EX-99 2 k27786exv99.htm EX-99 MONTHLY SERVICING REPORT FOR THE PERIOD FROM APRIL 1, 2008 TO MAY 31, 2008 EX-99
Exhibit 99
Capital Auto Receivables Asset Trust 2008-2
April 2008 - May 2008
Distribution Date:                 6/16/2008
         
Original Inputs
        
 
        
Total Pool Balance
   $ 1,788,580,804.96  
 
        
Class A-1 Notes Balance
   $ 285,000,000.00  
Class A-1 Notes Rate
     2.78345 %
 
        
Class A-2a Notes Balance
   $ 100,000,000.00  
Class A-2a Notes Rate
     3.740 %
 
        
Class A-2b Notes Balance
   $ 400,000,000.00  
Class A-2b Notes Rate
     One Month LIBOR + .92 % 
 
        
Class A-3a Notes Balance
   $ 320,000,000.00  
Class A-3a Notes Rate
     4.680 %
 
        
Class A-3b Notes Balance
   $ 200,000,000.00  
Class A-3b Notes Rate
     One Month LIBOR + 1.45 % 
 
        
Class A-4 Notes Balance
   $ 187,002,000.00  
Class A-4 Notes Rate
     5.420 %
 
        
Class B Notes Balance
   $ 51,448,000.00  
Class B Notes Rate
     6.460 %
 
        
Class C Notes Balance
   $ 23,746,000.00  
Class C Notes Rate
     7.960 %
 
        
Class D Notes Balance
   $ 7,915,000.00  
Class D Notes Rate
     8.250 %
 
        
Overcollateralization
   $ 7,915,484.46  
 
        
Reserve Account Deposit
   $ 7,915,132.42  
 
        
Discount Rate
     9.25 %
 
Part I. Collections
 
Receipts During the Period
   $ 90,235,870.97  
Principal on Adminstrative Repurchases
     2,087,630.05  
Principal on Warranty Repurchases
     —  
Liquidation Proceeds (Recoveries)
     117,813.95  
Scheduled and Simple Payments Advanced
     187,058.16  
Schedule Principal Advanced
     —  
 
      
Total Collections For the Period
   $ 92,628,373.13  
 
      
 
        
Beginning Pool Aggregate Principal Balance
   $ 1,788,580,804.96  
Ending Pool Aggregate Principal Balance
   $ 1,708,221,363.54  
 
        
Scheduled Principal Collection
     78,059,873.55  
 
        
Beginning Aggregate Discounted Principal Balance
   $ 1,583,026,484.46  
Ending Aggregate Discounted Principal Balance
   $ 1,516,859,108.98  

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Capital Auto Receivables Asset Trust 2008-2
April 2008 - May 2008
Distribution Date:                 6/16/2008
Part II. Distributions to Noteholders and Certificateholders
                 
Total Collections
         $   92,628,373.13  
Plus: Reserve Account Draw
             —  
Plus: Net Amount due from Swap Counterparty
             —  
Less: Total Servicing Fee
             1,458,719.73  
Less: Net Amount due to Swap Counterparty
             183,452.11  
Less: Monthly Interest Due to Noteholders
             5,711,126.34  
Less: Principal Due to Noteholders
             66,167,375.48  
Less: Accumulation Account Deposit
             —  
Less: Reserve Account Deposit
             —  
 
            
Equals Reserve Fund Excess to be released to CARI
         $   19,107,699.47  
 
            
                 
          Per $1000 of  
          Original Principal  
Class A-1 Notes Distributable Amount
                
Monthly Interest
   $ 727,176.31       2.551496  
Monthly Principal
     66,167,375.48       232.166230  
 
              
Distributable Amount
   $ 66,894,551.79          
 
              
 
                
Class A-2a Notes Distributable Amount
                
Monthly Interest
   $ 322,055.56       3.220556  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 322,055.56          
 
              
 
                
Class A-2b Notes Distributable Amount
                
Monthly Interest
   $ 1,264,772.67       3.161932  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 1,264,772.67          
 
              
 
                
Class A-3a Notes Distributable Amount
                
Monthly Interest
   $ 1,289,600.00       4.030000  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 1,289,600.00          
 
              
 
                
Class A-3b Notes Distributable Amount
                
Monthly Interest
   $ 729,553.00       3.647765  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 729,553.00          
 
              
 
                
Class A-4 Notes Distributable Amount
                
Monthly Interest
   $ 872,779.89       4.667222  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 872,779.89          
 
              
 
                
Class B Notes Distributable Amount
                
Monthly Interest
   $ 286,193.79       5.562778  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 286,193.79          
 
              
 
                
Class C Notes Distributable Amount
                
Monthly Interest
   $ 162,765.64       6.854445  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 162,765.64          
 
              
 
                
Class D Notes Distributable Amount
                
Monthly Interest
   $ 56,229.48       7.104167  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 56,229.48          
 
              
 
                
Total Servicing Fee
   $ 1,458,719.73       0.815574  
 
                
LIBOR Rate effective for current Distribution Period
     2.53 %        

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Capital Auto Receivables Asset Trust 2008-2
April 2008 - May 2008
Distribution Date:                 6/16/2008
Part III. Advances
         
Advance Account
        
Beginning Outstanding Unreimbursed Simple Interest Advances
   $ —  
Simple Interest Advances
     187,058.16  
Reimbursement of Previous Simple Interest Advances
     —  
 
Ending Outstanding Unreimbursed Simple Interest Advances
   $ 187,058.16  
If the full payment due is not received by the end of month in which it was due the servicer will advance the interest shortfall for receivables that are not in default. The servicer will be reimbursed for any interest advances from subsequent payments or collections relating to that receivable. At the time the servicer determines that advances will not be recoverable from payments on that receivable the servicer is entitled to recoup its advance from collections of other receivables.
Part IV. Balances & Principal Factors
                 
    Beginning of Period     End of Period  
Total Pool Balance
   $ 1,788,580,804.96     $ 1,708,221,363.54  
Total Pool Factor
     1.0000000       0.9550708  
Class A-1 Notes Balance
   $ 285,000,000.00     $ 218,832,624.52  
Class A-1 Notes Principal Factor
     1.0000000       0.7678338  
Class A-2a Notes Balance
   $ 100,000,000.00     $ 100,000,000.00  
Class A-2a Notes Principal Factor
     1.0000000       1.0000000  
Class A-2b Notes Balance
   $ 400,000,000.00     $ 400,000,000.00  
Class A-2b Notes Principal Factor
     1.0000000       1.0000000  
Class A-3a Notes Balance
   $ 320,000,000.00     $ 320,000,000.00  
Class A-3a Notes Principal Factor
     1.0000000       1.0000000  
Class A-3b Notes Balance
   $ 200,000,000.00     $ 200,000,000.00  
Class A-3b Notes Principal Factor
     1.0000000       1.0000000  
Class A-4 Notes Balance
   $ 187,002,000.00     $ 187,002,000.00  
Class A-4 Notes Principal Factor
     1.0000000       1.0000000  
Class B Notes Balance
   $ 51,448,000.00     $ 51,448,000.00  
Class B Notes Principal Factor
     1.0000000       1.0000000  
Class C Notes Balance
   $ 23,746,000.00     $ 23,746,000.00  
Class C Notes Principal Factor
     1.0000000       1.0000000  
Class D Notes Balance
   $ 7,915,000.00     $ 7,915,000.00  
Class D Notes Principal Factor
     1.0000000       1.0000000  
                         
Pool Statistics   Inception   Beg of Period   End of Period
Number of Accounts
     73,776       73,776       72,653  
Weighted Average Coupon
     4.34       4.34       4.33  
Weighted Average Remaining Term
     58.61       58.61       56.76  
Weighted Average Age
     4.33       4.33       6.19  

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Capital Auto Receivables Asset Trust 2008-2
April 2008 - May 2008
Distribution Date:                 6/16/2008
Part V. Reserve Account
                 
            Per $1000 of  
            Original Principal  
Beginning Reserve Account Balance
   $ 7,915,132.42          
Draw for Servicing Fee
     —       —  
Draw for Class A-1 Notes Distributable Amount
     —       —  
Draw for Class A-2a Notes Distributable Amount
     —       —  
Draw for Class A-2b Notes Distributable Amount
     —       —  
Draw for Class A-3a Notes Distributable Amount
     —       —  
Draw for Class A-3b Notes Distributable Amount
     —       —  
Draw for Class A-4a Notes Distributable Amount
     —       —  
Draw for Class A-4b Notes Distributable Amount
     —       —  
Draw for Class B Notes Distributable Amount
     —       —  
Draw for Class C Notes Distributable Amount
     —       —  
Draw for Class D Notes Distributable Amount
     —       —  
Additions to Reserve Account (for Accumulation Account)
     —       —  
Additions to Reserve Account
     —       —  
Releases from Reserve Account
     —       —  
 
              
Ending Reserve Account Balance
   $ 7,915,132.42          
 
              
 
                
Preceding Collection Period
               
Specified Reserve Account Balance
   $ 7,915,132.42          
Reserve Account Balance
   $ 7,915,132.42          
Current Collection Period
               
Specified Reserve Account Balance
   $ 7,915,132.42          
Reserve Account Balance
   $ 7,915,132.42          
Part VI. Carryover Shortfall
                 
            Per $1000 of  
            Original Principal  
Noteholders’ Interest Carryover Shortfall
   $  —       —  
Noteholders’ Principal Carryover Shortfall
   $  —       —  
Certificateholders’ Interest Carryover Shortfall
   $  —       —  
Certificateholders’ Principal Carryover Shortfall
   $  —       —  
Part VII. Charge Off and Delinquency Rates
                         
Charge Off Rate   Average Receivables   Credit Repurchases   Loss Rate
May
     1,729,342,521.26       94,123.87       0.0653 %
April
     1,769,522,241.97       —       0.0000 %
March
     —       —       0.0000 %
Three Month Average Loss Rate
                     0.0218 %
                         
    Original   Cumulative   Cumulative
    Receivable Balance   Net Charge-Offs   Loss Rate
Total Cumulative Charge Offs
   $ 1,788,580,804.96       94,123.87       0.0053 %
                         
Delinquency Rate   Total Accounts   Accounts over 60   % Delinquent
May
     72,653       114       0.1569 %
April
     73,314       3       0.0041 %
March
     —       —       0.0000 %
Three Month Average Delinquency Rate
                     0.0537 %
                 
Delinquency Stratification   Total Accounts   Total $
31 - 60 days
     780       17,050,933.49  
61 - 90 days
     113       2,714,253.99  
> 90 days
     1       18,353.87  
The information contained in this report is defined or determined in a manner consistent with the prospectus for Capital Auto Receivables Asset Trust 2008-2 related to delinquencies, charge-offs and uncollectible accounts.

Page 4

 

Capital Auto Receivables Asset Trust 2008-2
April 2008 - May 2008
Distribution Date:                 6/16/2008
Part VIII. Prepayment Rate
         
Month   Prepayment Rate
 
    %  
1
    0.51  
2
    0.76  
Part IX. Early Amortization Events / Portfolio Performance Conditions/ Trigger Events
     Early Amortization Events
     
1) Was the Reserve Account Balance less than the Specified Reserve Account Balance for Two Consecutive Months?
  No
 
    
2) Has an Event of Default occurred?
  No
 
    
3) Has a Servicer Default occurred?
  No
This Servicer Certificate relates only to CARAT 2008-2. This Servicer Certificate should not be relied upon with respect to any other security. The information contained herein is only an indication of past performance and does not predict how CARAT 2008-2 will perform in the future.

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