Eschenheimer Anlage Frankfurt am Main Federal Republic of Germany. Eschenheimer Anlage Frankfurt/Main Federal Republic of Germany

Transcription

1 Deal Name: Issuer: DRIVER TWO DRIVER TWO GmbH Eschenheimer Anlage Frankfurt am Main Federal Republic of Germany Servicer Name: VOLKSWAGEN BANK GmbH Reporting Entity: Gifhorner Straße 54 Federal Republic of Germany Contact: Administrator: ABSOperations@VWFS.com +49 (0) TMF Deutschland AG Eschenheimer Anlage Frankfurt/Main Federal Republic of Germany ABSOperations@vwfsag.de Page 1/35

2 Page Tables of Contents 2 Overview 3 Deal Overwiew 4 Deal Overwiew: Counterparties (continue d) 5 and Volkswagen AG Rating 6 Notes Information 7 Notes Information continue'd 8 Pool Information 9 Pool Information continue'd 10 Pool Information continue'd 11 Pool Information continue'd 12 Pool Information continue'd 13 Credit Enhancement 14 Performance Trigger 15 Cumulative Net Loss Ratio 16 Pool Concentration 17 Run Out Schedule 18 Amortisation Notes 19 Waterfall 20 Make: New and Used Cars 21 Down Payment 22 Customer Type and Type of Payment 23 Obliger Concentration 24 Distribution by Principal 25 Distribution by Original Principal 26 Interest Rate paid by the Receivable Debtor 27 Distribution by Original Term 28 Distribution by Remaining Term 29 Seasoning 30 Credit Type and Type of Car 31 Balloon in % of Outstanding Original Principal 32 Distribution by Vehicle Makes and Models 33 Geographic Distribution 34 Potential Set Off Risk 35 Glossary ABSOperations@vwfsag.de Page 2/35

3 Deal Overview Deal Name: Issuer: DRIVER TWO DRIVER TWO GmbH Eschenheimer Anlage Frankfurt am Main Federal Republic of Germany Servicer Name: VOLKSWAGEN BANK GmbH Reporting Entity: Gifhorner Straße 57 Federal Republic of Germany Contact: Administrator: ABSOperations@VWFS.com +49 (0) TMF Deutschland AG Eschenheimer Anlage Frankfurt/Main Federal Republic of Germany Counterparty Details (Banks) Ratings Moody's Fitch Long Short Term Term Outlook Long Short Term Term Outlook Joint Lead Manager: WEST LB AG A2 P-1 Negative A- F1 Stable Herzogstr Düsseldorf Federal Republic of Germany BNP Paribas Aa1 P-1 Negative AA F1+ Negative 10 Harewood Avenue London NW1 6AA United Kingdom Accounts: BNP PARIBAS Aa1 P-1 Negative AA F1+ Negative Cash Collateral Luxembourg Branch 23 Distribution Avenue de la Porte Neuve L-2085 Accumulation Luxembourg Listing Agent: BNP PARIBAS Aa1 P-1 Negative AA F1+ Negative Luxembourg Branch 23 Avenue de la Porte Neuve L-2085 Luxembourg Paying and Calculation Agent: WEST LB AG A2 P-1 Negative A- F1 Stable Herzogstr Düsseldorf Federal Republic of Germany Class A and B Swap Counterparty: BNP Paribas Aa1 P-1 Negative AA F1+ Negative 16 Boulevard des Italiens Paris France ABSOperations@vwfsag.de Page 3/35

4 Deal Overview: Counterparties (continue d) Security Trustee: Data Protection Trustee: Rating Agency: Rating Agency: Beiten Burkhardt Rechtsanwaltsgesellschaft mbh Westhafen Tower Westhafenplatz Frankfurt/Main Federal Republic of Germany MOODY's Deutschland GmbH An der Welle Frankfurt/Main Federal Republic of Germany FITCH Ratings Limited Fitch Deutschland GmbH Junghofstrasse Frankfurt Federal Republic of Germany Cut Off Date: August 31, 2005 Final Maturity Date: August, 2014 Final Scheduled Payment Date: August, 2013 Revolving Period (from/until): September 14, 2005 until September 20, 2008 Reporting Date: 17th of each month (for previous month) Reporting Period: Monthly Payment Date: 21st of each month (for previous month) Clean-Up Call: VW Bank will have the right at its option to exercise a clean-up call and to repurchase the Loan Receivables from Receivables from Driver Two at any time when the outstanding Aggregate Discounted Principal is less than 9% of the Aggregate Cut Off Date provided that all payment obligations under the Notes will be thereby fulfilled. ABSOperations@vwfsag.de Page 4/35

5 and Volkswagen AG Rating Rating - Moody's VW Bank VW AG Short Term: P-1 P-2 Long Term: A2 A3 Outlook: Stable Positive Moody's: Long Term VW AG VW Bank 3 A2 2 Rating 1 A3 0 Sep. 05 Nov. 05 Jan. 06 Mrz. 06 Mai. 06 Jul. 06 Sep. 06 Nov. 06 Jan. 07 Mrz. 07 Mai. 07 Jul. 07 Sep. 07 Nov. 07 Jan. 08 Mrz. 08 Mai. 08 Jul. 08 Sep. 08 Nov. 08 Jan. 09 Mrz. 09 Mai. 09 Maturity VW Bank Rating Related Triggers Rating Triggers in place: Limited Commingling: An advancing process of the monthly collection was implemented. Thereby, the commingling risk was limited to two days. Future Rating Triggers: Commingling Risk VAT-Risk Set Off Risk 1) Moody's: Rating for long term unsecured debt is lower than Baa3 VW will use daily Sweep 2) Fitch: Extend the advancing process Downgrade of VW Bank's short-term rating to F3 by Fitch will result in an increase by 0.29% of the Cash Collateral Account of the Aggregate. Which is exclusively reserved to cover any VAT burden in case a replacement servicer is appointed. The downgrade of VW Bank's long-term rating to below BBB- by Fitch and Baa3 by Moody's will result in a Set Off risk reserve being established if deposits by borrowers are greater than 1% of the Aggregate. The Set Off risk shall be deposited in the Cash Collateral Account. ABSOperations@vwfsag.de Page 5/35

6 Notes Information Date: Monthly Period: Feb. 09 Additional Purchase Date: - Payment Date: Revolving Period Number: 42 Interest Accrual Period (from/until): Days Accrued: 28 Base Interest Rate (1-Month Euribor): 1,5820% Currency: EUR Day Count Convention: ACT/360 Class of Notes Class A Class B Rating Details: Fitch: AAA A+ Moody's: Aaa A1 Information on Notes Class A Class B Final Maturity Date: August 14 August 14 Final Scheduled Payment Date: August 13 August 13 Security Code: A0FAD8 A0FAD9 ISIN: XS XS Common Code: Information on Interest Class A Class B Total Interest per Class: , ,50 Total Interest per Note: 48,83 63,45 Spread/Margin: 9bps 21bps Current Coupon: 1-M-Euribor+9bps 1-M-Euribor+21bps Interest Rate Swaps Class A Class B Underlying Principal: Swap Structure: pay fixed pay fixed receive floating receive floating Index Rate: 1-M-Euribor 1-M-Euribor Net Swap Payments , ,76 ABSOperations@vwfsag.de Page 6/35

7 Notes Information (continue d) Note CLASS A CLASS B As of Cut Off Date: , ,00 During Revolving Period: , ,00 After Revolving Period CLASS A CLASS B Note (BoP): , ,80 Unallocated Redemption Amount from Previous Period 0,75 Available Redemtion Amount Reporting Period ,65 Total Available Redemtion Amount ,40 Redemption amount per class: , ,90 Note (EoP): , ,90 Payments to Investors - Per Eur ,- Denomination CLASS A CLASS B Payment by Note: 1.633, ,17 Pool Factor: 0, , Unpaid Interest: Unpaid interest: - - Cumulative unpaid interest: - - ABSOperations@vwfsag.de Page 7/35

8 Pool Information Cut Off Date: Additional Purchase Date: - Reporting Date: Interest Period (from/until): / Current Payment Date: Next Payment Date: Days Accrued: 28 Asset Collection Period: / Note Payment Period: / s contracts Outstanding Nominal Principal As of Initial Pool Cut , ,63 As of End of revolving Period , ,16 As of Begin of Period , ,66 Additional Loan Receivables As of End of Period , ,81 Development of Pool within Reporting Period Contracts Adjustments Outstanding Nominal Beginn of Period ,66 Periodically reduction of Nominal Amount ,85 Discount ,62 Write Off ,47 Fee Restruct./Prolongation 9.018,78 Interest (late payment penalties) ,29 Collection (Pos. 1 Waterfall) ,83 End of Period ,81 ABSOperations@vwfsag.de Page 8/35

9 Pool Information (continue d) Status Status Contracts (Initial Pool Cut) Principal (Initial Pool Cut) Contracts (End of Revolving Period) Principal (End of Revolving Period) Contracts (End of Period) Principal (End of Period) Current , , ,59 Delinquent , ,58 Defaulted , ,29 End of Term Early Settlement Write Off Total , , ,46 ABSOperations@vwfsag.de Page 9/35

10 Pool Information (continue d) Information of Defaults, Delinquencies, Write Offs Current Reporting Period Contracts Contracts Outstanding Outstanding Discounted Principal Outstanding Nominal Outstanding Nominal Delinquent ,3096% ,58 1,4065% ,68 1,3981% Defaulted ,1696% ,29 0,9415% ,99 0,9325% Delinquency Profile Days in Arrears Contracts Contracts Outstanding Outstanding Discounted Principal Outstanding Nominal Outstanding Nominal > 30 until <= ,7124% ,10 0,7182% ,27 0,7117% > 60 until <= ,2879% ,59 0,3020% ,20 0,3009% > 90 until <= ,1479% ,52 0,1918% ,39 0,1914% > 120 until <= ,0542% ,19 0,0763% ,11 0,0764% > 150 until <= ,0294% ,55 0,0327% ,40 0,0327% Subtotal ,2317% ,95 1,3211% ,37 1,3130% > 180 until <= ,0124% ,09 0,0241% ,13 0,0240% > 210 until <= ,0068% ,11 0,0023% ,87 0,0023% > 240 until <= ,0090% ,30 0,0110% ,47 0,0110% > 270 until <= ,0011% 6.979,03 0,0009% 7.000,00 0,0009% > 300 until <= ,0034% ,32 0,0044% ,01 0,0046% > 330 until <= ,0045% ,37 0,0046% ,75 0,0044% > ,0406% ,41 0,0380% ,08 0,0378% Subtotal 69 0,0779% ,63 0,0854% ,31 0,0850% Total ,3096% ,58 1,4065% ,68 1,3981% ABSOperations@vwfsag.de Page 10/35

11 Pool Information (continue d) Defaulted Profile I Days in Arrears Contracts Contracts Outstanding Principal Outstanding Nominal Outstanding Nominal <= ,44% ,54 0,28% ,29 0,27% > 30 until <= ,03% ,02 0,02% ,24 0,02% > 60 until <= ,08% ,13 0,06% ,30 0,06% > 90 until <= ,08% ,45 0,08% ,32 0,08% > 120 until <= ,09% ,86 0,10% ,82 0,10% > 150 until <= ,08% ,11 0,10% ,17 0,10% > 180 until <= ,06% ,03 0,07% ,95 0,07% > 210 until <= ,05% ,06 0,05% ,75 0,05% > 240 until <= ,04% ,91 0,03% ,10 0,03% > 270 until <= ,04% ,60 0,03% ,31 0,03% > 300 until <= ,03% ,34 0,01% ,46 0,01% > 330 until <= ,02% ,00 0,02% ,87 0,02% > ,14% ,24 0,11% ,41 0,11% Total ,17% ,29 0,94% ,99 0,93% Cumulative Write Offs Contracts Write Offs Begin of Period ,95 Write Offs ,47 End of Period ,42 Cumulative Net Losses Cumulative Write-Offs of all Loan receivables that were charged off from the Cut Off date until the end of the preceeding reporting period as of Cut Off Date and all additional Cut Off Date s until such Payment Date which is in the same month one year before the Payment Date which is relevant for the calculation of the numerator , ,28 Cumulative Net Loss Ratio Cumulative Write Offs as percentage of as of the Reporting Date 0,3104% ABSOperations@vwfsag.de Page 11/35

12 Pool Information (continue d) Defaulted Profile II Credit Type Type of Car Contracts *Outstanding Nominal Principal at Day of Default * Principal at Day of Default Total Recoveries Total Discount Total Write Offs *Outstanding Nominal Principal EoP *Outstanding EoP New , , , , , , ,96 Balloon Loan Used , , , , , , ,77 Subtotal , , , , , , ,73 Equal-Installment New , , , , , , ,52 Loan Used , , , , , , ,04 Subtotal , , , , , , ,56 Total , , , , , , ,29 *(incl. Arrears) ABSOperations@vwfsag.de Page 12/35

13 Credit Enhancement Credit Enhancement as of Cut Off Date % of Aggregate Credit Enhancement to each Note Class A Note 9,75% ,00 Class B Note 3,85% 5,90% ,00 Subordinated Loan 3,15% ,00 Overcollateralization 1,25% ,90 Cash Collateral Account 1,50% ,00 Value Overcollateralization during Revolving Period Class A Class B OC Percentage: 9,50% 5,70% Target OC Percentage: 9,50% Target OC Amount: Additional OC Percentage: 3,00% Overcollateralization after Revolving Period Class A Class B Target OC Percentage after Revolving Period: 12,00% 9,00% Current OC Percentage after Revolving Period 12,00% 7,84% ACCOUNTS Cash Collateral Account (CCA) as of the Beginning of the Period: ,00 Payment from CCA/ Payment to CCA: 0,00 as of the End of the Period: ,00 Floor: ,00 Set off Risk Reserve - VAT Risk Reserve - Accumulation Account (AC) Deposit Deposit in % of Outstanding Beginn of Period - 0% End of Period - 0% ABSOperations@vwfsag.de Page 13/35

14 Performance Trigger Overcollateralization Monitor Credit Enhancement Increase Condition in place NO Overcollateralization during Revolving Period Target Current Class A Class A OC Percentage: 9,50% 9,50% Target OC Amount, Class A Note: Additional OC Amount in Percent 3,00% Target Current Class B Class B OC Percentage: 5,90% Overcollateralization after Revolving Period Target Current Class A Class A OC Percentage: 12,00% 12,00% Target Current Class B Class B OC Percentage: 9,00% 7,84% Calculation of Credit Enhancement: During the Revolving Period will be a Targeted OC-Amount (Class A Note) of 9,5% or After the Revolving Period the Overcollateralisation Percentage will be 12% for Class A Notes or 9% for Class B Notes. During the Revolving Period additional Assets will be purchased with a discount of 3%. The transaction will have a Revolving Period of 36 Month until September After the Revolving Period, the transaction will start with sequential amortisation and therefore, only the Class A Notes will receive principal payments. The transaction switches into pro rate amortisation once an overcollateralisation percentage (i.e. credit enhancement excluding cash collateral) of 12% for the class A Notes and 9% for the Class B Notes have been reached. The amortisation will revert to sequential in case the the total amount of notes outstanding falls below 9% of the inital notes outstanding. The amortisation will revert to sequential during the revolving period when an Credit Enhancement Increase Condition is in place. ABSOperations@vwfsag.de Page 14/35

15 Cumulative Net Losses Cummulative Net Loss Ratio breached NO Period I > 0,45% (before 09/2006) Period II > 1,20% (after 09/2006 and before or during 09/2007) Period III > 1,75% (after 09/2007 and before or during 09/2008) Period VI > 2,25% (after Sept 2008) Cumulative Net Losses in % Cumulative Net Loss Ratio Trigger 2,00% Net Loss Ratio in % 1,60% 1,20% 0,80% 0,40% 0,00% Aug 05 Nov 05 Feb 06 Mai 06 Aug 06 Nov 06 Feb 07 Mai 07 Aug 07 Nov 07 Feb 08 Mai 08 Aug 08 Nov 08 Feb 09 Mai 09 Aug 09 Month ABSOperations@vwfsag.de Page 15/35

16 Pool concentration New/Used Cars as of initial Pool Cut As of End of Period Type of Car of Aggregate % of Aggregate Discounted Principal of Aggregate Discounted Principal % of Aggregate Discounted Principal New ,27% ,07 50,02% ,12% ,19 66,30% Used ,73% ,83 49,98% ,88% ,27 33,70% Total ,00% ,90 100,00% ,00% ,46 100,00% Limit on used cars: Exposure as of Initial Pool Cut Current Exposure in % Limit in % of Aggregate 49,98% 33,70% 50,00% Only Equal Instalment as of initial Pool Cut As of End of Period Type of Car of Aggregate % of Aggregate Discounted Principal of Aggregate Discounted Principal % of Aggregate Discounted Principal New ,34% ,83 15,74% ,19% ,18 7,28% Used ,51% ,40 17,22% ,16% ,09 8,47% Total ,85% ,23 32,96% ,35% ,27 15,75% Limit on used and equal instalments cars Exposure as of Initial Pool Cut Current Exposure in % Limit in % of Aggregate 17,22% 8,47% 25,00% Non VW Group Vehicles as of initial Pool Cut As of End of Period Type of Car of Aggregate % of Aggregate Discounted Principal of Aggregate Discounted Principal % of Aggregate Discounted Principal New 218 0,23% ,80 0,26% 329 0,37% ,38 0,28% Used ,19% ,18 5,05% ,69% ,05 3,69% Total ,42% ,98 5,31% ,06% ,43 3,97% Limit on Non VW Group Vehicles Exposure as of Initial Pool Cut Current Exposure in % Limit in % of Aggregate 5,31% 3,97% 10% Customer Concentration as of initial Pool Cut Number 1 Customer Aggregate % of Aggregate As of End of Period Aggregate Discounted Principal % of Aggregate Discounted Principal No ,59 0,0181% ,34 0,0194% Limit of Aggregate Current Exposure Limit Exposure , ,00 ABSOperations@vwfsag.de Page 16/35

17 Run Out Schedule At the End of Previous Reporting Period At the end of Reporting Period Payment Period ABS Remaining Depreciation ABS Remaining Interest ABS Remaining Instalments Payment Period ABS Remaining Depreciation ABS Remaining Interest ABS Remaining Instalments arrears , , ,67 arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,02 765, , ,03 775, , ,04 525, , ,80 536, , ,32 339, , ,81 349, , ,44 209, , ,29 218, , ,88 124, , ,66 132, , ,22 39, , ,31 46, , ,76 20, , ,15 27, , ,55 10,04 690, ,43 17,22 893,65 Subtotal , , ,35 Subtotal , , ,84 > ,62 31, ,31 > ,55 71, ,97 Total , , ,66 Total , , ,81 Page 17/35

18 Outstanding in EUR Amortisation Profile Class A-Notes A-Notes Exp. Amo. A-Notes Assuming a Clean-up Call at 9% of the initial outstanding balance, annual prepayments of 10% and 0 % defaults Reporting Period Reporting Period Sep 05 Nov 05 Outstanding in EUR Sep 05 Nov 05 Jan 06 Mrz 06 Mai 06 Jul 06 Sep 06 Nov 06 Jan 07 Mrz 07 Mai 07 Jul 07 Sep 07 Nov 07 Jan 08 Mrz 08 Amortisation Profile Class B-Notes Tel Fax ABSOperations@vwfsag.de Page 18/35 Jan 06 Mrz 06 Mai 06 Jul 06 Sep 06 Nov 06 Jan 07 Mrz 07 Mai 07 Jul 07 Sep 07 Nov 07 Jan 08 Mrz 08 Mai 08 Jul 08 Sep 08 Nov 08 Jan 09 Mrz 09 Mai 09 Jul 09 Sep 09 Nov 09 Jan 10 Mrz 10 Mai 10 Jul 10 Sep 10 Nov 10 Jan 11 Mrz 11 Mai 11 Jul 11 Mai 08 Jul 08 Sep 08 Nov 08 Jan 09 Mrz 09 Mai 09 Jul 09 Sep 09 Nov 09 Jan 10 Mrz 10 Mai 10 Jul 10 Sep 10 Nov 10 Jan 11 Mrz 11 Mai 11 Jul 11 Sep 11 Nov 11 B-Notes Exp. Amo. B-Notes Assuming a Clean-up Call at 9% of the initial outstanding balance, annual prepayments of 10% and 0 % defaults. Sep 11 Nov 11

19 Waterfall Payment Remaining Amount Remaining from Previous Period plus 0,75 Available Distribution Amount plus , ,58 Fees less , ,78 Payment in respect of Accounts less ,78 Net Swap Payments Class A less , ,14 Net Swap Payments Class B less , ,38 Interest Class A less , ,88 Interest Class B less , ,38 Cash Collateral Account less ,38 Redemption to the Accumulation Account less ,38 Redemption Class A less , ,88 Redemption Class B less ,90 6,98 Remaining Amount Due to Rounding less - 6,98 - Payments Subordinated Lender or VW Bank less - - Payment to Cash Collateral Account (after a Cash Collateral Increase Event is in place) less - - Payment from Cash Collateral Account plus - - Payment to Subordinated Lender or VW Bank less - - ABSOperations@vwfsag.de Page 19/35

20 Make: New and Used Cars as of initial Pool Cut AUDI New or Used Cars Principal as of End of Period AUDI New or Used Cars Principal New Cars ,83% ,02 37,52% New Cars ,74% ,49 49,77% Used Cars ,17% ,90 62,48% Used Cars ,26% ,09 50,23% Total ,00% ,92 100,00% Total ,00% ,58 100,00% SEAT New or Used Cars Principal SEAT New or Used Cars Principal New Cars ,91% ,32 64,25% New Cars ,63% ,88 69,53% Used Cars ,09% ,13 35,75% Used Cars ,37% ,49 30,47% Total ,00% ,45 100,00% Total ,00% ,37 100,00% SKODA New or Used Cars Principal SKODA New or Used Cars Principal New Cars ,22% ,27 81,42% New Cars ,20% ,60 81,23% Used Cars ,78% ,03 18,58% Used Cars ,80% ,47 18,77% Total ,00% ,30 100,00% Total ,00% ,07 100,00% VOLKSWAGEN New or Used Cars Principal VOLKSWAGEN New or Used Cars Principal New Cars ,44% ,66 50,20% New Cars ,83% ,63% Used Cars ,56% ,59 49,80% Used Cars ,17% ,37% Total ,00% ,25 100,00% Total ,00% ,01 100,00% OTHER New or Used Cars Principal OTHER New or Used Cars Principal New Cars 218 3,12% ,80 4,86% New Cars 329 5,26% ,38 7,08% Used Cars ,88% ,18 95,14% Used Cars ,74% ,05 92,92% Total ,00% ,98 100,00% Total ,00% ,43 100,00% Page 20/35

21 Down Payment Down Payment Principal Down Payment/Purchase Price in % No downpayment ,23% ,25 22,36% 0,00% <= 1.000, ,57% ,55 5,00% 6,25% 1.000, , ,60% ,62 7,64% 12,76% 2.000, , ,48% ,45 9,03% 17,92% 3.000, , ,93% ,48 8,15% 21,94% 4.000, , ,73% ,13 10,07% 25,02% 5.000, , ,48% ,28 7,12% 27,65% 6.000, , ,02% ,82 5,72% 30,47% 7.000, , ,46% ,53 5,39% 32,76% 8.000, , ,57% ,85 2,96% 35,92% 9.000, , ,67% ,75 5,62% 37,81% , , ,57% ,22 1,88% 39,30% , , ,52% ,57 1,82% 41,64% , , ,13% ,01 1,28% 45,32% , , ,84% ,58 0,94% 47,80% , , ,36% ,48 1,70% 46,27% > , ,84% ,89 3,31% 55,12% Total ,00% ,46 100,00% 23,63% Statistics As of Initial Pool Cut As of End of Period Minimum Down Payment 9,35 34,15 Maximum Down Payment , ,00 Average Down Payment (Customer who did Down 5.597, ,39 Payment) Average Down Payment 4.521, ,28 ABSOperations@vwfsag.de Page 21/35

22 Customer Type and Type of Payment Customer Type Customer Type Principal Corporate ,39% ,63 25,06% Retail ,61% ,83 74,94% Total ,00% ,46 100,00% Type of Payment Type of Payment Principal Direct Debit ,68% ,65 98,94% Other ,32% ,81 1,06% Total ,00% ,46 100,00% Page 22/35

23 Obligor Concentration Distribution of Loan Contracts and Vehicles per Borrower (EoP) Contracts- Concentration Customers of Customers Outstanding Percentag e of of ,48% ,86% ,04 98,70% ,46% 812 0,92% ,96 1,04% ,04% 114 0,13% ,68 0,16% 4 6 0,01% 24 0,03% ,95 0,03% 5 1 0,00% 5 0,01% ,14 0,00% ,01% 55 0,06% ,69 0,07% > ,00% 0 0,00% - 0,00% Total ,00% ,00% ,46 100,00% Top 20 Borrower as of initial Pool Cut Top 20 Borrower as of End of Period Number Principal Percentage of Contracts Number Principal of Contracts ,59 0,0181% ,34 0,0194% ,86 0,0162% ,32 0,0168% ,35 0,0112% ,11 0,0153% ,44 0,0109% ,01 0,0140% ,65 0,0105% ,05 0,0123% ,55 0,0101% ,25 0,0116% ,84 0,0098% ,13 0,0110% ,16 0,0099% ,11 0,0101% ,34 0,0097% ,01 0,0099% ,83 0,0093% ,17 0,0094% ,69 0,0089% ,41 0,0090% ,62 0,0090% ,42 0,0090% ,95 0,0088% ,22 0,0089% ,21 0,0088% ,69 0,0089% ,61 0,0089% ,96 0,0088% ,20 0,0088% ,38 0,0088% ,61 0,0085% ,95 0,0081% ,87 0,0085% ,66 0,0081% ,07 0,0085% ,80 0,0080% ,38 0,0083% ,55 0,0080% 1 Total ,82 0,2026% 70 Total ,54 0,2152% 51 ABSOperations@vwfsag.de Page 23/35

24 Distribution by Principal As of Initial Pool Cut Distribution by Outstanding Principal 0, , ,38% ,26 5,26% 5.000, , ,61% ,42 28,09% , , ,81% ,68 29,63% , , ,87% ,15 19,19% , , ,56% ,51 9,48% , , ,52% ,69 3,87% > , ,25% ,19 4,48% Total ,00% ,90 100,00% As of End of Period Distribution by Outstanding Principal 0, , ,14% ,62 10,43% 5.000, , ,25% ,63 28,11% , , ,82% ,94 28,60% , , ,83% ,71 17,88% , , ,18% ,97 8,26% , , ,99% ,23 3,17% > , ,79% ,36 3,56% Total ,00% ,46 100,00% Statistics As of initial Pool Cut As of End of Period Minimum Principal Maximum Principal Average Principal 500,35 1, , , , ,15 Page 24/35

25 Distribution by Original Principal As of initial Pool Cut Distribution by Original Principal Principal 0, , ,65% ,65 1,21% 5.000, , ,29% ,73 12,72% , , ,32% ,04 26,09% , , ,28% ,81 23,79% , , ,84% ,12 16,73% , , ,89% ,85 9,34% > , ,73% ,70 10,12% Total ,00% ,90 100,00% As of End of Period Distribution by Original Principal Principal 0, , ,68% ,29 0,42% 5.000, , ,48% ,90 7,53% , , ,75% ,41 21,13% , , ,98% ,75 23,61% , , ,47% ,58 19,61% , , ,64% ,12 12,15% > , ,00% ,41 15,56% Total ,00% ,46 100,00% Statistics As of initial Pool Cut As of End of Period Minimum Original Principal 627,84 582,72 Maximum Original Principal , ,81 Average Original Principal , ,57 Page 25/35

26 Interest Rate paid by the Receivable Debtor As of initial Pool Cut Interest Rate paid by the Receivable Debtor Outstanding As of End of Period Interest Rate paid by the Receivable Debtor Outstanding 0,1 % - 0,5 % 510 0,54% ,20 0,49% 0,1 % - 0,5 % 600 0,68% ,35 0,67% 0,6 % - 1,0 % ,29% ,40 5,66% 0,6 % - 1,0 % ,28% ,36 24,10% 1,1 % - 1,5 % 35 0,04% ,91 0,05% 1,1 % - 1,5 % 32 0,04% ,40 0,05% 1,6 % - 2,0 % ,11% ,07 4,12% 1,6 % - 2,0 % ,71% ,10 7,37% 2,1 % - 2,5 % 131 0,14% ,49 0,19% 2,1 % - 2,5 % 48 0,05% ,78 0,06% 2,6 % - 3,0 % ,31% ,11 3,96% 2,6 % - 3,0 % ,31% ,03 11,32% 3,1 % - 3,5 % 249 0,26% ,58 0,43% 3,1 % - 3,5 % 39 0,04% ,37 0,05% 3,6 % - 4,0 % ,63% ,52 15,23% 3,6 % - 4,0 % ,81% ,92 11,30% 4,1 % - 4,5 % 225 0,24% ,37 0,37% 4,1 % - 4,5 % 41 0,05% ,97 0,06% 4,6 % - 5,0 % ,82% ,84 15,48% 4,6 % - 5,0 % ,12% ,21 10,83% 5,1 % - 5,5 % 470 0,50% ,31 0,68% 5,1 % - 5,5 % 215 0,24% ,05 0,38% 5,6 % - 6,0 % ,10% ,36 5,20% 5,6 % - 6,0 % ,58% ,06 4,00% 6,1 % - 6,5 % ,14% ,93 5,03% 6,1 % - 6,5 % ,80% ,42 2,86% 6,6 % - 7,0 % ,32% ,47 26,22% 6,6 % - 7,0 % ,95% ,69 16,17% 7,1 % - 7,5 % ,99% ,61 2,41% 7,1 % - 7,5 % ,09% ,24 2,43% 7,6 % - 8,0 % ,32% ,35 7,38% 7,6 % - 8,0 % ,93% ,77 5,54% 8,1 % - 8,5 % 552 0,59% ,64 0,48% 8,1 % - 8,5 % 272 0,31% ,43 0,22% 8,6 % - 9,0 % ,13% ,98 2,99% 8,6 % - 9,0 % ,23% ,83 1,14% 9,1 % - 9,5 % ,20% ,17 0,67% 9,1 % - 9,5 % 227 0,26% ,04 0,08% 9,6 % - 10,0 % ,98% ,64 1,50% 9,6 % - 10,0 % ,55% ,61 0,91% > 10,0 % ,36% ,95 1,47% > 10,0 % 884 1,00% ,83 0,46% Total ,00% ,90 100,00% Total ,00% ,46 100,00% Statistics As of initial Pool Cut As of End of Period Minimum Interest Rate Debtor Maximum Interest Rate Debtor Weighted Average Interest Rate Debtor 0,10% 0,10% 13,80% 13,49% 5,60% 4,13% ABSOperations@vwfsag.de Page 26/35

27 Distribution by Original Term As of initial Pool Cut Lenght of Original Term (months) Outstanding ,00% - 0,00% ,42% ,32 1,56% ,08% ,88 24,88% ,70% ,72 39,04% ,22% ,96 26,58% ,58% ,02 7,94% >72 0 0,00% - 0,00% Total ,00% ,90 100,00% As of End of Period Lenght of Original Term (months) Outstanding ,00% ,88 0,00% ,82% ,18 0,43% ,90% ,67 12,91% ,63% ,02 60,77% ,48% ,55 22,07% ,12% ,99 3,79% > ,05% ,17 0,02% Total ,00% ,46 100,00% Statistics As of initial Pool Cut As of End of Period Minimum Original Term months Maximum Original Term months Weighted Average Original Term month 47,91 49,87 ABSOperations@vwfsag.de Page 27/35

28 Distribution by Remaining Term As of initial Pool Cut Lenght of Remaining Term (months) Outstanding ,00% - 0,00% ,88% ,16 18,24% ,95% ,47 33,46% ,50% ,62 35,68% ,67% ,65 12,62% >60 0 0,00% - 0,00% Total ,00% ,90 100,00% As of End of Period Lenght of Remaining Term (months) Outstanding ,39% ,54 21,51% ,70% ,68 44,15% ,68% ,83 28,58% ,00% ,46 5,48% ,22% ,82 0,27% >60 2 0,00% ,13 0,00% Total ,00% ,46 100,00% Statistics As of initial Pool Cut As of End of Period Minimum Remaining Term in months Maximum Remaining Term in months Weighted Average Remaining Term in months ,12 17,36 ABSOperations@vwfsag.de Page 28/35

29 Seasoning As of initial Pool Cut Seasoning (months) Principal <= ,86% ,75 29,65% ,50% ,19 27,69% ,09% ,53 20,51% ,59% ,58 9,41% ,14% ,27 8,61% ,71% ,22 2,94% ,85% ,87 1,07% ,26% ,49 0,12% > ,00% - 0,00% Total ,00% ,90 100,00% As of End of Period Seasoning (months) Principal <=6 20 0,02% ,78 0,04% ,74% ,08 4,20% ,74% ,31 14,07% ,39% ,70 20,23% ,70% ,58 25,75% ,15% ,48 15,62% ,82% ,99 5,62% ,35% ,47 11,25% > ,08% ,07 3,22% Total ,00% ,46 100,00% Statistics As of initial Pool Cut As of End of Period Weighted Average Seasoning Term in months 14,14 32,77 ABSOperations@vwfsag.de Page 29/35

30 Credit Type and Type of Car Credit Type, as of initial Pool Cut Credit Type, as of End of Period Principal Principal Credit Type Credit Type Balloon ,15% ,67 67,04% Balloon ,65% ,19 84,25% Equal-Instalment Loan ,85% ,23 32,96% Equal-Instalment Loan ,35% ,27 15,75% Total ,00% ,90 100,00% Total ,00% ,46 100,00% Type of Car, as of initial Pool Cut Type of Car, as of End of Period Principal Principal Type of Car Type of Car New ,27% ,07 50,02% New ,12% ,19 66,30% Used ,73% ,83 49,98% Used ,88% ,27 33,70% Total ,00% ,90 100,00% Total ,00% ,46 100,00% Type of Car: only Balloon, as of initial Pool Cut Type of Car: only Balloon, as of End of Period Principal Principal Type of Car Type of Car New ,39% ,24 51,14% New ,91% ,01 70,05% Used ,61% ,43 48,86% Used ,09% ,18 29,95% Total ,00% ,67 100,00% Total ,00% ,19 100,00% Type of Car: only Equal-Instalment, as of initial Pool Cut Type of Car: only Equal-Instalment, as of End of Period Principal Principal Type of Car Type of Car New ,83% ,83 47,75% New ,54% ,18 46,25% Used ,17% ,40 52,25% Used ,46% ,09 53,75% Total ,00% ,23 100,00% Total ,00% ,27 100,00% Page 30/35

31 Balloon in % of Outstanding Original Principal Lenght of Remaining Term months total Balloon Balloon Balloon in % of current Outstanding Principal Original Principal Balloon in % of Current Original Principal ,52% ,87 119,66% ,74 42,03% ,57% ,15 101,44% ,76 41,05% ,56% ,94 99,64% ,09 40,52% ,43% ,71 96,86% ,89 40,88% ,66% ,36 93,28% ,14 41,37% ,47% ,82 89,89% ,28 40,50% ,33% ,23 87,82% ,47 40,89% ,27% ,70 84,75% ,67 39,48% ,49% ,04 83,10% ,79 40,12% ,42% ,63 80,39% ,35 39,87% ,42% ,43 78,15% ,07 39,52% ,67% ,31 75,89% ,63 39,27% ,68% ,94 74,84% ,81 40,64% ,40% ,20 74,31% ,93 42,78% ,62% ,95 74,05% ,76 43,53% ,06% ,67 73,06% ,81 44,53% ,26% ,93 72,79% ,31 45,71% ,51% ,30 71,60% ,26 46,15% ,02% ,20 69,96% ,14 45,45% ,06% ,76 69,18% ,72 46,07% ,78% ,33 69,27% ,21 47,35% ,05% ,11 68,07% ,52 47,31% ,59% ,46 65,86% ,20 46,34% ,40% ,54 63,26% ,58 44,54% ,50% ,82 62,15% ,69 44,52% ,98% ,29 60,97% ,19 44,15% ,62% ,57 59,42% ,04 43,56% ,41% ,36 58,33% ,37 42,99% ,34% ,64 57,71% ,94 42,86% ,85% ,80 56,79% ,42 42,81% ,68% ,85 55,65% ,49 42,18% ,74% ,60 53,57% ,54 41,14% ,78% ,04 54,16% ,22 42,43% ,58% ,48 53,80% ,96 42,93% ,42% ,71 51,99% ,05 41,62% ,12% ,59 50,74% ,45 41,29% ,01% ,80 50,64% ,62 41,39% ,82% ,00 47,78% ,39 39,67% ,65% ,13 48,16% ,40 40,53% ,40% ,09 45,15% ,59 37,89% ,25% ,84 43,82% ,11 36,38% ,19% ,22 39,82% ,23 33,39% ,17% ,58 41,25% ,06 35,09% ,13% ,17 39,57% ,40 34,02% ,09% ,78 39,95% ,66 35,00% ,04% ,99 39,61% ,50 35,15% ,01% ,75 39,56% ,82 31,61% ,00% ,85 53,94% ,85 44,70% Total ,00% ,53 68,91% ,12 43,17% ABSOperations@vwfsag.de Page 31/35

32 Distribution by Vehicle Makes and Models Make Model Principal Audi A ,9957% ,60 0,6016% A ,9095% ,38 4,7568% A ,0320% ,72 7,6548% A5 31 0,0350% ,61 0,1379% A ,4306% ,36 3,9895% A ,1513% ,98 0,3398% TT 542 0,6119% ,21 0,9354% Q ,1682% ,46 0,7339% Other 31 0,0350% ,26 0,0160% Subtotal ,3693% ,58 19,1659% Seat Alhambra 544 0,6141% ,52 0,5792% Altea 629 0,7101% ,98 0,6519% Arosa 497 0,5611% ,54 0,1633% Cordoba 252 0,2845% ,36 0,1202% Ibiza ,8280% ,58 1,7193% Inca 28 0,0316% ,19 0,0080% Leon ,0581% ,92 1,7741% Toledo ,2328% ,28 1,1880% Subtotal ,3204% ,37 6,2039% Skoda Fabia ,0331% ,65 3,8307% Felicia 42 0,0474% ,48 0,0084% Octavia ,0475% ,30 4,7448% Roomster 600 0,6774% ,41 0,8304% Superb 353 0,3985% ,23 0,4457% Subtotal ,2039% ,07 9,8600% VW Bora 690 0,7790% ,49 0,4437% Caddy ,1357% ,38 1,0074% Eos 757 0,8546% ,39 1,7809% Fox ,8650% ,73 1,1753% Golf ,3532% ,46 21,6878% Jetta, Vento 500 0,5645% ,60 0,6607% Käfer, Karmann 4 0,0045% ,27 0,0031% LT, Crafter 111 0,1253% ,54 0,1330% Lupo ,2283% ,75 0,3942% New Beetle 598 0,6751% ,27 0,6023% Passat ,3167% ,64 8,9662% Phaeton 23 0,0260% ,91 0,0495% Polo ,8693% ,28 7,7910% Sharan ,1168% ,42 2,3265% T4, T ,0143% ,32 4,2429% Touareg 393 0,4437% ,28 1,2320% Touran ,5872% ,81 8,0920% Other 76 0,0858% ,47 0,2121% Subtotal ,0449% ,01 60,8005% Non VW Group Vehicles Subtotal ,0616% ,43 3,9697% Total ,0000% ,46 100,0000% ABSOperations@vwfsag.de Page 32/35

33 Geographic Distribution Region Principal Baden-Wuerttemberg ,83% ,82 11,63% Bavaria ,55% ,96 12,80% Berlin ,17% ,36 2,24% Brandenburg ,50% ,35 4,18% Bremen 569 0,64% ,30 0,56% Hamburg ,51% ,78 1,51% Hesse ,80% ,91 7,17% Mecklenburg-Vorpommern ,60% ,97 10,31% Lower Saxony ,59% ,84 3,02% North Rhine-Westphalia ,54% ,48 19,62% Rhineland-Palatinate ,59% ,79 4,50% Saarland 682 0,77% ,02 0,77% Saxony ,45% ,49 8,06% Saxony-Anhalt ,32% ,60 4,87% Schleswig-Holstein ,94% ,59 3,71% Thuringia ,18% ,21 5,04% Total ,00% ,46 100,00% Page 33/35

34 Potential Set Off Risk Customers with Deposits Deposits Outstanding Nominal of customer with deposit Principal of customers with deposit as of End of Period , , , ,46 Total , , , ,46 Draft Deposits vs. Outstanding Nominal Deposits Outstanding Nominal Volume in EUR Sep. 05 Nov. 05 Jan. 06 Mrz. 06 Mai. 06 Jul. 06 Sep. 06 Nov. 06 Jan. 07 Mrz. 07 Mai. 07 Jul. 07 Sep. 07 Maturity Nov. 07 Jan. 08 Mrz. 08 Mai. 08 Jul. 08 Sep. 08 Nov. 08 Jan. 09 Mrz. 09 Mai. 09 Jul. 09 Current Set Off Risk Trigger* % of Aggregate 0,4238% 1,0000% * If this trigger is breached and VW Bank is no longer (deemed to be) investment grade, VW Bank is obliged to post collateral amounting to the potential set-off risk which will be adjusted on a monthly basis (the "Set-Off Risk Reserve"). The Set-Off Risk Reserve shall be deposited in the Cash Collateral Account and is exclusively reserved to cover set-off risks. ABSOperations@vwfsag.de Page 34/35

35 Glossary Additional Overcollateralisation Percentage: VW Bank will sell Additional Loan Receivables to Driver Two at any Additional Purchase Date for a purchase Price (the "Additional Purchase Price" ) equalling the of such Additional Loan Receivables as of the respective Additional Cutoff Date multiplied by a factor of 0.97 (i.e minus 0.03 (the additional overcollateralisation percentage of 3.00% divided by 100)) ( the " Additional Overcollateralisation Percentage") Accumulation Account: Cash Collateral Increase Event: Collections: Contracts after Final Statement: Delinquent contract: Defaulted contract: During the Revolving Period, on each Payment Date (each an Additional Purchase Date) collections and other funds received during each Monthly Period that are allocable to the principal of the Notes pursuant to step tenth of the Order of Priority as defined in 23(3)(i)(A) of the Trust Agreement shall be transferred on the Payment Date into the Accumulation Account ). The amounts deposited in the Accumulation Account shall be used by the Issuer at VW Bank s discretion for the purchase of Additional Loan Receivables from VW Bank. To the extent that amounts allocated for the purchase of Additional Loan Receivables are not utilised on any Additional Purchase Date, such amounts shall remain deposited in the Accumulation Account to purchase Additional Loan Receivables on subsequent Additional Purchase Dates during the Revolving Period. During the Revolving Period an amount which equals up to 10 % of the Aggregate on two subsequent Payment Dates may be held in the Accumulation Account without triggering an Early Amortisation Event. No funds will be deposited in the accumulation Account on any Payment Date after the termination of the Revolving Period (including, following the occurrence of an Early Amortisation Event) A "Cash Collateral Increase Event" means the day when VW Bank receives the notification by Fitch that Fitch has determined that VW Bank's capacity for meeting its financial commitments would no longer equal a rating of at least F3 by Fitch Available Distribution Amount on each payment day as descriped in the OC Contracts without a collateral. The outstanding value of a contract which were past due more than 30 days The outstanding value of a terminated contract Late Delinquency Ratio: Late Delinquency Loan Receivables: Contract after Final Statement Write Off: Discount: Late Delinquency Ratio means, expressed as a percentage, the ratio of (i) Late Delinquency Loan Receivables as nominator and (ii) the Aggregate as denominator Late Delinquency Loan Receivables means (i) each and any Loan Receivables for which more than six instalments are overdue and (ii) each and any Loan Receivable which is classified as "After Final Statement" A contract for which no collateral exist any more The value of contracts which were written off as irrevocable Reimbursement of interest which was calculated on the initial term and which was not used eg. due to a termination of a contract. Recoveries: All money received after a termination of a contract Revolving Period: Means the time from September 14, 2005 until September 20th, 2008 During the Revolving Period, no principal will be paid to the Noteholders. Instead, on each Payment Date during the Revolving Period, amounts allocable to principal payments will be used to purchase Additional Loan Receivables. If such amounts are not applied to purchase Additional Loan Receivables, then such amounts will be deposited to the Accumulation Account. If such amounts deposited into the Accumulation Account during the Revolving Period exceed a certain percentage of the Aggregate of the Loan Receivables over a certain period (calculated as if all amounts had been reinvested in Loan Receivables), then an Early Amortisation Event will occur. If an Early Amortisation Event occurs, the Revolving Period will terminate and the Amortisation period will commence. Net Swap Payment: BoP: EoP: Positive Value means that Driver Two is in a receiving position/negative value means that Driver Two is in a paying Position Beginn of Period End of Period / 2367 ABSOperations@vwfsag.de Page 35/35