0001193125-13-025474.txt : 20130128 0001193125-13-025474.hdr.sgml : 20130128 20130128121734 ACCESSION NUMBER: 0001193125-13-025474 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20121031 FILED AS OF DATE: 20130128 DATE AS OF CHANGE: 20130128 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: 13550702 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 d472198d10k.htm 10-K 10-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-K

 

 

(Mark One)

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

For the fiscal year ended: October 31, 2012

OR

 

¨ 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)

TD Auto Finance LLC

(Exact name of depositor and sponsor as specified in its charter)

 

 

 

Delaware   20-2614244
(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.    Yes  ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

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.    Yes  x    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).    Yes  ¨    No  x (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.    x

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   ¨    Accelerated filer   ¨
Non-accelerated filer   x  (Do not check if a smaller reporting company)    Smaller reporting company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    x  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.

 

 

 


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. Mine Safety Disclosures

 

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


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 TD Auto Finance LLC (“TDAF”) and Wells Fargo Bank, National Association (“Wells Fargo,” together with TDAF, 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 October 31, 2012 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 TDAF has identified any material instances of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to TDAF.

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.

 

2


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 TD Auto Finance LLC (“TDAF”) (included in Exhibit 3.1 to Chrysler Financial Auto Securitization Trust 2010-A’s Form 10-K, as filed with the Securities and Exchange Commission (the “Commission”) on March 23, 2012, which is incorporated herein by reference).
  3.2    Sixth Amended and Restated Limited Liability Company Operating Agreement of TDAF dated as of April 1, 2011 (included in Exhibit 3.3 to TDAF’s Form 8-K, as filed with the Commission on April 5, 2011, 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 TDAF 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 TDAF, 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 TDAF pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
33.1    Report on Assessment of Compliance with Servicing Criteria for TDAF.
33.2    Report on Assessment of Compliance with Servicing Criteria for Wells Fargo.
34.1    Attestation Report of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to TDAF.
34.2    Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Wells Fargo.
35.1    Servicer Compliance Statement of TDAF.
99.1    Administration Agreement, dated as of September 29, 2010, among TDAF, 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 TDAF 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.

 

3


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.

 

4


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:   TD Auto Finance LLC
  (Servicer)
  By:   /s/ Mark L. Davis
   

Mark L. Davis

Assistant Controller

(senior officer of Servicer in charge

of servicing function)

Dated: January 28, 2013

 

5


EXHIBIT INDEX

 

Exhibit
Number

  

Description

  3.1    Articles of Organization, as amended, of TD Auto Finance LLC (“TDAF”) (included in Exhibit 3.1 to Chrysler Financial Auto Securitization Trust 2010-A’s Form 10-K, as filed with the Securities and Exchange Commission (the “Commission”) on March 23, 2012, which is incorporated herein by reference).
  3.2    Sixth Amended and Restated Limited Liability Company Operating Agreement of TDAF dated as of April 1, 2011 (included in Exhibit 3.3 to TDAF’s Form 8-K, as filed with the Commission on April 5, 2011, 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, among TDAF 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 TDAF, 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 TDAF pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
33.1    Report on Assessment of Compliance with Servicing Criteria for TDAF.
33.2    Report on Assessment of Compliance with Servicing Criteria for Wells Fargo.
34.1    Attestation Report of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to TDAF.
34.2    Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to Wells Fargo.
35.1    Servicer Compliance Statement of TDAF.
99.1    Administration Agreement, dated as of September 29, 2010, among TDAF, 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 TDAF 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).

 

6

EX-31.1 2 d472198dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Mark L. Davis, 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: January 28, 2013

 

/s/ Mark L. Davis

Mark L. Davis

Assistant Controller of

TD Auto Finance LLC,

as servicer

(senior officer in charge of servicing function)

EX-33.1 3 d472198dex331.htm EX-33.1 EX-33.1

Exhibit 33.1

Report of Management Assessment on Compliance with SEC Regulation AB Servicing Criteria

January 25, 2013

We, as members of management of TD Auto Finance LLC (the “Company”) are responsible for complying with the requirements of Item 1122 (d) of the Securities and Exchange Commission’s Regulation AB (“Regulation AB”). We also are responsible for establishing and maintaining effective internal control over compliance with Item 1122 (d) of Regulation AB. We have performed an evaluation of the Company’s compliance with the requirements of Item 1122 (d) of Regulation AB, including those described below, as of October 31, 2012 and for the year then ended. Based on this evaluation, we assert that for the year ended October 31, 2012, the Company complied with the following requirements of Item 1122 (d) of Regulation AB:

 

1. The Company is responsible for assessing compliance with the servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as of and for the year then ended October 31, 2012 as set forth in Appendix A, hereto. The transactions covered in this report include publicly and privately issued asset-backed securities transactions involving United States consumer automotive retail installment sales contracts for which the Company acts as servicer (the “Platform”);

 

2. The Company has engaged certain third parties to perform all or a portion of certain servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB. In each such case, for servicing criteria 1122(d)(2)(i), 1122(d)(4)(i), 1122(d)(4)(ii), 1122(d)(4)(vii) the Company has engaged certain vendors to perform activities required by these servicing criteria. The Company has determined that these vendors are 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 these vendors as permitted by the Interpretation 17.06;

 

3. Except as set forth in paragraph 4 below, the Company 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” on Appendix A hereto are inapplicable to the Company based on the activities it performs with respect to the Platform;

 

5. The Company has complied, in all material respects, with the applicable servicing criteria as of October 31, 2012 and for the year then end with respect to the Platform taken as a whole; and

 

6. Ernst & Young LLP, a registered independent public accounting firm, has issued an attestation report on the Company’s assessment of compliance with the applicable servicing criteria as of October 31, 2012 and for the year then ended.

 

TD Auto Finance LLC
/s/ Mark Davis
Mark Davis, Assistant Controller, Financial Reporting & Accounting
/s/ Margaret Cole
Margaret Cole, Treasury Officer

 

 

 

 


Appendix A

 

                                                                                       

Servicing Criteria

   Applicable Servicing Criteria    Inapplicable
Servicing  Criteria

Reference

  

Criteria

   Performed
Directly by
TDAF
   Performed by
Vendor(s) for
which TDAF is
the  Responsible
Party
   NOT performed
by TDAF or  by
Subservicer(s) or
vendor(s)

retained by
TDAF

Item 1122(d)(1) - 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

Item 1122(d)(2) - 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 of 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 § 240.13k1(b)(1) of this chapter    X      


                                                                                       

1122(d)(2)(vi)

   Unissued checks are safeguarded to prevent unauthorized access          X

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:

 

(A) Are mathematically accurate;

 

(B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements;

 

(C) Are 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      

Item 1122(d)(3) - 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      

Item 1122(d)(4) - Pool Asset Administration

     
1122(d)(4)(i)    Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset 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 applicable 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      

1122(d)(4)(v)

   The servicer’s records regarding pool assets agree with its 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 asset (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;

 

         X


                                                                                       
  

(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

        

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 this Regulation AB, is maintained as set forth in the transaction agreements    X      
EX-33.2 4 d472198dex332.htm EX-33.2 EX-33.2

Exhibit 33.2

ASSESSMENT OF COMPLIANCE WITH THE APPLICABLE SERVICING CRITERIA

Management of the 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. Management has determined that the servicing criteria are applicable in regard to the servicing platform for the period as follows:

Platform: Privately and publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) auto loan asset-backed transactions serviced by TD Auto Finance LLC, as Servicer, for which the Company provides indenture trustee and paying agent services (the “Platform”). Appendix B to this assessment identifies the individual asset-backed transactions and securities defined by management as constituting the Platform.

Period: As of and for the twelve months ended October 31, 2012 (the “Period”).

Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d) except for the following criteria: 1122(d)(1)(i)-1122(d)(1)(iv), 1122(d)(2)(i), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(i) and 1122(d)(4)(i)-1122(d)(4)(xv), which management has determined are not applicable to the activities the Company performs with respect to the Platform (the “Applicable Servicing Criteria”). With respect to the Platform, servicing criterion 1122(d)(3)(ii) is applicable only as it relates to the timeframes of the remittances to investors. Appendix A to this assessment identifies the Applicable Servicing Criteria with respect to the Platform.

With respect to the Platform and the Period, the Company’s management provides the following assertion of compliance with respect to the Applicable Servicing Criteria:

1. The Company’s management is responsible for assessing the Company’s compliance with the Applicable Servicing Criteria.

2. The Company’s management has assessed the Company’s compliance with the Applicable Servicing Criteria. 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 as of and 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 management’s assertion of compliance with the Applicable Servicing Criteria as of and for the Period.

 

WELLS FARGO BANK, National Association
By:   /s/ Bruce Wandersee
Its:   Senior Vice President
Dated:   December 21, 2012


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
   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 of receipt, or such other number of days specified in the transaction agreements.              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 over collateralization, 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


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
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 (a)          
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 pool asset documents.              X
1122(d)(4)(ii)    Pool asset and related documents are safeguarded as required by the transaction agreements              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

 

Note (a): With respect to the Platform, criterion 1122(d)(3)(ii) is only applicable as it relates to the amounts due to investors are remitted in accordance with timeframe. The Servicer is responsible for calculating and allocating funds available for distribution to investors.

 


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
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
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
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 assets, or such other number of days specified in the transaction agreements.              X


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
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


Appendix B

 

Asset-backed Transactions and Securities include in the Platform

Chrysler Financial Auto Securitization Trust 2009-A

Chrysler Financial Auto Securitization Trust 2010-A

EX-34.1 5 d472198dex341.htm EX-34-1 EX-34-1

Exhibit 34.1

 

LOGO

Report of Independent Registered Public Accounting Firm

Management of TD Auto Finance LLC

We have examined management’s assertion, included in the accompanying Report of Management Assessment on Compliance with SEC Regulation AB Servicing Criteria (“Report of Management Compliance”), that TD Auto Finance LLC (the “Company”) 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 the Company acts as servicer (the “Platform”) as of and for the year ended October 31, 2012, except for 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), 1122(d)(4)(xiii), which the Company has determined are not applicable to the activities performed by them with respect to the servicing platform covered by this report. Management is responsible for the Company’s compliance with those servicing criteria. Our responsibility is to express an opinion on management’s assertion about the Company’s compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, as adopted by the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the platform, testing of less than all of the 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 and as permitted by the Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (Interpretation 17.06). 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 management’s assertion, for servicing criteria 1122(d)(2)(i), 1122(d)(4)(i), 1122(d)(4)(ii) and 1122(d)(4)(vii), the Company has engaged various vendors to perform the activities required by these servicing criteria. The Company has determined that these vendors are 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 applicable servicing criteria

A member firm of Ernst & Young Global Limited

 

1


LOGO

applicable to each vendor as permitted by 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 vendors’ activities comply in all material respects with 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 vendors 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 assertion that the Company 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 year ended October 31, 2012 for the asset-backed securities transactions involving auto receivables platform, is fairly stated, in all material respects.

/s/ Ernst & Young LLC

January 25, 2013

 

2


Report of Management Assessment on Compliance with SEC Regulation AB Servicing Criteria

January 25, 2013

We, as members of management of TD Auto Finance LLC (the “Company”) are responsible for complying with the requirements of Item 1122 (d) of the Securities and Exchange Commission’s Regulation AB (“Regulation AB”). We also are responsible for establishing and maintaining effective internal control over compliance with Item 1122 (d) of Regulation AB. We have performed an evaluation of the Company’s compliance with the requirements of Item 1122 (d) of Regulation AB, including those described below, as of October 31, 2012 and for the year then ended. Based on this evaluation, we assert that for the year ended October 31, 2012, the Company complied with the following requirements of Item 1122 (d) of Regulation AB:

 

1. The Company is responsible for assessing compliance with the servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB, as of and for the year then ended October 31, 2012 as set forth in Appendix A, hereto. The transactions covered in this report include publicly and privately issued asset-backed securities transactions involving United States consumer automotive retail installment sales contracts for which the Company acts as servicer (the “Platform”);

 

2. The Company has engaged certain third parties to perform all or a portion of certain servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB. In each such case, for servicing criteria 1122(d)(2)(i), 1122(d)(4)(i), 1122(d)(4)(ii), 1122(d)(4)(vii) the Company has engaged certain vendors to perform activities required by these servicing criteria. The Company has determined that these vendors are 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 these vendors as permitted by the Interpretation 17.06;

 

3. Except as set forth in paragraph 4 below, the Company 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” on Appendix A hereto are inapplicable to the Company based on the activities it performs with respect to the Platform;

 

5. The Company has complied, in all material respects, with the applicable servicing criteria as of October 31, 2012 and for the year then end with respect to the Platform taken as a whole; and

 

6. Ernst & Young LLP, a registered independent public accounting firm, has issued an attestation report on the Company’s assessment of compliance with the applicable servicing criteria as of October 31, 2012 and for the year then ended.

 

TD Auto Finance LLC
/s/ Mark Davis
Mark Davis, Assistant Controller, Financial Reporting & Accounting
/s/ Margaret Cole
Margaret Cole, Treasury Officer

 

 

 

 

 

3


Appendix A

 

                                                                                       

Servicing Criteria

   Applicable Servicing Criteria    Inapplicable
Servicing
Criteria

Reference

  

Criteria

   Performed
Directly by
TDAF
   Performed by
Vendor(s) for
which TDAF is
the Responsible
Party
   NOT performed
by TDAF or by
Subservicer(s) or
vendor(s)
retained  by
TDAF

Item 1122(d)(1) - 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

Item 1122(d)(2) - 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 of 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 § 240.13k1(b)(1) of this chapter    X      

 

4


                                                                                       

1122(d)(2)(vi)

   Unissued checks are safeguarded to prevent unauthorized access          X

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:

 

(A) Are mathematically accurate;

 

(B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements;

 

(C) Are 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      

Item 1122(d)(3) - 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      

Item 1122(d)(4) - Pool Asset Administration

     

1122(d)(4)(i)

   Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents    X    X   

 

5


                                                                                       

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 applicable 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      

1122(d)(4)(v)

   The servicer’s records regarding pool assets agree with its 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 asset (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;

 

         X

 

6


                                                                                       
  

(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

        

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 this Regulation AB, is maintained as set forth in the transaction agreements    X      

 

7

EX-34.2 6 d472198dex342.htm EX-34.2 EX-34.2

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 the management’s assessment, included in the accompanying Assessment of Compliance with the 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 privately and publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) auto loan asset-backed transactions serviced by TD Auto Finance LLC, as Servicer, for which the Company provides indenture trustee and paying agent services (the Platform), except for servicing criteria 1122(d)(1)(i)-1122(d)(1)(iv), 1122(d)(2)(i), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(i) and 1122(d)(4)(i) – 1122(d)(4)(xv), 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 October 31, 2012. With respect to the Platform, servicing criterion 1122(d)(3)(ii) is applicable only as it relates to the timeframes of the remittances to investors. Appendix B to management’s assessment identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. 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.


Wells Fargo Bank

December 21, 2012

Page 2 of 3

In our opinion, management’s assessment that the Company complied with the aforementioned servicing criteria, as of and for the twelve months ended October 31, 2012 is fairly stated, in all material respects.

/s/KPMG LLP

Chicago, Illinois

December 21, 2012


ASSESSMENT OF COMPLIANCE WITH THE APPLICABLE SERVICING CRITERIA

Management of the 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. Management has determined that the servicing criteria are applicable in regard to the servicing platform for the period as follows:

Platform: Privately and publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) auto loan asset-backed transactions serviced by TD Auto Finance LLC, as Servicer, for which the Company provides indenture trustee and paying agent services (the “Platform”). Appendix B to this assessment identifies the individual asset-backed transactions and securities defined by management as constituting the Platform.

Period: As of and for the twelve months ended October 31, 2012 (the “Period”).

Applicable Servicing Criteria: All servicing criteria set forth in Item 1122(d) except for the following criteria: 1122(d)(1)(i)-1122(d)(1)(iv), 1122(d)(2)(i), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(3)(i) and 1122(d)(4)(i)-1122(d)(4)(xv), which management has determined are not applicable to the activities the Company performs with respect to the Platform (the “Applicable Servicing Criteria”). With respect to the Platform, servicing criterion 1122(d)(3)(ii) is applicable only as it relates to the timeframes of the remittances to investors. Appendix A to this assessment identifies the Applicable Servicing Criteria with respect to the Platform.

With respect to the Platform and the Period, the Company’s management provides the following assertion of compliance with respect to the Applicable Servicing Criteria:

1. The Company’s management is responsible for assessing the Company’s compliance with the Applicable Servicing Criteria.

2. The Company’s management has assessed the Company’s compliance with the Applicable Servicing Criteria. 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 as of and 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 management’s assertion of compliance with the Applicable Servicing Criteria as of and for the Period.

 

WELLS FARGO BANK, National Association
By:   /s/ Bruce Wandersee
Its:   Senior Vice President
Dated:   December 21, 2012

 

 


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
   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 of receipt, or such other number of days specified in the transaction agreements.              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 over collateralization, 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


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
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 (a)          
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 pool asset documents.              X
1122(d)(4)(ii)    Pool asset and related documents are safeguarded as required by the transaction agreements              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

 

Note (a): With respect to the Platform, criterion 1122(d)(3)(ii) is only applicable as it relates to the amounts due to investors are remitted in accordance with timeframe. The Servicer is responsible for calculating and allocating funds available for distribution to investors.

 


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
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
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
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 assets, or such other number of days specified in the transaction agreements.              X


Appendix A

 

REG AB
REFERENCE
   SERVICING CRITERIA    APPLICABLE TO PLATFORM    NOT APPLICABLE TO
PLATFORM
      Performed Directly
by the Company
   Performed by
Vendor(s) for which
the Company is the
Responsible Party
  
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


Appendix B

Asset-backed Transactions and Securities include in the Platform

Chrysler Financial Auto Securitization Trust 2009-A

Chrysler Financial Auto Securitization Trust 2010-A

EX-35.1 7 d472198dex351.htm EX-35.1 Ex-35.1

Exhibit 35.1

SERVICER COMPLIANCE STATEMENT

I, Mark L. Davis, 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/ Mark L. Davis
 

Mark L. Davis

Assistant Controller of

TD Auto Finance LLC,

as servicer of Chrysler Financial Auto Securitization Trust 2010-A

Dated: January 28, 2013

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