EX-20 2 a04-14924_1ex20.htm EX-20

Exhibit 20

 

Wells Fargo Financial Auto Owner Trust 2004-A
Class A-1 1.0725% Asset Backed Notes
Class A-2 1.47% Asset Backed Notes
Class A-3 2.06% Asset Backed Notes
Class A-4 2.67% Asset Backed Notes
Servicer’s Certificate

 

 

This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement dated as of March 1, 2004 among Wells Fargo Financial Auto Owner Trust 2004-A, as Issuer,  Wells Fargo Financial,  Inc., as Master Servicer,  ACE Securities Corp. and JPMorgan Chase Bank as Indenture Trustee. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

 

 

 

 

Original Pool

 

 

Monthly Period Beginning:

11/01/2004

 

 

 

 

 

Original

Monthly Period Ending:

11/30/2004

 

 

Units

Cut-off Date

Closing Date

Pool Balance

Previous Distribution/Close Date:

11/15/2004

 

 

46,042

02/29/2004

03/11/2004

751,885,625

Distribution Date:

12/15/2004

 

 

 

 

 

 

Actual Days of Interest for Period:

30

 

 

 

 

 

 

30/360 Days of Interest for Period

30

 

 

 

 

 

 

Days in Collection Period:

30

 

 

 

 

 

 

Months Seasoned:

9

 

 

 

 

 

 

 

 

I.

MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

 

 

 

 

 

{1}

Beginning of period Pool Balance

 

{1}

570,119,238

 

 

 

 

 

 

 

Monthly Principal Amounts

 

 

 

 

 

 

 

 

 

 

 

{2}

Collections on Receivables outstanding at end of period

{2}

8,462,421

 

 

 

{3}

Collections on Receivables paid off during period

{3}

10,663,101

 

 

 

{4}

Receivables becoming Defaulted Receivables during period

{4}

6,448,249

 

 

 

{5}

Receivables becoming Repurchased Receivables during period

{5}

0

 

 

 

{6}

Other Receivables adjustments

{6}

0

 

 

 

{7}

Interest and Other Fees

{7}

7,289,582

 

 

 

 

 

 

 

 

 

 

{8}

Total Monthly Principal Amounts

 

 

{8}

25,573,772

 

 

 

 

 

 

 

{9}

End of period Pool Balance

 

{9}

544,545,467

 

 

 

 

 

{10}

Pool Factor ( {9} / Original Pool Balance)

 

 

{10}

72.4239763%

 

II.

MONTHLY PERIOD NOTE/CERTIFICATE BALANCE CALCULATION:

 

 

 

 

 

 

 

 

 

 

 

 

Class A-1

Class A-2

Class A-3

Class A-4

Certificate

TOTAL

{11}

Original Balance

{11}

144,000,000

113,000,000

128,000,000

115,000,000

251,879,699

751,879,699

 

 

 

 

 

 

 

 

 

{12}

Beginning of period balance

{12}

324,524

113,000,000

128,000,000

115,000,000

169,847,291

526,171,815

 

 

 

 

 

 

 

 

 

{13}

Regular Principal Distribution Amount

{13}

0

0

0

0

 

0

{14}

Accelerated Principal Distribution Amount

{14}

324,524

15,659,083

0

0

 

15,983,607

{15}

Excess Cash Flow payable to Certificateholders

{15}

 

 

 

 

11,196,321

11,196,321

 

 

 

 

 

 

 

 

 

{16}

End of period balance

{16}

0

97,340,917

128,000,000

115,000,000

158,650,971

498,991,887

 

 

 

 

 

 

 

 

 

{17}

Note/Certificate Pool Factors ( {16} / {11} )

{17}

0.0000000%

86.14%

100.00%

100.00%

62.99%

66.37%

 

 

 

 

 

 

 

 

 

III.

CALCULATION OF REGULAR PRINCIPAL DISTRIBUTABLE AMOUNT

 

 

 

 

 

 

 

 

{18}

End of period Pool Balance

{18}

544,545,467

 

{19}

Beginning of period Class A Note Balance

{19}

356,324,524

 

{20}

Pro Forma Class A Note Balance ( 66.50% x {18} )

{20}

362,122,735

 

{21}

Pro Forma Regular Principal Distribution Amount ( {19} - {20} )

{21}

0

 

{22}

Current Payment Date equal to a Final Scheduled Payment Date

{22}

No

 

{23}

If {22} is Yes, amount of Beginning of Period Note Balance for such class.  If {22} is No, then 0

{23}

0

 

 

 

 

 

 

{24}

Regular Principal Distributable Amount {Max (Line 21, Line 23)}

{24}

 

0

 

IV.

CALCULATION OF ACCELERATED PRINCIPAL DISTRIBUTABLE AMOUNT

 

 

 

 

 

 

 

 

{25}

End of period Pool Balance

{25}

544,545,467

 

{26}

Beginning of period Class A Note Balance

{26}

356,324,524

 

{27}

Pro Forma Class A Note Balance (62.50% x Line 26)

{27}

340,340,917

 

{28}

Pro Forma Accelerated Principal Distribution Amount ( {26} - [27} )

{28}

15,983,607

 

{29}

Regular Principal Distribution Amount ( {24} )

{29}

0

 

 

 

 

 

 

{30}

Accelerated Principal Distributable Amount ( {28} - {29} )

{30}

 

15,983,607

 

 

V.

RECONCILIATION OF COLLECTION ACCOUNT:

 

 

 

 

 

 

 

 

 

Available Funds:

 

 

 

 

 

{31}

Collections on Receivables during period (net of Liquidation Proceeds and Fees)

{31}

26,228,324

 

 

 

{32}

Liquidation Proceeds collected during period

{32}

2,379,852

 

 

 

{33}

Repurchase Amounts deposited in Collection Account

{33}

0

 

 

 

{34}

Investment Earnings - Collection Account

{34}

0

 

 

 

{35}

Investment Earnings - Reserve Account

{35}

12,715

 

 

 

{36}

Collection of Supplemental Servicing - Extension Fees, Late Fees, Repo and Recovery Fees Advanced

{36}

186,781

 

 

 

{37}

Amounts from the Reserve Account in excess of the Reserve Account Required Amount ( {71} )

{37}

124,100

 

 

 

{38}

Reserve Account Transfer Amount ( {76} )

{38}

0

 

 

 

{39}

Total Available Funds

{39}

 

28,931,773

 

 

 

 

 

 

 

 

Distributions:

 

 

 

 

 

{40}

Base Servicing Fee (2.00%) -  to Servicer

 

 

{40}

950,199

 

 

 

{41}

Supplemental Servicing Fee - to Servicer

{41}

186,781

 

 

 

 

 

 

 

 

 

 

{42}

Indenture Trustee and Owner Trustee Fees

{42}

542

 

 

 

 

 

 

 

 

 

Noteholders’ Interest Distribution Amount

 

 

 

 

 

Class

Beginning
Note Balance

Interest
Carryover

Interest
Rate

Days

Days Basis

Calculated
Interest

 

 

 

 

{43}

Class A - 1

$324,524

0

1.07250%

30

Actual days/360

290

{43}

290

 

 

{44}

Class A - 2

113,000,000

0

1.47000%

30

30/360

138,425

{44}

138,425

 

 

{45}

Class A - 3

128,000,000

0

2.06000%

30

30/360

219,733

{45}

219,733

 

 

{46}

Class A - 4

115,000,000

0

2.67000%

30

30/360

255,875

{46}

255,875

 

 

 

 

 

 

 

 

{47}

Available Funds Subtotal ( {39} - {40 to 46} )

{47}

 

27,179,928

 

1


 

 

 

Noteholders’ Regular Principal Distribution Amount

 

 

 

 

 

 

Class

Principal
Distributable

 

 

 

Total
Principal

 

 

 

 

 

{48}

Class A - 1

0

 

 

 

0

{48}

0

 

 

 

{49}

Class A - 2

0

 

 

 

0

{49}

0

 

 

 

{50}

Class A - 3

0

 

 

 

0

{50}

0

 

 

 

{51}

Class A - 4

0

 

 

 

0

{51}

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{52}

Total Regular Principal Distribution Amount distributions

 

 

{52}

0

 

 

 

 

 

 

 

 

 

 

 

 

{53}

Available Funds Subtotal ( {47} - {52} )

{53}

 

27,179,928

 

 

 

 

 

 

 

 

 

{54}

Deposit to the Reserve Account to achieve the Reserve Account Required Amount

{54}

0

 

 

 

 

 

 

 

 

 

 

{55}

Available Funds Subtotal ( {53} - {54} )

{55}

 

27,179,928

 

 

 

 

 

 

 

 

 

Noteholders’ Accelerated Principal Distribution Amount

 

 

 

 

 

Class

Principal
Distributable

 

 

 

Total
Principal

 

 

 

 

{56}

Class A - 1

324,524

 

 

 

$324,524

{56}

324,524

 

 

{57}

Class A - 2

15,659,083

 

 

 

15,659,083

{57}

15,659,083

 

 

{58}

Class A - 3

0

 

 

 

0

{58}

0

 

 

{59}

Class A - 4

0

 

 

 

0

{59}

0

 

 

 

 

 

 

 

 

 

 

 

 

 

{60}

Total Noteholders’ Accelerated Principal Distribution Amount

{60}

15,983,607

 

 

{61}

Available Funds Subtotal ( {55} - {60} )

{61}

 

11,196,321

 

 

 

 

 

{62}

Additional amounts to the Indenture Trustee and Owner Trustee

{62}

 

0

 

 

 

 

 

{63}

Released to the Certificateholder

{63}

 

11,196,321

 

 

 

 

 

{64}

Released to Residual Interest holder

{64}

 

0

 

VI.

RECONCILIATION OF RESERVE ACCOUNT:

 

 

 

 

 

 

 

 

 

{65}

End of period Pool Balance

{65}

544,545,467

 

 

 

 

 

 

 

 

{66}

Reserve Account Target (2.0% x {65} )

{66}

10,890,909

 

 

{67}

Reserve Account Floor

{67}

11,278,284

 

 

{68}

Outstanding Principal Balance of Notes

{68}

498,991,887

 

 

{69}

Requisite Amount of Reserve Account

{69}

11,278,284

 

 

 

 

 

 

 

 

{70}

Beginning of Period Reserve Account Balance

{70}

 

11,402,385

 

{71}

Reserve Account Balance in excess of requisite amount

{71}

124,100

 

 

{72}

Reserve Fund Balance after excess is released

{72}

 

11,278,284

 

{73}

Reserve Account Shortfall

{73}

0

 

 

 

 

 

 

 

 

{74}

Total Required Payment ( {24} + {40 to 46} )

{74}

1,751,844

 

 

{75}

Available Funds {31 to 37}

{75}

28,931,773

 

 

{76}

Reserve Account Transfer Amount

{76}

 

0

 

 

 

 

 

 

 

{77}

Amounts Deposited to Reserve Acccount

{77}

0

 

 

 

 

 

 

 

 

{78}

End of Period Reserve Fund Balance

{78}

 

11,278,284

 

VII.

STATISTICAL DATA:  (CURRENT AND HISTORICAL)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original

Current

{79}

Weighted Average APR of the Receivables

 

{79}

16.16%

16.66%

{80}

Weighted Average Remaining Term of the Receivables

 

{80}

57.72

49.67

{81}

Weighted Average Original Term of Receivables

 

{81}

67.89

 

{82}

Aggregate Realized Losses

 

{82}

0

19,205,775

 

VIII.

DELINQUENCY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables with Scheduled Payment delinquent

 

Units

Dollars

Percentage

{83}

31-60 days

{83}

2,214

32,546,904

5.98%

{84}

61-90 days

{84}

843

12,593,015

2.31%

{85}

over 90 days

{85}

964

13,624,536

2.50%

{86}

Receivables with Scheduled Payment delinquent more than 30 days at end of period

{86}

4,021

58,764,454

10.79%

 

 

 

 

 

 

 

IX.

CUMULATIVE NET LOSS RATE

 

 

 

 

 

 

 

 

 

 

Cumulative Net Loss Rate

 

 

 

 

{87}

Receivables becoming Liquidation Receivables during period

{87}

6,448,249

 

 

{88}

Liquidation Proceeds collected during period

{88}

2,379,852

 

 

{89}

Net Losses during period ( {87} - {88} )

{89}

4,068,397

 

 

{90}

Net Losses since Initial Cut-off Date (Beginning of Period)

{90}

15,147,050

 

 

{91}

Cumulative Net Loss Rate ( ( {89} + {90} ) / {92} )

{91}

 

2.5556%

 

{92}

Original Pool Balance

{92}

751,885,625

 

 

 

Prepared By:

 

Wells Fargo Financial, Acceptance, Inc (the subservicer)

 

Name:

 

Dean Anderson

 

Title:

 

Vice President

 

Date:

 

12/15/2004

 

 

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