EX-99.1 2 k10885exv99w1.htm VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2003-1 SERVICER CERTIFICATE exv99w1
 

Exhibit 99.1

         
Volkswagen Auto Loan Enhanced Trust 2003-1
 
MONTHLY SERVICER CERTIFICATE
    
For the collection period ended 11-25-2006
Data Current as of 12/06/2006 7:35:34 AM    
 
                     
A.
  DATES   Begin   End   # days
 
1
  Determination Date       12/18/2006        
                   
2
  Payment Date       12/20/2006        
                   
3
  Collection Period   10/29/2006   11/25/2006   28
               
4
  Monthly Interest Period - Actual/360   11/20/2006   12/19/2006   30
               
5
  Monthly Interest - 30/360           30
 
    

B. SUMMARY

 
                                             
        Initial Balance     Beginning Balance     Principal Payment     Ending Balance     Note Factor  
6
   Class A-1 Notes     315,000,000.00       —       —       —       —  
7
   Class A-2 Notes     370,000,000.00       —       —       —       —  
8
   Class A-3 Notes     385,000,000.00       —       —       —       —  
9
   Class A-4 Notes     214,173,000.00       106,936,008.42       11,494,377.25       95,441,631.17       0.4456287  
10
   Class B Notes     29,559,766.00       29,559,766.00       —       29,559,766.00       1.0000000  
 
    
11
   Total Securities   $ 1,313,732,766.00     $ 136,495,774.42     $ 11,494,377.25     $ 125,001,397.17          
 
    
 
                                            
 
    
12
   Net Pool Balance   $ 1,334,414,493.82     $ 138,144,189.50             $ 126,465,969.84          
 
    
 
                                            
 
                       Per $1000   Principal & Interest   Per $1000
 
       Coupon Rate   Interest Pmt Due   Face Amount   Payment Due   Face Amount
 
                                  
13
   Class A-1 Notes     1.0050 %     —       —       —       —  
14
   Class A-2 Notes     1.1100 %     —       —       —       —  
15
   Class A-3 Notes     1.4900 %     —       —       —       —  
16
   Class A-4 Notes     1.9300 %     171,988.75       1.6083333       11,666,366.00       109.0967034  
 
    
 
   Total Securities             171,988.75               11,666,366.00          
 
    
 
                                            
             
C.
   COLLECTIONS AND AVAILABLE FUNDS        
 
17
   Scheduled Principal Payments Received     8,782,149.33  
18
   Scheduled Interest Payments Received     404,184.27  
19
   Prepayments of Principal Received     45,514.69  
20
   Liquidation Proceeds     2,769,472.63  
21
   Recoveries Received     92,826.31  
22
   Other Payments Received to Reduce Principal     —  
 
    
23
   Subtotal: Total Collections     12,094,147.23  
 
    
24
   Repurchased Receivables     —  
25
   Reserve Account Excess Amount (Item 85)     42,022.96  
 
    
26
   Total Available Funds, prior to Servicer Advances     12,136,170.19  
 
    
27
   Servicer Advance (Item 68)     —  
 
    
28
   Total Available Funds + Servicer Advance     12,136,170.19  
 
    
29
   Reserve Account Draw Amount (Item 71)     —  
 
    
30
   Total Available Funds + Servicer Advance and Reserve Account Draw Amount     12,136,170.19  
 
    
 
            
D.
   DISTRIBUTIONS        
 
 
   Distribution Summary:        
31
   Prior Advance Reimbursement (Item 74)     —  
32
   Servicing Fees (Item 38)     113,746.48  
33
   Class A Noteholder Interest (Item 47)     171,988.75  
34
   Principal Distribution Amount (Item 72)     11,494,377.25  
35
   Amount Paid to Reserve Account to Reach Specified Balance     —  
36
   Other Amounts Paid to Trustees     —  
 
    
37
   Remaining Funds to Certificateholder     356,057.71  
 
    

 

         
Volkswagen Auto Loan Enhanced Trust 2003-1
 
MONTHLY SERVICER CERTIFICATE
    
For the collection period ended 11-25-2006
  PAGE 2
 
                             
 
   Distribution Detail:   Due     Shortfall     Paid  
 
    
38
   Servicing Fees     113,746.48       —       113,746.48  
 
    
 
                            
 
   Pro rata:                        
39
   Class A-1 Interest     —       —       —  
40
   Class A-2 Interest     —       —       —  
41
   Class A-3 Interest     —       —       —  
42
   Class A-4 Interest     171,988.75       —       171,988.75  
43
   Class A-1 Interest Carryover Shortfall     —       —       —  
44
   Class A-2 Interest Carryover Shortfall     —       —       —  
45
   Class A-3 Interest Carryover Shortfall     —       —       —  
46
   Class A-4 Interest Carryover Shortfall     —       —       —  
 
    
47
   Class A Noteholder Interest     171,988.75       —       171,988.75  
 
    
 
                            
E.
   CALCULATIONS                        
 
 
   Calculation of Principal Distribution Amount:                        
48
   Beginning Note Balance - All Classes                     136,495,774.42  
49
  
Beginning Net Pool Balance
             138,144,189.50          
50
  
Receipts of Scheduled Principal
             (8,782,149.33 )        
51
  
Receipts of Prepaid Principal
             (45,514.69 )        
52
  
Liquidation Proceeds
             (2,769,472.63 )        
53
  
Other Collections of Principal
             —          
54
  
Principal Amount of Repurchases
             —          
55
  
Principal Amount of Defaulted and Terminated Receivables
             (81,083.01 )        
 
                          
56
   Ending Net Pool Balance             126,465,969.84          
57
  
Yield Supplement Overcollateralization Amount
             1,464,572.67          
 
                          
58
   Adjusted Pool Balance             125,001,397.17          
59
   Less: Adjusted Pool Balance - End of Collection Period                     125,001,397.17  
 
    
60
   Calculated Principal Distribution Amount                     11,494,377.25  
 
    
 
                            
 
   Calculation of Servicer Advance:                        
61
   Available Funds, prior to Servicer Advances (Item 26)                     12,136,170.19  
62
   Less: Prior Advance Reimbursement (Item 31)                     —  
63
   Less: Servicing Fees Paid (Item 32)                     113,746.48  
64
   Less: Interest Paid to Noteholders (Item 33)                     171,988.75  
65
   Less: Calculated Principal Distribution (Item 60)                     11,494,377.25  
 
    
66
   Equals: Remaining Available Funds before Servicer Advance                     356,057.71  
67
   Monthly Loan Payments Due on Included Units but not received (N/A if Item 66 > 0)             N/A  
 
    
68
   Servicer Advance (If Item 66 < 0, lesser of Item 66 and Item 67, else 0)                     —  
 
    
 
                            
 
   Calculation of Reserve Account Draw Amount:                        
69
   Remaining Available Funds, before Reserve Account Draw (Item 66 plus Item 68)               356,057.71  
70
   Available Funds Shortfall Amount (If Item 69 < 0, Item 69, else 0)                     —  
 
    
71
   Reserve Account Draw Amount (If Item 70 is > 0, Lesser of Reserve Acct Balance and Item 70)       —  
 
    
 
                            
 
    
72
   Principal Distribution Amount (Item 60 - Available Funds Shortfall + Reserve Account Draw Amt)       11,494,377.25  
 
    
 
                            
 
   Reconciliation of Servicer Advance:                        
73
   Beginning Balance of Servicer Advance                     —  
74
   Less: Prior Advance Reimbursement                     —  
75
   Plus: Additional Payment Advances for Current Period                     —  
 
    
76
   Ending Balance of Payment Advance                     —  
 
    

 

         
Volkswagen Auto Loan Enhanced Trust 2003-1
 
MONTHLY SERVICER CERTIFICATE
    
For the collection period ended 11-25-2006
  PAGE 3
 
                     
F.
   RESERVE ACCOUNT                
 
 
   Reserve Account Balances:                
77
   Specified Reserve Account Balance             9,852,995.74  
78
   Initial Reserve Account Balance             6,568,663.83  
 
                    
79
   Beginning Reserve Account Balance             9,852,995.74  
80
   Plus: Net Investment Income for the Collection Period             42,022.96  
 
    
81
   Subtotal: Reserve Fund Available for Distribution             9,895,018.70  
82
   Plus: Deposit of Excess Available Funds (Item 35)             —  
83
   Less: Reserve Account Draw Amount (Item 71)             —  
 
    
84
   Subtotal Reserve Account Balance             9,895,018.70  
85
   Less: Reserve Account Excess Amount to Available Funds (If Item 84 > Item 77)             42,022.96  
 
    
86
   Equals: Ending Reserve Account Balance             9,852,995.74  
 
    
 
                    
87
   Change in Reserve Account Balance from Immediately Preceding Payment Date             —  
 
    
 
                    
G.
   POOL STATISTICS                
 
 
   Collateral Pool Balance Data:   Initial   Current  
 
                
88
   Net Pool Balance     1,334,414,494       126,465,970  
89
   Number of Current Contracts     74,039       25,617  
90
   Weighted Average Loan Rate     4.21 %     3.83 %
91
   Average Remaining Term     51.9       14.7  
92
   Average Original Term     55.6       60.1  
 
                    
 
                    
 
               Outstanding
 
   Net Credit Loss and Repossession Activity:   Units     Principal Balance
 
              
93
   Aggregate Outstanding Principal Balance of Charged Off Receivables     11       81,083  
94
   Liquidation Proceeds on Related Vehicles             —  
95
   Recoveries Received on Receivables Previously Charged Off             92,826  
 
    
96
   Net Principal Losses for Current Collection Period     11       (11,743 ) 
 
    
97
   Beginning Net Principal Losses     948       5,969,311  
98
   Net Principal Losses for Current Collection Period     11       (11,743 ) 
 
    
99
   Cumulative Net Principal Losses     959       5,957,567  
 
    
                             
 
                       Outstanding
 
   Delinquencies Aging Profile - End of Period:   Percentage   Units     Principal Balance
 
                      
100
   Current     98.35 %     25,259       124,373,541  
101
   31 - 60 Days Delinquent     1.51 %     330       1,910,621  
102
   61 - 90 Days Delinquent     0.14 %     28       181,809  
 
    
103
   Total     100.00 %     25,617       126,465,970  
 
    
VCI, as Servicer, has elected to exercise its option under Section 8.1 of the Sale and Servicing Agreement to purchase the Trust Estate immediately after the monthly payment of principal and interest on December 20, 2006 (the “Redemption Date”) and has deposited $95,441,631.17 into the collection account to redeem the balance of the Class A-4 Notes. Therefore, pursuant to Section 10.1 of the Indenture, the Notes will be redeemed on the Redemption Date.