EX-99.1 2 k35615exv99w1.htm EX-99.1 EX-99.1

Exhibit 99.1

         
Volkswagen Auto Loan Enhanced Trust 2005-1
 
MONTHLY SERVICER CERTIFICATE
    
For the collection period ended 8-30-2008
     
 
                     
A.
  DATES   Begin   End   # days
 
1
  Determination Date       9/18/2008        
                   
2
  Payment Date       9/22/2008        
                   
3
  Collection Period   7/27/2008   8/30/2008   35
               
4
  Monthly Interest Period - Actual/360   8/20/2008   9/21/2008   33
               
5
  Monthly Interest - 30/360           30
 
    

B. SUMMARY

 
                                             
        Initial Balance     Beginning Balance     Principal Payment     Ending Balance     Note Factor  
6
   Class A-1 Notes     285,000,000.00       —       —       —       —  
7
   Class A-2 Notes     288,000,000.00       —       —       —       —  
8
   Class A-3 Notes     435,000,000.00       —       —       —       —  
9
   Class A-4 Notes     226,188,000.00       211,290,463.72       19,952,190.54       191,338,273.18       0.8459258  
10
   Subordinated Notes     28,408,655.00       28,408,655.00       —       28,408,655.00       1.0000000  
 
    
11
   Total Securities   $ 1,262,596,655.00     $ 239,699,118.72     $ 19,952,190.54     $ 219,746,928.18          
 
    
 
                                            
 
    
12
   Net Pool Balance   $ 1,364,964,811.90     $ 253,037,352.72             $ 231,792,571.53          
 
    
 
                                            
 
                       Per $1000   Principal & Interest   Per $1000
 
       Coupon Rate   Interest Pmt Due   Face Amount   Payment Due   Face Amount
 
                                  
13
   Class A-1 Notes     4.3664 %     —       —       —       —  
14
   Class A-2 Notes     4.7300 %     —       —       —       —  
15
   Class A-3 Notes     4.8000 %     —       —       —       —  
16
   Class A-4 Notes     4.8600 %     855,726.38       4.0500000       20,807,916.92       98.4801517  
 
    
 
   Total Securities             855,726.38               20,807,916.92          
 
    
 
                                            
             
C.
   COLLECTIONS AND AVAILABLE FUNDS        
 
17
   Scheduled Principal Payments Received     15,181,690.69  
18
   Scheduled Interest Payments Received     824,105.69  
19
   Prepayments of Principal Received     77,173.50  
20
   Liquidation Proceeds     5,719,788.50  
21
   Recoveries Received     211,466.27  
22
   Other Payments Received to Reduce Principal     —  
 
    
23
   Subtotal: Total Collections     22,014,224.65  
 
    
24
   Repurchased Receivables     —  
25
   Reserve Account Excess Amount (Item 86)     20,043.54  
 
    
26
   Total Available Funds, prior to Servicer Advances     22,034,268.19  
 
    
27
   Servicer Advance (Item 69)     —  
 
    
28
   Total Available Funds + Servicer Advance     22,034,268.19  
 
    
29
   Reserve Account Draw Amount (Item 72)     —  
 
    
30
   Total Available Funds + Servicer Advance and Reserve Account Draw Amount     22,034,268.19  
 
    
 
            
D.
   DISTRIBUTIONS        
 
 
   Distribution Summary:        
31
   Prior Advance Reimbursement (Item 75)     —  
32
   Servicing Fees (Item 39)     210,864.46  
33
   Class A Noteholder Interest (Item 48)     855,726.38  
34
   Principal Distribution Amount (Item 73)     19,952,190.54  
35
   Amount Paid to Reserve Account to Reach Specified Balance     —  
36
   Other Amounts Paid to Trustees     —  
37
   Certificateholders Principal Distribution Amount     —  
 
    
38
   Remaining Funds to Certificateholder     1,015,486.81  
 
    

 

         
Volkswagen Auto Loan Enhanced Trust 2005-1
 
MONTHLY SERVICER CERTIFICATE
    
For the collection period ended 8-30-2008
  PAGE 2
 
                             
 
   Distribution Detail:   Due     Shortfall     Paid  
 
    
39
   Servicing Fees     210,864.46       —       210,864.46  
 
    
 
                            
 
   Pro rata:                        
40
   Class A-1 Interest     —       —       —  
41
   Class A-2 Interest     —       —       —  
42
   Class A-3 Interest     —       —       —  
43
   Class A-4 Interest     855,726.38       —       855,726.38  
44
   Class A-1 Interest Carryover Shortfall     —       —       —  
45
   Class A-2 Interest Carryover Shortfall     —       —       —  
46
   Class A-3 Interest Carryover Shortfall     —       —       —  
47
   Class A-4 Interest Carryover Shortfall     —       —       —  
 
    
48
   Class A Noteholder Interest     855,726.38       —       855,726.38  
 
    
 
                            
E.
   CALCULATIONS                        
 
 
   Calculation of Principal Distribution Amount:                        
49
   Beginning Note Balance - All Classes                     239,699,118.72  
50
  
Beginning Net Pool Balance
             253,037,352.72          
51
  
Receipts of Scheduled Principal
             (15,181,690.69)        
52
  
Receipts of Prepaid Principal
             (77,173.50)        
53
  
Liquidation Proceeds
             (5,719,788.50)        
54
  
Other Collections of Principal
             —          
55
  
Principal Amount of Repurchases
             —          
56
  
Principal Amount of Defaulted Receivables
             (266,128.50)        
 
                          
57
   Ending Net Pool Balance             231,792,571.53          
58
  
Yield Supplement Overcollateralization Amount
             12,045,643.35          
 
                          
59
   Adjusted Pool Balance             219,746,928.18          
60
   Less: Adjusted Pool Balance - End of Collection Period                     219,746,928.18  
 
    
61
   Calculated Principal Distribution Amount                     19,952,190.54  
 
    
 
                            
 
   Calculation of Servicer Advance:                        
62
   Available Funds, prior to Servicer Advances (Item 26)                     22,034,268.19  
63
   Less: Prior Advance Reimbursement (Item 31)                     —  
64
   Less: Servicing Fees Paid (Item 32)                     210,864.46  
65
   Less: Interest Paid to Noteholders (Item 33)                     855,726.38  
66
   Less: Calculated Principal Distribution (Item 61)                     19,952,190.54  
 
    
67
   Equals: Remaining Available Funds before Servicer Advance                     1,015,486.81  
68
   Monthly Loan Payments Due on Included Units but not received (N/A if Item 67 > 0)             N/A  
 
    
69
   Servicer Advance (If Item 67 < 0, lesser of Item 67 and Item 68, else 0)                     —  
 
    
 
                            
 
   Calculation of Reserve Account Draw Amount:                        
70
   Remaining Available Funds, before Reserve Account Draw (Item 67 plus Item 69)               1,015,486.81  
71
   Available Funds Shortfall Amount (If Item 70 < 0, Item 70, else 0)                     —  
 
    
72
   Reserve Account Draw Amount (If Item 71 is > 0, Lesser of Reserve Acct Balance and Item 71)       —  
 
    
 
                            
 
    
73
   Principal Distribution Amount (Item 61 - Available Funds Shortfall + Reserve Account Draw Amt)       19,952,190.54  
 
    
 
                            
 
   Reconciliation of Servicer Advance:                        
74
   Beginning Balance of Servicer Advance                     —  
75
   Less: Prior Advance Reimbursement                     —  
76
   Plus: Additional Payment Advances for Current Period                     —  
 
    
77
   Ending Balance of Payment Advance                     —  
 
    

 

         
Volkswagen Auto Loan Enhanced Trust 2005-1
 
MONTHLY SERVICER CERTIFICATE
    
For the collection period ended 8-30-2008
  PAGE 3
 
                     
F.
   RESERVE ACCOUNT                
 
 
   Reserve Account Balances:                
78
   Specified Reserve Account Balance (Lesser of (a) $9,469,474.91, and (b) the aggregate note balance)       9,469,474.91  
79
   Initial Reserve Account Balance             6,312,983.28  
 
                    
80
   Beginning Reserve Account Balance             9,469,474.91  
81
   Plus: Net Investment Income for the Collection Period             20,043.54  
 
    
82
   Subtotal: Reserve Fund Available for Distribution             9,489,518.45  
83
   Plus: Deposit of Excess Available Funds (Item 35)             —  
84
   Less: Reserve Account Draw Amount (Item 72)             —  
 
    
85
   Subtotal Reserve Account Balance             9,489,518.45  
86
   Less: Reserve Account Excess Amount to Available Funds (If Item 85 > Item 78)             20,043.54  
 
    
87
   Equals: Ending Reserve Account Balance             9,469,474.91  
 
    
 
                    
88
   Change in Reserve Account Balance from Immediately Preceding Payment Date             —  
 
    
 
                    
G.
   POOL STATISTICS                
 
 
   Collateral Pool Balance Data:   Initial   Current  
 
                
89
   Net Pool Balance     1,364,964,812       231,792,572  
90
   Number of Current Contracts     84,775       37,855  
91
   Weighted Average Loan Rate     3.42 %     3.47 %
92
   Average Remaining Term     48.9       21.0  
93
   Average Original Term     57.9       61.6  
 
                    
 
                    
 
               Outstanding
 
   Net Credit Loss and Repossession Activity:   Units     Principal Balance
 
              
94
   Aggregate Outstanding Principal Balance of Charged Off Receivables     30       266,129  
95
   Liquidation Proceeds on Related Vehicles             —  
96
   Recoveries Received on Receivables Previously Charged Off             211,466  
 
    
97
   Net Principal Losses for Current Collection Period     30       54,662  
 
    
98
   Beginning Net Principal Losses     1,233       8,234,760  
99
   Net Principal Losses for Current Collection Period     30       54,662  
 
    
100
   Cumulative Net Principal Losses     1,263       8,289,422  
 
    
                             
 
                       Outstanding
 
   Delinquencies Aging Profile - End of Period:   Percentage   Units     Principal Balance
 
                      
101
   Current     98.20 %     37,262       227,613,445.97  
102
   31 - 60 Days Delinquent     1.54 %     512       3,579,716.90  
103
   61 - 90 Days Delinquent     0.26 %     81       599,408.66  
 
    
104
   Total     100.00 %     37,855       231,792,571.53