Exhibit 99.1
Aggregate Annual Servicing Report
Capital Auto Receivables Asset Trust 2003-1
January 15, 2003 (inception) through December 31, 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 | | $ | 1,696,134,590.60 | |
| Principal on Repurchased Contracts | | | 85,678,097.60 | |
| Schedule and Simple Interest Payments Advanced | | | 1,652,505.93 | |
| Schedule Principal Advanced | | | 4,894,257.77 | |
| | |
| |
| Total Collections For the Period | | $ | 1,788,359,451.90 | |
| | |
| |
| | | | | |
| Beginning Pool Aggregate Principal Balance | | $ | 3,300,048,387.48 | |
| Ending Pool Aggregate Principal Balance | | $ | 3,195,123,486.44 | |
| | | | | |
| Beginning Aggregate Discounted Principal Balance | | $ | 3,112,044,888.51 | |
| Ending Aggregate Discounted Principal Balance | | $ | 2,981,589,269.25 | |
| | | | | |
Part II. Distributions to Noteholders and Certificateholders | | | | | | | | |
| |
| Total Collections | | $ | 1,788,359,451.90 | | | | | |
| Plus: Reserve Account Draw | | | 1,961,482.22 | | | | | |
| Plus: Net Amount Due From Swap Counterparty | | | — | | | | | |
| Less: Total Servicing Fee | | | 66,336,470.60 | | | | | |
| Less: Net Amount Due to Swap Counterparty | | | 18,581,786.02 | | | | | |
| Less: Monthly Interest Due to Noteholders & Certificateholders | | | 54,197,403.42 | | | | | |
| Less: Reinvestment in New Receivables — Purchase Price | | | 1,394,008,719.02 | | | | | |
| Less: Principal Due to Noteholders | | | 126,538,448.64 | | | | | |
| Less: Principal Due to Certificateholders | | | 3,917,170.62 | | | | | |
| Less: Reserve Account Deposit | | | 4,647.93 | | | | | |
| Less: Accumulation Account Deposit | | | 2,600,447.76 | | | | | |
| | |
| | | | | |
| Equals Reserve Fund Excess to be released to CARI | | $ | 124,135,840.11 | | | | | |
| | |
| | | | | |
| | | | | | | | | |
| | | | | | Per $1000 of
|
| | | | | | Original Principal
|
| | | | | |
|
| Class A-1a Notes Distributable Amount | | | | | | | |
| Monthly Interest | | $ | 7,215,000.00 | | | | 18.500000 | |
| Monthly Principal | | | 41,964,281.44 | | | | 107.600722 | |
| | |
| | | | | |
| Distributable Amount | | $ | 49,179,281.44 | | | | | |
| | |
| | | | | |
| Class A-1b Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 10,048,071.84 | | | | 12.783806 | |
| Monthly Principal | | | 84,574,167.20 | | | | 107.600722 | |
| | |
| | | | | |
| Distributable Amount | | $ | 94,622,239.04 | | | | | |
| | |
| | | | | |
| Class A-2a Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 5,493,399.96 | | | | 22.700000 | |
| Monthly Principal | | | — | | | | — | |
| | |
| | | | | |
| Distributable Amount | | $ | 5,493,399.96 | | | | | |
| | |
| | | | | |
| Class A-2b Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 4,509,818.35 | | | | 12.885195 | |
| Monthly Principal | | | — | | | | — | |
| | |
| | | | | |
| Distributable Amount | | $ | 4,509,818.35 | | | | | |
| | |
| | | | | |
| Class A-3a Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 11,000,000.04 | | | | 27.500000 | |
| Monthly Principal | | | — | | | | — | |
| | |
| | | | | |
| Distributable Amount | | $ | 11,000,000.04 | | | | | |
| | |
| | | | | |
| Class A-3b Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 6,963,983.11 | | | | 13.189362 | |
| Monthly Principal | | | — | | | | — | |
| | |
| | | | | |
| Distributable Amount | | $ | 6,963,983.11 | | | | | |
| | |
| | | | | |
| Class A-4a Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 5,350,599.96 | | | | 31.000000 | |
| Monthly Principal | | | — | | | | — | |
| | |
| | | | | |
| Distributable Amount | | $ | 5,350,599.96 | | | | | |
| | |
| | | | | |
| Class A-4b Notes Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 2,024,029.30 | | | | 13.493529 | |
| Monthly Principal | | | — | | | | — | |
| | |
| | | | | |
| Distributable Amount | | $ | 2,024,029.30 | | | | | |
| | |
| | | | | |
| Class B Certificates Distributable Amount | | | | | | | | |
| Monthly Interest | | $ | 1,592,500.86 | | | | 17.042140 | |
| Monthly Principal | | | 3,917,170.62 | | | | 41.919582 | |
| | |
| | | | | |
| Distributable Amount | | $ | 5,509,671.48 | | | | | |
| | |
| | | | | |
| Total Servicing Fee | | $ | 66,336,470.60 | | | | 20.101666 | |
| |
| Part III. Reinvestment in New Receivables | | | |
| |
| Principal Distributable Amount | | $ | 1,394,171,346.75 | | | | | |
| Plus: Accumulation Amount | | $ | 2,437,820.03 | |
| | |
| | | | | |
| Equals: Reinvestment Amount | | $ | 1,396,609,166.78 | | | | | |
| | |
| | | | | |
| Additional Receivables Discounted Principal Balance | | $ | 1,394,008,719.02 | | | | | |
| | |
| | | | | |
| Remaining Amount | | $ | 2,600,447.76 | | | | | |
| | |
| | | | | |
Part IV. Payment Ahead and Advances
| | | | | |
Payment Ahead Servicing Account | | | | |
| Beginning Payment Ahead Balance | | $ | 1,377,353.47 | |
| Less: Payments Applied | | | 7,344,865.47 | |
| Current Period Payments Ahead Received | | | 8,197,280.23 | |
| | |
| |
| Ending Payment Ahead Balance | | $ | 2,229,768.23 | |
| | |
| |
Advance Account | | | | |
| Beginning Outstanding Unreimbursed Scheduled Principal and Interest Advances | | $ | — | |
| Beginning Outstanding Unreimbursed Simple Interest Advances | | $ | — | |
| Scheduled Principal and Interest Advances | | | 5,615,568.82 | |
| Simple Interest Advances | | | 931,194.88 | |
| Reimbursement of Previous Scheduled Principal and Interest Advances | | | 4,071,440.63 | |
| Reimbursement of Previous Simple Interest Advances | | | 861,593.28 | |
| | | | | |
| Ending Outstanding Unreimbursed Scheduled Principal and Interest Advances | | $ | 1,544,128.19 | |
| Ending Outstanding Unreimbursed Simple Interest Advances | | $ | 69,601.60 | |
Part V. Balances & Principal Factors
| | | | | | | | | |
| | | January 15, 2003
| | | December 31, 2003
| |
| Total Pool Balance | | $ | 3,300,048,387.48 | | | $ | 3,195,123,486.44 | |
| Total Pool Factor | | | 1.0000000 | | | | 0.9682050 | |
| Class A-1a Notes Balance | | $ | 390,000,000.00 | | | $ | 348,035,718.56 | |
| Class A-1a Notes Principal Factor | | | 1.0000000 | | | | 0.8923993 | |
| Class A-1b Notes Balance | | $ | 786,000,000.00 | | | $ | 701,425,832.80 | |
| Class A-1b Notes Principal Factor | | | 1.0000000 | | | | 0.8923993 | |
| 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 | | | $ | 89,527,717.89 | |
| Class B Certificates Principal Factor | | | 1.0000000 | | | | 0.9580804 | |
Part VI. Reserve Account
| | | | | | | | | |
| | | | | | | Per $1000 of | |
| | | | | | | Original Principal
| |
Beginning Reserve Account Balance | | $ | 46,680,673.33 | | | | | |
| 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) | | | 4,647.93 | | | | | |
| Additions to Reserve Account | | | — | | | | | |
| Releases from Reserve Account | | | 1,961,482.22 | | | | — | |
| | |
| | | | | |
| Ending Reserve Account Balance | | $ | 44,723,839.04 | | | | | |
| | |
| | | | | |
| 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 | | $ | — | | | | | |
| Reserve Account Balance | | $ | — | | | | | |
| |
| Current Collection Period | | | | | | | | |
| Specified Reserve Account Balance | | $ | 46,680,673.33 | | | | | |
| Reserve Account Balance | | $ | 46,680,673.33 | | | | | |
| | | | | | | | | |
Part VII. Accumulation Account | | | | | | | | |
| | | | | | | | | |
| Beginning Accumulation Account Balance | | | — | | | | | |
| Accumulation Account Interest | | | 4,647.93 | | | | | |
| Release of Accumulated Balance | | | 2,605,095.69 | | | | | |
| Deposit to Accumulation Account | | | 2,600,447.76 | | | | | |
| | |
| | | | | |
| Ending Accumulation Account Balance | | $ | — | | | | | |
| | |
| | | | | |
| 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 | | | 0.0000 | % | | | | |
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
| |
| January | | $ | 3,195,522,443.59 | | | $ | 43,840.59 | | | | 0.016463 | |
| February | | $ | 3,245,071,999.67 | | | $ | 191,337.94 | | | | 0.070755 | |
| March | | $ | 3,242,431,401.78 | | | $ | 507,613.62 | | | | 0.187864 | |
| April | | $ | 3,241,473,438.98 | | | $ | 666,191.09 | | | | 0.246625 | |
| May | | $ | 3,245,309,112.82 | | | $ | 715,287.66 | | | | 0.264488 | |
| June | | $ | 3,245,430,208.12 | | | $ | 798,026.90 | | | | 0.295071 | |
| July | | $ | 3,245,679,504.36 | | | $ | 757,420.54 | | | | 0.280035 | |
| August | | $ | 3,254,049,464.56 | | | $ | 714,842.60 | | | | 0.263613 | |
| September | | $ | 3,253,720,792.86 | | | $ | 909,191.75 | | | | 0.335318 | |
| October | | $ | 3,258,433,786.13 | | | $ | 803,928.93 | | | | 0.296067 | |
| November | | $ | 3,273,018,406.96 | | | $ | 873,780.90 | | | | 0.320358 | |
| December | | $ | 3,266,712,276.57 | | | $ | 1,053,021.69 | | | | 0.386819 | |
| Average Loss Rate | | | | | | | | | | | 0.246956 | |
| | | | | | | | | | | | | |
Delinquency Rate
| | Total Accounts
| | | Accounts over 60
| | | % Delinquent
| |
| January | | | 162,801 | | | | 276 | | | | 0.169532 | |
| February | | | 170,048 | | | | 248 | | | | 0.145841 | |
| March | | | 173,120 | | | | 273 | | | | 0.157694 | |
| April | | | 175,821 | | | | 262 | | | | 0.149015 | |
| May | | | 178,856 | | | | 281 | | | | 0.157110 | |
| June | | | 181,219 | | | | 326 | | | | 0.179893 | |
| July | | | 183,231 | | | | 346 | | | | 0.188833 | |
| August | | | 185,792 | | | | 347 | | | | 0.186768 | |
| September | | | 187,936 | | | | 347 | | | | 0.184637 | |
| October | | | 190,392 | | | | 364 | | | | 0.191185 | |
| November | | | 193,464 | | | | 355 | | | | 0.183497 | |
| December | | | 194,778 | | | | 451 | | | | 0.231546 | |
| Average Delinquency Rate | | | | | | | | | | | 0.177129 | |
