EX-99 2 k47077exv99.htm MONTHLY SERVICING REPORT FOR THE PERIOD FROM NOVEMBER 1, 2008 TO NOVEMBER 30, 2008 EX-99
Exhibit 99
Capital Auto Receivables Asset Trust 2008-1
November-2008
Distribution Date:                    12/15/2008
         
Original Inputs
        
 
        
Total Pool Balance
   $ 1,100,156,486.03  
 
        
Class A-1 Notes Balance
   $ 207,000,000.00  
Class A-1 Notes Rate
     3.38550 %
 
        
Class A-2a Notes Balance
   $ 125,000,000.00  
Class A-2a Notes Rate
     3.520 %
 
        
Class A-2b Notes Balance
   $ 136,000,000.00  
Class A-2b Notes Rate
   One Month LIBOR + .70%  
 
        
Class A-3a Notes Balance
   $ 55,000,000.00  
Class A-3a Notes Rate
     3.860 %
 
        
Class A-3b Notes Balance
   $ 304,000,000.00  
Class A-3b Notes Rate
   One Month LIBOR + 1.00%  
 
        
Class A-4a Notes Balance
   $ 66,407,000.00  
Class A-4a Notes Rate
     4.460 %
 
        
Class A-4b Notes Balance
   $ 54,000,000.00  
Class A-4b Notes Rate
   One Month LIBOR + 1.35%  
 
        
Class B Notes Balance
   $ 32,583,000.00  
Class B Notes Rate
     6.710 %
 
        
Class C Notes Balance
   $ 15,038,000.00  
Class C Notes Rate
     7.500 %
 
        
Class D Notes Balance
   $ 5,013,000.00  
Class D Notes Rate
     7.500 %
 
        
Overcollateralization
   $ 2,506,712.70  
 
        
Reserve Account Deposit
   $ 7,519,107.85  
 
        
Discount Rate
     8.50 %
 
        
Part I. Collections
        
 
        
Receipts During the Period
   $ 21,792,671.45  
Principal on Administrative Repurchases
     104,134.19  
Principal on Warranty Repurchases
     —  
Liquidation Proceeds (Recoveries)
     1,044,144.54  
Scheduled and Simple Payments Advanced
     191,669.00  
Schedule Principal Advanced
     —  
 
      
Total Collections For the Period
   $ 23,132,619.18  
 
      
 
        
Beginning Pool Aggregate Principal Balance
   $ 832,591,412.09  
Ending Pool Aggregate Principal Balance
   $ 811,525,757.87  
 
        
Scheduled Principal Collection
     18,652,891.49  
 
        
Beginning Aggregate Principal Balance
   $ 767,882,634.19  
Ending Aggregate Principal Balance
   $ 749,307,261.62  
 
        
Part II. Distributions to Noteholders and Certificateholders
        
 
        
Total Collections
   $ 23,132,619.18  
Plus: Reserve Account Draw
     —  
Plus: Net Amount due from Swap Counterparty
     —  
Less: Total Servicing Fee
     693,826.18  
Less: Net Amount due to Swap Counterparty
     552,223.63  
Less: Monthly Interest Due to Noteholders
     1,948,990.05  
Less: Principal Due to Noteholders
     18,575,372.57  
Less: Accumulation Account Deposit
     —  
Less: Reserve Account Deposit
     —  
 
      
Equals Reserve Fund Excess to be released to CARI
   $ 1,362,206.75  
 
      

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Capital Auto Receivables Asset Trust 2008-1
November-2008
Distribution Date:                    12/15/2008
                 
            Per $1000 of  
            Original Principal  
Class A-1 Notes Distributable Amount
                
Monthly Interest
   $ —       —  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ —          
 
              
 
                
Class A-2a Notes Distributable Amount
                
Monthly Interest
   $ 327,801.29       2.622410  
Monthly Principal
     8,896,251.23       71.170010  
 
              
Distributable Amount
   $ 9,224,052.52          
 
              
 
                
Class A-2b Notes Distributable Amount
                
Monthly Interest
   $ 200,715.71       1.475851  
Monthly Principal
     9,679,121.34       71.170010  
 
              
Distributable Amount
   $ 9,879,837.05          
 
              
 
                
Class A-3a Notes Distributable Amount
                
Monthly Interest
   $ 176,916.67       3.216667  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 176,916.67          
 
              
 
                
Class A-3b Notes Distributable Amount
                
Monthly Interest
   $ 572,786.67       1.884167  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 572,786.67          
 
              
 
                
Class A-4a Notes Distributable Amount
                
Monthly Interest
   $ 246,812.68       3.716667  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 246,812.68          
 
              
 
                
Class A-4b Notes Distributable Amount
                
Monthly Interest
   $ 116,445.00       2.156389  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 116,445.00          
 
              
 
                
Class B Notes Distributable Amount
                
Monthly Interest
   $ 182,193.28       5.591667  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 182,193.28          
 
              
 
                
Class C Notes Distributable Amount
                
Monthly Interest
   $ 93,987.50       6.250000  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 93,987.50          
 
              
 
                
Class D Notes Distributable Amount
                
Monthly Interest
   $ 31,331.25       6.250000  
Monthly Principal
     —       —  
 
              
Distributable Amount
   $ 31,331.25          
 
              
 
                
Total Servicing Fee
   $ 693,826.18       0.630661  
 
                
LIBOR Rate effective for current Distribution Period
     1.42 %        

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Capital Auto Receivables Asset Trust 2008-1
November-2008
Distribution Date:                    12/15/2008
Part III. Advances
         
Advance Account
        
Beginning Outstanding Unreimbursed Simple Interest Advances
   $ 355,888.94  
Simple Interest Advances
     191,669.00  
Reimbursement of Previous Simple Interest Advances
     —  
Ending Outstanding Unreimbursed Simple Interest Advances
   $ 547,557.94  
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
   $ 832,591,412.09     $ 811,525,757.87  
Total Pool Factor
     0.7567936       0.7376458  
Class A-1 Notes Balance
   $ —     $ —  
Class A-1 Notes Principal Factor
     —       —  
Class A-2a Notes Balance
   $ 111,750,441.32     $ 102,854,190.09  
Class A-2a Notes Principal Factor
     0.8940035       0.8228335  
Class A-2b Notes Balance
   $ 121,584,480.16     $ 111,905,358.82  
Class A-2b Notes Principal Factor
     0.8940035       0.8228335  
Class A-3a Notes Balance
   $ 55,000,000.00     $ 55,000,000.00  
Class A-3a Notes Principal Factor
     1.0000000       1.0000000  
Class A-3b Notes Balance
   $ 304,000,000.00     $ 304,000,000.00  
Class A-3b Notes Principal Factor
     1.0000000       1.0000000  
Class A-4a Notes Balance
   $ 66,407,000.00     $ 66,407,000.00  
Class A-4a Notes Principal Factor
     1.0000000       1.0000000  
Class A-4b Notes Balance
   $ 54,000,000.00     $ 54,000,000.00  
Class A-4b Notes Principal Factor
     1.0000000       1.0000000  
Class B Notes Balance
   $ 32,583,000.00     $ 32,583,000.00  
Class B Notes Principal Factor
     1.0000000       1.0000000  
Class C Notes Balance
   $ 15,038,000.00     $ 15,038,000.00  
Class C Notes Principal Factor
     1.0000000       1.0000000  
Class D Notes Balance
   $ 5,013,000.00     $ 5,013,000.00  
Class D Notes Principal Factor
     1.0000000       1.0000000  
                         
Pool Statistics   Inception   Beg of Period   End of Period
Number of Accounts
     48,372       41,116       40,537  
Weighted Average Coupon
     5.25 %     5.23 %     5.23 %
Weighted Average Remaining Term
     58.12       49.66       48.87  
Weighted Average Age
     4.50       13.13       13.94  

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Capital Auto Receivables Asset Trust 2008-1
November-2008
Distribution Date:                    12/15/2008
Part V. Reserve Account
                 
            Per $1000 of  
            Original Principal  
Beginning Reserve Account Balance
   $ 7,519,107.85          
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
   $ 7,519,107.85          
 
              
 
                
Preceding Collection Period
                
Specified Reserve Account Balance
   $ 7,519,107.85          
Reserve Account Balance
   $ 7,519,107.85          
Current Collection Period
                
Specified Reserve Account Balance
   $ 7,519,107.85          
Reserve Account Balance
   $ 7,519,107.85          
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
November
     822,058,584.98       1,264,484.00       1.8458 %
October
     845,087,220.17       1,482,061.33       2.1045 %
September
     870,278,398.58       1,033,898.00       1.4256 %
Three Month Average Loss Rate
                     1.7920 %
                         
    Original     Cumulative     Cumulative  
    Receivable Balance     Net Charge-Offs     Loss Rate  
Total Cumulative Charge Offs
   $ 1,100,156,486.03     8,738,841.00     0.7943 %
                         
Delinquency Rate   Total Accounts   Accounts over 60%   Delinquent
November
     40,537       210       0.5180 %
October
     41,116       204       0.4962 %
September
     41,871       184       0.4394 %
Three Month Average Delinquency Rate
                     0.4845 %
                 
Delinquency Stratification   Total Accounts   Total $
31 - 60 days
     1,051       23,118,990.08  
61 - 90 days
     183       4,031,612.76  
> 90 days
     27       661,370.97  
The information contained in this report is defined or determined in a manner consistent with the prospectus for Capital Auto Receivables Asset Trust 2008-1 related to delinquencies, charge-offs and uncollectible accounts.

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Capital Auto Receivables Asset Trust 2008-1
November-2008
Distribution Date:                    12/15/2008
Part VIII. Prepayment Rate
     
Month   Prepayment Rate  
 
  %
1   0.64
2   0.75
3   0.95
4   0.92
5   0.91
6   0.92
7   0.83
8   0.74
9   0.86
10   0.87
11   0.48
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
 
        
 
   No
2) Has an Event of Default occurred?
        
 
        
 
   No
3) Has a Servicer Default occurred?
        
This Servicer Certificate relates only to CARAT 2008-1. 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 2008-1 will perform in the future.

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