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       545,000,000.00       1.0000000  
Class A-4 Notes
     310,000,000.00       310,000,000.00       1.0000000  
Certificates
     130,434,783.00       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