Exhibit 99
DAIMLERCHRYLER
Computational Materials
DAIMLERCHRYSLER AUTO TRUST 2005-A
$1,500,000,000 Asset-Backed Notes
DaimlerChrysler Services North America LLC
Seller and Servicer
$595,000,000 Class A-2 [ ]% Asset-Backed Notes
$500,000,000 Class A-3 [ ]% Asset-Backed Notes
$345,000,000 Class A-4 [ ]% Asset-Backed Notes
$60,000,000 Class B [ ]% Asset-Backed Notes
Subject to Revision
Term Sheet dated January 6, 2005
The information contained in the attached materials is referred to as the
"Information."
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither Barclays Capital Inc. ("Barclays") nor any of its
affiliates makes any representation as to the accuracy or completeness of the
Information herein. The Information contained herein is preliminary and will
be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the Barclays
Trading Desk at (212) 412-2663.
The information contained in the attached materials is referred to as the
"Information."
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither Citigroup Global Markets Inc. ("Citigroup") nor any
of its affiliates makes any representation as to the accuracy or completeness
of the Information herein. The Information contained herein is preliminary and
will be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the securities. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the Citigroup
Syndicate Desk at (212) 723-6171.
Citigroup is not acting as your advisor or agent. Therefore, prior to
entering into any transaction, you should determine, without reliance upon
Citigroup or its affiliates, the economic risks and merits, as well as the
legal, tax and accounting characterizations and consequences of the
transaction, and independently determine that you are able to assume these
risks. In this regard, by acceptance of these materials, you acknowledge that
you have been advised that (a) Citigroup is not in the business of providing
legal, tax or accounting advice, (b) you understand that there may be legal,
tax or accounting risks associated with the transaction, (c) you should
receive legal, tax and accounting advice from advisors with appropriate
expertise to assess relevant risks, and (d) you should apprise senior
management in your organization as to the legal, tax and accounting advice
(and, if applicable, risks) associated with this transaction and Citigroup's
disclaimers as to these matters.
The information contained in the attached materials is referred to as the
"Information."
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither J.P. Morgan Securities Inc. ("JPMorgan") nor any of
its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and
will be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the JPMorgan
Trading Desk at (212) 834-3720.
The information contained in the attached materials is referred to as the
"Information."
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither Banc of America Securities LLC ("Banc of America")
nor any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the Banc of
America Syndicate Desk at (312) 828-1305.
The information contained in the attached materials is referred to as the
"Information."
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither Deutsche Bank Securities Inc. ("Deutsche Bank") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the securities. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the Deutsche Bank
Syndicate Desk at (212) 250-7730.
The information contained in the attached materials is referred to as the
"Information."
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither HSBC Securities (USA) Inc. ("HSBC Securities") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
The following information may contain general, summary discussions of
certain tax, regulatory, accounting and/or legal issues relevant to the
proposed transaction. Any such discussion is necessarily generic and may not
be applicable to or complete for any particular recipient's specific facts and
circumstances. HSBC Securities is not offering and does not purport to offer
tax, regulatory, accounting or legal advice and this information should not
and cannot be relied upon as such. Prior to entering into any proposed
transaction, recipients should determine, in consultation with their own
legal, tax, regulatory and accounting advisors, the economic risks and merits,
as well as the legal, tax, regulatory and accounting characteristics and
consequences, of the transaction.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the HSBC
Securities Desk at (212) 525-3785.
The attached Term Sheet has been prepared by DaimlerChrysler Services
North America LLC. Neither Morgan Stanley & Co. Incorporated ("Morgan
Stanley") nor any of its affiliates makes any representation as to the
accuracy or completeness of the Information herein. The Information contained
herein is preliminary and will be superseded by the applicable prospectus
supplement and by any other information subsequently filed with the Securities
and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
securities' characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement (together, the "Offering Document") relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in Offering Document and the then current version of
the Information. The Offering Document contains data that is current as of its
publication date and after publication may no longer be complete or current. A
copy of the Offering Document may be obtained by contacting the Morgan Stanley
Syndicate Desk at (212) 761-2270.
DAIMLERCHRYSLER
DAIMLERCHRYSLER AUTO TRUST 2005-A
DAIMLERCHRYSLER SERVICES NORTH AMERICA LLC, SELLER AND SERVICER
Subject to Revision
Term Sheet dated January 6, 2005
The trust will issue approximately $2,000,000,000 of notes backed by
automobile and light duty truck receivables purchased directly from
DaimlerChrysler Services North America LLC.
- ----------------------------------------------------------------------------------------------------------------
Total Notes Issued
-------------------- ------------------------- ------------------------------ ------------------------------
Class Principal Amount Fixed Per Annum Interest Rate Legal Final
-------------------- ------------------------- ------------------------------ ------------------------------
A-1 Notes(1) $500,000,000 % January 2006
-------------------- ------------------------- ------------------------------ ------------------------------
A-2 Notes $595,000,000 % September 2007
-------------------- ------------------------- ------------------------------ ------------------------------
A-3 Notes $500,000,000 % December 2008
-------------------- ------------------------- ------------------------------ ------------------------------
A-4 Notes $345,000,000 % February 2010
-------------------- ------------------------- ------------------------------ ------------------------------
B Notes $60,000,000 % July 2011
-------------------- ------------------------- ------------------------------ ------------------------------
(1) Not being offered publicly or in this document.
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
Initial Credit Enhancement for the Notes(1)(2)
------------------------------- -------------------- -------------------
Overcollateralization(3) Reserve Fund Total
- ------------------------------------ ------------------------------- -------------------- -------------------
Amount $35,005,305.46 $5,000,000 $40,005,305.46
- ------------------------------------ ------------------------------- -------------------- -------------------
Percentage of Total Notes 1.75% 0.25% 2.00%
- ------------------------------------ ------------------------------- -------------------- -------------------
(1) The expected excess cash flows generated from the difference between the interest collections on all the
receivables (including principal collections allocable to the yield supplement overcollateralization
amount) and the sum of the servicing fee, the interest payments on the outstanding notes and required
reserve fund deposits could also provide credit enhancement.
(2) Payment of principal of the B notes is subordinated to the A notes. Such subordination provides credit
enhancement for the A notes.
(3) The overcollateralization amount does not include the yield supplement overcollateralization amount which
is initially $80,432,262.16.
- ----------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
- ----------------------------------------------------- ---------
Section Page
- ----------------------------------------------------- ---------
TRANSACTION ILLUSTRATION 3
- ----------------------------------------------------- ---------
PARTIES TO THE TRANSACTION 4
- ----------------------------------------------------- ---------
NOTES ISSUED 5
- ----------------------------------------------------- ---------
RECEIVABLES POOL 6
- ----------------------------------------------------- ---------
o Composition 6
- ----------------------------------------------------- ---------
o New/Used Distribution 6
- ----------------------------------------------------- ---------
o Distribution by APR 7
- ----------------------------------------------------- ---------
o Geographic Distribution 8
- ----------------------------------------------------- ---------
o Selection Criteria 9
- ----------------------------------------------------- ---------
NET CREDIT LOSS AND DELINQUENCY EXPERIENCE 9
- ----------------------------------------------------- ---------
o DCS Net Credit Loss and Repossession
Experience 10
- ----------------------------------------------------- ---------
o DCS Delinquency Experience 11
- ----------------------------------------------------- ---------
PAYMENTS ON THE NOTES 11
- ----------------------------------------------------- ---------
o Payment Dates 11
- ----------------------------------------------------- ---------
o Interest Payments 11
- ----------------------------------------------------- ---------
o Principal Payments 12
- ----------------------------------------------------- ---------
- ----------------------------------------------------- ---------
Section Page
- ----------------------------------------------------- ---------
o Optional Redemption 13
- ----------------------------------------------------- ---------
FLOW OF FUNDS 13
- ----------------------------------------------------- ---------
o Sources of Funds Available for
Distribution 13
- ----------------------------------------------------- ---------
o Application of Available Funds 14
- ----------------------------------------------------- ---------
o Note Principal Distribution Account and
Payment of Principal of the Notes 14
- ----------------------------------------------------- ---------
CREDIT ENHANCEMENT 17
- ----------------------------------------------------- ---------
o Overcollateralization 17
- ----------------------------------------------------- ---------
o Excess Interest Collections 17
- ----------------------------------------------------- ---------
o Reserve Fund 18
- ----------------------------------------------------- ---------
o Subordinated B Notes 18
- ----------------------------------------------------- ---------
YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT 19
- ----------------------------------------------------- ---------
SERVICING 20
- ----------------------------------------------------- ---------
o Compensation 20
- ----------------------------------------------------- ---------
2
TRANSACTION ILLUSTRATION
- ---------------------------------------------------------------------------------------------------------------------------------
on or about January 20, 2005
(approximate $ thousands)
-----------------------------------------------
| DAIMLERCHRYSLER SERVICES NORTH AMERICA LLC |
| [Seller and Servicer] |
-----------------------------------------------
| | \
| | \
| | \
--------------------------------------------- | \
| DAIMLERCHRYSLER RETAIL RECEIVABLES LLC | | \ Reserve
| [Special Purpose Entity] | | \ Fund
--------------------------------------------- | \ $5,000
| \
| Receivables \
------------------- ------------------- | $2,115,438 \
/ \ / Yield Supplement \ | \
/ Overcollateralization \ / Overcollateralization \ | \
\ $35,005 / \ Amount(1) / | \
\ / \ $80,432 / | \
------------------- -------------------- | \
\ | | \
\ | | \
\ | | -------------------
--------------------------------------- | |
| DAIMLERCHRYSLER AUTO TRUST 2005-A |-------------| DEUTSCHE |
| [Issuer] |\ | BANK TRUST |
--------------------------------------- \ | COMPANY |
/ | \ | AMERICAS |
/ | \ | [Indenture |
/ | \ | Trustee] |
/ | \ -------------------
/ | \
--------------------- | ------------
| | | | |
| CHASE MANHATTAN | --------------- | A-2 Notes |
| BANK USA, NATIONAL | | | | $595,000 |
| ASSOCIATION | | A-1 Notes(2) | | |
| [Owner Trustee] | | $500,000 | | A-3 Notes |
| | | | | $500,000 |
--------------------- --------------- | |
| A-4 Notes |
| $345,000 |
| |
| B Notes |
| $60,000 |
| |
------------
(1) As set forth on page 19 of this document.
(2) Not being offered publicly or in this document.
- ---------------------------------------------------------------------------------------------------------------------------
3
PARTIES TO THE TRANSACTION
- ------------------------------------------------------------------------------------------------------------------------
-------------------------------------- ----------------------------------------------------------------------
Entity Description
-------------------------------------- ----------------------------------------------------------------------
DaimlerChrysler Auto o Issuer of the notes
Trust 2005-A o A Delaware statutory trust
o Principal office is in Newark, Delaware
-------------------------------------- ----------------------------------------------------------------------
DaimlerChrysler Services North o Seller of the receivables to the trust
America LLC ("DCS") o Servicer of the receivables
o An indirect wholly-owned subsidiary of DaimlerChrysler AG
o A Michigan limited liability company
o Originator of DCS receivables
-------------------------------------- ----------------------------------------------------------------------
Deutsche Bank Trust Company o Indenture trustee
Americas (1) o Performs duties for the benefit of the noteholders
-------------------------------------- ----------------------------------------------------------------------
Chase Manhattan Bank USA, o Owner trustee
National Association(1) o Performs duties on behalf of the trust
-------------------------------------- ----------------------------------------------------------------------
DaimlerChrysler Retail o A special-purpose financing entity
Receivables LLC o A Michigan limited liability company, formerly named
Premier Receivables L.L.C.
o An indirect wholly-owned subsidiary of DCS
o Initial owner of rights to residual cash flows
-------------------------------------- ----------------------------------------------------------------------
(1) The seller and its affiliates may maintain normal commercial banking
relations with the indenture trustee, the owner trustee and their
affiliates.
- ------------------------------------------------------------------------------------------------------------------------
4
NOTES ISSUED
The trust will issue $2,000,000,000 of notes.
- ---------------------------------------------------------------------------------------------------------------------
Total Notes Issued
------------------------- -------------------------- ------------------------- ---------------------------
Class Principal Amount Fixed Per Annum Legal Final
Interest Rate
------------------------- -------------------------- ------------------------- ---------------------------
A-1 Notes(1) $500,000,000 % January 2006
------------------------- -------------------------- ------------------------- ---------------------------
A-2 Notes $595,000,000 % September 2007
------------------------- -------------------------- ------------------------- ---------------------------
A-3 Notes $500,000,000 % December 2008
------------------------- -------------------------- ------------------------- ---------------------------
A-4 Notes $345,000,000 % February 2010
------------------------- -------------------------- ------------------------- ---------------------------
B Notes $60,000,000 % July 2011
------------------------- -------------------------- ------------------------- ---------------------------
(1) Not being offered publicly or in this document.
- ---------------------------------------------------------------------------------------------------------------------
Other points to consider include:
o the outstanding principal of each class of notes is due by its maturity
date (each a "Legal Final"),
o the notes will be issued on or about January 20, 2005 in book-entry form
through the facilities of the Depository Trust Company, Clearstream and
the Euroclear System, and
o by January 20, 2005, four nationally recognized rating agencies will rate
the A notes in the highest investment rating category and will rate the B
notes at least "A" or its equivalent.
5
RECEIVABLES POOL
On January 20, 2005, the trust will use the proceeds from the issuance
of the notes to purchase a pool of automobile and light duty truck receivables
from the seller. Collections on this pool of receivables will be the trust's
principal source of funds for making payments on the notes. The following
information about the receivables is as of January 4, 2005 (the "Cut-off
Date").
The receivables pool had the following characteristics:
------------------------------------------------------------------------
Composition of the Receivables Pool
As of January 4, 2005
Aggregate Principal Balance $2,115,437,567.62
------------------------------------------ ------------------------
Number of Receivables 130,363
------------------------------------------ ------------------------
Average Principal Balance $16,227.29
------------------------------------------ ------------------------
Weighted Average APR 6.47%
------------------------------------------ ------------------------
Weighted Average Original Term 64.06 months
------------------------------------------ ------------------------
Weighted Average Remaining Term 51.69 months
------------------------------------------ ------------------------
-----------------------------------------------------------------------
The receivables pool had the following new vehicle/used vehicle
distribution:
-------------------------------------------------------------------------------------------------------
New/Used Distribution of the Receivables Pool
As of January 4, 2005
-------------------------- -----------------------
New Used
-------------------------- -----------------------
Aggregate Principal Balance $ 1,987,379,696.30 $ 128,057,871.32
---------------------------------------------------- -------------------------- -----------------------
Percentage of Aggregate Principal Balance 93.95% 6.05%
---------------------------------------------------- -------------------------- -----------------------
Number of Receivables 117,761 12,602
---------------------------------------------------- -------------------------- -----------------------
Percentage of Receivables 90.33% 9.67%
---------------------------------------------------- -------------------------- -----------------------
-------------------------------------------------------------------------------------------------------
6
The receivables pool had the following distribution by APR:
- ------------------------------------------------------------------------------------------------------------------------------
Distribution by APR of the Receivables Pool
As of January 4, 2005
-------------------------- ---------------------- ------------------------------- ----------------------------------
APR Range Number of Receivables Aggregate Percent of Aggregate Principal
Principal Balance Balance(1)
-------------------------- ---------------------- ------------------------------- ----------------------------------
0.00% to 1.00% 20,718 $316,311,857.72 15.0%
-------------------------- ---------------------- ------------------------------- ----------------------------------
1.01% to 2.00% 1,384 $23,953,918.45 1.1%
-------------------------- ---------------------- ------------------------------- ----------------------------------
2.01% to 3.00% 4,605 $55,125,864.76 2.6%
-------------------------- ---------------------- ------------------------------- ----------------------------------
3.01% to 4.00% 4,169 $68,310,954.83 3.2%
-------------------------- ---------------------- ------------------------------- ----------------------------------
4.01% to 5.00% 12,342 $212,027,639.76 10.0%
-------------------------- ---------------------- ------------------------------- ----------------------------------
5.01% to 6.00% 19,411 $348,200,096.40 16.5%
-------------------------- ---------------------- ------------------------------- ----------------------------------
6.01% to 7.00% 17,686 $326,885,524.26 15.5%
-------------------------- ---------------------- ------------------------------- ----------------------------------
7.01% to 8.00% 11,326 $202,598,094.72 9.6%
-------------------------- ---------------------- ------------------------------- ----------------------------------
8.01% to 9.00% 8,858 $131,198,099.38 6.2%
-------------------------- ---------------------- ------------------------------- ----------------------------------
9.01% to 10.00% 6,792 $94,402,827.38 4.5%
-------------------------- ---------------------- ------------------------------- ----------------------------------
10.01% to 11.00% 5,239 $76,261,389.68 3.6%
-------------------------- ---------------------- ------------------------------- ----------------------------------
11.01% to 12.00% 4,782 $72,484,056.92 3.4%
-------------------------- ---------------------- ------------------------------- ----------------------------------
12.01% to 13.00% 3,703 $56,642,496.94 2.7%
-------------------------- ---------------------- ------------------------------- ----------------------------------
13.01% to 14.00% 2,469 $37,163,810.37 1.8%
-------------------------- ---------------------- ------------------------------- ----------------------------------
14.01% to 15.00% 1,650 $24,346,887.85 1.2%
-------------------------- ---------------------- ------------------------------- ----------------------------------
15.01% to 16.00% 1,125 $16,096,266.18 0.8%
-------------------------- ---------------------- ------------------------------- ----------------------------------
16.01% to 17.00% 1,128 $17,079,481.86 0.8%
-------------------------- ---------------------- ------------------------------- ----------------------------------
17.01% to 18.00% 1,329 $17,604,665.26 0.8%
-------------------------- ---------------------- ------------------------------- ----------------------------------
18.01% to 19.00% 417 $5,410,291.08 0.3%
-------------------------- ---------------------- ------------------------------- ----------------------------------
19.01% to 20.00% 1,074 $11,462,668.97 0.5%
-------------------------- ---------------------- ------------------------------- ----------------------------------
Greater than 20.00% 156 $1,870,674.85 0.1%
-------------------------- ---------------------- ------------------------------- ----------------------------------
Totals 130,363 $2,115,437,567.62 100.0%
-------------------------- ---------------------- ------------------------------- ----------------------------------
(1) Percentages may not add to 100.0% because of rounding.
- ------------------------------------------------------------------------------------------------------------------------------
7
The following table lists the twelve states with the largest percentage
concentration of the aggregate principal balance of the receivables pool based
on the physical address of the dealer originating the receivable. No other
state accounts for more than 3.0% of the aggregate principal balance of the
receivables pool as of January 4, 2005.
------------------------------------------------------------------------------------------------------------------
Geographic Distribution of the Receivables Pool
As of January 4, 2005
---------------------------------------------- ---------------------------------------------------------
State Percentage of Aggregate
Principal Balance (1)
---------------------------------------------- ---------------------------------------------------------
Texas 11.6%
---------------------------------------------- ---------------------------------------------------------
California 7.9%
---------------------------------------------- ---------------------------------------------------------
Florida 6.0%
---------------------------------------------- ---------------------------------------------------------
Pennsylvania 5.7%
---------------------------------------------- ---------------------------------------------------------
Illinois 4.6%
---------------------------------------------- ---------------------------------------------------------
New York 4.0%
---------------------------------------------- ---------------------------------------------------------
Maryland 3.9%
---------------------------------------------- ---------------------------------------------------------
Virginia 3.6%
---------------------------------------------- ---------------------------------------------------------
Georgia 3.4%
---------------------------------------------- ---------------------------------------------------------
New Jersey 3.3%
---------------------------------------------- ---------------------------------------------------------
Michigan 3.2%
---------------------------------------------- ---------------------------------------------------------
Ohio 3.1%
---------------------------------------------- ---------------------------------------------------------
All Other 39.7%
---------------------------------------------- ---------------------------------------------------------
Total 100.0%
---------------------------------------------- ---------------------------------------------------------
(1) Percentages may not add to 100.0% because of rounding.
------------------------------------------------------------------------------------------------------------------
8
Selection Criteria
We used the following criteria to select the receivables pool:
o Each receivable was originally purchased by the seller from dealers in
the ordinary course of its business.
o Interest on each receivable is computed using the simple interest method.
o As of January 4, 2005:
- no receivable was more than 30 days past due (an account is not
considered past due if the amount past due is less than 10% of
the scheduled monthly payment),
- no receivable was the subject of a bankruptcy proceeding,
- each receivable had a remaining principal balance of at least
$1,000.10, and
- each receivable had a scheduled maturity on or before December
26, 2010.
The seller believes its selection procedures are not adverse to noteholders.
NET CREDIT LOSS AND DELINQUENCY EXPERIENCE
Net credit loss experience is dependent upon general economic
conditions, the number of repossessions, the amount of principal and accrued
interest outstanding on the receivable at the time of repossession, and the
resale values of the repossessed vehicles.
The following tables detail the net credit loss, repossession and
delinquency experience of DCS's United States portfolio of new and used
automobile and light duty truck retail receivables. The information includes:
o an immaterial amount of retail receivables secured by vehicles other
than automobiles and light duty trucks and
o previously sold contracts which DCS continues to service.
Unless otherwise indicated, all amounts and percentages are based on
estimated gross collections, including principal and interest.
We cannot assure you that the net credit loss, repossession and
delinquency experience on the receivables sold to the trust will be comparable
to the following historical experience.
9
- -----------------------------------------------------------------------------
DCS Net Credit Loss and Repossession Experience
- -----------------------------------------------------------------------------
Nine Months Ended
September 30,
- ----------------------------------------------- ----------------------------
2004 2003
- ----------------------------------------------- ------------- --------------
Average Portfolio Outstanding During the $40,220 $39,360
Period ($ Millions)
- ----------------------------------------------- ------------- --------------
Average Number of Contracts Outstanding 2,531,330 2,497,510
During the Period
- ----------------------------------------------- ------------- --------------
Repossessions as a Percentage of Average 1.98% 2.09%
Number of Contracts Outstanding(3)
- ----------------------------------------------- ------------- --------------
Net Credit Losses as a Percentage of 1.89% 2.08%
Liquidations (1) (2)
- ----------------------------------------------- ------------- --------------
Net Credit Losses as a Percentage of Average 0.97% 1.05%
Portfolio Outstanding (1) (3)
- -----------------------------------------------------------------------------
(1) Net credit losses are equal to the aggregate of the balances of all receivables which are determined to be uncollectible
in the period, less any amounts realized from the sale of repossessed vehicles and any recoveries on receivables charged
off in the current or prior periods, net of any disposition expenses and any dealer commissions which DCS failed to recover
on receivables that were prepaid or charged off.
(2) Liquidations represent monthly cash payments and charge-offs which reduce the outstanding balance of a receivable.
(3) Percentages have been annualized for the nine months ended September 30, 2004 and 2003, and are not necessarily indicative
of the experience for the entire year.
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Year Ended December 31,
- ----------------------------------------------- ----------------------------------------------------------------------
2003 2002 2001 2000 1999
- ----------------------------------------------- ------------ ------------- -------------- ------------- --------------
Average Portfolio Outstanding During the $39,456 $38,872 $36,609 $30,590 $26,191
Period ($ Millions)
- ----------------------------------------------- ------------ ------------- -------------- ------------- --------------
Average Number of Contracts Outstanding 2,501,315 2,420,968 2,254,297 2,004,982 1,835,534
During the Period
- ----------------------------------------------- ------------ ------------- -------------- ------------- --------------
Repossessions as a Percentage of Average 2.08% 1.97% 1.84% 1.82% 2.16%
Number of Contracts Outstanding(3)
- ----------------------------------------------- ------------ ------------- -------------- ------------- --------------
Net Credit Losses as a Percentage of 2.15% 1.94% 1.83% 1.77% 1.91%
Liquidations (1) (2)
- ----------------------------------------------- ------------ ------------- -------------- ------------- --------------
Net Credit Losses as a Percentage of Average 1.07% 1.00% 0.81% 0.78% 0.98%
Portfolio Outstanding (1) (3)
- ----------------------------------------------------------------------------------------------------------------------
10
- -----------------------------------------------------------------------------
DCS Delinquency Experience
- -----------------------------------------------------------------------------
At September 30,
- ----------------------------------------------- ------------- --------------
2004 2003
- ----------------------------------------------- ------------- --------------
Portfolio ($ Millions) $43,564 $40,227
- ----------------------------------------------- ------------- --------------
Delinquencies as a Percentage of the
Portfolio
- ----------------------------------------------- ------------- --------------
31 - 60 Days 1.56% 1.76%
- ----------------------------------------------- ------------- --------------
61 Days or More 0.24% 0.25%
- ----------------------------------------------- ------------- --------------
Total 1.80% 2.01%
- ----------------------------------------------- ------------- --------------
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
At December 31,
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
2003 2002 2001 2000 1999
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
Portfolio ($ Millions) $39,490 $39,650 $39,068 $33,776 $27,255
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
Delinquencies as a Percentage of the
Portfolio
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
31 - 60 Days 1.77% 2.56% 2.04% 1.53% 1.78%
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
61 Days or More 0.18% 0.50% 0.31% 0.17% 0.17%
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
Total 1.95% 3.06% 2.35% 1.70% 1.95%
- ----------------------------------------------- -------------- ------------- -------------- ------------- --------------
PAYMENTS ON THE NOTES
Payment Dates
o Interest and principal will be payable on the 8th of each month. If the
8th is not a business day, then interest and principal will be payable on
the next business day.
o The first payment will be on February 8, 2005.
o Payments will be payable to noteholders of record on the business day
before the payment date.
Interest Payments
o The first interest payment will be calculated on the original principal
amount of each class of notes at the applicable per annum interest rate.
o Subsequent interest payments will be calculated on the outstanding
principal balance of each note class as of the prior payment date (after
giving effect to any payment of principal on that date) at the applicable
per annum interest rate.
o To calculate interest due on the A-1 notes on a payment date, the per
annum interest rates will be converted from an annual rate as follows:
11
- ----------------------------------------------------------------------------------------------------------
----------------------------- ---------------------------------- ------------------------------
Days in Initial Interest Days in Subsequent Day Count
Accrual Period Interest Accrual Periods Convention
----------------------------- ---------------------------------- ------------------------------
From To
(including) (excluding)
-----------------------------------------------------------------------------------------------
19 days Prior Current actual/360
payment payment
date date
-----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
o To calculate the interest due on the A-2, A-3, A-4 and B notes on a
payment date, the per annum interest rates will be converted from an
annual rate as follows:
- ----------------------------------------------------------------------------------------------------------
----------------------------- ---------------------------------- ------------------------------
Days in Initial Interest For Subsequent Interest Day Count
Accrual Period Accrual Periods Convention
----------------------------- ---------------------------------- ------------------------------
18 days 1/12th of per annum 30/360
interest rate
-----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
o Interest payments on the classes of A notes will have the same priority.
If the available amount for interest payments, including the balance in
the reserve fund, is less than the amount due, each class of A notes
will receive its pro rata share.
o Interest payments on the B notes are subordinate to payments of interest
and, under certain circumstances, principal of the A notes.
Refer to the "Flow of Funds" section for information on how the amount
available for interest payments is determined. Also refer to the "Credit
Enhancement - Reserve Fund" section for information on how the reserve fund
may be used to make interest payments.
Principal Payments
o The amount of principal payments on the notes on each payment date will
generally equal the required principal distribution amount, which is
described under "Credit Enhancement."
o Principal of each class of notes will generally be repaid over a span of
several consecutive months.
o The trust will pay principal sequentially to the earliest maturing class
of notes then outstanding until such class is paid in full.
o The B notes will not receive any principal payments until the A notes are
paid in full.
o The trust is required to pay the outstanding principal amount of each
class of notes by the applicable Legal Final.
12
o The final principal payment on any class of notes could occur
significantly earlier than its Legal Final.
o The rate of principal payments on the notes will increase to the extent
Excess Interest Collections are applied to pay principal on the notes.
Refer to the "Flow of Funds" and "Credit Enhancement" sections for
information on how the amount available for principal payments is determined.
Refer to the "Credit Enhancement" section for information on Excess Interest
Collections.
Optional Redemption
The servicer will have the option to purchase all of the remaining receivables
from the trust when their aggregate principal balance declines to an amount
that is less than or equal to 10% of the initial aggregate principal balance
of the receivables, or $211,543,756.76 or less. If the servicer decides to
exercise this option, then the outstanding principal amounts of the A-4 and B
notes, together with any accrued and unpaid interest, will be repaid in a lump
sum payment. The lump sum payment under this optional redemption will shorten
the maturity of the A-4 and B notes.
FLOW OF FUNDS
Sources of Funds Available for Distribution
Funds from the following sources may be available to make payments on
the notes on each payment date:
o collections received on the receivables during the prior calendar month,
o net recoveries received during the prior calendar month on receivables
that were charged off as losses in prior months,
o investment earnings on the reserve fund received during the prior
calendar month,
o administrative and/or warranty repurchases, and
o the reserve fund.
13
Application of Available Funds
On each payment date the total funds available (except for the reserve
fund) will be distributed in the following order of priority:
- -----------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
pay servicing fee
-------------------------------------------------------------
|
V
-------------------------------------------------------------
pay accrued and unpaid interest on the A notes
-------------------------------------------------------------
|
V
-------------------------------------------------------------
credit the priority principal distribution amount to the
note principal distribution account
-------------------------------------------------------------
|
V
-------------------------------------------------------------
pay accrued and unpaid interest on the B notes (1)
-------------------------------------------------------------
|
V
-------------------------------------------------------------
replenish reserve fund,
if necessary, up to the initial amount
-------------------------------------------------------------
|
V
-------------------------------------------------------------
credit the required principal distribution amount minus the
priority principal distribution amount to the note
principal distribution account
-------------------------------------------------------------
|
V
-------------------------------------------------------------
distribute any remaining funds to DaimlerChrysler Retail
Receivables LLC
-------------------------------------------------------------
(1) If payment of the notes has been accelerated because of a failure to pay an amount due on the notes or certain
insolvency events in respect of the trust, payments of interest on the B notes will be made only after the principal
balance of the A notes has been reduced to zero.
- -----------------------------------------------------------------------------------------------------------------------------
Notwithstanding the preceding paragraph, if payment of the notes
has been accelerated because of an Event of Default other than a failure to
pay any amount due on the notes or certain insolvency events in respect of the
trust, then such total funds available that remain after payment of interest
on the B notes will be credited to the note principal distribution account to
the extent of the outstanding principal amount of the notes (less the priority
principal distribution amount, if any, for that payment date) and then any
remainder will be distributed to DaimlerChrysler Retail Receivables LLC.
Note Principal Distribution Account and Payments of Principal of the Notes
The note principal distribution account will be a subaccount of the
deposit account maintained by the indenture trustee. On each payment date the
priority principal distribution amount, if any, and the required principal
distribution amount (reduced by the priority principal
14
distribution amount) will be credited to the note principal distribution
account to the extent of funds available as described above. The "priority
principal distribution amount" will equal, on each payment date, the excess,
if any, of (i) the outstanding principal amount of the A notes immediately
prior to such payment date over (ii) (a) the outstanding principal balance of
the receivables pool as of the end of the prior calendar month minus (b) the
YSOA. The "required principal distribution amount" will equal, on each payment
date, the greater of (i) the outstanding principal amount of the A-1 notes and
(ii) the excess, if any, of (a) the outstanding principal amount of the notes
immediately prior to such payment date over (b) (I) the outstanding principal
balance of the receivables pool as of the end of the prior calendar month
minus (II) the YSOA minus (III) the target overcollateralization amount.
The "target overcollateralization amount" for a payment date is the
greater of (A) 5.00% x P and (B) the OC Floor, where:
P = the outstanding principal balance of the receivables
pool as of the end of the prior calendar month minus the YSOA
for that payment date
OC Floor = the lesser of
(a) P
and
(b) 1.50% x Pi
Pi = the initial principal balance of the receivables
minus the initial YSOA
YSOA = the yield supplement overcollateralization amount
for such payment date as set forth in the table under "Yield Supplement
Overcollateralization Amount"; provided that the YSOA will never be
greater than the outstanding principal balance of the receivables pool as of
the end of the prior calendar month.
15
On each payment date the total funds available in the note principal
distribution account will be distributed in the following order of priority:
- -----------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
pay up to the outstanding principal
amount of the A-1 notes
-------------------------------------------------------------
|
V
-------------------------------------------------------------
pay up to the outstanding principal
amount of the A-2 notes
-------------------------------------------------------------
|
V
-------------------------------------------------------------
pay up to the outstanding principal
amount of the A-3 notes
-------------------------------------------------------------
|
V
-------------------------------------------------------------
pay up to the outstanding principal
amount of the A-4 notes
-------------------------------------------------------------
|
V
-------------------------------------------------------------
pay up to the outstanding principal
amount of the B notes
-------------------------------------------------------------
|
V
-------------------------------------------------------------
distribute remaining balance, if any, to DaimlerChrysler
Retail Receivables LLC
-------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
16
CREDIT ENHANCEMENT
The following forms of credit enhancement are intended to enhance the
likelihood of full payment of principal and interest due to the noteholders
and to decrease the likelihood that the noteholders will experience losses of
principal or interest on their notes.
Overcollateralization
Overcollateralization is represented by the amount by which (i) the principal
balance of receivables minus the yield supplement overcollateralization amount
exceeds (ii) the principal balance of the notes. The initial
overcollateralization amount of $35,005,305.46 is equal to the initial
receivables balance of $2,115,437,567.62 minus the initial yield supplement
overcollateralization amount of $80,432,262.16 minus the initial principal
amount of the notes of $2,000,000,000.00. This excess collateral is intended
to protect noteholders from losses on the receivables.
The trust will attempt to maintain an overcollateralization amount
(i.e., the amount by which (i) the principal balance of the receivables minus
the yield supplement overcollateralization amount exceeds (ii) the principal
balance of the notes) at least equal to the target overcollateralization
amount. Total funds available on any payment date (except funds in the reserve
fund) after paying the servicing fee, accrued and unpaid interest on the notes
and any reserve fund deposit will be applied (i) to pay the required principal
distribution amount to the notes in payment of principal and (ii) to pay any
remaining available funds to DaimlerChrysler Retail Receivables LLC.
Excess Interest Collections
"Excess Interest Collections" are generally equal to (A) the sum of (i)
interest collections received on the receivables during the prior calendar
month, (ii) principal collections attributable to the reduction in the yield
supplement overcollateralization amount from the prior payment date and (iii)
investment earnings on the reserve fund received during the prior calendar
month minus (B) the sum of (i) the servicing fee for the prior calendar month,
(ii) accrued and unpaid interest on the notes, and (iii) the amount, if any,
required to replenish the reserve fund to $5,000,000.
Excess Interest Collections provide an additional form of credit
enhancement since they will be applied to the payment of principal of the
notes to the extent described above under the "Flow of Funds - Application of
Available Funds" section.
If credit losses on receivables and delinquent receivables decrease the
amount of interest collections received on the receivables in a month, Excess
Interest Collections will be reduced or eliminated for such month.
17
Reserve Fund
o On January 20, 2005, the seller will provide funds from the proceeds of
its sale of receivables to establish a $5,000,000 reserve fund.
o The indenture trustee will hold the reserve fund for the benefit of the
noteholders.
o The reserve fund will be invested in high quality, short term investments
which mature on or prior to each payment date.
o If the total funds available for distribution minus the servicing fee is
less than accrued interest on the notes, the reserve fund will be
available to make interest payments.
o If a class of notes has not been paid in full on its Legal Final, the
reserve fund will be applied to the payment of principal for that class
of notes.
o If the aggregate outstanding principal amount of the notes exceeds the
outstanding principal balance of the receivables as of the end of the
prior calendar month, the reserve fund will be applied to the payment of
principal of the notes.
o As illustrated in the "Flow of Funds" section above, on each payment date
the reserve fund will be reinstated up to the initial balance to the
extent funds are available.
o After full payment of all accrued interest on the notes and the
outstanding principal balance of the notes, the reserve fund will be
distributed to DaimlerChrysler Retail Receivables LLC.
Subordinated B Notes
As additional credit enhancement for the A notes, the B notes will not
receive any principal payments until the A notes are paid in full and will not
receive an interest payment on a payment date until the priority principal
distribution amount, if any, has been applied to pay principal of the A notes.
Payments of principal and, under certain circumstances, interest on the B
notes are subordinated to payments on the A notes to decrease the likelihood
that the trust will default in making payments due on the A notes.
18
YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT
For a portion of the receivables, the weighted average APR less the
servicing fee rate will be less than the weighted average interest rate of the
notes. The yield supplement overcollateralization amount is intended to
mitigate such negative differential.
"Yield Supplement Overcollateralization Amount" means, with respect
to any payment date, the amount specified below with respect to such payment
date:
Closing Date......................... $80,432,262.16 January 2008.......................... $8,015,953.36
February 2005........................ 77,597,827.66 February 2008......................... 7,229,971.84
March 2005........................... 74,419,959.25 March 2008............................ 6,500,209.25
April 2005........................... 71,318,559.01 April 2008............................ 5,824,478.71
May 2005............................. 68,293,577.55 May 2008.............................. 5,198,067.74
June 2005............................ 65,342,653.82 June 2008............................. 4,618,049.23
July 2005............................ 62,463,448.98 July 2008............................. 4,083,237.35
August 2005.......................... 59,655,519.31 August 2008........................... 3,591,948.78
September 2005....................... 56,918,902.01 September 2008........................ 3,142,244.53
October 2005......................... 54,253,520.61 October 2008.......................... 2,732,156.89
November 2005........................ 51,658,615.87 November 2008......................... 2,359,019.97
December 2005........................ 49,133,238.60 December 2008......................... 2,020,307.15
January 2006......................... 46,676,908.82 January 2009.......................... 1,714,633.97
February 2006........................ 44,288,156.77 February 2009......................... 1,441,105.53
March 2006........................... 41,966,143.68 March 2009............................ 1,198,676.66
April 2006........................... 39,710,906.27 April 2009............................ 986,501.60
May 2006............................. 37,522,563.76 May 2009.............................. 803,674.33
June 2006............................ 35,401,262.63 June 2009............................. 648,652.61
July 2006............................ 33,347,249.73 July 2009............................. 519,460.07
August 2006.......................... 31,360,750.75 August 2009........................... 413,376.64
September 2006....................... 29,441,927.55 September 2009........................ 327,092.62
October 2006......................... 27,590,940.50 October 2009.......................... 256,923.28
November 2006........................ 25,807,963.95 November 2009......................... 198,668.13
December 2006........................ 24,093,162.38 December 2009......................... 149,450.25
January 2007......................... 22,446,586.36 January 2010.......................... 108,779.66
February 2007........................ 20,868,351.62 February 2010......................... 76,262.18
March 2007........................... 19,358,671.21 March 2010............................ 50,971.64
April 2007........................... 17,917,735.75 April 2010............................ 31,893.28
May 2007............................. 16,545,802.26 May 2010.............................. 18,296.38
June 2007............................ 15,243,078.69 June 2010............................. 9,276.22
July 2007............................ 14,009,635.50 July 2010............................. 3,956.13
August 2007.......................... 12,845,526.70 August 2010........................... 1,268.29
September 2007....................... 11,750,720.57 September 2010........................ 215.80
October 2007......................... 10,723,765.28 October 2010.......................... 0.78
November 2007........................ 9,761,373.34 November 2010 (and thereafter) $ 0.00
December 2007........................ $ 8,859,337.05
19
The yield supplement overcollateralization amount has been calculated for
each payment date as the sum of the amount for each receivable equal to the
excess, if any, of
o the scheduled payment due on such receivable for each future
collection period discounted to present value as of the end of the
preceding collection period at the APR of such receivable, over
o the scheduled payments due on the receivable for each future
collection period discounted to present value as of the end of the
preceding collection period at 7.5%.
For purposes of such calculation, future scheduled payments on the
receivables are assumed to be made on their scheduled due dates without any
delays, defaults or prepayments.
SERVICING
Compensation
o The servicer will be compensated on a monthly basis.
o The first servicing fee will be calculated on the original principal
amount of the receivables at 1/12th of 1% per month.
o For the first servicing fee calculation, the per annum servicing fee
rate will be converted from an annual rate using the number of days
from but excluding January 4, 2005 to and including January 31, 2005
on a 30/360 basis, or 26 days.
o Subsequent servicing fees will be calculated on the principal
balance of the receivables as of the first day of the prior calendar
month at 1/12th of 1%.
o As illustrated in the "Flow of Funds" section above, the servicing
fee will be paid out of the total funds available for distribution
each month.
20