e10vk

0000950124-04-001286.txt : 20040329 0000950124-04-001286.hdr.sgml : 20040329 20040329152351 ACCESSION NUMBER: 0000950124-04-001286 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLKSWAGEN AUTO LEASE UNDERWRITTEN FUNDING LLC CENTRAL INDEX KEY: 0001182534 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-99199 FILM NUMBER: 04695898 MAIL ADDRESS: STREET 1: 3800 HAMLIN RD CITY: AUBURN HILLS STATE: MI ZIP: 48326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLKSWAGEN AUTO LEASE TRUST 2002-A CENTRAL INDEX KEY: 0001202609 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-99199-02 FILM NUMBER: 04695897 MAIL ADDRESS: STREET 1: 400 NORTH MICIGAN AVE STREET 2: 2ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VW CREDIT LEASING LTD CENTRAL INDEX KEY: 0001202610 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-99199-01 FILM NUMBER: 04695900 MAIL ADDRESS: STREET 1: 400 NORTH MICIGAN AVE STREET 2: 2ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60611 10-K 1 k84073e10vk.htm ANNUAL REPORT FOR THE FISCAL YEAR ENDED 12/31/03 e10vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended December 31, 2003		Commission File No. 333-99199

Volkswagen Auto Lease Trust 2002-A
(Issuer with respect to the Notes)

Volkswagen Auto Lease Underwritten Funding, LLC
(Originator of the Note Issuer and Transferor of Transaction SUBI Certificate to the Note Issuer)
(Exact name of registrant as specified in its charter)

VW Credit Leasing, LTD

(Issuer with respect to the Transaction SUBI Certificate)


State of Delaware		11-365048-3
		38-6738618
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

3800 Hamlin Road		48326
Auburn Hills, Michigan		(Zip Code)
(Address of principal executive offices)

(248) 754-5000
(Registrant’s telephone number, including area code)

________________

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes o No þ

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. None

Issuer does not have any voting stock. Documents incorporated by reference: None

TABLE OF CONTENTS


PART 1
	Item 1. Business
	Item 2. Properties
	Item 3. Legal Proceedings
	Item 4. Submission of Matters To A Vote Of Security Holders
PART II
	Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
	Item 6. Selected Financial Data
	Item 7. Management’s Discussion And Analysis Of Financial Condition And Results Of Operation
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk
	Item 8. Financial Statements and Supplementary Data
	Item 9. Changes in and Disagreements On Accounting And Financial Disclosure
	Item 9A. Controls and Procedures
PART III
	Item 10. Directors and Officers of the Registrant
	Item 11. Executive Compensation
	Item 12. Security Ownership Of Certain Beneficial Owners And Management
	Item 13. Certain Relationships And Related Transactions
	Item 14. Principal Accounting Fees and Services
PART IV
	Item 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-K
SIGNATURES
EXHIBIT INDEX
Certification of Officer of Servicer to Sec. 302
Annual Statement as to Compliance of the Servicer
Report by PricewaterhouseCoopers L.L.P.
Annual Aggregate Servicer Statement

FORM 10-K

PART 1

Item 1. Business.

This Annual Report on Form 10-K (the “Report”) is filed with respect to Volkswagen Auto Lease Trust 2002-A (the “Trust”), a common law trust formed pursuant to a Trust Agreement, dated as of November 14, 2002 (the “Trust Agreement”), between Volkswagen Auto Lease Underwritten Funding, LLC (the “Transferor”) and U.S. Bank Trust National Association, as owner trustee (the “Owner Trustee”). The Trust issued $1,500,000,000 in aggregate principal amount of asset-backed notes, Classes A-1, A-2, A-3 and A-4 (the “Notes”) pursuant to an Indenture, dated as of November 14, 2002 (the “Indenture”), between the Trust and The Bank of New York, as indenture trustee (the “Indenture Trustee”).

Item 2. Properties.

The assets of the Trust include the Transaction SUBI, which is a beneficial interest in VW Credit Leasing, Ltd. (the “Origination Trust”), which represents rights in a pool of closed-end retail lease contracts and the related leased vehicles. The Origination Trust is a statutory trust formed under the laws of the State of Delaware pursuant to a Trust Agreement dated as of June 2, 1999 among VW Credit, Inc., as settlor and initial beneficiary, U.S. Bank National Association, as UTI trustee and administrative trustee, and Wilmington Trust Company, as Delaware trustee.

See Item 15.

The following tables set forth the number and aggregate principal amount of delinquent and defaulted SUBI contracts, the delinquency rates, and aggregate net losses on the SUBI contracts of the Volkswagen Auto Lease Trust 2002-A as of December 31, 2003:

1. Delinquent Contracts:


	Contracts		Amount ($000’s)
a. 31 – 60 Days Delinquent		702		11,854
b. 61 – 90 Days Delinquent		152		2,586
c. 91 Days or More Delinquent		123		2,289

2. Delinquency Ratio:


	Amount ($000’s)
a. Delinquent Balance		16,729
b. Total Pool Balance		1,122,778
c. Delinquency Ratio		1.49	%

3. Defaulted Contracts:


	Contracts		Amount ($000’s)
a. For the Year Ended December 31, 2003		736		14,171

4. Aggregate Net Losses:


	Amount ($000’s)
a. Cumulative Net Losses		2,283
b. Original Portfolio		1,630,435
c. Aggregate Loss Ratio		0.14	%

Item 3. Legal Proceedings.

There were no material legal proceedings involving the Trust or the Origination Trust, or to the extent relating to the Trust or the Origination Trust, the Transferor, the Indenture Trustee, VW Credit, Inc., as servicer (the “Servicer”) or the Owner Trustee, which were pending at December 31, 2003, or as of the date of this report.

Item 4. Submission of Matters To A Vote Of Security Holders.

No votes or consents of Noteholders were solicited during fiscal year 2003 for any purpose.

PART II

Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters.

To the best knowledge of the registrant, there is no established public trading market for the Notes.

(a) On December 31, 2003, there were less than 300 holders of record of each Class of Notes.

(b) Not Applicable.

Item 6. Selected Financial Data.

Not applicable.

Item 7. Management’s Discussion And Analysis Of Financial Condition And Results Of Operation.

Not applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8. Financial Statements and Supplementary Data.

Not applicable.

Item 9. Changes in and Disagreements On Accounting And Financial Disclosure.

There was no change of accountants or disagreement with accountants on any matter of accounting principals or practices or financial disclosure.

Item 9A. Controls and Procedures.

Not Applicable.

PART III

Item 10. Directors and Officers of the Registrant.

Not applicable.

Item 11. Executive Compensation.

Not applicable.

Item 12. Security Ownership Of Certain Beneficial Owners And Management.

The Transferor owns 100% of the Certificates issued by the Trust. While some noteholder’s positions in the Trust exceeded 5% of the outstanding principal balance of the Notes, such securities do not constitute voting securities within the meaning of Item 403 of Regulation S-K.

Item 13. Certain Relationships And Related Transactions.

None.

Item 14. Principal Accounting Fees and Services.

Not applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-K.

(a) (1) Not applicable.

(2) Not applicable.

(3) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

(b) Current Reports on Forms 8-K during the year ending December 31, 2003:


Date		Items Reported
February 20, 2003		Items 5, 7, Monthly Servicer’s Report*
March 20, 2003		Items 5, 7, Monthly Servicer’s Report*
April 23, 2003		Items 5, 7, Monthly Servicer’s Report*
May 20, 2003		Items 5, 7, Monthly Servicer’s Report*
June 20, 2003		Items 5, 7, Monthly Servicer’s Report*
July 21, 2003		Items 5, 7, Monthly Servicer’s Report*
August 21, 2003		Items 5, 7, Monthly Servicer’s Report*
September 22, 2003		Items 5, 7, Monthly Servicer’s Report*
October 20, 2003		Items 5, 7, Monthly Servicer’s Report*
November 20, 2003		Items 5, 7, Monthly Servicer’s Report*
December 22, 2003		Items 5, 7, Monthly Servicer’s Report*
January 20, 2004		Items 5, 7, Monthly Servicer’s Report*

*Incorporated by reference.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

March 29, 2004


		VOLKSWAGEN AUTO LEASE UNDERWRITTEN FUNDING, LLC

		By:		VW CREDIT, INC., as Servicer

		By:		/s/ Timothy J. Flaherty

				Name: Timothy J. Flaherty
				Title: Assistant Treasurer

		VOLKSWAGEN AUTO LEASE TRUST 2002-A

		By:		VW CREDIT, INC., as Servicer

		By:		/s/ Timothy J. Flaherty

				Name: Timothy J. Flaherty
				Title: Assistant Treasurer

		VW CREDIT LEASING, LTD

		By:		VW CREDIT, INC., as Servicer

		By:		/s/ Timothy J. Flaherty

				Name: Timothy J. Flaherty
				Title: Assistant Treasurer

EXHIBIT INDEX

Exhibit 31: Certification of Officer of Servicer Pursuant to Section 302(A) of the Sarbanes-Oxley Act of 2002.

Exhibit 99.1: Annual Statement as to Compliance of the Servicer for the year ended December 31, 2003.

Exhibit 99.2: Report on the activities of VW Credit, Inc., as Servicer, prepared by PricewaterhouseCoopers L.L.P.

Exhibit 99.3: Annual Aggregate Servicer Statement containing information relating to the Receivables and the Accounts for the Collection Periods from and including January 2003 through December 2003.

EX-31 3 k84073exv31.htm CERTIFICATION OF OFFICER OF SERVICER TO SEC. 302 exv31

EXHIBIT 31

CERTIFICATION PURSUANT TO

SECTION 302(A) OF THE SARBANES-OXLEY ACT OF 2002

I, Dennis Tack, certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Volkswagen Auto Lease Trust 2002-A;

2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement for inclusion in these reports is included in these reports;

4. I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and

5. The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

March 29, 2004

/s/ Dennis M. Tack
Name: Dennis M. Tack
Title: Controller, VW Credit, Inc.

EX-99.1 4 k84073exv99w1.htm ANNUAL STATEMENT AS TO COMPLIANCE OF THE SERVICER exv99w1

EXHIBIT 99.1

ANNUAL STATEMENT SERVICER’S CERTIFICATE

VW CREDIT, INC.

VOLKSWAGEN AUTO LEASE TRUST 2002-A

The undersigned, a duly authorized representative of VW Credit, Inc. (“VCI”), pursuant to the Transaction SUBI Supplement 2002-A to Servicing Agreement dated as of November 14, 2002 (as amended and supplemented, or otherwise modified and in effect from time to time, the “Transaction SUBI Servicing Supplement”), by and among VW CREDIT LEASING, LTD., VCI, as Servicer, and U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as SUBI Trustee, do hereby certify that:

1. VCI is, as of the date hereof, the Servicer under the Agreement.

2. The undersigned is a servicing officer and is duly authorized pursuant to the agreement to execute and deliver this Certificate to the Trustee, any Agent and any Enhancement Providers.

3. A review of the activities of the Servicer during the period from January 1, 2003 through December 31, 2003 and of its performance under the Agreement was conducted under my supervision.

4. Based on such review, the Servicer has, to the best of my knowledge, fulfilled all of its obligations under the Agreement throughout such period and no default in the performance of the Servicer has occurred or is continuing.

     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this twenty-ninth day of March, 2004.

/s/ Dennis M. Tack
Name:   Dennis M. Tack
Title:   Controller

EX-99.2 5 k84073exv99w2.htm REPORT BY PRICEWATERHOUSECOOPERS L.L.P. exv99w2

Exhibit 99.2

PricewaterhouseCoopers, LLP
One North Wacker
Chicago, IL 60606
Telephone (312) 298-2000

Report of Independent Accountants on Compliance with
Specified Receivable Servicing Standards

To the Board of Directors of VW Credit, Inc. and

The Bank of New York, Indenture Trustee:

Re: Transaction SUBI Supplement 2002-A to Servicing Agreement (as amended and supplemented, or otherwise modified and in effect from time to time, the “Transaction SUBI Servicing Supplement”), by and among VW Credit Leasing, LTD., VW Credit, Inc., as Servicer, and U.S. Bank National Association, not in its individual capacity but solely as SUBI Trustee, dated November 14, 2002

We have examined management’s assertion about VW Credit Inc.’s (the “Company”) compliance with the applicable servicing standards related to lease receivables identified in Exhibit I (collectively, the “specified servicing standards”) which were derived from the Mortgage Bankers Association of America’s Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 2003 included in the accompanying management assertion (see Exhibit II). Management is responsible for the Company’s compliance with those specified servicing standards. Our responsibility is to express an opinion on management’s assertion about the Company’s compliance based on our examination.

Our examination was made in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the specified servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the specified servicing standards.

In our opinion, management’s assertion that the Company complied with the aforementioned specified servicing standards as of and for the year ended December 31, 2003 is fairly stated, in all material respects.

/s/PricewaterhouseCoopers, LLP

PricewaterhouseCoopers, LLP
February 20, 2004

Exhibit I
Specified Lease Receivable Servicing Standards

Advances

• Funds of the servicing entity shall be advanced in accordance with Transaction SUBI Supplement 2002-A to Servicing Agreement (as amended and supplemented, or otherwise modified and in effect from time to time, the “Transaction SUBI Servicing Supplement”), by and among VW CREDIT LEASING, LTD., VW Credit, Inc., as Servicer, and U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as SUBI Trustee, dated November 14, 2002

Lease Finance Receivable Payments

• Lease finance receivable payments shall be deposited into the servicer’s bank account within 2 business days of receipt.

• Lease finance receivable payments shall be made in accordance with the borrower’s loan documents shall be posted to the applicable borrower’s records within two business days of receipt.

• Lease finance receivables payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the borrower’s loan documents.

• Lease finance receivables payments identified as loan payoffs shall be allocated in accordance with the borrower’s loan documents.

Disbursements

• Disbursements made via wire transfer on behalf of a borrower or investor shall be made only by authorized personnel.

• Amounts remitted to investors per the servicer’s investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.

Investor Accounting and Reporting

• The servicing entity’s investor reports shall agree with, or reconcile to, investors’ records on a monthly basis as to the total unpaid principal balance serviced by the servicing entity.

Delinquencies

• Servicer should maintain records which document collection efforts during the period a lease is in default and shall be updated at least monthly. Such records shall describe the entity’s activities in monitoring delinquent leases including, for example, phone calls, letters and rescheduling plan in cases where delinquency is deemed temporary (e.g. illness or unemployment).

(VW CREDIT INC. LOGO)
3800 Hamlin Road
Auburn Hills, MI 48326

Exhibit II
Management’s Assertion Concerning Compliance
with Specified Lease Receivable Servicing Standards

February 20, 2004

Re: Transaction SUBI Supplement 2002-A to Servicing Agreement (as amended and supplemented, or otherwise modified and in effect from time to time, the “Transaction SUBI Servicing Supplement”), by and among VW CREDIT LEASING, LTD., VW Credit, Inc., as Servicer, and U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as SUBI Trustee, dated November 14, 2002

Ladies and Gentlemen:

As of and for the year ended December 31, 2003, VW Credit, Inc. (the “Company”) has complied in all material respects with the applicable servicing standards related to lease receivables identified in Exhibit I (collectively, the “specified servicing standards”) which were derived from the Mortgage Bankers Association of America’s Uniform Single Attestation Program for Mortgage Bankers.

/s/ Kevin Kelly,

Kevin Kelly,

President, VW Credit, Inc.

/s/ Frank Witter

Frank Witter,

Chief Financial Officer, VW Credit, Inc.

/s/ Dennis Tack

Dennis Tack

Controller, VW Credit, Inc.

EX-99.3 6 k84073exv99w3.htm ANNUAL AGGREGATE SERVICER STATEMENT exv99w3

Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003

EXHIBIT 99.3

A. SUMMARY

Beginning Balance

Ending Balance

Note Factor

Class A-1 Notes

240,000,000.00

—

Class A-2 Notes

405,000,000.00

137,342,716.69

0.3391178

Class A-3 Notes

545,000,000.00

1.0000000

Class A-4 Notes

310,000,000.00

1.0000000

Certificates

130,434,783.00

1.0000000

Total

1,630,434,783.00

1,122,777,499.69

Coupon Rate

Class A-1 Notes

1.3850

Class A-2 Notes

1.7700

Class A-3 Notes

2.3600

Class A-4 Notes

2.7500

Total

B. COLLECTIONS AND AVAILABLE FUNDS

Lease Payments Received

Sales Proceeds - Early Terminations

Sales Proceeds - Scheduled Terminations

Security Deposits for Terminated Accounts

Excess Wear and Tear Received

Excess Mileage Charges Received

Other Recoveries Received

Subtotal: Total Collections

Repurchase Payments

Postmaturity Term Extension

Investment Earnings on Collection Account

Total Available Funds, prior to Servicer Advances

Servicer Advance

Total Available Funds

C. DISTRIBUTIONS

Payment Date Advance Reimbursement

Servicing Fee:

Servicing Fee Shortfall from Prior Periods

Servicing Fee Due in Current Period

Servicing Fee Shortfall

Administration Fee

Administration Fee Shortfall from Prior Periods

Administration Fee Due in Current Period

Administration Fee Shortfall

Interest Paid to Noteholders

Interest Shortfall from Prior Periods Class A-1 Notes

Interest Shortfall from Prior Periods Class A-2 Notes

Interest Shortfall from Prior Periods Class A-3 Notes

Interest Shortfall from Prior Periods Class A-4 Notes

Interest Due in Current Period Class A-1 Notes

Interest Due in Current Period Class A-2 Notes

Interest Due in Current Period Class A-3 Notes

Interest Due in Current Period Class A-4 Notes

Interest Shortfall Class A-1 Notes

Interest Shortfall Class A-2 Notes

Interest Shortfall Class A-3 Notes

Interest Shortfall Class A-4 Notes

Principal Paid to Noteholders

Amount Paid to Reserve Account to Reach Specified Balance

Other Amounts paid to Trustees

Remaining Available Funds

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:		Collection Period Ended:		Collection Period Ended:
	January-03		February-03		March-03
*A. SUMMARY*
	*Principal Payment*		*Principal Payment*		*Principal Payment*

Class A-1 Notes	$	30,171,678.25		27,856,518.23		36,320,206.45
Class A-2 Notes		—		—		—
Class A-3 Notes		—		—		—
Class A-4 Notes		—		—		—
Certificates		—		—		—

Total	$	30,171,678.25	$	27,856,518.23	$	36,320,206.45

	*Interest Payment*		*Interest Payment*		*Interest Payment*

Class A-1 Notes		184,524.09		139,720.88		125,386.54
Class A-2 Notes		597,375.00		597,375.00		597,375.00
Class A-3 Notes		1,071,833.33		1,071,833.33		1,071,833.33
Class A-4 Notes		710,416.67		710,416.67		710,416.67

Total		2,564,149.09		2,519,345.88		2,505,011.54

B. COLLECTIONS AND AVAILABLE FUNDS
Lease Payments Received		34,036,086.42		25,288,537.93		27,259,027.94
Sales Proceeds - Early Terminations		10,681,196.00		10,551,502.01		11,138,452.21
Sales Proceeds - Scheduled Terminations		274,342.58		327,339.13		1,132,117.92
Security Deposits for Terminated Accounts		31,401.00		45,300.00		39,688.00
Excess Wear and Tear Received		—		—		—
Excess Mileage Charges Received		—		—		—
Other Recoveries Received		—		—		18,875.83

Subtotal: Total Collections		45,023,026.00		36,212,679.07		39,588,161.90

Repurchase Payments		—		—		—
Postmaturity Term Extension		—		—		—
Investment Earnings on Collection Account		—		—		—

Total Available Funds, prior to Servicer Advances		45,023,026.00		36,212,679.07		39,588,161.90

Servicer Advance		—		—		485,625.30

Total Available Funds		45,023,026.00		36,212,679.07		40,073,787.20

*C. DISTRIBUTIONS*
Payment Date Advance Reimbursement		—		—		—
Servicing Fee:
Servicing Fee Shortfall from Prior Periods		—		—		—
Servicing Fee Due in Current Period		1,291,926.04		1,266,782.98		1,243,569.21
Servicing Fee Shortfall		—		—
Administration Fee
Administration Fee Shortfall from Prior Periods		—		—		—
Administration Fee Due in Current Period		5,000.00		5,000.00		5,000.00
Administration Fee Shortfall		—		—		—
Interest Paid to Noteholders
Interest Shortfall from Prior Periods Class A-1 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-2 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-3 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-4 Notes		—		—		—
Interest Due in Current Period Class A-1 Notes		184,524.09		139,720.88		125,386.54
Interest Due in Current Period Class A-2 Notes		597,375.00		597,375.00		597,375.00
Interest Due in Current Period Class A-3 Notes		1,071,833.33		1,071,833.33		1,071,833.33
Interest Due in Current Period Class A-4 Notes		710,416.67		710,416.67		710,416.67
Interest Shortfall Class A-1 Notes		—		—		—
Interest Shortfall Class A-2 Notes		—		—		—
Interest Shortfall Class A-3 Notes		—		—		—
Interest Shortfall Class A-4 Notes		—		—		—
Principal Paid to Noteholders		30,171,678.25		27,856,518.23		36,320,206.45
Amount Paid to Reserve Account to Reach Specified Balance		10,990,272.61		4,565,031.98		—
Other Amounts paid to Trustees		—		—		—

Remaining Available Funds		—		—		—

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:		Collection Period Ended:		Collection Period Ended:
	April-03		May-03		June-03
*A. SUMMARY*
	*Principal Payment*		*Principal Payment*		*Principal Payment*

Class A-1 Notes		28,232,170.12		36,890,938.23		404,957.07
Class A-2 Notes		—		—		34,563,001.27
Class A-3 Notes		—		—		—
Class A-4 Notes		—		—		—
Certificates		—		—		—

Total	$	28,232,170.12	$	36,890,938.23	$	34,967,958.34

	*Interest Payment*		*Interest Payment*		*Interest Payment*

Class A-1 Notes		73,109.30		44,480.54		482.97
Class A-2 Notes		597,375.00		597,375.00		597,375.00
Class A-3 Notes		1,071,833.33		1,071,833.33		1,071,833.33
Class A-4 Notes		710,416.67		710,416.67		710,416.67

Total		2,452,734.30		2,424,105.54		2,380,107.97

B. COLLECTIONS AND AVAILABLE FUNDS
Lease Payments Received		24,845,668.07		31,335,430.77		24,296,318.72
Sales Proceeds - Early Terminations		9,957,720.71		12,564,868.74		16,210,618.43
Sales Proceeds - Scheduled Terminations		1,167,246.77		864,069.42		1,759,915.01
Security Deposits for Terminated Accounts		77,775.00		106,800.00		79,600.00
Excess Wear and Tear Received		—		—		—
Excess Mileage Charges Received		—		—		—
Other Recoveries Received		—		1,519.85		747.35

Subtotal: Total Collections		36,048,410.55		44,872,688.78		42,347,199.51

Repurchase Payments		—		—		—
Postmaturity Term Extension		—		—		—
Investment Earnings on Collection Account		—		—		—

Total Available Funds, prior to Servicer Advances		36,048,410.55		44,872,688.78		42,347,199.51

Servicer Advance		—		—		—

Total Available Funds		36,048,410.55		44,872,688.78		42,347,199.51

*C. DISTRIBUTIONS*
Payment Date Advance Reimbursement		485,625.30		—		—
Servicing Fee:
Servicing Fee Shortfall from Prior Periods		—		—		—
Servicing Fee Due in Current Period		1,213,302.37		1,189,775.57		1,159,033.12
Servicing Fee Shortfall
Administration Fee
Administration Fee Shortfall from Prior Periods		—		—		—
Administration Fee Due in Current Period		5,000.00		5,000.00		5,000.00
Administration Fee Shortfall		—		—		—
Interest Paid to Noteholders
Interest Shortfall from Prior Periods Class A-1 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-2 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-3 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-4 Notes		—		—		—
Interest Due in Current Period Class A-1 Notes		73,109.30		44,480.54		482.97
Interest Due in Current Period Class A-2 Notes		597,375.00		597,375.00		597,375.00
Interest Due in Current Period Class A-3 Notes		1,071,833.33		1,071,833.33		1,071,833.33
Interest Due in Current Period Class A-4 Notes		710,416.67		710,416.67		710,416.67
Interest Shortfall Class A-1 Notes		—		—		—
Interest Shortfall Class A-2 Notes		—		—		—
Interest Shortfall Class A-3 Notes		—		—		—
Interest Shortfall Class A-4 Notes		—		—		—
Principal Paid to Noteholders		28,232,170.12		36,890,938.23		34,967,958.34
Amount Paid to Reserve Account to Reach Specified Balance		3,659,578.46		4,362,869.45		—
Other Amounts paid to Trustees		—		—		—

Remaining Available Funds		—		—		3,835,100.09

Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003

EXHIBIT 99.3

*D. CALCULATIONS*
	Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	January-03			February-03			March-03
Calculation of Principal Distribution Amount: (Sum of)
a) Targeted Principal Distributable Amount:
For Current Units: Change in Securitization Value		19,586,088.56			17,231,172.53			24,127,626.96
For Current Units: Change in Securitization Value for Advanced Payments		—			—			—
For All Terminated Units: Securitization Value (Beg. of Collection Period)		10,585,589.69			10,625,345.71			12,192,579.49
For Repurchases: Securitization Value (Beg. Of Collection Period)		—			—			—
b) Principal Carryover Shortfall from Preceding Payment Date		—			—			—
c) Additional Amounts to pay in full Notes on or after Final Scheduled Payment Date		—			—			—

Principal Distribution Amount before Reserve Account Draw Amount		30,171,678.25			27,856,518.23			36,320,206.45

Remaining Available Funds (Item 40)		41,161,950.87			32,421,550.21			36,320,206.45
Available Funds Shortfall Amount (If Item 54 > 55, Item 54 less Item 55, else 0)		—			—			—
Reserve Account Draw Amount (If Item 56 is > 0, Lesser of the Reserve Account Balance and Item 56)		—			—			—
Principal Carryover Shortfall (If Item 56 > Item 57 less Item 57, else 0)		—			—			—

Principal Distribution Amount (If Item 56 > 0, Item 57 plus Item 55, else Item 54)		30,171,678.25			27,856,518.23			36,320,206.45

Calculation of Servicer Advance:
Available Funds, prior to Servicer Advances (Item 27)		45,023,026.00			36,212,679.07			39,588,161.90
Less: Payment Date Advance Reimbursement (Item 71)		—			—			—
Less: Servicing Fees Paid (Items 32, 33 and 34)		1,291,926.04			1,266,782.98			1,243,569.21
Less: Administration Fees Paid (Items 36, 37 and 38)		5,000.00			5,000.00			5,000.00
Less: Interest Paid to Noteholders (Item 39)		2,564,149.09			2,519,345.88			2,505,011.54

Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall)		41,161,950.87			32,421,550.21			35,834,581.15
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54)		N/A			N/A			6,262,065.55

Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0)		—			—			485,625.30

Reconciliation of Servicer Advance:
Beginning Balance of Servicer Advance		—			—			—
Payment Date Advance Reimbursement		—			—			—
Additional Payment Advances for current period		—			—			485,625.30

Ending Balance of Payment Advance		—			—			485,625.30

E. *RESERVE ACCOUNT*
Reserve Account Balances:
Specified Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30
Initial Reserve Account Balance		24,456,521.74			24,456,521.74			24,456,521.74
Beginning Reserve Account Balance		42,619,801.02			53,653,384.51			58,262,759.80
Plus: Net Investment Income for the Collection Period		43,310.88			44,343.31			56,493.54

Subtotal: Reserve Fund Available for Distribution		42,663,111.90			53,697,727.82			58,319,253.34
Plus: Deposit of Excess Available Funds		10,990,272.61			4,565,031.98			—
Less: Reserve Account Draw Amount		—			—			—

Subtotal Reserve Account Balance		53,653,384.51			58,262,759.80			58,319,253.34
Less: Excess Reserve Account Funds to Transferor		—			—			—

Equals: Ending Reserve Account Balance		53,653,384.51			58,262,759.80			58,319,253.34

Current Period Net Residual Losses:
Aggregate Securitization Value for Scheduled Terminated Units		274,221.07			328,361.24			1,213,373.46
Less: Aggregate Sales Proceeds for Scheduled Terminated Units		(274,342.58	)		(327,339.13	)		(1,132,117.92	)
Less: Excess Wear and Tear Received		—			—			—
Less: Excess Mileage Received		—			—			—

Current Period Net Residual Losses/(Gains)		(121.51	)		1,022.11			81,255.54

Cumulative Net Residual Losses:
Beginning Cumulative Net Residual Losses		—			(121.51	)		900.60
Current Period Net Residual Losses (Item 91)		(121.51	)		1,022.11			81,255.54

Ending Cumulative Net Residual Losses		(121.51	)		900.60			82,156.14

Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value		0.00	%		0.00	%		0.01	%

[Additional columns below]

[Continued from above table, first column(s) repeated]

*D. CALCULATIONS*
	Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	April-03			May-03			June-03
Calculation of Principal Distribution Amount: (Sum of)
a) Targeted Principal Distributable Amount:
For Current Units: Change in Securitization Value		17,054,116.94			23,051,929.45			17,129,725.64
For Current Units: Change in Securitization Value for Advanced Payments		—			—			—
For All Terminated Units: Securitization Value (Beg. of Collection Period)		11,178,053.17			13,839,008.77			17,838,232.70
For Repurchases: Securitization Value (Beg. Of Collection Period)		—			—			—
b) Principal Carryover Shortfall from Preceding Payment Date		—			—			—
c) Additional Amounts to pay in full Notes on or after Final Scheduled Payment Date		—			—			—

Principal Distribution Amount before Reserve Account Draw Amount		28,232,170.12			36,890,938.23			34,967,958.34

Remaining Available Funds (Item 40)		31,891,748.58			41,253,807.68			38,803,058.43
Available Funds Shortfall Amount (If Item 54 > 55, Item 54 less Item 55, else 0)		—			—			—
Reserve Account Draw Amount (If Item 56 is > 0, Lesser of the Reserve Account Balance and Item 56)		—			—			—
Principal Carryover Shortfall (If Item 56 > Item 57 less Item 57, else 0)		—			—			—

Principal Distribution Amount (If Item 56 > 0, Item 57 plus Item 55, else Item 54)		28,232,170.12			36,890,938.23			34,967,958.34

Calculation of Servicer Advance:
Available Funds, prior to Servicer Advances (Item 27)		36,048,410.55			44,872,688.78			42,347,199.51
Less: Payment Date Advance Reimbursement (Item 71)		485,625.30			—			—
Less: Servicing Fees Paid (Items 32, 33 and 34)		1,213,302.37			1,189,775.57			1,159,033.12
Less: Administration Fees Paid (Items 36, 37 and 38)		5,000.00			5,000.00			5,000.00
Less: Interest Paid to Noteholders (Item 39)		2,452,734.30			2,424,105.54			2,380,107.97

Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall)		31,891,748.58			41,253,807.68			38,803,058.43
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54)		N/A			N/A			N/A

Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0)		—			—			—

Reconciliation of Servicer Advance:
Beginning Balance of Servicer Advance		485,625.30
Payment Date Advance Reimbursement		485,625.30
Additional Payment Advances for current period		—			—			—

Ending Balance of Payment Advance		—			—			—

E. *RESERVE ACCOUNT*
Reserve Account Balances:
Specified Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30
Initial Reserve Account Balance		24,456,521.74			24,456,521.74			24,456,521.74
Beginning Reserve Account Balance		58,319,253.34			62,033,060.92			66,451,579.71
Plus: Net Investment Income for the Collection Period		54,229.12			55,649.34			55,905.68

Subtotal: Reserve Fund Available for Distribution		58,373,482.46			62,088,710.26			66,507,485.39
Plus: Deposit of Excess Available Funds		3,659,578.46			4,362,869.45			—
Less: Reserve Account Draw Amount		—			—			—

Subtotal Reserve Account Balance		62,033,060.92			66,451,579.71			66,507,485.39
Less: Excess Reserve Account Funds to Transferor		—			—			2,290,094.09

Equals: Ending Reserve Account Balance		62,033,060.92			66,451,579.71			64,217,391.30

Current Period Net Residual Losses:
Aggregate Securitization Value for Scheduled Terminated Units		1,306,021.84			1,206,021.06			2,082,410.84
Less: Aggregate Sales Proceeds for Scheduled Terminated Units		(1,206,246.77	)		(918,069.42	)		(1,772,040.01	)
Less: Excess Wear and Tear Received		—			—			—
Less: Excess Mileage Received		—			—			—

Current Period Net Residual Losses/(Gains)		99,775.07			287,951.64			310,370.83

Cumulative Net Residual Losses:
Beginning Cumulative Net Residual Losses		82,156.14			181,931.21			469,882.85
Current Period Net Residual Losses (Item 91)		99,775.07			287,951.64			310,370.83

Ending Cumulative Net Residual Losses		181,931.21			469,882.85			780,253.68

Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value		0.01	%		0.03	%		0.05	%

Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003

Exhibit 99.3

F. POOL STATISTICS


				Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	Initial			January-03			February-03			March-03
Collateral Pool Balance Data
Aggregate Securitization Value		1,630,434,784			1,520,139,574			1,492,283,056			1,455,962,849
Number of Current Contracts		80,341			78,523			77,959			77,306
Weighted Average Lease Rate		6.50	%		6.53	%		6.51	%		6.52	%
Average Remaining Term		29.38			25.34			24.45			23.50
Average Original Term		42.19			42.18			42.19			42.20
				*Securitization Value*			*Securitization Value*			*Securitization Value*
Pool Balance (Securitization Value) - Beginning of Period					1,550,311,252			1,520,139,574			1,492,283,056
Depreciation/Payments					(19,586,089	)		(17,231,173	)		(24,127,627	)
Early Terminations					(10,585,590	)		(10,625,346	)		(10,979,206	)
Scheduled Terminations					-			-			(1,213,373	)
Repurchase/Reallocation					-			-			-

Pool Balance - End of Period					1,520,139,574			1,492,283,056			1,455,962,849

Delinquencies Aging Profile - End of Period Securitization Value
Current					1,504,935,045			1,480,254,375			1,443,521,293
31 - 90 Days Delinquent					13,923,669			10,473,294			10,588,706
90+ Days Delinquent					1,280,861			1,555,388			1,852,850

Total					1,520,139,574			1,492,283,056			1,455,962,849

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	April-03			May-03			June-03
Collateral Pool Balance Data
Aggregate Securitization Value		1,427,730,679			1,390,839,741			1,355,871,783
Number of Current Contracts		76,707			75,949			74,956
Weighted Average Lease Rate		6.51	%		6.50	%		6.49	%
Average Remaining Term		22.61			21.48			20.61
Average Original Term		42.22			42.22			42.24
	*Securitization Value*			*Securitization Value*			*Securitization Value*
Pool Balance (Securitization Value) - Beginning of Period		1,455,962,849			1,427,730,679			1,390,839,741
Depreciation/Payments		(17,054,117	)		(23,051,929	)		(17,129,726	)
Early Terminations		(9,872,031	)		(12,632,988	)		(15,755,822	)
Scheduled Terminations		(1,306,022	)		(1,206,021	)		(2,082,411	)
Repurchase/Reallocation		-			-			-

Pool Balance - End of Period		1,427,730,679			1,390,839,741			1,355,871,783

Delinquencies Aging Profile - End of Period Securitization Value
Current		1,415,423,806			1,379,264,675			1,344,289,599
31 - 90 Days Delinquent		10,437,898			9,913,505			9,702,703
90+ Days Delinquent		1,868,976			1,661,561			1,879,481

Total		1,427,730,679			1,390,839,741			1,355,871,783

EXHIBIT 99.3

Volkswagen Auto Lease Trust 2002-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2003


	Collection Period Ended:
	July-03
*A. SUMMARY*
	*Principal Payment*

Class A-1 Notes		—
Class A-2 Notes		28,189,460.71
Class A-3 Notes		—
Class A-4 Notes		—
Certificates		—

Total	$	28,189,460.71

	*Interest Payment*

Class A-1 Notes		—
Class A-2 Notes		546,394.57
Class A-3 Notes		1,071,833.33
Class A-4 Notes		710,416.67

Total		2,328,644.57

B. COLLECTIONS AND AVAILABLE FUNDS
Lease Payments Received		23,633,783.27
Sales Proceeds - Early Terminations		10,520,389.98
Sales Proceeds - Scheduled Terminations		1,069,724.83
Security Deposits for Terminated Accounts		55,574.00
Excess Wear and Tear Received		9,978.39
Excess Mileage Charges Received		9,817.23
Other Recoveries Received		1,605.21

Subtotal: Total Collections		35,300,872.91

Repurchase Payments		—
Postmaturity Term Extension		—
Investment Earnings on Collection Account		—

Total Available Funds, prior to Servicer Advances		35,300,872.91

Servicer Advance		—

Total Available Funds		35,300,872.91

C. *DISTRIBUTIONS*
Payment Date Advance Reimbursement		—
Servicing Fee:
Servicing Fee Shortfall from Prior Periods		—
Servicing Fee Due in Current Period		1,129,893.15
Servicing Fee Shortfall
Administration Fee
Administration Fee Shortfall from Prior Periods		—
Administration Fee Due in Current Period		5,000.00
Administration Fee Shortfall		—
Interest Paid to Noteholders
Interest Shortfall from Prior Periods Class A-1 Notes		—
Interest Shortfall from Prior Periods Class A-2 Notes		—
Interest Shortfall from Prior Periods Class A-3 Notes		—
Interest Shortfall from Prior Periods Class A-4 Notes		—
Interest Due in Current Period Class A-1 Notes		—
Interest Due in Current Period Class A-2 Notes		546,394.57
Interest Due in Current Period Class A-3 Notes		1,071,833.33
Interest Due in Current Period Class A-4 Notes		710,416.67
Interest Shortfall Class A-1 Notes		—
Interest Shortfall Class A-2 Notes		—
Interest Shortfall Class A-3 Notes		—
Interest Shortfall Class A-4 Notes		—
Principal Paid to Noteholders		28,189,460.71
Amount Paid to Reserve Account to Reach Specified Balance		—
Other Amounts paid to Trustees		—

Remaining Available Funds		3,647,874.47

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:		Collection Period Ended:		Collection Period Ended:
	August-03		September-03		October-03
*A. SUMMARY*
	*Principal Payment*		*Principal Payment*		*Principal Payment*

Class A-1 Notes		—		—		—
Class A-2 Notes		43,548,561.65		31,873,213.03		44,909,335.24
Class A-3 Notes		—		—		—
Class A-4 Notes		—		—		—
Certificates		—		—		—

Total	$	43,548,561.65	$	31,873,213.03	$	44,909,335.24

	*Interest Pmt Due*		*Interest Pmt Due*		*Interest Pmt Due*

Class A-1 Notes		—		—		—
Class A-2 Notes		504,815.12		440,580.99		393,568.00
Class A-3 Notes		1,071,833.33		1,071,833.33		1,071,833.33
Class A-4 Notes		710,416.67		710,416.67		710,416.67

Total		2,287,065.12		2,222,830.99		2,175,818.00

B. COLLECTIONS AND AVAILABLE FUNDS
Lease Payments Received		29,683,357.10		22,227,086.42		26,984,166.95
Sales Proceeds - Early Terminations		18,800,338.86		13,868,335.82		22,102,821.41
Sales Proceeds - Scheduled Terminations		2,256,008.83		2,422,444.48		1,514,768.53
Security Deposits for Terminated Accounts		78,700.00		92,250.00		116,491.00
Excess Wear and Tear Received		23,521.31		12,834.95		26,299.14
Excess Mileage Charges Received		61,482.33		39,534.17		41,994.12
Other Recoveries Received		16,741.44		1,870.16		41,951.53

Subtotal: Total Collections		50,920,149.87		38,664,356.00		50,828,492.68

Repurchase Payments		—		—		—
Postmaturity Term Extension		—		—		—
Investment Earnings on Collection Account		—		—		—

Total Available Funds, prior to Servicer Advances		50,920,149.87		38,664,356.00		50,828,492.68

Servicer Advance		—		—		—

Total Available Funds		50,920,149.87		38,664,356.00		50,828,492.68

C. *DISTRIBUTIONS*
Payment Date Advance Reimbursement		—		—		—
Servicing Fee:
Servicing Fee Shortfall from Prior Periods		—		—		—
Servicing Fee Due in Current Period		1,106,401.93		1,070,111.47		1,043,550.46
Servicing Fee Shortfall
Administration Fee
Administration Fee Shortfall from Prior Periods		—		—		—
Administration Fee Due in Current Period		5,000.00		5,000.00		5,000.00
Administration Fee Shortfall		—		—		—
Interest Paid to Noteholders
Interest Shortfall from Prior Periods Class A-1 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-2 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-3 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-4 Notes		—		—		—
Interest Due in Current Period Class A-1 Notes		—		—		—
Interest Due in Current Period Class A-2 Notes		504,815.12		440,580.99		393,568.00
Interest Due in Current Period Class A-3 Notes		1,071,833.33		1,071,833.33		1,071,833.33
Interest Due in Current Period Class A-4 Notes		710,416.67		710,416.67		710,416.67
Interest Shortfall Class A-1 Notes		—		—		—
Interest Shortfall Class A-2 Notes		—		—		—
Interest Shortfall Class A-3 Notes		—		—		—
Interest Shortfall Class A-4 Notes		—		—		—
Principal Paid to Noteholders		43,548,561.65		31,873,213.03		44,909,335.24
Amount Paid to Reserve Account to Reach Specified Balance		—		—		—
Other Amounts paid to Trustees		—		—		—

Remaining Available Funds		3,973,121.17		3,493,200.51		2,694,788.99

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:		Collection Period Ended:
	November-03		December-03		TOTALS
*A. SUMMARY*
	*Principal Payment*		*Principal Payment*		*Principal Payment*

Class A-1 Notes		—		—		159,876,468.35
Class A-2 Notes		39,531,452.64		45,042,258.77		267,657,283.31
Class A-3 Notes		—		—		—
Class A-4 Notes		—		—		—
Certificates		—		—		—

Total	$	39,531,452.64	$	45,042,258.77		427,533,751.66

	*Interest Pmt Due*		*Interest Pmt Due*		*Interest Payment*

Class A-1 Notes		—		—		567,704.31
Class A-2 Notes		327,326.73		269,017.84		6,065,953.25
Class A-3 Notes		1,071,833.33		1,071,833.33		12,862,000.00
Class A-4 Notes		710,416.67		710,416.67		8,525,000.00

Total		2,109,576.73		2,051,267.84		28,020,657.57

B. COLLECTIONS AND AVAILABLE FUNDS
Lease Payments Received		22,321,369.81		22,493,580.44		314,404,413.84
Sales Proceeds - Early Terminations		16,800,471.43		19,031,606.73		172,228,322.33
Sales Proceeds - Scheduled Terminations		3,670,174.78		6,017,004.80		22,475,157.08
Security Deposits for Terminated Accounts		140,624.00		176,365.00		1,040,568.00
Excess Wear and Tear Received		21,472.60		38,789.76		132,896.15
Excess Mileage Charges Received		23,193.34		67,735.57		243,756.76
Other Recoveries Received		569,966.29		—		653,277.66

Subtotal: Total Collections		43,547,272.25		47,825,082.30		511,178,391.82

Repurchase Payments		—		—		—
Postmaturity Term Extension		—		—		—
Investment Earnings on Collection Account		—		—		—

Total Available Funds, prior to Servicer Advances		43,547,272.25		47,825,082.30		511,178,391.82

Servicer Advance		—		246,627.45		732,252.75

Total Available Funds		43,547,272.25		48,071,709.75		511,910,644.57

C. *DISTRIBUTIONS*
Payment Date Advance Reimbursement		—		—		485,625.30
Servicing Fee:
Servicing Fee Shortfall from Prior Periods		—		—		—
Servicing Fee Due in Current Period		1,006,126.01		973,183.13		13,693,655.44
Servicing Fee Shortfall
Administration Fee
Administration Fee Shortfall from Prior Periods		—		—		—
Administration Fee Due in Current Period		5,000.00		5,000.00		60,000.00
Administration Fee Shortfall		—		—		—
Interest Paid to Noteholders
Interest Shortfall from Prior Periods Class A-1 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-2 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-3 Notes		—		—		—
Interest Shortfall from Prior Periods Class A-4 Notes		—		—		—
Interest Due in Current Period Class A-1 Notes		—		—		567,704.31
Interest Due in Current Period Class A-2 Notes		327,326.73		269,017.84		6,065,953.25
Interest Due in Current Period Class A-3 Notes		1,071,833.33		1,071,833.33		12,862,000.00
Interest Due in Current Period Class A-4 Notes		710,416.67		710,416.67		8,525,000.00
Interest Shortfall Class A-1 Notes		—		—		—
Interest Shortfall Class A-2 Notes		—		—		—
Interest Shortfall Class A-3 Notes		—		—		—
Interest Shortfall Class A-4 Notes		—		—		—
Principal Paid to Noteholders		39,531,452.64		45,042,258.77		427,533,751.66
Amount Paid to Reserve Account to Reach Specified Balance		—		—		23,577,752.51
Other Amounts paid to Trustees		—		—		—

Remaining Available Funds		895,116.87		—		18,539,202.10


Volkswagen Auto Lease Trust 2002-A SERVICER CERTIFICATE For the Annual Collection Period ended December 2003		EXHIBIT 99.3


	Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	July-03			August-03			September-03			October-03
D. *CALCULATIONS*
Calculation of Principal Distribution Amount: (Sum of)
a) Targeted Principal Distributable Amount:
For Current Units: Change in Securitization Value		16,715,668.50			22,393,842.37			15,981,139.28			20,224,992.54
For Current Units: Change in Securitization Value for Advanced Payments		—			—			—			—
For All Terminated Units: Securitization Value (Beg. of Collection Period)		11,473,792.21			21,154,719.28			15,892,073.75			24,684,342.70
For Repurchases: Securitization Value (Beg. Of Collection Period)		—			—			—			—
b) Principal Carryover Shortfall from Preceding Payment Date		—			—			—			—
c) Additional Amounts to pay in full Notes on or after Final Scheduled Payment Date		—			—			—			—

Principal Distribution Amount before Reserve Account Draw Amount		28,189,460.71			43,548,561.65			31,873,213.03			44,909,335.24

Remaining Available Funds (Item 40)		31,837,335.19			47,521,682.82			35,366,413.54			47,604,124.22
Available Funds Shortfall Amount (If Item 54 > 55, Item 54 less Item 55, else 0)		—			—			—			—
Reserve Account Draw Amount (If Item 56 is > 0, Lesser of the Reserve Account Balance and Item 56)		—			—			—			—
Principal Carryover Shortfall (If Item 56 > Item 57 less Item 57, else 0)		—			—			—			—

Principal Distribution Amount (If Item 56 > 0, Item 57 plus Item 55, else Item 54)		28,189,460.71			43,548,561.65			31,873,213.03			44,909,335.24

Calculation of Servicer Advance:
Available Funds, prior to Servicer Advances (Item 27)		35,300,872.91			50,920,149.87			38,664,356.00			50,828,492.68
Less: Payment Date Advance Reimbursement (Item 71)		—			—			—			—
Less: Servicing Fees Paid (Items 32, 33 and 34)		1,129,893.15			1,106,401.93			1,070,111.47			1,043,550.46
Less: Administration Fees Paid (Items 36, 37 and 38)		5,000.00			5,000.00			5,000.00			5,000.00
Less: Interest Paid to Noteholders (Item 39)		2,328,644.57			2,287,065.12			2,222,830.99			2,175,818.00

Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall)		31,837,335.19			47,521,682.82			35,366,413.54			47,604,124.22
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54)		N/A			N/A			N/A			N/A

Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0)		—			—			—			—

Reconciliation of Servicer Advance:
Beginning Balance of Servicer Advance
Payment Date Advance Reimbursement
Additional Payment Advances for current period		—			—			—			—

Ending Balance of Payment Advance		—			—			—			—

E. *RESERVE ACCOUNT*
Reserve Account Balances:
Specified Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30			64,217,391.30
Initial Reserve Account Balance		24,456,521.74			24,456,521.74			24,456,521.74			24,456,521.74
Beginning Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30			64,217,391.30
Plus: Net Investment Income for the Collection Period		53,487.79			50,825.95			48,289.54			49,886.51

Subtotal: Reserve Fund Available for Distribution		64,270,879.09			64,268,217.25			64,265,680.84			64,267,277.81
Plus: Deposit of Excess Available Funds		—			—			—			—
Less: Reserve Account Draw Amount		—			—			—			—

Subtotal Reserve Account Balance		64,270,879.09			64,268,217.25			64,265,680.84			64,267,277.81
Less: Excess Reserve Account Funds to Transferor		53,487.79			50,825.95			48,289.54			49,886.51

Equals: Ending Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30			64,217,391.30

Current Period Net Residual Losses:
Aggregate Securitization Value for Scheduled Terminated Units		1,155,028.14			2,498,602.42			2,557,519.57			1,533,011.72
Less: Aggregate Sales Proceeds for Scheduled Terminated Units		(1,083,223.83	)		(2,271,133.83	)		(2,444,619.48	)		(1,528,118.53	)
Less: Excess Wear and Tear Received		(9,978.39	)		(23,521.31	)		(12,834.95	)		(26,299.14	)
Less: Excess Mileage Received		(9,817.23	)		(61,482.33	)		(39,534.17	)		(41,994.12	)

Current Period Net Residual Losses/(Gains)		52,008.69			142,464.95			60,530.97			(63,400.07	)

Cumulative Net Residual Losses:
Beginning Cumulative Net Residual Losses		780,253.68			832,262.37			974,727.32			1,035,258.29
Current Period Net Residual Losses (Item 91)		52,008.69			142,464.95			60,530.97			(63,400.07	)

Ending Cumulative Net Residual Losses		832,262.37			974,727.32			1,035,258.29			971,858.22

Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value		0.05	%		0.06	%		0.06	%		0.06	%

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:			Collection Period Ended:
	November-03			December-03			TOTALS
D. *CALCULATIONS*
Calculation of Principal Distribution Amount: (Sum of)
a) Targeted Principal Distributable Amount:
For Current Units: Change in Securitization Value		14,887,582.65			15,409,175.49			223,793,060.92
For Current Units: Change in Securitization Value for Advanced Payments		—			—			—
For All Terminated Units: Securitization Value (Beg. of Collection Period)		24,643,869.98			29,633,083.28			203,740,690.74
For Repurchases: Securitization Value (Beg. Of Collection Period)		—			—			—
b) Principal Carryover Shortfall from Preceding Payment Date		—			—			—
c) Additional Amounts to pay in full Notes on or after Final Scheduled Payment Date		—			—			—

Principal Distribution Amount before Reserve Account Draw Amount		39,531,452.64			45,042,258.77			427,533,751.66

Remaining Available Funds (Item 40)		40,426,569.51			45,042,258.77			469,650,706.26
Available Funds Shortfall Amount (If Item 54 > 55, Item 54 less Item 55, else 0)		—			—			—
Reserve Account Draw Amount (If Item 56 is > 0, Lesser of the Reserve Account Balance and Item 56)		—			—			—
Principal Carryover Shortfall (If Item 56 > Item 57 less Item 57, else 0)		—			—			—

Principal Distribution Amount (If Item 56 > 0, Item 57 plus Item 55, else Item 54)		39,531,452.64			45,042,258.77			427,533,751.66

Calculation of Servicer Advance:
Available Funds, prior to Servicer Advances (Item 27)		43,547,272.25			47,825,082.30
Less: Payment Date Advance Reimbursement (Item 71)		—			—
Less: Servicing Fees Paid (Items 32, 33 and 34)		1,006,126.01			973,183.13
Less: Administration Fees Paid (Items 36, 37 and 38)		5,000.00			5,000.00
Less: Interest Paid to Noteholders (Item 39)		2,109,576.73			2,051,267.84

Equals: Remaining Available Funds before Servicer Advance (If < Item 54, Available Funds Shortfall)		40,426,569.51			44,795,631.33
Monthly Lease Payments Due on Included Units but not received (N/A if Item 66 > Item 54)		N/A			4,115,064.69

Servicer Advance (If Item 66 < Item 54, lesser of Item 66 and Item 67, else 0)		—			246,627.45			732,252.75

Reconciliation of Servicer Advance:
Beginning Balance of Servicer Advance								—
Payment Date Advance Reimbursement								485,625.30
Additional Payment Advances for current period		—			246,627.45			732,252.75

Ending Balance of Payment Advance		—			246,627.45			246,627.45

E. *RESERVE ACCOUNT*
Reserve Account Balances:
Specified Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30
Initial Reserve Account Balance		24,456,521.74			24,456,521.74			24,456,521.74
Beginning Reserve Account Balance		64,217,391.30			64,217,391.30			42,619,801.02
Plus: Net Investment Income for the Collection Period		48,591.83			51,134.01			612,147.50

Subtotal: Reserve Fund Available for Distribution		64,265,983.13			64,268,525.31			43,231,948.52
Plus: Deposit of Excess Available Funds		—			—			23,577,752.51
Less: Reserve Account Draw Amount		—			—			—

Subtotal Reserve Account Balance		64,265,983.13			64,268,525.31			66,809,701.02
Less: Excess Reserve Account Funds to Transferor		48,591.83			51,134.01			2,592,309.72

Equals: Ending Reserve Account Balance		64,217,391.30			64,217,391.30			64,217,391.30

Current Period Net Residual Losses:
Aggregate Securitization Value for Scheduled Terminated Units		4,233,994.35			6,995,843.17			25,384,408.88
Less: Aggregate Sales Proceeds for Scheduled Terminated Units		(3,695,349.78	)		(6,072,179.80	)		(22,724,781.08	)
Less: Excess Wear and Tear Received		(21,472.60	)		(38,789.76	)		(132,896.15	)
Less: Excess Mileage Received		(23,193.34	)		(67,735.57	)		(243,756.76	)

Current Period Net Residual Losses/(Gains)		493,978.63			817,138.04			2,282,974.89

Cumulative Net Residual Losses:
Beginning Cumulative Net Residual Losses		971,858.22			1,465,836.85			—
Current Period Net Residual Losses (Item 91)		493,978.63			817,138.04			2,282,974.89

Ending Cumulative Net Residual Losses		1,465,836.85			2,282,974.89			2,282,974.89

Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value		0.09	%		0.14	%		0.14	%


Volkswagen Auto Lease Trust 2002-A SERVICER CERTIFICATE For the Annual Collection Period ended December 2003		EXHIBIT 99.3


		Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	Initial	July-03			August-03			September-03
F. *POOL STATISTICS*
Collateral Pool Balance Data
Aggregate Securitization Value			1,327,682,322			1,284,133,760			1,252,260,547
Number of Current Contracts			74,299			73,055			72,061
Weighted Average Lease Rate			6.49	%		6.47	%		6.46	%
Average Remaining Term			19.73			18.64			17.81
Average Original Term			42.25			42.27			42.28
		*Securitization Value*			*Securitization Value*			*Securitization Value*

Pool Balance (Securitization Value) - Beginning of Period			1,355,871,783			1,327,682,322			1,284,133,760
Depreciation/Payments			(16,715,669	)		(22,393,842	)		(15,981,139	)
Early Terminations			(10,318,764	)		(18,656,117	)		(13,334,554	)
Scheduled Terminations			(1,155,028	)		(2,498,602	)		(2,557,520	)
Repurchase/Reallocation			—			—			—

Pool Balance - End of Period			1,327,682,322			1,284,133,760			1,252,260,547

Delinquencies Aging Profile - End of Period Securitization Value
Current			1,315,224,844			1,270,761,617			1,237,539,499
31 - 90 Days Delinquent			10,335,701			11,770,581			12,635,433
90+ Days Delinquent			2,121,777			1,601,562			2,085,616

Total			1,327,682,322			1,284,133,760			1,252,260,547

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
	October-03			November-03			December-03			TOTALS
F. *POOL STATISTICS*
Collateral Pool Balance Data
Aggregate Securitization Value		1,207,351,212			1,167,819,759			1,122,777,501
Number of Current Contracts		70,498			68,849			66,901
Weighted Average Lease Rate		6.45	%		6.43	%		6.42	%
Average Remaining Term		16.84			16.13			15.44
Average Original Term		42.33			42.40			42.50
	*Securitization Value*			*Securitization Value*			*Securitization Value*

Pool Balance (Securitization Value) - Beginning of Period		1,252,260,547			1,207,351,212			1,167,819,759			1,550,311,252
Depreciation/Payments		(20,224,993	)		(14,887,583	)		(15,409,175	)		(223,793,061	)
Early Terminations		(23,151,331	)		(20,409,876	)		(22,637,240	)		(178,958,864	)
Scheduled Terminations		(1,533,012	)		(4,233,994	)		(6,995,843	)		(24,781,827	)
Repurchase/Reallocation		—			—			—			—

Pool Balance - End of Period		1,207,351,212			1,167,819,759			1,122,777,501			1,122,777,501

Delinquencies Aging Profile - End of Period Securitization Value
Current		1,182,841,264			1,151,407,634			1,106,048,719
31 - 90 Days Delinquent		22,458,993			14,457,272			14,439,689
90+ Days Delinquent		2,050,955			1,954,853			2,289,092

Total		1,207,351,212			1,167,819,759			1,122,777,501

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	(2)		Not applicable.

	(3)		The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

	1.		I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Volkswagen Auto Lease Trust 2002-A;

	2.		Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

	3.		Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement for inclusion in these reports is included in these reports;

	4.		I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and

	5.		The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.



	/s/ Dennis M. Tack
	Name:	Dennis M. Tack
	Title:	Controller, VW Credit, Inc.

	1.		VCI is, as of the date hereof, the Servicer under the Agreement.

	2.		The undersigned is a servicing officer and is duly authorized pursuant to the agreement to execute and deliver this Certificate to the Trustee, any Agent and any Enhancement Providers.

	3.		A review of the activities of the Servicer during the period from January 1, 2003 through December 31, 2003 and of its performance under the Agreement was conducted under my supervision.

	4.		Based on such review, the Servicer has, to the best of my knowledge, fulfilled all of its obligations under the Agreement throughout such period and no default in the performance of the Servicer has occurred or is continuing.

	•		Lease finance receivable payments shall be deposited into the servicer’s bank account within 2 business days of receipt.

	•		Lease finance receivable payments shall be made in accordance with the borrower’s loan documents shall be posted to the applicable borrower’s records within two business days of receipt.

	•		Lease finance receivables payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the borrower’s loan documents.

	•		Lease finance receivables payments identified as loan payoffs shall be allocated in accordance with the borrower’s loan documents.

	•		Disbursements made via wire transfer on behalf of a borrower or investor shall be made only by authorized personnel.

	•		Amounts remitted to investors per the servicer’s investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.