EXHIBIT 20.1
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-1
June 2003
Original Inputs
| Total Pool Balance | $ | 3,300,048,387.48 | ||
| Class A-1a Notes Balance | $ | 390,000,000.00 | ||
| Class A-1a Notes Rate | 1.850 | % | ||
| Class A-1b Notes Balance | $ | 786,000,000.00 | ||
| Class A-1b Notes Rate | One Month LIBOR+.05% | |||
| Class A-2a Notes Balance | $ | 242,000,000.00 | ||
| Class A-2a Notes Rate | 2.270 | % | ||
| Class A-2b Notes Balance | $ | 350,000,000.00 | ||
| Class A-2b Notes Rate | One Month LIBOR+.06% | |||
| Class A-3a Notes Balance | $ | 400,000,000.00 | ||
| Class A-3a Notes Rate | 2.750 | % | ||
| Class A-3b Notes Balance | $ | 528,000,000.00 | ||
| Class A-3b Notes Rate | One Month LIBOR+.09% | |||
| Class A-4a Notes Balance | $ | 172,600,000.00 | ||
| Class A-4a Notes Rate | 3.100 | % | ||
| Class A-4b Notes Balance | $ | 150,000,000.00 | ||
| Class A-4b Notes Rate | One Month LIBOR+.12% | |||
| Class B Certificates Balance | $ | 93,444,888.51 | ||
| Class B Certificates Rate | One Month LIBOR+.47% | |||
| Reserve Account Deposit | $ | 46,680,673.33 | ||
Part I. Collections | ||||
| Receipts During the Period | $ | 135,559,858.44 | ||
| Principal on Repurchased Contracts | 5,556,449.25 | |||
| Schedule and Simple Interest Payments Advanced | 91,248.85 | |||
| Schedule Principal Advanced | 331,430.56 | |||
| Total Collections For the Period | $ | 141,538,987.10 | ||
| Beginning Pool Aggregate Principal Balance | $ | 3,311,589,970.41 | ||
| Ending Pool Aggregate Principal Balance | $ | 3,316,387,636.51 | ||
| Beginning Aggregate Discounted Principal Balance | $ | 3,112,044,888.51 | ||
| Ending Aggregate Discounted Principal Balance | $ | 3,112,044,888.51 | ||
Part II. Distributions to Noteholders and Certificateholders | ||||
| Total Collections | $ | 141,538,987.10 | ||
| Plus: Reserve Account Draw | — | |||
| Plus: Net Amount Due From Swap Counterparty | — | |||
| Less: Total Servicing Fee | 5,519,316.62 | |||
| Less: Net Amount Due to Swap Counterparty | 1,571,996.72 | |||
| Less: Monthly Interest Due to Noteholders & Certificateholders | 4,371,449.93 | |||
| Less: Reinvestment in New Receivables — Purchase Price | 121,507,983.99 | |||
| Less: Principal Due to Noteholders | — | |||
| Less: Principal Due to Certificateholders | — | |||
| Less: Reserve Account Deposit | 305.41 | |||
| Less: Accumulation Account Deposit | 169,752.15 | |||
| Equals Reserve Fund Excess to be released to CARI | $ | 8,398,182.28 | ||
Page 1
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-1
June 2003
| Per $1000 of | ||||||||
| Original Principal | ||||||||
| Class A-1a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 601,250.00 | 1.541667 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 601,250.00 | ||||||
| Class A-1b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 778,795.00 | 0.990833 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 778,795.00 | ||||||
| Class A-2a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 457,783.33 | 1.891667 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 457,783.33 | ||||||
| Class A-2b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 349,611.11 | 0.998889 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 349,611.11 | ||||||
| Class A-3a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 916,666.67 | 2.291667 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 916,666.67 | ||||||
| Class A-3b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 540,173.33 | 1.023056 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 540,173.33 | ||||||
| Class A-4a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 445,883.33 | 2.583333 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 445,883.33 | ||||||
| Class A-4b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 157,083.33 | 1.047222 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 157,083.33 | ||||||
| Class B Certificates Distributable Amount | ||||||||
| Monthly Interest | $ | 124,203.83 | 1.329167 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 124,203.83 | ||||||
| Total Servicing Fee | $ | 5,519,316.62 | 1.672496 | |||||
Part III. Reinvestment in New Receivables | ||||||||
| Principal Distributable Amount | $ | 121,316,518.97 | ||||||
| Plus: Accumulation Amount | 361,217.17 | |||||||
| Equals: Reinvestment Amount | $ | 121,677,736.14 | ||||||
| Additional Receivables Discounted Principal Balance | $ | 121,507,983.99 | ||||||
| Remaining Amount | $ | 169,752.15 | ||||||
| (to be deposited in the Accumulation Account) | ||||||||
Page 2
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-1
June 2003
Part IV. Payment Ahead and Advances
Payment Ahead Servicing Account | ||||
| Beginning Payment Ahead Balance | $ | 2,144,914.35 | ||
| Less: Payments Applied | 476,212.14 | |||
| Current Period Payments Ahead Received | 666,929.97 | |||
| Ending Payment Ahead Balance | $ | 2,335,632.18 | ||
| Advance Account | ||||
| Beginning Outstanding Unreimbursed Scheduled Principal and Interest Advances | $ | 809,701.95 | ||
| Beginning Outstanding Unreimbursed Simple Interest Advances | $ | 195,720.07 | ||
| Scheduled Principal and Interest Advances | 422,679.41 | |||
| Simple Interest Advances | ||||
| Reimbursement of Previous Scheduled Principal and Interest Advances | 400,517.56 | |||
| Reimbursement of Previous Simple Interest Advances | 195,720.07 | |||
| Ending Outstanding Unreimbursed Scheduled Principal and Interest Advances | $ | 831,863.80 | ||
| Ending Outstanding Unreimbursed Simple Interest Advances | $ | — | ||
Part V. Balances & Principal Factors
| Beginning of Period | End of Period | ||||||||
| Total Pool Balance | $ | 3,311,589,970.41 | $ | 3,316,387,636.51 | |||||
| Total Pool Factor | 1.0034974 | 1.0049512 | |||||||
| Class A-1a Notes Balance | $ | 390,000,000.00 | $ | 390,000,000.00 | |||||
| Class A-1a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-1b Notes Balance | $ | 786,000,000.00 | $ | 786,000,000.00 | |||||
| Class A-1b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-2a Notes Balance | $ | 242,000,000.00 | $ | 242,000,000.00 | |||||
| Class A-2a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-2b Notes Balance | $ | 350,000,000.00 | $ | 350,000,000.00 | |||||
| Class A-2b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-3a Notes Balance | $ | 400,000,000.00 | $ | 400,000,000.00 | |||||
| Class A-3a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-3b Notes Balance | $ | 528,000,000.00 | $ | 528,000,000.00 | |||||
| Class A-3b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-4a Notes Balance | $ | 172,600,000.00 | $ | 172,600,000.00 | |||||
| Class A-4a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-4b Notes Balance | $ | 150,000,000.00 | $ | 150,000,000.00 | |||||
| Class A-4b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class B Certificates Balance | $ | 93,444,888.51 | $ | 93,444,888.51 | |||||
| Class B Certificates Principal Factor | 1.0000000 | 1.0000000 | |||||||
Page 3
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-1
June 2003
Part VI. Reserve Account
| Per $1000 of | ||||||||
| Original Principal | ||||||||
| Beginning Reserve Account Balance | $ | 46,682,233.48 | ||||||
| Draw for Servicing Fee | — | — | ||||||
| Draw for Class A-1 Notes Distributable Amount | — | — | ||||||
| Draw for Class A-2 Notes Distributable Amount | — | — | ||||||
| Draw for Class A-3 Notes Distributable Amount | — | — | ||||||
| Draw for Class A-4 Notes Distributable Amount | — | — | ||||||
| Draw for Class B Certificates Distributable Amount | — | — | ||||||
| Additions to Reserve Account (for Accumulation Account) | 305.41 | |||||||
| Additions to Reserve Account | — | |||||||
| Releases from Reserve Account | — | — | ||||||
| Ending Reserve Account Balance | $ | 46,682,538.89 | ||||||
| Reserve Account Floor | $ | 23,340,336.66 | ||||||
| Early Amortization Trigger: | ||||||||
| Reserve Account Balance is less than the Specified Reserve Account Balance for Two Consecutive Months | ||||||||
| Preceding Collection Period Specified Reserve Account Balance | $ | 46,681,622.72 | ||||||
| Reserve Account Balance | $ | 46,681,622.72 | ||||||
| Current Collection Period Specified Reserve Account Balance | $ | 46,682,233.48 | ||||||
| Reserve Account Balance | $ | 46,682,233.48 | ||||||
Part VII. Accumulation Account | ||||||||
| Beginning Accumulation Account Balance | $ | 361,217.17 | ||||||
| Accumulation Account Interest | 610.76 | |||||||
| Release of Accumulated Balance | 361,827.93 | |||||||
| Deposit to Accumulation Account | 169,752.15 | |||||||
| Ending Accumulation Account Balance | $ | 169,752.15 | ||||||
| Early Amortization Trigger: | ||||||||
| Accumulation Account exceeds 1.00% of the Initial Aggregate Discounted Principal Balance | ||||||||
| Accumulation Account as a % of Initial Aggregate Discounted Principal Balance | 0.0055 | % | ||||||
| Part VIII. Carryover Shortfall | ||||||||
| Per $1000 of | ||||||||
| Original Principal | ||||||||
| Noteholders’ Interest Carryover Shortfall | $ | — | — | |||||
| Noteholders’ Principal Carryover Shortfall | $ | — | — | |||||
| Certificateholders’ Interest Carryover Shortfall | $ | — | — | |||||
| Certificateholders’ Principal Carryover Shortfall | $ | — | — | |||||
| Part IX. Charge Off and Delinquency Rates Charge Off Rate | Average Receivables | Credit Repurchases | Loss Rate | |||||||||
| June | $ | 3,245,430,208.12 | $ | 798,026.90 | 0.295071 | |||||||
| May | $ | 3,245,309,112.82 | $ | 715,287.66 | 0.264488 | |||||||
| April | $ | 3,241,473,438.98 | $ | 666,191.09 | 0.246625 | |||||||
| Three Month Average Loss Rate | 0.268728 | |||||||||||
| Delinquency Rate | Total Accounts | Accounts over 60 | % Delinquent | |||||||||
| June | 181,219 | 326 | 0.179893 | |||||||||
| May | 178,856 | 281 | 0.157110 | |||||||||
| April | 175,821 | 262 | 0.149015 | |||||||||
| Three Month Average Delinquency Rate | 0.162006 | |||||||||||
Page 4
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-2
June 2003
Original Inputs
| Total Pool Balance | $ | 3,340,006,891.76 | ||
| Class A-1 Notes Balance | $ | 755,000,000.00 | ||
| Class A-1 Notes Rate | One Month LIBOR+.06% | |||
| Class A-2a Notes Balance | $ | 230,000,000.00 | ||
| Class A-2a Notes Rate | 1.200 | % | ||
| Class A-2b Notes Balance | $ | 342,000,000.00 | ||
| Class A-2b Notes Rate | One Month LIBOR+.02% | |||
| Class A-3a Notes Balance | $ | 450,000,000.00 | ||
| Class A-3a Notes Rate | 1.440 | % | ||
| Class A-3b Notes Balance | $ | 636,000,000.00 | ||
| Class A-3b Notes Rate | One Month LIBOR+.04% | |||
| Class A-4a Notes Balance | $ | 250,000,000.00 | ||
| Class A-4a Notes Rate | 1.960 | % | ||
| Class A-4b Notes Balance | $ | 255,400,000.00 | ||
| Class A-4b Notes Rate | One Month LIBOR+.06% | |||
| Class B Certificates Balance | $ | 90,261,344.19 | ||
| Class B Certificates Rate | One Month LIBOR+.28% | |||
| Reserve Account Deposit | $ | 45,129,920.16 | ||
Part I. Collections | ||||
| Receipts During the Period | $ | 197,893,791.82 | ||
| Principal on Repurchased Contracts | 6,463,102.27 | |||
| Schedule and Simple Interest Payments Advanced | 161,006.32 | |||
| Schedule Principal Advanced | 649,376.15 | |||
| Total Collections For the Period | $ | 205,167,276.56 | ||
| Beginning Pool Aggregate Principal Balance | $ | 3,340,006,891.76 | ||
| Ending Pool Aggregate Principal Balance | $ | 3,142,492,926.25 | ||
| Scheduled Principal Collection | $ | 186,148,892.12 | ||
| Beginning Aggregate Discounted Principal Balance | $ | 3,008,661,344.19 | ||
| Ending Aggregate Discounted Principal Balance | $ | 2,840,681,595.15 | ||
Part II. Distributions to Noteholders and Certificateholders | ||||
| Total Collections | $ | 205,167,276.56 | ||
| Plus: Reserve Account Draw | 2,519,696.23 | |||
| Plus: Net Amount Due From Swap Counterparty | — | |||
| Less: Total Servicing Fee | 3,711,118.76 | |||
| Less: Net Amount Due to Swap Counterparty | 191,162.58 | |||
| Less: Monthly Interest Due to Noteholders & Certificateholders | 3,925,571.17 | |||
| Less: Principal Due to Noteholders | 167,979,749.04 | |||
| Less: Principal Due to Certificateholders | — | |||
| Less: Reserve Account Deposit | — | |||
| Equals Reserve Fund Excess to be released to CARI | $ | 31,879,371.24 | ||
Page 1
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-2
June 2003
| Per $1000 of | ||||||||
| Original Principal | ||||||||
| Class A-1 Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 943,015.97 | 1.249028 | |||||
| Monthly Principal | 167,979,749.04 | 222.489734 | ||||||
| Distributable Amount | $ | 168,922,765.01 | ||||||
| Class A-2a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 260,666.67 | 1.133333 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 260,666.67 | ||||||
| Class A-2b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 414,247.50 | 1.211250 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 414,247.50 | ||||||
| Class A-3a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 612,000.00 | 1.360000 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 612,000.00 | ||||||
| Class A-3b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 782,368.33 | 1.230139 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 782,368.33 | ||||||
| Class A-4a Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 462,777.78 | 1.851111 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 462,777.78 | ||||||
| Class A-4b Notes Distributable Amount | ||||||||
| Monthly Interest | $ | 319,001.69 | 1.249028 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 319,001.69 | ||||||
| Class B Certificates Distributable Amount | ||||||||
| Monthly Interest | $ | 131,493.23 | 1.456806 | |||||
| Monthly Principal | — | — | ||||||
| Distributable Amount | $ | 131,493.23 | ||||||
| Total Servicing Fee | $ | 3,711,118.76 | 1.111111 | |||||
Part III. Payment Ahead and Advances | ||||||||
| Payment Ahead Servicing Account | ||||||||
| Beginning Payment Ahead Balance | $ | 1,390,822.74 | ||||||
| Less: Payments Applied | 808,633.76 | |||||||
| Current Period Payments Ahead Received | 1,117,765.53 | |||||||
| Ending Payment Ahead Balance | $ | 1,699,954.51 | ||||||
| Advance Account | ||||||||
| Beginning Outstanding Unreimbursed Scheduled Principal and Interest Advances | $ | — | ||||||
| Beginning Outstanding Unreimbursed Simple Interest Advances | $ | — | ||||||
| Scheduled Principal and Interest Advances | 737,905.42 | |||||||
| Simple Interest Advances | 72,477.05 | |||||||
| Reimbursement of Previous Scheduled Principal and Interest Advances | 256,731.97 | |||||||
| Reimbursement of Previous Simple Interest Advances | 72,477.05 | |||||||
| Ending Outstanding Unreimbursed Scheduled Principal and Interest Advances | $ | 481,173.45 | ||||||
| Ending Outstanding Unreimbursed Simple Interest Advances | $ | — | ||||||
Page 2
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-2
June 2003
Part IV. Balances & Principal Factors
| Beginning of Period | End of Period | ||||||||
| Total Pool Balance | $ | 3,340,006,891.76 | $ | 3,142,492,926.25 | |||||
| Total Pool Factor | 1.0000000 | 0.9408642 | |||||||
| Class A-1 Notes Balance | $ | 755,000,000.00 | $ | 587,020,250.96 | |||||
| Class A-1 Notes Principal Factor | 1.0000000 | 0.7775103 | |||||||
| Class A-2a Notes Balance | $ | 230,000,000.00 | $ | 230,000,000.00 | |||||
| Class A-2a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-2b Notes Balance | $ | 342,000,000.00 | $ | 342,000,000.00 | |||||
| Class A-2b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-3a Notes Balance | $ | 450,000,000.00 | $ | 450,000,000.00 | |||||
| Class A-3a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-3b Notes Balance | $ | 636,000,000.00 | $ | 636,000,000.00 | |||||
| Class A-3b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-4a Notes Balance | $ | 250,000,000.00 | $ | 250,000,000.00 | |||||
| Class A-4a Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class A-4b Notes Balance | $ | 255,400,000.00 | $ | 255,400,000.00 | |||||
| Class A-4b Notes Principal Factor | 1.0000000 | 1.0000000 | |||||||
| Class B Certificates Balance | $ | 90,261,344.19 | $ | 90,261,344.19 | |||||
| Class B Certificates Principal Factor | 1.0000000 | 1.0000000 | |||||||
Part V. Reserve Account
| Per $1000 of | ||||||||
| Original Principal | ||||||||
| Beginning Reserve Account Balance | $ | 45,129,920.16 | ||||||
| Draw for Servicing Fee | — | — | ||||||
| Draw for Class A-1 Notes Distributable Amount | — | — | ||||||
| Draw for Class A-2 Notes Distributable Amount | — | — | ||||||
| Draw for Class A-3 Notes Distributable Amount | — | — | ||||||
| Draw for Class A-4 Notes Distributable Amount | — | — | ||||||
| Draw for Class B Certificates Distributable Amount | — | — | ||||||
| Additions to Reserve Account | — | |||||||
| Releases from Reserve Account | 2,519,696.23 | 55.832056 | ||||||
| Ending Reserve Account Balance | $ | 42,610,223.93 | ||||||
| Reserve Account Floor | $ | 22,564,960.08 | ||||||
| Part VI. Carryover Shortfall | ||||||||
| Per $1000 of | ||||||||
| Original Principal | ||||||||
| Noteholders’ Interest Carryover Shortfall | $ | — | — | |||||
| Noteholders’ Principal Carryover Shortfall | $ | — | — | |||||
| Certificateholders’ Interest Carryover Shortfall | $ | — | — | |||||
| Certificateholders’ Principal Carryover Shortfall | $ | — | — | |||||
| Part VII. Charge Off and Delinquency Rates Charge Off Rate | Average Receivables | Credit Repurchases | Loss Rate | |||||||||
| June | $ | 3,198,273,562.89 | $ | 8,490.98 | 0.003186 | |||||||
| May | $ | 3,297,030,544.65 | $ | — | 0.000000 | |||||||
| Two Month Average Loss Rate | 0.001593 | |||||||||||
| Delinquency Rate | Total Accounts | Accounts over 60 | % Deliquent | |||||||||
| June | 152,828 | 140 | 0.091606 | |||||||||
| May | 154,396 | 63 | 0.040804 | |||||||||
| Two Month Average Delinquency Rate | 0.066205 | |||||||||||
Page 3
Monthly Servicing Report
Capital Auto Receivables Asset Trust 2003-2
June 2003
Part VIII. Prepayment Rate
| Month | Prepayment Rate | |||
| % | ||||
| 1 | 0.17 | |||
| 2 | 0.98 | |||
Page 4
