-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RPMtcxoa/8beYA1JMTLFM4eP3D5qb9w4IzeEijNLKrCprYXXLrDg336uxWV/EwK4 s1d6DEyg85+WF+H9p04Nvw== 0000950124-06-001590.txt : 20060330 0000950124-06-001590.hdr.sgml : 20060330 20060330112317 ACCESSION NUMBER: 0000950124-06-001590 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060330 DATE AS OF CHANGE: 20060330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Volkswagen Auto Lease Trust 2004-A CENTRAL INDEX KEY: 0001303023 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 206291530 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-117089-02 FILM NUMBER: 06721376 BUSINESS ADDRESS: STREET 1: 3800 HAMLIN ROAD CITY: AUBURN HILLS STATE: MI ZIP: 48326 BUSINESS PHONE: (248) 754-5000 MAIL ADDRESS: STREET 1: 3800 HAMLIN ROAD CITY: AUBURN HILLS STATE: MI ZIP: 48326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VW CREDIT LEASING LTD CENTRAL INDEX KEY: 0001202610 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-99199-01 FILM NUMBER: 06721377 MAIL ADDRESS: STREET 1: 400 NORTH MICIGAN AVE STREET 2: 2ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLKSWAGEN AUTO LEASE UNDERWRITTEN FUNDING LLC CENTRAL INDEX KEY: 0001182534 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-99199 FILM NUMBER: 06721378 MAIL ADDRESS: STREET 1: 3800 HAMLIN RD CITY: AUBURN HILLS STATE: MI ZIP: 48326 10-K 1 k03821e10vk.htm FORM 10-K e10vk
Table of Contents

 
 
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
     
þ   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2005
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
333-117089
333-117089-01
333-117089-02
(Commission File Numbers)
Volkswagen Auto Lease Trust 2004-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
(State or other jurisdiction of
incorporation or organization)
  11-365048-3
38-6738618
20-6291530
(I.R.S. Employer
Identification Nos.)
 
    
3800 Hamlin Road
Auburn Hills, Michigan
(Address of principal executive offices)
  48326
(Zip Code)
(248) 754-5000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Securities Exchange Act: None
Securities registered pursuant to Section 12(g) of the Securities Exchange Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). o Yes þ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act. o Yes þ No
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 a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Securities Exchange Act. (Check one):
Large Accelerated Filer:o           Accelerated Filer: o           Non-Accelerated Filer: þ
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). Yeso Noþ
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: See Item 15(b)
 
 

 

FORM 10-K
TABLE OF CONTENTS

PART 1
Item 1. Business.
Item 1A. Risk Factors.
Item 1B. Unresolved Staff Comments.
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 and Issuer Purchases of Equity Securities.
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 With Accountants On Accounting And Financial Disclosure.
Item 9A. Controls and Procedures.
Item 9B. Other Information.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Item 11. Executive Compensation.
Item 12. Security Ownership Of Certain Beneficial Owners And Management and Related Stockholder Matters.
Item 13. Certain Relationships And Related Transactions.
Item 14. Principal Accountant Fees and Services.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
SIGNATURES
Certification of Officer of Servicer Pursuant to Section 302(A)
Annual Statement as to Compliance of the Servicer
Report on the Activities of VW Credit, Inc.
Annaul Aggregate Servicer Statement

Table of Contents

PART 1
Item 1. Business.
This Annual Report on Form 10-K is filed with respect to Volkswagen Auto Lease Trust 2004-A (the “Trust”), a Delaware statutory trust formed pursuant to a Trust Agreement, dated as of September 3, 2004, amended and restated as of September 29, 2004, between Volkswagen Auto Lease Underwritten Funding, LLC (the “Transferor”) and The Bank of New York (Delaware), 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, A-4-A, and A-4-B (the “Notes”) pursuant to an Indenture, dated as of September 29, 2004, between the Trust and Citibank, N.A. as indenture trustee (the “Indenture Trustee”).
Item 1A. Risk Factors.
Omitted.
Item 1B. Unresolved Staff Comments.
None.
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 automobile 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 2004-A as of December 31, 2005:
                         
1.
  Delinquent Contracts:   Contracts   Amount ($000’s)
 
  a. 31 — 60 Days Delinquent     763       12,110  
 
  b. 61 — 90 Days Delinquent     201       3,070  
 
  c. 91 Days or More Delinquent     231       3,813  
 
                    
2.
  Delinquency Ratio:           Amount ($000’s)
 
  a. Delinquent Balance             18,993  
 
  b. Total Pool Balance             1,012,265  
 
  c. Delinquency Ratio             1.88 %
 
                    
3.
  Defaulted Contracts:   Contracts   Amount ($000’s)
 
  a. For the Year Ended December 31, 2005     928       16,714  
 
                    
4.   Aggregate Net Losses For the Year Ended December 31, 2005:   Amount($000’s)
 
                    
 
  a. Original Portfolio             1,709,402  
 
  b. Residual Net Losses             3,781  
 
  c. Residual Loss Ratio             0.22 %
 
  d. Credit Net Losses             4,321  
 
  e. Credit Loss Ratio             0.25 %

 

Table of Contents

Item 3. Legal Proceedings.
(a) 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, or the Owner Trustee, which were pending at December 31, 2005, or as of the date of this report.
(b) Not Applicable.
Item 4. Submission of Matters To A Vote Of Security Holders.
No votes or consents of Noteholders were solicited during fiscal year 2005 for any purpose.
PART II
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities.
To the best knowledge of the registrant, there is no established public trading market for the Notes.
(a) The holder of record of all offered Notes as of December 31, 2005 was Cede & Co., the nominee of The Depository Trust Company in the United States. On December 31, 2005, there were less than 300 holders of record of each Class of Notes.
(b) Not Applicable.
(c) Not Applicable.
Item 6. Selected Financial Data.
Omitted.
Item 7. Management’s Discussion And Analysis Of Financial Condition And Results Of Operation.
Omitted.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Omitted.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes in and Disagreements With Accountants On Accounting And Financial Disclosure.
Omitted.
Item 9A. Controls and Procedures.
Omitted.
Item 9B. Other Information.
None.

 

Table of Contents

PART III
Item 10. Directors and Executive Officers of the Registrant.
Omitted.
Item 11. Executive Compensation.
Omitted.
Item 12. Security Ownership Of Certain Beneficial Owners And Management and Related Stockholder Matters.
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 Accountant Fees and Services.
Omitted.
PART IV
Item 15. Exhibits, Financial Statement Schedules.
  (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, 2005:
     
Date   Items Reported
February 22, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
March 21, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
April 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
May 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
June 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
July 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
August 22, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
September 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
October 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
November 21, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
December 20, 2005
  Items 8.01, 9.01, Monthly Servicer’s Report*
January 20, 2006
  Items 8.01, 9.01, Monthly Servicer’s Report*
 
    *Incorporated by reference.
  (c)   The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

 

Table of Contents

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 30, 2006
         
    VOLKSWAGEN AUTO LEASE UNDERWRITTEN
FUNDING, LLC
 
        
 
  By:   /s/Timothy J. Flaherty
 
       
 
      Name: Timothy J. Flaherty
 
      Title: Assistant Treasurer
 
        
    VOLKSWAGEN AUTO LEASE TRUST 2004-A
 
        
 
  By:   VW CREDIT, INC., as Administrator
 
        
 
  By:   /s/Bruce Harris
 
       
 
      Name: Bruce Harris
 
      Title: Chief Financial Officer
 
        
    VW CREDIT LEASING, LTD.
 
        
 
  By:   VW CREDIT, INC., as Servicer
 
        
 
  By:   /s/Bruce Harris
 
       
 
      Name: Bruce Harris
 
      Title: Chief Financial Officer

 

Table of Contents

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, 2005.
Exhibit 99.2: Report on the activities of VW Credit, Inc., as Servicer, prepared by Virchow Krause & Company, LLP.
Exhibit 99.3: Annual Aggregate Servicer Statement containing information relating to the Receivables and the Accounts for the Collection Periods from and including January 2005 through December 2005.

 

EX-31 2 k03821exv31.htm CERTIFICATION OF OFFICER OF SERVICER PURSUANT TO SECTION 302(A) exv31
 

EXHIBIT 31
CERTIFICATION PURSUANT TO
SECTION 302(A) OF THE SARBANES-OXLEY ACT OF 2002
I, Bruce Harris, 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 2004-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 30, 2006
         
     
  /s/Bruce Harris    
  Name:   Bruce Harris   
  Title:   Chief Financial Officer, VW Credit, Inc.   
 

EX-99.1 3 k03821exv99w1.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 2004-A
     The undersigned, a duly authorized representative of VW CREDIT, INC. (“VCI”, or the “Servicer”), pursuant to the Transaction SUBI Supplement 2004-A to Servicing Agreement dated as of September 29, 2004 (as amended and supplemented, or otherwise modified and in effect from time to time, the “Agreement”), 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 Rating Agencies, the Issuer and the Indenture Trustee.
 
  3.   A review of the activities of the Servicer from the Closing Date through December 31, 2005 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, performed in all material respects its obligations under the Agreement throughout such period.
     IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on behalf of the Servicer this thirtieth day of March, 2006.
         
     
  /s/Bruce Harris    
  Name:   Bruce Harris   
  Title:   Chief Financial Officer   
 

EX-99.2 4 k03821exv99w2.htm REPORT ON THE ACTIVITIES OF VW CREDIT, INC. exv99w2
 

Virchow Krause and Company, LLP
30200 Telegraph Road, Suite 100
Bingham Farms, MI 48025
Telephone: (248) 540-6600 		  EXHIBIT 99.2
Report of Independent Accountants on Compliance with
Specified Lease Receivable Servicing Standards
To the Board of Directors of VW Credit, Inc. and
Citibank, Indenture Trustee:
Re: Transaction SUBI Supplement 2004-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 September 29, 2004
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, 2005 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, 2005 is fairly stated, in all material respects.
/s/ Virchow Krause and Company, LLP
Virchow, Krause & Company, LLP
February 28, 2006
Bingham Farms, Michigan

 

 

(VOLKSWAGEN CREDIT LOGO)
3800 Hamlin Road
Auburn Hills, MI 48326
Exhibit II
Management’s Assertion Concerning Compliance with
Specified Lease Receivable Servicing Standards
February 27, 2006
Re: Transaction SUBI Supplement 2004-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 September 29, 2004
Ladies and Gentlemen:
As of and for the year ended December 31, 2005, 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/ Bruce Harris
 
Bruce Harris, Chief Financial Officer, VW Credit, Inc.
    
 
    
/s/ Dennis Tack
 
Dennis Tack Controller, VW Credit, Inc.
    

 

 

Exhibit I
Specified Lease Receivable Servicing Standards
Advances
  •   Funds of the servicing entity shall be advanced in accordance with Transaction SUBI Supplement 2004-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 September 29, 2004.
Lease Finance Receivable Payments
  •   Lease finance receivable payments shall be deposited into the servicer’s bank account within two business days of receipt.
 
  •   Lease finance receivable payments shall be made in accordance with the borrower’s lease 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 lease documents.
 
  •   Lease finance receivables payments identified as payoffs shall be allocated in accordance with the borrower’s lease 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 that 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).

 

EX-99.3 5 k03821exv99w3.htm ANNAUL AGGREGATE SERVICER STATEMENT exv99w3
 

EXHIBIT 99.3
                                                                             
Volkswagen Auto Lease Trust 2004-A  
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2005		   Collection Period Ended:
January-05		     Collection Period Ended:
February-05		     Collection Period Ended:
March-05		     Collection Period Ended:
April-05		     Collection Period Ended:
May-05		     Collection Period Ended:
June-05		  
   
   
    SUMMARY                                                                        
   
        Initial Balance     Ending Balance     Note Factor     Principal Payment     Principal Payment     Principal Payment     Principal Payment     Principal Payment     Principal Payment  
 
   Class A-1 Notes     321,000,000.00       —       —       39,726,636.21       32,493,140.68       39,904,388.39       49,886,705.04       —       —  
 
   Class A-2 Notes     437,000,000.00       60,863,200.12       0.1392751       —       —       —       200,134.35       39,458,792.28       35,490,542.56  
 
   Class A-3 Notes     326,000,000.00       326,000,000.00       1.0000000       —       —       —       —       —       —  
 
   Class A-4a Notes     100,000,000.00       100,000,000.00       1.0000000       —       —       —       —       —       —  
 
   Class A-4b Notes     316,000,000.00       316,000,000.00       1.0000000       —       —       —       —       —       —  
 
   Certificates     209,401,709.41       209,401,709.41       1.0000000       —       —       —       —       —       —  
         
 
   Total   $ 1,709,401,709.41     $ 1,012,264,909.53             $ 39,726,636.21     $ 32,493,140.68     $ 39,904,388.39     $ 50,086,839.39     $ 39,458,792.28     $ 35,490,542.56  
         
                                                                             
                        Coupon Rate     Interest Payment     Interest Payment     Interest Payment     Interest Payment     Interest Payment     Interest Payment  
    Class A-1 Notes     1.9992 %     296,901.12       183,352.98       149,591.96       83,111.25       —       —  
    Class A-2 Notes     2.4700 %     899,491.67       899,491.67       899,491.67       899,491.67       899,079.72       817,860.38  
    Class A-3 Notes     2.8400 %     771,533.33       771,533.33       771,533.33       771,533.33       771,533.33       771,533.33  
    Class A-4a Notes     3.0900 %     257,500.00       257,500.00       257,500.00       257,500.00       257,500.00       257,500.00  
    Class A-4b Notes     4.4700 %     753,133.33       639,753.06       776,833.33       813,700.00       868,034.44       884,800.00  
         
    Total             2,978,559.45       2,751,631.04       2,854,950.29       2,825,336.25       2,796,147.50       2,731,693.71  
         
 
                                                                            
    COLLECTIONS AND AVAILABLE FUNDS                                                
     
    Lease Payments Received     34,086,676.95       26,448,301.96       27,932,014.08       32,544,251.99       25,308,656.03       23,957,620.38  
    Sales Proceeds — Early Terminations     14,661,635.94       12,230,413.50       13,975,326.49       17,583,751.24       16,366,766.77       15,099,796.43  
    Sales Proceeds — Scheduled Terminations     848,486.82       2,416,590.52       6,002,678.38       6,458,980.77       5,219,850.49       3,709,474.51  
    Security Deposits for Terminated Accounts     42,275.00       36,815.00       67,825.00       85,254.75       82,199.00       53,300.00  
    Excess Wear and Tear Received     4,464.98       6,893.31       23,460.97       65,070.05       38,941.34       34,537.30  
    Excess Mileage Charges Received     12,296.70       24,425.74       31,213.40       86,801.77       80,296.73       68,108.34  
    Other Recoveries Received     55,738.52       240,143.03       175,220.55       155,586.30       298,305.14       247,743.68  
         
    Subtotal: Total Collections     49,711,574.91       41,403,583.06       48,207,738.87       56,979,696.87       47,395,015.50       43,170,580.64  
         
    Repurchase Payments     —       —       —       —       —       —  
    Postmaturity Term Extension     —       —       —       1,645,151.28       304,873.35       432,735.35  
    Net Swap Receipt — Class A-4b     —       —       —       4,740.00       59,074.44       75,840.00  
    Investment Earnings on Collection Account     89,449.17       96,824.74       112,449.83       132,044.96       137,589.91       131,918.89  
         
    Total Available Funds, prior to Servicer Advances     49,801,024.08       41,500,407.80       48,320,188.70       58,761,633.11       47,896,553.20       43,811,074.88  
         
    Servicer Advance     —       —       —       —       —       —  
         
    Total Available Funds     49,801,024.08       41,500,407.80       48,320,188.70       58,761,633.11       47,896,553.20       43,811,074.88  
         
 
                                                                            
    DISTRIBUTIONS                                                
     
    Payment Date Advance Reimbursement     —       —       —       —       —       —  
    Servicing Fee:                                                
        Servicing Fee Shortfall from Prior Periods     —       —       —       —       —       —  
        Servicing Fee Due in Current Period     1,292,010.48       1,258,904.95       1,231,827.34       1,198,573.68       1,156,834.65       1,123,952.32  
        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       5,000.00       5,000.00       5,000.00  
        Administration Fee Shortfall     —       —       —       —       —       —  
    Net Swap Payment — Class A-4b     55,826.67       169,206.94       32,126.67       —       —       —  
    Senior Swap Termination Payment (paid pro rata with Noteholder Interest payment)     —       —       —       —       —       —  
    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-4a Notes     —       —       —       —       —       —  
        Interest Shortfall from Prior Periods Class A-4b Notes     —       —       —       —       —       —  
        Interest Due in Current Period Class A-1 Notes     296,901.12       183,352.98       149,591.96       83,111.25       —       —  
        Interest Due in Current Period Class A-2 Notes     899,491.67       899,491.67       899,491.67       899,491.67       899,079.72       817,860.38  
        Interest Due in Current Period Class A-3 Notes     771,533.33       771,533.33       771,533.33       771,533.33       771,533.33       771,533.33  
        Interest Due in Current Period Class A-4a Notes     257,500.00       257,500.00       257,500.00       257,500.00       257,500.00       257,500.00  
        Interest Due in Current Period Class A-4b Notes     753,133.33       639,753.06       776,833.33       813,700.00       868,034.44       884,800.00  
        Interest Shortfall Class A-1 Notes     —       —       —       —       —       —  
        Interest Shortfall Class A-2 Notes     —       —       —       —       —       —  
        Interest Shortfall Class A-3 Notes     —       —       —       —       —       —  
        Interest Shortfall Class A-4a Notes     —       —       —       —       —       —  
        Interest Shortfall Class A-4b Notes     —       —       —       —       —       —  
    Principal Paid to Noteholders     39,726,636.21       32,493,140.68       39,904,388.39       50,086,839.39       39,458,792.28       35,490,542.56  
    Amount Paid to Reserve Account to Reach Specified Balance     538,802.00       —       —       —       —       —  
    Subordinated Swap Termination Payments     —       —       —       —       —       —  
    Other Amounts paid to Trustees     —       —       —       —       —       —  
         
    Remaining Available Funds     5,204,189.27       4,822,524.19       4,291,896.01       4,645,883.79       4,479,778.78       4,459,886.29  
         

 

 

                                                                             
Volkswagen Auto Lease Trust 2004-A
SERVICER CERTIFICATE 		    Collection Period Ended:
January-05		     Collection Period Ended:
February-05		     Collection Period Ended:
March-05		     Collection Period Ended:
April-05		     Collection Period Ended:
May-05		     Collection Period Ended:
June-05		  
For the Annual Collection Period ended December 2005                          
     
    CALCULATIONS                                                
     
    Calculation of Principal Distribution Amount: (Sum of)                                                
    a) Targeted Principal Distributable Amount:                                                
   
For Current Units: Change in Securitization Value
     24,201,358.08       17,530,920.34       19,073,341.79       23,313,428.42       17,064,159.53       15,991,751.97  
   
For Current Units: Change in Securitization Value for Advanced Payments
     —       —       —       —       —       —  
   
For All Terminated Units: Securitization Value (Beg. of Collection Period)
     15,525,278.13       14,962,220.34       20,831,046.60       25,128,259.69       22,089,759.40       19,066,055.24  
   
For Repurchases: Securitization Value (Beg. Of Collection Period)
     —       —       —       1,645,151.28       304,873.35       432,735.35  
    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     39,726,636.21       32,493,140.68       39,904,388.39       50,086,839.39       39,458,792.28       35,490,542.56  
         
    Remaining Available Funds (Item 40)     45,469,627.48       37,315,664.87       44,196,284.40       54,732,723.18       43,938,571.06       39,950,428.85  
    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)     39,726,636.21       32,493,140.68       39,904,388.39       50,086,839.39       39,458,792.28       35,490,542.56  
         
 
                                                                            
    Calculation of Servicer Advance:                                                
    Available Funds, prior to Servicer Advances (Item 27)     49,801,024.08       41,500,407.80       48,320,188.70       58,761,633.11       47,896,553.20       43,811,074.88  
    Less: Payment Date Advance Reimbursement (Item 71)     —       —       —       —       —       —  
    Less: Servicing Fees Paid (Items 32, 33 and 34)     1,292,010.48       1,258,904.95       1,231,827.34       1,198,573.68       1,156,834.65       1,123,952.32  
    Less: Administration Fees Paid (Items 36, 37 and 38)     5,000.00       5,000.00       5,000.00       5,000.00       5,000.00       5,000.00  
    Less: Interest Paid to Noteholders and Swap Counterparties (Items 38e, 38f, and 39)     3,034,386.12       2,920,837.98       2,887,076.96       2,825,336.25       2,796,147.50       2,731,693.71  
    Less: Principal Paid to Noteholders (Item 42)     —       —       39,904,388.39       50,086,839.39       39,458,792.28       35,490,542.56  
    Less: Amount Paid to Reserve Account to Reach Specified Balance (Item 43)     —       —       —       —       —       —  
    Less: Subordinated Swap Termination Payments (Item 43b)     —       —       —       —       —       —  
    Less: Other Amounts paid to Trustees (Item 44)     —       —       —       —       —       —  
         
    Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)     45,469,627.48       37,315,664.87       4,291,896.01       4,645,883.79       4,479,778.78       4,459,886.29  
    Monthly Lease Payments Due on Included Units but not received (N/A if Item 70 > 0)     N/A       N/A       N/A       N/A       N/A       N/A  
         
    Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, 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     —       —       —       —       —       —  
         
 
                                                                            
    RESERVE ACCOUNT                                                
     
    Reserve Account Balances:                                                
    Specified Reserve Account Balance     51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28  
    Initial Reserve Account Balance     17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09  
    Beginning Reserve Account Balance     50,660,007.39       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28  
    Plus: Net Investment Income for the Collection Period     83,241.89       88,056.90       110,285.74       114,660.54       126,111.03       127,221.20  
         
    Subtotal: Reserve Fund Available for Distribution     50,743,249.28       51,370,108.18       51,392,337.02       51,396,711.82       51,408,162.31       51,409,272.48  
    Plus: Deposit of Excess Available Funds     538,802.00       —       —       —       —       —  
    Less: Reserve Account Draw Amount     —       —       —       —       —       —  
         
    Subtotal Reserve Account Balance     51,282,051.28       51,370,108.18       51,392,337.02       51,396,711.82       51,408,162.31       51,409,272.48  
    Less: Excess Reserve Account Funds to Transferor     —       88,056.90       110,285.74       114,660.54       126,111.03       127,221.20  
         
    Equals: Ending Reserve Account Balance     51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28  
         
         
    Change in Reserve Account Balance from Immediately Preceding Payment Date     622,043.89       —       —       —       —       —  
         
                                                                             
    Current Period Net Residual Losses:                           Amounts     Amounts     Amounts     Amounts     Amounts     Amounts  
    Aggregate Securitization Value for Scheduled Terminated Units     905,618.93       2,699,498.13       6,667,798.79       7,368,235.00       5,792,463.90       4,168,588.37  
    Less: Sales Proceeds for Current Month Scheduled Terminations     (852,711.82 )     (2,428,240.52 )     (6,041,778.38 )     (6,507,230.77 )     (5,261,850.49 )     (3,733,174.51 )
    Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations     (1,100.00 )     (12,983.00 )     (21,687.50 )     (30,662.84 )     (113,321.76 )     (170,138.52 )
    Less: Excess Wear and Tear Received     (4,464.98 )     (6,893.31 )     (23,460.97 )     (65,070.05 )     (38,941.34 )     (34,537.30 )
    Less: Excess Mileage Received     (12,296.70 )     (24,425.74 )     (31,213.40 )     (86,801.77 )     (80,296.73 )     (68,108.34 )
         
    Current Period Net Residual Losses/(Gains)     35,045.43       226,955.56       549,658.54       678,469.57       298,053.58       162,629.70  
         
    Cumulative Net Residual Losses:                                                
    Beginning Cumulative Net Residual Losses     12,781.43       47,826.86       274,782.42       824,440.96       1,502,910.53       1,800,964.11  
    Current Period Net Residual Losses (Item 95)     35,045.43       226,955.56       549,658.54       678,469.57       298,053.58       162,629.70  
         
    Ending Cumulative Net Residual Losses     47,826.86       274,782.42       824,440.96       1,502,910.53       1,800,964.11       1,963,593.81  
         
    Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value     0.00 %     0.02 %     0.05 %     0.09 %     0.11 %     0.11 %
         

 

 

                                                                             
Volkswagen Auto Lease Trust 2004-A
SERVICER CERTIFICATE 		    Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:  
For the Annual Collection Period ended December 2005     January-05     February-05     March-05     April-05     May-05     June-05  
     
 
   POOL STATISTICS   Initial                                                
     
    Collateral Pool Balance Data                                                        
    Aggregate Securitization Value     1,709,401,709       1,510,685,944       1,478,192,803       1,438,288,414       1,388,201,575       1,348,742,783       1,313,252,240  
    Number of Current Contracts     85,972       81,565       80,664       79,347       77,637       76,200       74,940  
    Weighted Average Lease Rate     4.96 %     4.89 %     4.88 %     4.87 %     4.83 %     4.81 %     4.79 %
    Average Remaining Term     28.67       22.33       21.49       20.63       19.68       18.89       18.10  
    Average Original Term     44.43       44.39       44.39       44.40       44.43       44.45       44.47  
    Monthly Prepayment Speed             105.28 %     90.45 %     90.18 %     102.70 %     102.12 %     96.31 %
                                                                             
                                Securitization Value     Securitization Value     Securitization Value     Securitization Value     Securitization Value     Securitization Value  
    Pool Balance (Securitization Value) — Beginning of Period     1,550,412,580       1,510,685,944       1,478,192,803       1,438,288,414       1,388,201,575       1,348,742,783  
    Depreciation/Payments     (24,201,358 )     (17,530,920 )     (19,073,342 )     (23,313,428 )     (17,064,160 )     (15,991,752 )
    Gross Credit Losses     (951,461 )     (1,210,085 )     (1,686,913 )     (1,856,777 )     (1,131,768 )     (1,088,812 )
    Early Terminations     (13,668,198 )     (11,052,637 )     (12,476,335 )     (15,903,247 )     (15,165,528 )     (13,808,655 )
    Scheduled Terminations     (905,619 )     (2,699,498 )     (6,667,799 )     (7,368,235 )     (5,792,464 )     (4,168,588 )
    Repurchase/Reallocation     —       —       —       (1,645,151 )     (304,873 )     (432,735 )
         
    Pool Balance — End of Period     1,510,685,944       1,478,192,803       1,438,288,414       1,388,201,575       1,348,742,783       1,313,252,240  
         
 
                                                                            
    Delinquencies Aging Profile — End of Period Securitization Value                                                
    Current     1,492,707,664       1,461,111,408       1,424,638,233       1,374,688,449       1,335,382,150       1,296,841,423  
    31 - 90 Days Delinquent     14,984,968       13,796,086       10,943,438       11,499,437       11,631,592       14,773,594  
    90+ Days Delinquent     2,993,312       3,285,310       2,706,744       2,013,689       1,729,041       1,637,223  
         
    Total     1,510,685,943       1,478,192,803       1,438,288,414       1,388,201,575       1,348,742,783       1,313,252,240  
         
 
                                                                            
    Credit Losses:                                                
    Aggregate Securitization Value on charged-off units     951,461       1,210,085       1,686,913       1,856,777       1,131,768       1,088,812  
    Aggregate Liquidation Proceeds on charged-off units     (384,334 )     (702,496 )     (1,050,085 )     (1,107,753 )     (672,023 )     (611,286 )
    Recoveries on charged-off units     —       (134,453 )     (79,322 )     (31,695 )     (82,717 )     (32,894 )
         
    Current Period Aggregate Net Credit Losses/(Gains)     567,127       373,136       557,505       717,330       377,028       444,633  
         
 
                                                                            
    Cumulative Net Credit Losses:                                                
    Beginning Cumulative Net Credit Losses     498,161       1,093,169       1,466,305       2,023,811       2,741,141       3,118,169  
    Current Period Net Credit Losses (Item 124)*     595,008       373,136       557,505       717,330       377,028       444,633  
         
    Ending Cumulative Net Credit Losses*     1,093,169       1,466,305       2,023,811       2,741,141       3,118,169       3,562,801  
         
    Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value     0.06 %     0.09 %     0.12 %     0.16 %     0.18 %     0.21 %
         
 
                                                                            
    Current Period Net Credit Losses (As Reported)*     567,127                                          
    Current Period Net Credit Losses (Revised)*     595,008                                          
 
                                                                            
    Ending Cumulative Net Credit Losses (As Reported)*     1,065,288                                          
    Ending Cumulative Net Credit Losses (Revised)*     1,093,169                                          

 

 

EXHIBIT 99.3
                                                                                     
Volkswagen Auto Lease Trust 2004-A
SERVICER CERTIFICATE
For the Annual Collection Period ended December 2005
   Collection Period Ended:
July-05		     Collection Period Ended:
August-05		     Collection Period Ended:
September-05		     Collection Period Ended:
October-05		     Collection Period Ended:
November-05		     Collection Period Ended:
December-05		    
TOTALS		  
   
SUMMARY                                                                                
   
        Initial Balance     Ending Balance     Note Factor     Principal Payment     Principal Payment     Principal Payment     Principal Payment     Principal Payment     Principal Payment     Principal Payment  
 
   Class A-1 Notes     321,000,000.00       —       —       —       —       —       —       —       —       162,010,870.32  
 
   Class A-2 Notes     437,000,000.00       60,863,200.12       0.1392751       51,923,706.32       47,271,849.28       67,006,852.63       44,695,565.35       45,315,451.48       44,773,905.63       376,136,799.88  
 
   Class A-3 Notes     326,000,000.00       326,000,000.00       1.0000000       —       —       —       —       —       —       —  
 
   Class A-4a Notes     100,000,000.00       100,000,000.00       1.0000000       —       —       —       —       —       —       —  
 
   Class A-4b Notes     316,000,000.00       316,000,000.00       1.0000000       —       —       —       —       —       —       —  
 
   Certificates     209,401,709.41       209,401,709.41       1.0000000       —       —       —       —       —       —       —  
         
 
   Total   $ 1,709,401,709.41     $ 1,012,264,909.53             $ 51,923,706.32     $ 47,271,849.28     $ 67,006,852.63     $ 44,695,565.35     $ 45,315,451.48     $ 44,773,905.63     $ 538,147,670.20  
         
                                                                                     
                        Coupon Rate     Interest Payment     Interest Payment     Interest Payment     Interest Payment     Interest Payment     Interest Payment     Interest Payment  
    Class A-1 Notes     1.9992 %     —       —       —       —       —       —       712,957.31  
    Class A-2 Notes     2.4700 %     744,809.01       637,932.71       540,631.49       402,709.05       310,710.68       217,436.38       8,169,136.09  
    Class A-3 Notes     2.8400 %     771,533.33       771,533.33       771,533.33       771,533.33       771,533.33       771,533.33       9,258,400.00  
    Class A-4a Notes     3.0900 %     257,500.00       257,500.00       257,500.00       257,500.00       257,500.00       257,500.00       3,090,000.00  
    Class A-4b Notes     4.4700 %     1,022,523.33       944,243.29       1,026,012.50       1,151,644.44       1,084,248.84       1,216,336.67       11,181,263.24  
         
    Total             2,796,365.68       2,611,209.33       2,595,677.32       2,583,386.83       2,423,992.86       2,462,806.38       32,411,756.65  
         
 
                                                                                    
    COLLECTIONS AND AVAILABLE FUNDS                                                        
     
    Lease Payments Received     30,189,076.23       22,575,327.84       26,369,637.88       21,161,655.48       19,900,704.43       20,360,148.00       310,834,071.25  
    Sales Proceeds — Early Terminations     21,902,168.80       17,354,615.35       19,150,237.77       14,114,772.96       14,030,442.91       13,581,771.21       190,051,699.37  
    Sales Proceeds — Scheduled Terminations     7,680,375.58       13,760,467.84       26,814,607.95       13,232,935.47       16,425,413.16       16,106,154.82       118,676,016.31  
    Security Deposits for Terminated Accounts     84,651.00       109,150.00       172,741.00       97,000.00       86,449.00       96,175.00       1,013,834.75  
    Excess Wear and Tear Received     61,875.55       78,782.56       117,426.89       116,642.52       98,399.46       133,020.25       779,515.18  
    Excess Mileage Charges Received     90,075.67       116,953.92       183,874.59       153,945.10       121,823.56       183,785.77       1,153,601.29  
    Other Recoveries Received     389,832.49       242,210.11       279,376.26       407,745.53       638,730.44       1,407,471.54       4,538,103.59  
         
    Subtotal: Total Collections     60,398,055.32       54,237,507.62       73,087,902.34       49,284,697.06       51,301,962.96       51,868,526.59       627,046,841.74  
         
    Repurchase Payments     —       —       —       —       —       —       —  
    Postmaturity Term Extension     887,880.20       1,031,175.30       1,497,027.57       1,629,150.55       —       —       7,427,993.60  
    Net Swap Receipt — Class A-4b     213,563.33       135,283.29       217,052.50       342,684.44       275,288.84       407,376.67       1,730,903.52  
    Investment Earnings on Collection Account     153,304.45       195,797.24       187,072.22       209,320.55       194,901.88       222,757.26       1,863,431.10  
         
    Total Available Funds, prior to Servicer Advances     61,652,803.30       55,599,763.45       74,989,054.63       51,465,852.60       51,772,153.68       52,498,660.52       638,069,169.96  
         
    Servicer Advance     —       —       —       —       —       —       —  
         
    Total Available Funds     61,652,803.30       55,599,763.45       74,989,054.63       51,465,852.60       51,772,153.68       52,498,660.52       638,069,169.96  
         
 
                                                                                    
    DISTRIBUTIONS                                                        
     
    Payment Date Advance Reimbursement     —       —       —       —       —       —       —  
    Servicing Fee:                                                        
        Servicing Fee Shortfall from Prior Periods     —       —       —       —       —       —       —  
        Servicing Fee Due in Current Period     1,094,376.87       1,051,107.11       1,011,713.90       955,874.86       918,628.56       880,865.68       13,174,670.39  
        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       5,000.00       5,000.00       5,000.00       60,000.00  
        Administration Fee Shortfall     —       —       —       —       —       —       —  
    Net Swap Payment — Class A-4b     —       —       —       —       —       —       257,160.27  
    Senior Swap Termination Payment (paid pro rata with Noteholder Interest payment)     —       —       —       —       —       —       —  
    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-4a Notes     —       —       —       —       —       —       —  
        Interest Shortfall from Prior Periods Class A-4b Notes     —       —       —       —       —       —       —  
        Interest Due in Current Period Class A-1 Notes     —       —       —       —       —       —       712,957.31  
        Interest Due in Current Period Class A-2 Notes     744,809.01       637,932.71       540,631.49       402,709.05       310,710.68       217,436.38       8,169,136.09  
        Interest Due in Current Period Class A-3 Notes     771,533.33       771,533.33       771,533.33       771,533.33       771,533.33       771,533.33       9,258,400.00  
        Interest Due in Current Period Class A-4a Notes     257,500.00       257,500.00       257,500.00       257,500.00       257,500.00       257,500.00       3,090,000.00  
        Interest Due in Current Period Class A-4b Notes     1,022,523.33       944,243.29       1,026,012.50       1,151,644.44       1,084,248.84       1,216,336.67       11,181,263.24  
        Interest Shortfall Class A-1 Notes     —       —       —       —       —       —       —  
        Interest Shortfall Class A-2 Notes     —       —       —       —       —       —       —  
        Interest Shortfall Class A-3 Notes     —       —       —       —       —       —       —  
        Interest Shortfall Class A-4a Notes     —       —       —       —       —       —       —  
        Interest Shortfall Class A-4b Notes     —       —       —       —       —       —       —  
    Principal Paid to Noteholders     51,923,706.32       47,271,849.28       67,006,852.63       44,695,565.35       45,315,451.48       44,773,905.63       538,147,670.20  
    Amount Paid to Reserve Account to Reach Specified Balance     —       —       —       —       —       —       538,802.00  
    Subordinated Swap Termination Payments     —       —       —       —       —       —       —  
    Other Amounts paid to Trustees     —       —       —       —       —       —       —  
         
    Remaining Available Funds     5,833,354.44       4,660,597.72       4,369,810.77       3,226,025.56       3,109,080.79       4,376,082.83       53,479,110.45  
         

 

 

EXHIBIT 99.3
                                                                                     
Volkswagen Auto Lease Trust 2004-A
SERVICER CERTIFICATE
   Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:        
For the Annual Collection Period ended December 2005
   July-05     August-05     September-05     October-05     November-05     December-05     TOTALS  
     
    CALCULATIONS                                                        
     
    Calculation of Principal Distribution Amount: (Sum of)                                                        
    a) Targeted Principal Distributable Amount:                                                        
        For Current Units: Change in Securitization Value     21,808,284.71       15,111,281.20       19,240,589.76       14,470,677.40       13,334,592.17       14,059,091.01       215,199,476.38  
        For Current Units: Change in Securitization Value for Advanced Payments     —       —       —       —       —       —       —  
        For All Terminated Units: Securitization Value (Beg. of Collection Period)     29,227,541.41       31,129,392.78       46,269,235.30       28,595,737.40       31,980,859.31       30,714,814.62       315,520,200.22  
        For Repurchases: Securitization Value (Beg. Of Collection Period)     887,880.20       1,031,175.30       1,497,027.57       1,629,150.55       —       —       7,427,993.60  
    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     51,923,706.32       47,271,849.28       67,006,852.63       44,695,565.35       45,315,451.48       44,773,905.63       538,147,670.20  
         
    Remaining Available Funds (Item 40)     57,757,060.76       51,932,447.00       71,376,663.40       47,921,590.91       48,424,532.27       49,149,988.46       592,165,582.65  
    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)     51,923,706.32       47,271,849.28       67,006,852.63       44,695,565.35       45,315,451.48       44,773,905.63       538,147,670.20  
         
 
                                                                                    
    Calculation of Servicer Advance:                                                        
    Available Funds, prior to Servicer Advances (Item 27)     61,652,803.30       55,599,763.45       74,989,054.63       51,465,852.60       51,772,153.68       52,498,660.52          
    Less: Payment Date Advance Reimbursement (Item 71)     —       —       —       —       —       —          
    Less: Servicing Fees Paid (Items 32, 33 and 34)     1,094,376.87       1,051,107.11       1,011,713.90       955,874.86       918,628.56       880,865.68          
    Less: Administration Fees Paid (Items 36, 37 and 38)     5,000.00       5,000.00       5,000.00       5,000.00       5,000.00       5,000.00          
    Less: Interest Paid to Noteholders and Swap Counterparties (Items 38e, 38f, and 39)     2,796,365.68       2,611,209.33       2,595,677.32       2,583,386.83       2,423,992.86       2,462,806.38          
    Less: Principal Paid to Noteholders (Item 42)     51,923,706.32       47,271,849.28       67,006,852.63       44,695,565.35       45,315,451.48       44,773,905.63          
    Less: Amount Paid to Reserve Account to Reach Specified Balance (Item 43)     —       —       —       —       —       —          
    Less: Subordinated Swap Termination Payments (Item 43b)     —       —       —       —       —       —          
    Less: Other Amounts paid to Trustees (Item 44)     —       —       —       —       —       —          
         
    Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)     5,833,354.44       4,660,597.72       4,369,810.77       3,226,025.56       3,109,080.79       4,376,082.83          
    Monthly Lease Payments Due on Included Units but not received (N/A if Item 70 > 0)     N/A       N/A       N/A       N/A       N/A       N/A          
         
    Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, 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     —       —       —       —       —       —          
         
 
                                                                                    
    RESERVE ACCOUNT                                                        
     
    Reserve Account Balances:                                                        
    Specified Reserve Account Balance     51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28  
    Initial Reserve Account Balance     17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09       17,094,017.09  
    Beginning Reserve Account Balance     51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       50,660,007.39  
    Plus: Net Investment Income for the Collection Period     139,117.19       147,204.91       149,145.57       161,274.28       164,929.10       178,785.11       1,590,033.46  
         
    Subtotal: Reserve Fund Available for Distribution     51,421,168.47       51,429,256.19       51,431,196.85       51,443,325.56       51,446,980.38       51,460,836.39       52,250,040.85  
    Plus: Deposit of Excess Available Funds     —       —       —       —       —       —       538,802.00  
    Less: Reserve Account Draw Amount     —       —       —       —       —       —       —  
         
    Subtotal Reserve Account Balance     51,421,168.47       51,429,256.19       51,431,196.85       51,443,325.56       51,446,980.38       51,460,836.39       52,788,842.85  
    Less: Excess Reserve Account Funds to Transferor     139,117.19       147,204.91       149,145.57       161,274.28       164,929.10       178,785.11       1,506,791.57  
         
    Equals: Ending Reserve Account Balance     51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28       51,282,051.28  
         
 
                                                                                    
    Change in Reserve Account Balance from Immediately Preceding Payment Date     —       —       —       —       —       —          
 
                                                                                    
    Current Period Net Residual Losses:                           Amounts     Amounts     Amounts     Amounts     Amounts     Amounts          
    Aggregate Securitization Value for Scheduled Terminated Units     7,969,489.08       14,323,762.13       27,782,355.98       14,709,160.81       18,423,325.54       17,467,524.40       128,277,821.06  
    Less: Sales Proceeds for Current Month Scheduled Terminations     (7,722,325.58 )     (13,846,567.84 )     (26,949,482.95 )     (13,294,635.47 )     (16,483,163.16 )     (16,160,154.82 )     (119,281,316.31 )
    Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations     (163,583.50 )     (152,397.52 )     (236,893.54 )     (369,473.19 )     (618,012.36 )     (1,392,407.40 )     (3,282,661.13 )
    Less: Excess Wear and Tear Received     (61,875.55 )     (78,782.56 )     (117,426.89 )     (116,642.52 )     (98,399.46 )     (133,020.25 )     (779,515.18 )
    Less: Excess Mileage Received     (90,075.67 )     (116,953.92 )     (183,874.59 )     (153,945.10 )     (121,823.56 )     (183,785.77 )     (1,153,601.29 )
         
    Current Period Net Residual Losses/(Gains)     (68,371.22 )     129,060.29       294,678.01       774,464.53       1,101,927.00       (401,843.84 )     3,780,727.15  
         
    Cumulative Net Residual Losses:                                                        
    Beginning Cumulative Net Residual Losses     1,963,593.81       1,895,222.59       2,024,282.88       2,318,960.89       3,093,425.42       4,195,352.42       12,781.43  
    Current Period Net Residual Losses (Item 95)     (68,371.22 )     129,060.29       294,678.01       774,464.53       1,101,927.00       (401,843.84 )     3,780,727.15  
         
    Ending Cumulative Net Residual Losses     1,895,222.59       2,024,282.88       2,318,960.89       3,093,425.42       4,195,352.42       3,793,508.58       3,793,508.58  
         
    Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value     0.11 %     0.12 %     0.14 %     0.18 %     0.25 %     0.22 %     0.22 %
         

 

EXHIBIT 99.3
                                                                                     
Volkswagen Auto Lease Trust 2004-A
SERVICER CERTIFICATE
     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:     Collection Period Ended:        
For the Annual Collection Period ended December 2005
     July-05     August-05     September-05     October-05     November-05     December-05     TOTALS  
     
 
   POOL STATISTICS   Initial                                                        
     
    Collateral Pool Balance Data                                                                
    Aggregate Securitization Value     1,709,401,709       1,261,328,534       1,214,056,685       1,147,049,832       1,102,354,267       1,057,038,815       1,012,264,910          
    Number of Current Contracts     85,972       72,947       70,679       67,207       65,074       62,838       60,753          
    Weighted Average Lease Rate     4.96 %     4.77 %     4.76 %     4.74 %     4.73 %     4.74 %     4.75 %        
    Average Remaining Term     28.67       17.14       16.51       15.86       15.22       14.64       13.95          
    Average Original Term     44.43       44.51       44.58       44.75       44.84       44.96       45.07          
    Monthly Prepayment Speed             93.19 %     87.13 %     95.19 %     88.54 %     85.35 %     83.41 %        
                                                                                     
                                Securitization Value     Securitization Value     Securitization Value     Securitization Value     Securitization Value     Securitization Value          
    Pool Balance (Securitization Value) — Beginning of Period     1,313,252,240       1,261,328,534       1,214,056,685       1,147,049,832       1,102,354,267       1,057,038,815       1,550,412,580  
    Depreciation/Payments     (21,808,285 )     (15,111,281 )     (19,240,590 )     (14,470,677 )     (13,334,592 )     (14,059,091 )     (215,199,476 )
    Gross Credit Losses     (833,972 )     (756,404 )     (1,032,407 )     (1,201,775 )     (432,945 )     (718,407 )     (12,901,726 )
    Early Terminations     (20,424,081 )     (16,049,226 )     (17,454,473 )     (12,684,802 )     (13,124,589 )     (12,528,883 )     (174,340,654 )
    Scheduled Terminations     (7,969,489 )     (14,323,762 )     (27,782,356 )     (14,709,161 )     (18,423,326 )     (17,467,524 )     (128,277,821 )
    Repurchase/Reallocation     (887,880 )     (1,031,175 )     (1,497,028 )     (1,629,151 )     —       —       (7,427,994 )
         
    Pool Balance — End of Period     1,261,328,534       1,214,056,685       1,147,049,832       1,102,354,267       1,057,038,815       1,012,264,910       1,012,264,910  
         
 
                                                                                    
    Delinquencies Aging Profile — End of Period Securitization Value                                                        
    Current     1,243,339,921       1,195,251,154       1,128,536,366       1,084,303,050       1,038,236,938       993,271,722          
    31 - 90 Days Delinquent     15,631,990       15,895,755       15,550,980       15,075,310       15,396,261       15,180,560          
    90+ Days Delinquent     2,356,622       2,909,775       2,962,486       2,975,906       3,405,616       3,812,627          
         
    Total     1,261,328,534       1,214,056,685       1,147,049,832       1,102,354,267       1,057,038,815       1,012,264,909          
         
 
                                                                                    
    Credit Losses:                                                        
    Aggregate Securitization Value on charged-off units     833,972       756,404       1,032,407       1,201,775       432,945       718,407       12,901,726  
    Aggregate Liquidation Proceeds on charged-off units     (605,624 )     (522,859 )     (720,576 )     (855,783 )     (299,673 )     (502,824 )     (8,035,316 )
    Recoveries on charged-off units     (167,459 )     (33,410 )     (9,336 )     —       (1,583 )     (220 )     (573,089 )
         
    Current Period Aggregate Net Credit Losses/(Gains)     60,888       200,135       302,495       345,992       131,689       215,362       4,293,321  
         
 
                                                                                    
    Cumulative Net Credit Losses:                                                        
    Beginning Cumulative Net Credit Losses     3,562,801       3,623,689       3,823,825       4,126,319       4,472,311       4,604,001       498,161  
    Current Period Net Credit Losses (Item 124)*     60,888       200,135       302,495       345,992       131,689       215,362       4,321,202  
         
    Ending Cumulative Net Credit Losses*     3,623,689       3,823,825       4,126,319       4,472,311       4,604,001       4,819,363       4,819,363  
         
    Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value     0.21 %     0.22 %     0.24 %     0.26 %     0.27 %     0.28 %     0.28 %
         
 
                                                                                    
    Current Period Net Credit Losses (As Reported)*                                                        
    Current Period Net Credit Losses (Revised)*                                                        
 
                                                                                    
    Ending Cumulative Net Credit Losses (As Reported)*                                                        
    Ending Cumulative Net Credit Losses (Revised)*                                                        

 

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