d) it does not allow any of these three preceding requirements to be unilaterally altered without the consent of the trustee; | |
(e) it is entered into between the issuing entity and an eligible swap counterparty; and | |
(f) is has an “allowable notional amount”. |
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• | the benefit plan’s investment in the notes or certificates does not exceed 25% of all of the notes or certificates outstanding at the time of the acquisition; | |
• | immediately after the acquisition, no more than 25% of the assets of the benefit plan with respect to which the person has discretionary authority or renders investment advice is invested in securities representing an interest in a trust containing assets sold or serviced by the same entity as the issuing entity; and | |
• | in the case of the acquisition of notes or certificates in connection with their initial issuance, at least 50% of each class of such securities in which benefit plans have invested and at least 50% of the aggregate interest in the issuing entity is acquired by persons independent of the restricted group. |
• | it qualifies as an accredited investor as defined in Rule 501(a)(1) of Regulation D under the Securities Act , and | |
• | in the case of securities that involve an interest rate swap, the decision to purchase the securities is made by an independent fiduciary that is qualified to analyze and understand the terms and conditions of the interest rate swaps and the effect such swaps will have on the credit ratings of the securities, and is either (a) a “qualified professional asset manager” as defined under Part V(a) of PTCE 84-14, (b) an “in-house asset manager” as defined under Part IV(a) of PTCE 96-23, or (c) a benefit plan fiduciary with total assets under management of at least $100 million at the time of the acquisition of the securities. |
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(i) in the period beginning on the date of publication of a prospectus in relation to the notes which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive and ending on the date which is 12 months after the date of such publication; | |
(ii) at any time to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities; | |
(iii) at any time to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than€43,000,000 and (3) an annual net turnover of more than€50,000,000, as shown in its last annual or consolidated accounts; or | |
(iv) at any time in any other circumstances which do not require the publication by the issuing entity of a prospectus pursuant to Article 3 of the Prospectus Directive. |
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(i) it is a qualified investor within the meaning of Section 86(7) of the Financial Services and Markets Act 2000, referred to as the “FSMA,” | |
(ii) it has not offered or sold and will not offer or sell any notes except to persons who are qualified investors or otherwise in circumstances which do not require a prospectus to be made available to the public in the United Kingdom within the meaning of section 85(1) of the FSMA; | |
(iii) in relation to any notes which have a maturity of less than one year, (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell any notes other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the notes would otherwise constitute a contravention of Section 19 of the FSMA by the issuing entity; | |
(iv) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any securities in circumstances in which Section 21(1) of the FSMA does not apply to the issuing entity; and | |
(v) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any securities in, from or otherwise involving the United Kingdom. |
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