e10vk

0000950124-06-001595.txt : 20060330 0000950124-06-001595.hdr.sgml : 20060330 20060330114050 ACCESSION NUMBER: 0000950124-06-001595 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 2005-A CENTRAL INDEX KEY: 0001316717 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 206418328 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-121824-02 FILM NUMBER: 06721476 BUSINESS ADDRESS: STREET 1: 3800 HAMLIN ROAD CITY: AUBURN HILLS STATE: MI ZIP: 48326 BUSINESS PHONE: (248) 754-5223 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: 06721477 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: 06721478 MAIL ADDRESS: STREET 1: 3800 HAMLIN RD CITY: AUBURN HILLS STATE: MI ZIP: 48326 10-K 1 k03825e10vk.htm ANNUAL REPORT FOR THE FISCAL YEAR ENDED 12/31/05 e10vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

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


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

333-121824
333-121824-01
333-121824-02
(Commission File Numbers)

Volkswagen Auto Lease Trust 2005-A

(Issuer with respect to the Notes)

Volkswagen Auto Lease Underwritten Funding, LLC

(Originator of the Note Issuer and Transferor of Transaction SUBI Certificate to the Note Issuer)
(Exact name of registrant as specified in its charter)

VW Credit Leasing, Ltd.

(Issuer with respect to the Transaction SUBI Certificate)


State of Delaware		11-365048-3
		38-6738618
		20-6418328
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Nos.)

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

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

Securities registered pursuant to Section 12(b) of the 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). Yes o No þ

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

Issuer does not have any voting stock. Documents incorporated by reference: See Item 15(b)

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
EXHIBIT INDEX
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., as Servicer
Annual Aggregate Servicer Statement

FORM 10-K

PART 1

Item 1. Business.

This Annual Report on Form 10-K is filed with respect to Volkswagen Auto Lease Trust 2005-A (the “Trust”), a Delaware statutory trust formed pursuant to an Amended and Restated Trust Agreement, dated as of March 3, 2005, 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, and A-4 (the “Notes”) pursuant to an Indenture, dated as of March 3, 2005, between the Trust and JPMorgan Chase Bank, 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 2005-A as of December 31, 2005:


1.	Delinquent Contracts:	Contracts		Amount ($000’s)
	a. 31 — 60 Days Delinquent		572		10,974
	b. 61 — 90 Days Delinquent		150		2,839
	c. 91 Days or More Delinquent		155		3,064

2.	Delinquency Ratio:			Amount ($000’s)
	a. Delinquent Balance				16,877
	b. Total Pool Balance				1,209,761
	c. Delinquency Ratio				1.40	%

3.	Defaulted Contracts:	Contracts		Amount ($000’s)
	a. For the Year Ended December 31, 2005		451		9,104

4.	Aggregate Net Losses For the Year Ended December 31, 2005:			Amount ($000’s)

	a. Original Portfolio				1,685,393
	b. Residual Net Losses				14,618
	c. Residual Loss Ratio				0.87	%
	d. Credit Net Losses				2,066
	e. Credit Loss Ratio				0.12	%

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.

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.

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.

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 2005-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

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 k03825exv31.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 2005-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 k03825exv99w1.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 2005-A

The undersigned, a duly authorized representative of VW Credit, Inc. (“VCI”, or the “Servicer”), pursuant to the Transaction SUBI Supplement 2005-A to Servicing Agreement dated as of March 3, 2005 (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 k03825exv99w2.htm REPORT ON THE ACTIVITIES OF VW CREDIT, INC., AS SERVICER exv99w2


Virchow Krause and Company, LLP		EXHIBIT 99.2
30200 Telegraph Road, Suite 100
Bingham Farms, MI 48025
Telephone: (248) 540-6600

Report of Independent Accountants on Compliance with
Specified Lease Receivable Servicing Standards

To the Board of Directors of VW Credit, Inc. and
JP Morgan Chase, Indenture Trustee:

Re: Transaction SUBI Supplement 2005-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 March 3, 2005

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

3800 Hamlin Road
Auburn Hills, MI 48326

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

February 27, 2006

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 2005-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 March 3, 2005.

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 k03825exv99w3.htm ANNUAL AGGREGATE SERVICER STATEMENT exv99w3

EXHIBIT 99.3


Volkswagen Auto Lease Trust 2005-A
SERVICER CERTIFICATE									Collection Period Ended:		Collection Period Ended:		Collection Period Ended:		Collection Period Ended:		Collection Period Ended:
For the Annual Collection Period ended December 2005									February-05		March-05		April-05		May-05		June-05
	*SUMMARY*
		*Initial Balance*		*Ending Balance*		*Note Factor*			*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*
	Class A-1 Notes		425,000,000.00		—		—			74,244,777.11		33,870,898.01		42,922,711.21		31,716,972.65		29,473,795.43
	Class A-2 Notes		420,000,000.00		335,660,250.37		0.7991911			—		—		—		—		—
	Class A-3 Notes		485,000,000.00		485,000,000.00		1.0000000			—		—		—		—		—
	Class A-4 Notes		170,000,000.00		170,000,000.00		1.0000000			—		—		—		—		—
	Certificates		185,393,258.00		185,393,258.00		1.0000000			—		—		—		—		—

	Total	$	1,685,393,258.00	$	1,176,053,508.37				$	74,244,777.11	$	33,870,898.01	$	42,922,711.21	$	31,716,972.65	$	29,473,795.43



	Total Sec. Value	$	1,685,393,258.00	$	1,209,761,374.37


						*Coupon Rate*			*Interest Payment*		*Interest Payment*		*Interest Payment*		*Interest Payment*		*Interest Payment*

	Class A-1 Notes						2.9850	%		634,312.50		872,503.62		788,249.76		704,195.50		602,583.54
	Class A-2 Notes						3.5200	%		739,200.00		1,232,000.00		1,232,000.00		1,232,000.00		1,232,000.00
	Class A-3 Notes						3.8200	%		926,350.00		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67
	Class A-4 Notes						3.9400	%		334,900.00		558,166.67		558,166.67		558,166.67		558,166.67

	Total									2,634,762.50		4,206,586.95		4,122,333.09		4,038,278.83		3,936,666.88


	*COLLECTIONS AND AVAILABLE FUNDS*

	Lease Payments Received									64,411,085.63		30,039,978.74		36,299,576.16		27,447,687.13		26,208,542.86
	Sales Proceeds — Early Terminations									15,251,517.74		9,245,344.54		11,889,586.73		12,020,896.40		9,494,276.53
	Sales Proceeds — Scheduled Terminations									—		—		—		843,062.99		3,062,125.47
	Security Deposits for Terminated Accounts									30,925.00		21,800.00		36,550.00		43,250.00		27,224.00
	Excess Wear and Tear Received									—		—		2,649.74		10,132.13		12,749.03
	Excess Mileage Charges Received									—		412.00		10,045.25		29,528.65		56,434.88
	Other Recoveries Received									—		6,485.00		41,931.00		77,673.81		69,802.00

	Subtotal: Total Collections									79,693,528.37		39,314,020.28		48,280,338.88		40,472,231.11		38,931,154.77

	Repurchase Payments									—		—		—		—		—
	Postmaturity Term Extension									—		—		—		153,973.31		925,707.20
	Investment Earnings on Collection Account									—		126,943.93		105,046.04		112,229.65		103,786.42

	Total Available Funds, prior to Servicer Advances									79,693,528.37		39,440,964.21		48,385,384.92		40,738,434.07		39,960,648.39

	Servicer Advance									—		—		—		—		—

	Total Available Funds									79,693,528.37		39,440,964.21		48,385,384.92		40,738,434.07		39,960,648.39

	Reserve Account Draw									—		—		—		—		—

	Available for Distribution									79,693,528.37		39,440,964.21		48,385,384.92		40,738,434.07		39,960,648.39


	*DISTRIBUTIONS*

	Payment Date Advance Reimbursement									—		—		—		—		—
	Servicing Fee:
	Servicing Fee Shortfall from Prior Periods									—		—		—		—		—
	Servicing Fee Due in Current Period									2,808,988.76		1,358,479.25		1,335,340.62		1,305,336.15		1,280,288.14
	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
	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									634,312.50		872,503.62		788,249.76		704,195.50		602,583.54
	Interest Due in Current Period Class A-2 Notes									739,200.00		1,232,000.00		1,232,000.00		1,232,000.00		1,232,000.00
	Interest Due in Current Period Class A-3 Notes									926,350.00		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67
	Interest Due in Current Period Class A-4 Notes									334,900.00		558,166.67		558,166.67		558,166.67		558,166.67
	Interest Shortfall Class A-1 Notes									—		—		—		—		—
	Interest Shortfall Class A-2 Notes									—		—		—		—		—
	Interest Shortfall Class A-3 Notes									—		—		—		—		—
	Interest Shortfall Class A-4 Notes									—		—		—		—		—
	First Priority Principal Distribution Amount									—		—		—		—		—
	Amount Paid to Reserve Account to Reach Specified Balance									—		—		—		—		—
	Regular Principal Paid to Noteholders									74,244,777.11		33,870,898.01		42,922,711.21		31,716,972.65		29,473,795.43
	Other Amounts paid to Trustees									—		—		—		—		—

	Remaining Available Funds									—		—		—		3,672,846.44		5,264,897.94

EXHIBIT 99.3


Volkswagen Auto Lease Trust 2005-A
SERVICER CERTIFICATE		Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
For the Annual Collection Period ended December 2005		February-05			March-05			April-05			May-05			June-05

	*CALCULATIONS*

	Calculation of First Priority Principal Distribution Amount:
	Outstanding Principal Amount of the Notes (Beg. Of Collection Period)		1,500,000,000.00			1,425,755,222.89			1,391,884,324.88			1,348,961,613.67			1,317,244,641.02
	Less: Aggregate Securitization Value (End of Collection Period)		(1,630,175,094.69	)		(1,602,408,747.68	)		(1,566,403,375.13	)		(1,536,345,765.02	)		(1,506,871,969.59	)

	First Priority Principal Distribution Amount (not less than zero)		—			—			—			—			—


	Calculation of Regular Principal Distribution Amount:
	Outstanding Principal Amount of the Notes (Beg. Of Collection Period)		1,500,000,000.00			1,425,755,222.89			1,391,884,324.88			1,348,961,613.67			1,317,244,641.02
	Less: First Priority Principal Distribution Amount		—			—			—			—			—
	Less: Targeted Note Balance		(1,411,073,970.69	)		(1,383,307,623.68	)		(1,347,302,251.13	)		(1,317,244,641.02	)		(1,287,770,845.59	)

	Regular Principal Distribution Amount		88,926,029.31			42,447,599.21			44,582,073.75			31,716,972.65			29,473,795.43


	Calculation of Targeted Note Balance:
	Aggregate Securitization Value (End of Collection Period)		1,630,175,094.69			1,602,408,747.68			1,566,403,375.13			1,536,345,765.02			1,506,871,969.59
	Less: Targeted Overcollateralization Amount (13% of Initial Securitization Value)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)

	Targeted Note Balance		1,411,073,970.69			1,383,307,623.68			1,347,302,251.13			1,317,244,641.02			1,287,770,845.59


	Calculation of Servicer Advance:
	Available Funds, prior to Servicer Advances		79,693,528.37			39,440,964.21			48,385,384.92			40,738,434.07			39,960,648.39
	Less: Payment Date Advance Reimbursement		—			—			—			—			—
	Less: Servicing Fees Paid		2,808,988.76			1,358,479.25			1,335,340.62			1,305,336.15			1,280,288.14
	Less: Administration Fees Paid		5,000.00			5,000.00			5,000.00			5,000.00			5,000.00
	Less: Interest Paid to Noteholders		2,634,762.50			4,206,586.95			4,122,333.09			4,038,278.83			3,936,666.88
	Less: 1st Priority Principal Distribution		—			—			—			—			—

	Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)		74,244,777.11			33,870,898.01			42,922,711.21			35,389,819.09			34,738,693.37
	Monthly Lease Payments Due on Included Units but not received		N/A			N/A			N/A			N/A			N/A

	Servicer Advance		—			—			—			—			—


	Total Available Funds after Servicer Advance		74,244,777.11			33,870,898.01			42,922,711.21			35,389,819.09			34,738,693.37

	Reserve Account Draw Amount		—			—			—			—			—


	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		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58
	Initial Reserve Account Balance		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58

	Beginning Reserve Account Balance		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58
	Plus: Net Investment Income for the Collection Period		—			33,969.92			37,677.68			41,446.60			41,811.46

	Subtotal: Reserve Fund Available for Distribution		16,853,932.58			16,887,902.50			16,891,610.26			16,895,379.18			16,895,744.04
	Plus: Deposit of Excess Available Funds		—			—			—			—			—
	Less: Reserve Account Draw Amount		—			—			—			—			—

	Subtotal Reserve Account Balance		16,853,932.58			16,887,902.50			16,891,610.26			16,895,379.18			16,895,744.04
	Less: Excess Reserve Account Funds to Transferor		—			33,969.92			37,677.68			41,446.60			41,811.46

	Equals: Ending Reserve Account Balance		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58


	Change in Reserve Account Balance from Immediately Preceding Payment Date		—			—			—			—			—

	Current Period Net Residual Losses:	*Amounts*			*Amounts*			*Amounts*			*Amounts*			*Amounts*

	Aggregate Securitization Value for Scheduled Terminated Units		—			—			—			912,679.34			3,235,452.13
	Less: Sales Proceeds for Current Month Scheduled Terminations		—			—			—			(849,562.99	)		(3,070,900.47	)
	Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations		—			—			—			—			(944.00	)
	Less: Excess Wear and Tear Received		—			—			—			(10,132.13	)		(12,749.03	)
	Less: Excess Mileage Received		—			—			—			(29,528.65	)		(56,434.88	)

	Current Period Net Residual Losses/(Gains)		—			—			—			23,455.57			94,423.75

	Cumulative Net Residual Losses:
	Beginning Cumulative Net Residual Losses		—			—			—			—			23,455.57
	Current Period Net Residual Losses		—			—			—			23,455.57			94,423.75

	Ending Cumulative Net Residual Losses		—			—			—			23,455.57			117,879.32

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

EXHIBIT 99.3


Volkswagen Auto Lease Trust 2005-A
SERVICER CERTIFICATE				Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period Ended:
For the Annual Collection Period ended December 2005				February-05			March-05			April-05			May-05			June-05

	*POOL STATISTICS*	Initial

	Collateral Pool Balance Data
	Aggregate Securitization Value	1,685,393,258			1,630,175,095			1,602,408,748			1,566,403,375			1,536,345,765			1,506,871,970
	Number of Current Contracts	72,157			71,507			71,095			70,539			69,925			69,249
	Weighted Average Lease Rate	3.59	%		3.58	%		3.57	%		3.61	%		3.55	%		3.54	%
	Average Remaining Term	27.48			25.47			23.86			24.25			21.94			21.14
	Average Original Term	42.98			42.97			42.96			43.61			42.95			42.95
	Monthly Prepayment Speed				82.81	%		81.14	%		98.00	%		96.32	%		89.89	%

				*Securitization Value*			*Securitization Value*			*Securitization Value*			*Securitization Value*			*Securitization Value*

	Pool Balance (Securitization Value) - Beginning of Period				1,685,393,259			1,630,175,095			1,602,408,748			1,566,403,375			1,536,345,765
	Depreciation/Payments				(40,939,759	)		(19,068,636	)		(24,419,958	)		(17,231,483	)		(15,985,245	)
	Gross Credit Losses				(18,127	)		(119,246	)		(644,371	)		(550,645	)		(576,494	)
	Early Terminations				(14,260,279	)		(8,578,464	)		(10,941,043	)		(11,208,829	)		(8,750,897	)
	Scheduled Terminations				—			—			—			(912,679	)		(3,235,452	)
	Repurchase/Reallocation				—			—			—			(153,973	)		(925,707	)

	Pool Balance - End of Period				1,630,175,095			1,602,408,748			1,566,403,375			1,536,345,765			1,506,871,970


	Delinquencies Aging Profile — End of Period Securitization Value
	Current				1,621,476,424			1,594,787,424			1,555,586,030			1,525,533,601			1,494,182,100
	31 - 90 Days Delinquent				8,512,491			6,743,998			9,722,670			9,775,516			11,660,725
	90+ Days Delinquent				186,180			877,326			1,094,676			1,036,648			1,029,145

	Total				1,630,175,095			1,602,408,748			1,566,403,375			1,536,345,765			1,506,871,970


	Credit Losses:
	Aggregate Securitization Value on charged-off units				18,127			119,246			644,371			550,645			576,494
	Aggregate Liquidation Proceeds on charged-off units				(476	)		(69,536	)		(445,017	)		(388,946	)		(378,837	)
	Recoveries on charged-off units				—			—			—			—			—

	Current Period Aggregate Net Credit Losses/(Gains)				17,651			49,710			199,354			161,699			197,657


	Cumulative Net Credit Losses:
	Beginning Cumulative Net Credit Losses				—			17,651			67,361			266,716			428,415
	Current Period Net Credit Losses				17,651			49,710			199,354			161,699			197,657

	Ending Cumulative Net Credit Losses				17,651			67,361			266,716			428,415			626,072

	Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value				0.00	%		0.00	%		0.02	%		0.03	%		0.04	%

EXHIBIT 99.3


Volkswagen Auto Lease Trust 2005-A
SERVICER CERTIFICATE										Collection Period Ended:		Collection Period Ended:		Collection Period Ended:		Collection Period		Collection Period		Collection Period Ended:
For the Annual Collection Period ended December 2005										July-05		August-05		September-05		October-05		November-05		December-05		TOTALS
	*SUMMARY*
		*Initial Balance*		*Ending Balance*			*Note Factor*			*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*		*Principal Pmt (Regular)*
	Class A-1 Notes		425,000,000.00		—			—			48,815,866.55		44,528,560.32		63,520,251.02		46,470,387.23		9,435,780.47		—		425,000,000.00
	Class A-2 Notes		420,000,000.00		335,660,250.37			0.7991911			—		—		—		—		32,852,146.70		51,487,602.93		84,339,749.63
	Class A-3 Notes		485,000,000.00		485,000,000.00			1.0000000			—		—		—		—		—		—		—
	Class A-4 Notes		170,000,000.00		170,000,000.00			1.0000000			—		—		—		—		—		—		—
	Certificates		185,393,258.00		185,393,258.00			1.0000000			—		—		—		—		—		—		—

	Total	$	1,685,393,258.00	$	1,176,053,508.37					$	48,815,866.55	$	44,528,560.32	$	63,520,251.02	$	46,470,387.23	$	42,287,927.17	$	51,487,602.93	$	509,339,749.63



	Total Sec. Value	$	1,685,393,258.00	$	1,209,761,374.37


						*Coupon Rate*				*Interest Payment*		*Interest Payment*		*Interest Payment*		*Interest Payment*		*Interest Payment*		*Interest Payment*		*Interest Payment*

	Class A-1 Notes							2.9850	%		582,194.23		394,243.41		297,073.22		148,337.70		22,689.12		—		5,046,382.59
	Class A-2 Notes							3.5200	%		1,232,000.00		1,232,000.00		1,232,000.00		1,232,000.00		1,232,000.00		1,135,633.70		12,962,833.70
	Class A-3 Notes							3.8200	%		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67		16,365,516.67
	Class A-4 Notes							3.9400	%		558,166.67		558,166.67		558,166.67		558,166.67		558,166.67		558,166.67		5,916,566.67

	Total										3,916,277.56		3,728,326.74		3,631,156.55		3,482,421.03		3,356,772.45		3,237,717.04		40,291,299.63


	*COLLECTIONS AND AVAILABLE FUNDS*

	Lease Payments Received										33,878,026.56		24,775,688.39		29,887,596.91		23,545,003.16		22,194,984.46		22,652,045.56		341,340,215.56
	Sales Proceeds — Early Terminations										16,391,808.09		12,659,553.22		14,644,216.97		11,239,713.80		9,874,233.60		11,206,475.67		133,917,623.29
	Sales Proceeds — Scheduled Terminations										7,661,252.27		13,635,606.36		23,310,381.76		14,579,953.61		14,634,311.45		21,011,135.32		98,737,829.23
	Security Deposits for Terminated Accounts										73,700.00		86,750.00		112,775.00		85,949.00		78,763.30		111,724.00		709,410.30
	Excess Wear and Tear Received										48,665.22		64,938.61		70,505.43		90,620.84		77,763.79		105,627.48		483,652.27
	Excess Mileage Charges Received										131,909.74		155,620.15		145,541.09		209,052.53		169,074.84		198,738.61		1,106,357.74
	Other Recoveries Received										95,755.70		66,411.95		175,235.74		417,443.98		844,042.34		1,840,589.52		3,635,371.04

	Subtotal: Total Collections										58,281,117.58		51,444,568.68		68,346,252.90		50,167,736.92		47,873,173.78		57,126,336.16		579,930,459.43

	Repurchase Payments										—		—		—		—		—		—		—
	Postmaturity Term Extension										1,312,428.70		1,424,799.17		2,307,005.21		2,181,498.20		—		—		8,305,411.79
	Investment Earnings on Collection Account										137,487.36		169,488.70		171,636.02		191,161.61		174,709.69		224,380.63		1,516,870.05

	Total Available Funds, prior to Servicer Advances										59,731,033.64		53,038,856.55		70,824,894.13		52,540,396.73		48,047,883.47		57,350,716.79		589,752,741.27

	Servicer Advance										—		—		—		—		—		—		—

	Total Available Funds										59,731,033.64		53,038,856.55		70,824,894.13		52,540,396.73		48,047,883.47		57,350,716.79		589,752,741.27

	Reserve Account Draw										—		—		—		—		—		—		—

	Available for Distribution										59,731,033.64		53,038,856.55		70,824,894.13		52,540,396.73		48,047,883.47		57,350,716.79		589,752,741.27


	*DISTRIBUTIONS*

	Payment Date Advance Reimbursement										—		—		—		—		—		—		—
	Servicing Fee:
	Servicing Fee Shortfall from Prior Periods										—		—		—		—		—		—		—
	Servicing Fee Due in Current Period										1,255,726.64		1,215,046.75		1,177,939.62		1,125,006.08		1,086,280.75		1,051,040.81		14,999,473.57
	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		55,000.00
	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										582,194.23		394,243.41		297,073.22		148,337.70		22,689.12		—		5,046,382.59
	Interest Due in Current Period Class A-2 Notes										1,232,000.00		1,232,000.00		1,232,000.00		1,232,000.00		1,232,000.00		1,135,633.70		12,962,833.70
	Interest Due in Current Period Class A-3 Notes										1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67		1,543,916.67		16,365,516.67
	Interest Due in Current Period Class A-4 Notes										558,166.67		558,166.67		558,166.67		558,166.67		558,166.67		558,166.67		5,916,566.67
	Interest Shortfall Class A-1 Notes										—		—		—		—		—		—		—
	Interest Shortfall Class A-2 Notes										—		—		—		—		—		—		—
	Interest Shortfall Class A-3 Notes										—		—		—		—		—		—		—
	Interest Shortfall Class A-4 Notes										—		—		—		—		—		—		—
	First Priority Principal Distribution Amount										—		—		—		—		—		—		—
	Amount Paid to Reserve Account to Reach Specified Balance										—		—		—		—		—		—		—
	Regular Principal Paid to Noteholders										48,815,866.55		44,528,560.32		63,520,251.02		46,470,387.23		42,287,927.17		51,487,602.93		509,339,749.63
	Other Amounts paid to Trustees										—		—		—		—		—		—		—

	Remaining Available Funds										5,738,162.89		3,561,922.73		2,490,546.94		1,457,582.39		1,311,903.09		1,569,356.01		25,067,218.45

EXHIBIT 99.3


Volkswagen Auto Lease Trust 2005-A
SERVICER CERTIFICATE		Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period			Collection Period			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 First Priority Principal Distribution Amount:
	Outstanding Principal Amount of the Notes (Beg. Of Collection Period)		1,287,770,845.59			1,238,954,979.04			1,194,426,418.72			1,130,906,167.70			1,084,435,780.47			1,042,147,853.30
	Less: Aggregate Securitization Value (End of Collection Period)		(1,458,056,103.04	)		(1,413,527,542.72	)		(1,350,007,291.70	)		(1,303,536,904.47	)		(1,261,248,977.30	)		(1,209,761,374.37	)

	First Priority Principal Distribution Amount (not less than zero)		—			—			—			—			—			—			—


	Calculation of Regular Principal Distribution Amount:
	Outstanding Principal Amount of the Notes (Beg. Of Collection Period)		1,287,770,845.59			1,238,954,979.04			1,194,426,418.72			1,130,906,167.70			1,084,435,780.47			1,042,147,853.30
	Less: First Priority Principal Distribution Amount		—			—			—			—			—			—
	Less: Targeted Note Balance		(1,238,954,979.04	)		(1,194,426,418.72	)		(1,130,906,167.70	)		(1,084,435,780.47	)		(1,042,147,853.30	)		(990,660,250.37	)

	Regular Principal Distribution Amount		48,815,866.55			44,528,560.32			63,520,251.02			46,470,387.23			42,287,927.17			51,487,602.93			534,257,065.57


	Calculation of Targeted Note Balance:
	Aggregate Securitization Value (End of Collection Period)		1,458,056,103.04			1,413,527,542.72			1,350,007,291.70			1,303,536,904.47			1,261,248,977.30			1,209,761,374.37
	Less: Targeted Overcollateralization Amount (13% of Initial Securitzation Value)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)		(219,101,124.00	)

	Targeted Note Balance		1,238,954,979.04			1,194,426,418.72			1,130,906,167.70			1,084,435,780.47			1,042,147,853.30			990,660,250.37


	Calculation of Servicer Advance:
	Available Funds, prior to Servicer Advances		59,731,033.64			53,038,856.55			70,824,894.13			52,540,396.73			48,047,883.47			57,350,716.79
	Less: Payment Date Advance Reimbursement		—			—			—			—			—			—
	Less: Servicing Fees Paid		1,255,726.64			1,215,046.75			1,177,939.62			1,125,006.08			1,086,280.75			1,051,040.81
	Less: Administration Fees Paid		5,000.00			5,000.00			5,000.00			5,000.00			5,000.00			5,000.00
	Less: Interest Paid to Noteholders		3,916,277.56			3,728,326.74			3,631,156.55			3,482,421.03			3,356,772.45			3,237,717.04
	Less: 1st Priority Principal Distribution		—			—			—			—			—			—

	Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)		54,554,029.44			48,090,483.05			66,010,797.96			47,927,969.62			43,599,830.26			53,056,958.94
	Monthly Lease Payments Due on Included Units but not received		N/A			N/A			N/A			N/A			N/A			N/A

	Servicer Advance		—			—			—			—			—			—			—


	Total Available Funds after Servicer Advance		54,554,029.44			48,090,483.05			66,010,797.96			47,927,969.62			43,599,830.26			53,056,958.94

	Reserve Account Draw Amount		—			—			—			—			—			—			—


	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		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58
	Initial Reserve Account Balance		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58

	Beginning Reserve Account Balance		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58
	Plus: Net Investment Income for the Collection Period		45,717.44			48,366.36			49,011.03			52,998.10			54,187.16			58,751.82			463,937.57

	Subtotal: Reserve Fund Available for Distribution		16,899,650.02			16,902,298.94			16,902,943.61			16,906,930.68			16,908,119.74			16,912,684.40			17,317,870.15
	Plus: Deposit of Excess Available Funds		—			—			—			—			—			—			—
	Less: Reserve Account Draw Amount		—			—			—			—			—			—			—

	Subtotal Reserve Account Balance		16,899,650.02			16,902,298.94			16,902,943.61			16,906,930.68			16,908,119.74			16,912,684.40			17,317,870.15
	Less: Excess Reserve Account Funds to Transferor		45,717.44			48,366.36			49,011.03			52,998.10			54,187.16			58,751.82			463,937.57

	Equals: Ending Reserve Account Balance		16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58			16,853,932.58


	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		8,588,666.30			15,384,633.64			27,009,405.08			18,274,380.26			18,723,907.92			26,211,979.56			118,341,104.23
	Less: Sales Proceeds for Current Month Scheduled Terminations		(7,697,252.27	)		(13,694,431.36	)		(23,389,156.76	)		(14,641,077.61	)		(14,688,649.75	)		(21,098,359.32	)		(99,129,390.53	)
	Less: Sales Proceeds/Recoveries for Prior Month Scheduled Terminations		(3,731.00	)		(5,074.00	)		(92,921.16	)		(328,857.31	)		(790,771.96	)		(1,794,934.68	)		(3,017,234.11	)
	Less: Excess Wear and Tear Received		(48,665.22	)		(64,938.61	)		(70,505.43	)		(90,620.84	)		(77,763.79	)		(105,627.48	)		(481,002.53	)
	Less: Excess Mileage Received		(131,909.74	)		(155,620.15	)		(145,541.09	)		(209,052.53	)		(169,074.84	)		(198,738.61	)		(1,095,900.49	)

	Current Period Net Residual Losses/(Gains)		707,108.07			1,464,569.52			3,311,280.64			3,004,771.97			2,997,647.58			3,014,319.47			14,617,576.57

	Cumulative Net Residual Losses:
	Beginning Cumulative Net Residual Losses		117,879.32			824,987.39			2,289,556.91			5,600,837.55			8,605,609.52			11,603,257.10			—
	Current Period Net Residual Losses		707,108.07			1,464,569.52			3,311,280.64			3,004,771.97			2,997,647.58			3,014,319.47			14,617,576.57

	Ending Cumulative Net Residual Losses		824,987.39			2,289,556.91			5,600,837.55			8,605,609.52			11,603,257.10			14,617,576.57			14,617,576.57

	Cumulative Net Residual Losses/(Gains) % of Aggregate Initial Securitization Value		0.05	%		0.14	%		0.33	%		0.51	%		0.69	%		0.87	%		0.87	%

EXHIBIT 99.3


Volkswagen Auto Lease Trust 2005-A
SERVICER CERTIFICATE				Collection Period Ended:			Collection Period Ended:			Collection Period Ended:			Collection Period			Collection Period			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	1,685,393,258			1,458,056,103			1,413,527,543			1,350,007,292			1,303,536,904			1,261,248,977			1,209,761,374
	Number of Current Contracts	72,157			67,907			66,328			63,996			62,304			60,775			58,869
	Weighted Average Lease Rate	3.59	%		3.52	%		3.51	%		3.49	%		3.49	%		3.50	%		3.53	%
	Average Remaining Term	27.48			20.21			19.61			18.95			18.39			17.81			17.24
	Average Original Term	42.98			42.95			42.98			43.03			43.07			43.12			43.19
	Monthly Prepayment Speed				90.24	%		83.68	%		89.51	%		79.42	%		72.41	%		74.11	%

				*Securitization Value*			*Securitization Value*			*Securitization Value*			*Securitization Value*			*Securitization Value*			*Securitization Value*

	Pool Balance (Securitization Value) - Beginning of Period				1,506,871,970			1,458,056,103			1,413,527,543			1,350,007,292			1,303,536,904			1,261,248,977			1,685,393,259
	Depreciation/Payments				(22,844,587	)		(15,377,725	)		(20,182,677	)		(14,855,539	)		(13,802,628	)		(14,441,566	)		(219,149,804	)
	Gross Credit Losses				(633,710	)		(725,498	)		(879,313	)		(863,023	)		(451,749	)		(577,994	)		(6,040,172	)
	Early Terminations				(15,436,475	)		(11,615,904	)		(13,141,850	)		(10,295,947	)		(9,309,642	)		(10,256,063	)		(123,795,393	)
	Scheduled Terminations				(8,588,666	)		(15,384,634	)		(27,009,405	)		(18,274,380	)		(18,723,908	)		(26,211,980	)		(118,341,104	)
	Repurchase/Reallocation				(1,312,429	)		(1,424,799	)		(2,307,005	)		(2,181,498	)		—			—			(8,305,412	)

	Pool Balance - End of Period				1,458,056,103			1,413,527,543			1,350,007,292			1,303,536,904			1,261,248,977			1,209,761,374			1,209,761,374


	Delinquencies Aging Profile - End of Period Securitization Value
	Current				1,442,000,833			1,397,613,257			1,333,196,344			1,287,476,092			1,244,509,084			1,192,884,466
	31 - 90 Days Delinquent				14,113,695			13,993,149			14,533,234			13,754,502			13,936,086			13,813,078
	90+ Days Delinquent				1,941,575			1,921,137			2,277,714			2,306,311			2,803,807			3,063,831

	Total				1,458,056,103			1,413,527,543			1,350,007,292			1,303,536,904			1,261,248,977			1,209,761,374


	Credit Losses:
	Aggregate Securitization Value on charged-off units				633,710			725,498			879,313			863,023			451,749			577,994			6,040,172
	Aggregate Liquidation Proceeds on charged-off units				(371,372	)		(508,715	)		(563,098	)		(520,478	)		(206,604	)		(402,848	)		(3,855,927	)
	Recoveries on charged-off units				(346	)		(17,824	)		(21,697	)		(47,383	)		(252	)		(30,740	)		(118,242	)

	Current Period Aggregate Net Credit Losses/(Gains)				261,992			198,959			294,518			295,161			244,893			144,407			2,066,003


	Cumulative Net Credit Losses:
	Beginning Cumulative Net Credit Losses				626,072			888,064			1,087,023			1,381,542			1,676,703			1,921,596			—
	Current Period Net Credit Losses				261,992			198,959			294,518			295,161			244,893			144,407			2,066,003

	Ending Cumulative Net Credit Losses				888,064			1,087,023			1,381,542			1,676,703			1,921,596			2,066,003			2,066,003

	Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Sec. Value				0.05	%		0.06	%		0.08	%		0.10	%		0.11	%		0.12	%		0.12	%

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Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents