0000950123-11-028910.txt : 20110325 0000950123-11-028910.hdr.sgml : 20110325 20110325092837 ACCESSION NUMBER: 0000950123-11-028910 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110325 DATE AS OF CHANGE: 20110325 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Chrysler Financial Auto Securitization Trust 2010-A CENTRAL INDEX KEY: 0001501794 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-163025-01 FILM NUMBER: 11711053 BUSINESS ADDRESS: STREET 1: 27777 INKSTER ROAD CITY: FARMINGTON HILLS STATE: MI ZIP: 48334 BUSINESS PHONE: (248) 427-6300 MAIL ADDRESS: STREET 1: 27777 INKSTER ROAD CITY: FARMINGTON HILLS STATE: MI ZIP: 48334 10-K 1 k50212e10vk.htm FORM 10-K e10vk
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
     
þ   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended: December 31, 2010
OR
     
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number of issuing entity: 333-163025-01
Commission File Number of depositor: 333-163025
Chrysler Financial Auto Securitization Trust 2010-A
(Exact name of issuing entity as specified in its charter)
Chrysler Financial Services Americas LLC
(Exact name of depositor and sponsor as specified in its charter)
     
     
Delaware   68-0651984
     
(State or Other Jurisdiction of Incorporation of issuing entity)   (I.R.S. Employer Identification No. of issuing entity)
     
c/o U.S. Bank Trust National Association, as owner trustee
300 Delaware Ave., 9th Floor
Wilmington, Delaware
  19801
     
(Address of Principal Executive Offices of issuing entity)   (Zip Code)
(302) 622-8163
(Telephone number, including area code, of issuing entity)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark 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 Act. þ Yes o 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 shorter 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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). o Yes þ No (The registrant is not required to submit such files)
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the 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-non-accelerated filer. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):
             
Large accelerated filer o   Accelerated filer o   Non-accelerated filer þ (Do not check if a smaller reporting company)   Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes þ No
State the aggregate market value of the voting and non-voting common equity held by nonaffiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked prices of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. Not applicable.
 
 


TABLE OF CONTENTS

PART I
Item 1. Business
Item 1A. Risk Factors
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Reserved
Item 1B. Unresolved Staff Comments
PART II
Item 5. Market for Registrants Common Equity, 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 Operations
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, Executive Officers and Corporate Governance
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, and Director Independence
Item 14. Principal Accountant Fees and Services
Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets — Financial Information
Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, except for Certain Derivatives Instruments — Financial Information Regarding Significant Enhancement Providers
Item 1115(b) of Regulation AB. Certain Derivatives Instruments — Financial Information
Item 1117 of Regulation AB. Legal Proceedings
Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions
Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria
Item 1123 of Regulation AB. Servicing Compliance Statement
PART IV
Item 15. Exhibits and Financial Statement Schedules
SIGNATURES
EXHIBIT INDEX
EX-31.1
EX-33.1
EX-33.2
EX-34.1
EX-34.2
EX-35.1


Table of Contents

PART I
The following Items have been omitted in accordance with General Instruction J(1) to Form 10-K:
Item 1.   Business
Item 1A.   Risk Factors
Item 2.   Properties
Item 3.   Legal Proceedings
Item 4.   [Reserved]
Item 1B.   Unresolved Staff Comments.
     Nothing to report.
PART II
The following Items have been omitted in accordance with General Instruction J(1) to Form 10-K:
Item 5.   Market for Registrant’s Common Equity, 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 Operations
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.
     Nothing to report.
PART III
The following Items have been omitted in accordance with General Instruction J(1) to Form 10-K:
Item 10.   Directors, Executive Officers and Corporate Governance.
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, and Director Independence
Item 14.   Principal Accountant Fees and Services

1


Table of Contents

PURSUANT TO GENERAL INSTRUCTION J(2) THE FOLLOWING SUBSTITUTE INFORMATION IS BEING PROVIDED IN THIS REPORT ON FORM 10-K:
Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets — Financial Information.
     Nothing to report.
Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, except for Certain Derivatives Instruments — Financial Information Regarding Significant Enhancement Providers.
     Nothing to report.
Item 1115(b) of Regulation AB. Certain Derivatives Instruments — Financial Information.
     Nothing to report.
Item 1117   of Regulation AB. Legal Proceedings.
     Nothing to report.
Item 1119   of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
     Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.
Item 1122   of Regulation AB. Compliance with Applicable Servicing Criteria.
     Each of Chrysler Financial Services Americas LLC (“Chrysler Financial”) and Wells Fargo Bank, National Association (“Wells Fargo,” together with Chrysler Financial, each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to the pool assets held by the issuing entity. Each Servicing Participant has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) as of December 31, 2010 and for the reporting period, which Reports on Assessment are attached as Exhibits 33.1 and 34.1 to this report on Form 10-K. In addition, each Servicing Participant has provided an attestation report (each, an “Attestation Report”) by a registered independent public accounting firm on its Report on Assessment. The Attestation Reports are attached as Exhibits 33.2 and 34.2 to this report on Form 10-K.
     Neither the Report on Assessment nor the Attestation Report for Chrysler Financial has identified any material instances of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to Chrysler Financial.
     Neither the Report on Assessment nor the Attestation Report for Wells Fargo has identified any material instances of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to Wells Fargo.
Item 1123   of Regulation AB. Servicing Compliance Statement.
     The information required by this item is attached as Exhibit 35.1.

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PART IV
Item 15.   Exhibits and Financial Statement Schedules.
  (a)   The following documents are filed as part of this report
  (1)   Not applicable.
 
  (2)   Not applicable.
 
  (3)   See Item 15(b) below.
  (b)   Exhibits Required by Item 601 of Regulation S-K
     
Exhibit Number   Description
3.1
  Articles of Organization, as amended, of Chrysler Financial Services Americas LLC (“Chrysler Financial”) (included in Exhibit 3.1 to the Registration Statement on Form S-3, No. 333-163025, as filed with the Securities and Exchange Commission (the “Commission”) on December 15, 2009, which is incorporated herein by reference).
 
   
3.2
  Fourth Amended and Restated Limited Liability Company Operating Agreement of Chrysler Financial dated as of October 25, 207 and Amendment Number One thereto dated as of January 15, 2009 (included in Exhibit 3.2 to Chrysler Financial’s Form 8-K, as filed with the Commission on January 21, 2010, which is incorporated herein by reference).
 
   
4.1
  Indenture, dated as of September 29, 2010, between Chrysler Financial Auto Securitization Trust 2010-A (the “Trust”) and Wells Fargo Bank, National Association (“Wells Fargo”), as indenture trustee (the “Indenture Trustee”) (included in Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
4.2
  Amended and Restated Trust Agreement, dated as of September 29, 2010, between Chrysler Financial and U.S. Bank Trust National Association, as owner trustee (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
10.1
  Sale and Servicing Agreement, dated as of September 29, 2010, among Chrysler Financial, as servicer, the Trust and Wells Fargo, as backup servicer (included in Exhibit 10.1 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
31.1
  Certification of Chrysler Financial pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
33.1
  Report on Assessment of Compliance with Servicing Criteria for Chrysler Financial.
 
   
33.2
  Report on Assessment of Compliance with Servicing Criteria for Wells Fargo.
 
   
34.1
  Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Chrysler Financial.
 
   
34.2
  Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Wells Fargo.
 
   
35.1
  Servicer Compliance Statement of Chrysler Financial.
 
   
99.1
  Administration Agreement, dated as of September 29, 2010, among Chrysler Financial, the Indenture Trustee and the Trust (included in Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
99.2
  Purchase Agreement, dated as of September 29, 2010, between Chrysler Financial and Chrysler Residual Holdco LLC (included in Exhibit 99.2 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
  (c)   Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED
WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF
THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to any security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

3


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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.
         
  Chrysler Financial Auto Securitization Trust 2010-A    
  (Issuing entity)
 
 
  By:   Chrysler Financial Services Americas LLC    
    (Servicer)   
 
  By:   /s/ L.F. Guindi    
    L.F. Guindi   
    Vice President and Treasurer
(senior officer of Servicer in charge of servicing function) 
 
 
Dated: March 25, 2011

4


Table of Contents

EXHIBIT INDEX
     
Exhibit Number   Description
3.1
  Articles of Organization, as amended, of Chrysler Financial Services Americas LLC (“Chrysler Financial”) (included in Exhibit 3.1 to the Registration Statement on Form S-3, No. 333-163025, as filed with the Securities and Exchange Commission (the “Commission”) on December 15, 2009, which is incorporated herein by reference).
 
   
3.2
  Fourth Amended and Restated Limited Liability Company Operating Agreement of Chrysler Financial dated as of October 25, 207 and Amendment Number One thereto dated as of January 15, 2009 (included in Exhibit 3.2 to Chrysler Financial’s Form 8-K, as filed with the Commission on January 21, 2010, which is incorporated herein by reference).
 
   
4.1
  Indenture, dated as of September 29, 2010, between Chrysler Financial Auto Securitization Trust 2010-A (the “Trust”) and Wells Fargo Trust Company Americas (“Wells Fargo”), as indenture trustee (the “Indenture Trustee”) (included in Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
4.2
  Amended and Restated Trust Agreement, dated as of September 29, 2010, among Chrysler Financial and U.S. Bank Trust National Association, as owner trustee (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
10.1
  Sale and Servicing Agreement, dated as of September 29, 2010, among Chrysler Financial, as servicer, the Trust and Wells Fargo, as backup servicer (included in Exhibit 10.1 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
31.1
  Certification of Chrysler Financial pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
   
33.1
  Report on Assessment of Compliance with Servicing Criteria for Chrysler Financial.
 
   
33.2
  Report on Assessment of Compliance with Servicing Criteria for Wells Fargo.
 
   
34.1
  Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Chrysler Financial.
 
   
34.2
  Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Wells Fargo.
 
   
35.1
  Servicer Compliance Statement of Chrysler Financial.
 
   
99.1
  Administration Agreement, dated as of September 29, 2010, among Chrysler Financial, the Indenture Trustee and the Trust (included in Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).
 
   
99.2
  Purchase Agreement, dated as of September 29, 2010, between Chrysler Financial and Chrysler Residual Holdco LLC (included in Exhibit 99.2 to the Trust’s Form 8-K, as filed with the Commission on September 29, 2010, which is incorporated herein by reference).

5

EX-31.1 2 k50212exv31w1.htm EX-31.1 exv31w1
Exhibit 31.1
CERTIFICATIONS
I, L.F. Guindi, certify that:
1.   I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Chrysler Financial Auto Securitization Trust 2010-A (the “Exchange Act periodic reports”);
2.   Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do 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 with respect to the period covered by this report;
3.   Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;
4.   I am responsible for reviewing the activities performed by the servicer and based on my knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and
5.   All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.
     In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, National Association, as indenture trustee of the issuing entity, and U.S. Bank Trust National Association, as owner trustee of the issuing entity.
Date: March 25, 2011
         
     
     /s/ L.F. Guindi    
    L.F. Guindi   
    Vice President and Treasurer of
Chrysler Financial Services Americas LLC,
as servicer
(senior officer in charge of servicing function)
 
 

 

EX-33.1 3 k50212exv33w1.htm EX-33.1 exv33w1
Exhibit 33.1
Certification Regarding Compliance with Applicable Servicing Criteria
1.   Chrysler Financial Services Americas LLC (“Chrysler Financial”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB of the Securities and Exchange Commission, as of and for the twelve months ended December 31, 2010 (the “Reporting Period”), as set forth in Appendix A hereto. The transactions covered by this report include publicly and privately issued asset-backed securities transactions involving United States consumer automotive retail installment sale contracts for which Chrysler Financial acts as servicer (the “Platform”);
2.   Chrysler Financial has engaged certain vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”), to perform specific, limited or scripted activities, and Chrysler Financial elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth in Appendix A hereto;
3.   Except as set forth in paragraph 4 below, Chrysler Financial used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria;
4.   The criteria listed in the column titled “Inapplicable Servicing Criteria” in Appendix A hereto are inapplicable to Chrysler Financial based on the activities it performs, directly or through its Vendors, with respect to the Platform;
5.   Chrysler Financial has complied, in all material respects, with the applicable servicing criteria as of December 31, 2010 and for the Reporting Period with respect to the Platform taken as a whole;
6.   Chrysler Financial has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December 31, 2010 and for the Reporting Period with respect to the Platform taken as a whole;
7.   Chrysler Financial has not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria as of December 31, 2010 and for the Reporting Period with respect to the Platform taken as a whole; and
8.   KPMG LLP, an independent registered public accounting firm, has issued an attestation report on Chrysler Financial’s Certification Regarding Compliance with Applicable Servicing Criteria as of December 31, 2010 and for the Reporting Period.
         
March 15, 2011 Chrysler Financial Services Americas LLC  
 
  By:   /s/ Laurence F. Guindi    
    Laurence F. Guindi   
    Vice President and Treasurer   
 

 


 

APPENDIX A
                 
                INAPPLICABLE
        APPLICABLE   SERVICING
    SERVICING CRITERIA   SERVICING CRITERIA   CRITERIA
            Performed    
            By   NOT performed
            Vendor(s)   by Chrysler
            for which   Financial or by
        Performed   Chrysler   subservicer(s)
        Directly   Financial is   or vendor(s)
        by   the   retained by
        Chrysler   Responsible   Chrysler
Reference   Criteria   Financial   Party   Financial
 
               
 
  General Servicing Considerations            
1122(d)(1)(i)
  Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.   X        
 
               
1122(d)(1)(ii)
  If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.   X        
 
               
1122(d)(1)(iii)
  Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.   X        
 
               
1122(d)(1)(iv)
  A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.           X
 
               
 
  Cash Collection and Administration            
1122(d)(2)(i)
  Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.   X   X    
 
               
1122(d)(2)(ii)
  Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.   X        
 
               
1122(d)(2)(iii)
  Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.           X
 
               
1122(d)(2)(iv)
  The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.   X        
 
               
1122(d)(2)(v)
  Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of the Securities Exchange Act.   X        
 
               
1122(d)(2)(vi)
  Unissued checks are safeguarded so as to prevent unauthorized access.           X
 
               

 


 

                 
                INAPPLICABLE
        APPLICABLE   SERVICING
    SERVICING CRITERIA   SERVICING CRITERIA   CRITERIA
            Performed    
            By   NOT performed
            Vendor(s)   by Chrysler
            for which   Financial or by
        Performed   Chrysler   subservicer(s)
        Directly   Financial is   or vendor(s)
        by   the   retained by
        Chrysler   Responsible   Chrysler
Reference   Criteria   Financial   Party   Financial
 
               
1122(d)(2)(vii)
  Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.   X        
 
               
 
  Investor Remittances and Reporting            
1122(d)(3)(i)
  Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.   X        
 
               
1122(d)(3)(ii)
  Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.   X        
 
               
1122(d)(3)(iii)
  Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.   X        
 
               
1122(d)(3)(iv)
  Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.   X        
 
               
 
  Pool Asset Administration            
1122(d)(4)(i)
  Collateral or security on pool assets is maintained as required by the transaction agreements or related mortgage loan documents.   X   X    
 
               
1122(d)(4)(ii)
  Pool assets and related documents are safeguarded as required by the transaction agreements   X   X    
 
               
1122(d)(4)(iii)
  Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.   X        
 
               
1122(d)(4)(iv)
  Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.   X        
 
               

 


 

                 
                INAPPLICABLE
        APPLICABLE   SERVICING
    SERVICING CRITERIA   SERVICING CRITERIA   CRITERIA
            Performed    
            By   NOT performed
            Vendor(s)   by Chrysler
            for which   Financial or by
        Performed   Chrysler   subservicer(s)
        Directly   Financial is   or vendor(s)
        by   the   retained by
        Chrysler   Responsible   Chrysler
Reference   Criteria   Financial   Party   Financial
 
               
1122(d)(4)(v)
  The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.   X        
 
               
1122(d)(4)(vi)
  Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.   X        
 
               
1122(d)(4)(vii)
  Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.   X   X    
 
               
1122(d)(4)(viii)
  Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).   X        
 
               
1122(d)(4)(ix)
  Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.           X
 
               
1122(d)(4)(x)
  Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.           X
 
               
1122(d)(4)(xi)
  Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.           X
 
               
1122(d)(4)(xii)
  Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.           X
 
               
1122(d)(4)(xiii)
  Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements.           X
 
               
1122(d)(4)(xiv)
  Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.   X        
 
               
1122(d)(4)(xv)
  Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.   X        

 

EX-33.2 4 k50212exv33w2.htm EX-33.2 exv33w2
Exhibit 33.2
(logo) WELLS FARGO
Corporate Trust Services
MAC N2702-011
9062 Old Annapolis Road
Columbia, MD 21045
410 884-2000
410 715-2380 Fax
Wells Fargo Bank, N.A.
ASSESSMENT OF COMPLIANCE WITH THE APPLICABLE SERVICING CRITERIA
Corporate Trust Services division of Wells Fargo Bank, National Association (the “Company”) is responsible for assessing compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission. The Company has determined that the servicing criteria are applicable in regards to the servicing platform for the period as follows:
Platform: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) and certain privately- issued (i.e., for which transaction-level reporting is required pursuant to contractual obligation) residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities, for which the Company provides master servicing, trustee, securities administration or paying agent services, excluding any such securities issued by any agency or instrumentality of the U.S. government (other than the Federal Deposit Insurance Company) or any government sponsored entity, and further excluding the transactions issued prior to 2006 for which Wells Fargo outsources all material servicing activities (as defined by Regulation AB) (the “Platform”).
Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d), to the extent required in the related transaction agreements, or required by the Item 1122(d) servicing criteria in regards to the activities performed by the Company, except for the following criteria: 1122(d)(4)(ii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii) and 1122(d)(4)(xiii), which Management has determined are not applicable to the activities the Company performs with respect to the Platform (“the Applicable Servicing Criteria”).
Period: As of and for the twelve months ended December 31, 2010 (the “Period”).
Third parties classified as vendors: With respect to servicing criteria 1122(d)(4)(i), the Company has engaged a vendor to handle certain Uniform Commercial Code filing functions required by the servicing criteria. The Company has determined that this vendor is not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Company elects to take responsibility for assessing compliance with the portion of the servicing criteria applicable to this vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). The Company has policies and procedures in place to provide reasonable assurance that the vendor’s activities comply in all material respects with the servicing criteria applicable to each vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendor and related criteria.
With respect to the Platform and the Period, the Company provides the following assessment of compliance with respect to the Applicable Servicing Criteria:
1. The Company is responsible for assessing its compliance with the Applicable Servicing Criteria.
2. The Company has assessed compliance with the Applicable Servicing Criteria, including servicing criteria for which compliance is determined based on Interpretation 17.06 as described above, for the Period. In performing this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.
3. Based on such assessment for the Period, the Company has complied, in all material respects with the Applicable Servicing Criteria.
KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to the Company’s assessment of compliance for the Period.
 

WELLS FARGO BANK, National Association
 
 
  By:   /s/ Brian Bartlett    
    Brian Bartlett   
    Its: Executive Vice President   
 
Dated: February 14, 2011
EX-34.1 5 k50212exv34w1.htm EX-34.1 exv34w1
Exhibit 34.1
Report of Independent Registered Public Accounting Firm
The Board of Directors
Chrysler Financial Services Americas LLC:
We have examined Chrysler Financial Services Americas LLC’s (“Chrysler Financial”) Certification Regarding Compliance with Applicable Servicing Criteria, included in the accompanying Appendix I, certifying that Chrysler Financial complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB related to the servicing of publicly and privately issued asset-backed securities transactions involving United States consumer automotive retail installment sale contracts for which Chrysler Financial acts as servicer (the “Platform”), except for servicing criteria 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii) and 1122(d)(4)(xiii), which management has determined are not applicable to the activities Chrysler Financial performs with respect to the Platform, as of and for the twelve months ended December 31, 2010. Management is responsible for Chrysler Financial’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s certification about Chrysler Financial’s compliance based on our examination.
Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about Chrysler Financial’s compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether Chrysler Financial processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by Chrysler Financial during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by Chrysler Financial during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Chrysler Financial’s compliance with the servicing criteria.
As described in the accompanying management’s Certification Regarding Compliance with Applicable Servicing Criteria, for servicing criteria 1122(d)(2)(i), 1122(d)(4)(i), 1122(d)(4)(ii), and 1122(d)(4)(vii), Chrysler Financial has engaged various vendors to perform activities required by these servicing criteria. Chrysler Financial has determined that none of these vendors is considered a “servicer” as defined in Item 1101(j) of Regulation AB, and Chrysler Financial has elected to take responsibility for assessing compliance with the servicing criteria applicable to these vendors as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). As permitted by Interpretation 17.06, Chrysler Financial has asserted that it has policies and procedures in place designed to provide reasonable assurance that each vendor’s activities comply in all material respects with the servicing criteria applicable to each vendor. Chrysler Financial is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for each vendor and related criteria as described in its Certification Regarding Compliance with Applicable Servicing Criteria, and we performed no procedures with respect to Chrysler Financial’s eligibility to apply Interpretation 17.06.
In our opinion, management’s Certification Regarding Compliance with Applicable Servicing Criteria indicating that Chrysler Financial complied with the aforementioned servicing criteria, including servicing criteria 1122(d)(2)(i), 1122(d)(4)(i), 1122(d)(4)(ii), and 1122(d)(4)(vii) for which compliance is determined based on Interpretation 17.06 as described above, as of and for the twelve months ended December 31, 2010 is fairly stated, in all material respects.
(Signed) KPMG, LLP
Chicago, Illinois
March 15, 2011

 


 

Certification Regarding Compliance with Applicable Servicing Criteria
1.   Chrysler Financial Services Americas LLC (“Chrysler Financial”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB of the Securities and Exchange Commission, as of and for the twelve months ended December 31, 2010 (the “Reporting Period”), as set forth in Appendix A hereto. The transactions covered by this report include publicly and privately issued asset-backed securities transactions involving United States consumer automotive retail installment sale contracts for which Chrysler Financial acts as servicer (the “Platform”);
 
2.   Chrysler Financial has engaged certain vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”), to perform specific, limited or scripted activities, and Chrysler Financial elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth in Appendix A hereto;
 
3.   Except as set forth in paragraph 4 below, Chrysler Financial used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria;
 
4.   The criteria listed in the column titled “Inapplicable Servicing Criteria” in Appendix A hereto are inapplicable to Chrysler Financial based on the activities it performs, directly or through its Vendors, with respect to the Platform;
 
5.   Chrysler Financial has complied, in all material respects, with the applicable servicing criteria as of December 31, 2010 and for the Reporting Period with respect to the Platform taken as a whole;
 
6.   Chrysler Financial has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December 31, 2010 and for the Reporting Period with respect to the Platform taken as a whole;
 
7.   Chrysler Financial has not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria as of December 31, 2010 and for the Reporting Period with respect to the Platform taken as a whole; and
 
8.   KPMG LLP, an independent registered public accounting firm, has issued an attestation report on Chrysler Financial’s Certification Regarding Compliance with Applicable Servicing Criteria as of December 31, 2010 and for the Reporting Period.
         
March 15, 2011  Chrysler Financial Services Americas LLC
 
 
  By:   /s/ Laurence F. Guindi    
    Laurence F. Guindi   
    Vice President and Treasurer   

 


 

         
APPENDIX A
                 
                INAPPLICABLE
        APPLICABLE       SERVICING
    SERVICING CRITERIA   SERVICING CRITERIA       CRITERIA
                NOT performed by
            Performed by   Chrysler Financial
            Vendor(s)   or by
        Performed   for which   subservicer(s) or
        Directly   Chrysler Financial   vendor(s) retained
        by   is the Responsible   by Chrysler
Reference   Criteria   Chrysler Financial   Party   Financial
 
  General Servicing Considerations            
1122(d)(1)(i)
  Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.   X        
 
               
1122(d)(1)(ii)
  If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.   X        
 
               
1122(d)(1)(iii)
  Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.   X        
 
               
1122(d)(1)(iv)
  A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.           X
 
               
 
  Cash Collection and Administration            
1122(d)(2)(i)
  Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.   X   X    
 
               
1122(d)(2)(ii)
  Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.   X        
 
               
1122(d)(2)(iii)
  Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.           X
 
               
1122(d)(2)(iv)
  The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.   X        
 
               
1122(d)(2)(v)
  Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of the Securities Exchange Act.   X        
 
               
1122(d)(2)(vi)
  Unissued checks are safeguarded so as to prevent unauthorized access.           X

 


 

                 
                INAPPLICABLE
        APPLICABLE       SERVICING
    SERVICING CRITERIA   SERVICING CRITERIA       CRITERIA
                NOT performed by
            Performed by   Chrysler Financial
            Vendor(s)   or by
        Performed   for which   subservicer(s) or
        Directly   Chrysler Financial   vendor(s) retained
        by   is the Responsible   by Chrysler
Reference   Criteria   Chrysler Financial   Party   Financial
1122(d)(2)(vii)
  Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.   X        
 
               
 
  Investor Remittances and Reporting            
1122(d)(3)(i)
  Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.   X        
 
               
1122(d)(3)(ii)
  Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.   X        
 
               
1122(d)(3)(iii)
  Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.   X        
 
               
1122(d)(3)(iv)
  Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.   X        
 
               
 
  Pool Asset Administration            
1122(d)(4)(i)
  Collateral or security on pool assets is maintained as required by the transaction agreements or related mortgage loan documents.   X   X    
 
               
1122(d)(4)(ii)
  Pool assets and related documents are safeguarded as required by the transaction agreements   X   X    
 
               
1122(d)(4)(iii)
  Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.   X        
 
               
1122(d)(4)(iv)
  Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.   X        

 


 

                 
                INAPPLICABLE
        APPLICABLE       SERVICING
    SERVICING CRITERIA   SERVICING CRITERIA       CRITERIA
                NOT performed by
            Performed by   Chrysler Financial
            Vendor(s)   or by
        Performed   for which   subservicer(s) or
        Directly   Chrysler Financial   vendor(s) retained
        by   is the Responsible   by Chrysler
Reference   Criteria   Chrysler Financial   Party   Financial
1122(d)(4)(v)
  The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.   X        
 
               
1122(d)(4)(vi)
  Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.   X        
 
               
1122(d)(4)(vii)
  Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.   X   X    
 
               
1122(d)(4)(viii)
  Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).   X        
 
               
1122(d)(4)(ix)
  Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.           X
 
               
1122(d)(4)(x)
  Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements.           X
 
               
1122(d)(4)(xi)
  Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.           X
 
               
1122(d)(4)(xii)
  Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.           X
 
               
1122(d)(4)(xiii)
  Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements.           X
 
               
1122(d)(4)(xiv)
  Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.   X        
 
               
1122(d)(4)(xv)
  Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.   X        

 

EX-34.2 6 k50212exv34w2.htm EX-34.2 exv34w2
Exhibit 34.2
Report of Independent Registered Public Accounting Firm
The Board of Directors
The Corporate Trust Services division of Wells Fargo Bank, National Association:
We have examined management’s assessment, included in the accompanying Assessment of Compliance with Applicable Servicing Criteria, that The Corporate Trust Services division of Wells Fargo Bank, National Association (the Company) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) and certain privately-issued (i.e., for which transaction-level reporting is required pursuant to contractual obligation) residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities for which the Company provides master servicing, trustee, securities administration or paying agent services, excluding any such securities issued by an agency or instrumentality of the U.S. government (other than the Federal Deposit Insurance Corporation) or any government sponsored entity and further excluding the transactions issued prior to 2006 for which Wells Fargo outsources all material servicing activities (as defined by Regulation AB) (the Platform), except for servicing criteria 1122(d)(4)(ii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii) and 1122(d)(4)(xiii), which the Company has determined are not applicable to the activities it performs with respect to the Platform, as of and for the twelve months ended December 31, 2010. Management is responsible for the Company’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s assessment about the Company’s compliance based on our examination.
Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. 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 servicing criteria.
As described in the accompanying management’s Assessment of Compliance With Applicable Servicing Criteria, for servicing criteria 1122(d)(4)(i), the Company has engaged a vendor to perform the activities required by these servicing criteria. The Company has determined that this vendor is not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criteria applicable to this vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). As permitted by Interpretation 17.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor’s activities comply in all material respects with the servicing criteria applicable to each vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendor and related criteria as described in its assertion, and we performed no procedures with respect to the Company’s eligibility to apply Interpretation 17.06.
In our opinion, management’s assessment that the Company complied with the aforementioned servicing criteria, including servicing criteria 1122(d)(4)(i) for which compliance is determined based on Interpretation 17.06 as described above, as of and for the twelve months ended December 31, 2010 is fairly stated, in all material respects.
(Signed) KPMG, LLP
Chicago, Illinois
February 14, 2011

 

EX-35.1 7 k50212exv35w1.htm EX-35.1 exv35w1
Exhibit 35.1
SERVICER COMPLIANCE STATEMENT
     I, L.F. Guindi, certify that:
     (a) A review of the servicer’s activities during the reporting period and of its performance under the applicable servicing agreement has been made under my supervision.
     (b) To the best of my knowledge, based on such review, the servicer has fulfilled all of its obligations under the applicable servicing agreement in all material respects throughout the reporting period.
         
     
  By:   /s/ L.F. Guindi    
    L.F. Guindi   
    Vice President and Treasurer of
Chrysler Financial Services Americas LLC,
as servicer of Chrysler Financial Auto
Securitization Trust 2010-A 
 
 
Dated: March 25, 2011