Information Date: Period: Period No.: 61

Transcription

1 Deal Name: Issuer: Servicer Name: Reporting Entity: DRIVER THREE DRIVER THREE GmbH Eschenheimer Anlage Frankfurt am Main Federal Republic of Germany VOLKSWAGEN BANK GmbH ABS Operations Dep. F-RWABO Gifhorner Straße Braunschweig Federal Republic of Germany Contact: phone +49 (0) fax: +49 (0) 531/ ABSOperations@vwfs.com Administrator: TMF Deutschland AG Eschenheimer Anlage Frankfurt/Main Federal Republic of Germany Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 1/36

2 Page Tables of Contents 3 Deal Overview 4 Deal Overview: Counterparties (continue d) 5 Volkswagen Bank GmbH 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 Early Amortization Trigger 16 Early Amortization Trigger (continue d) 17 Pool Concentration 18 Run Out Schedule 19 Waterfall 20 Make: New and Used Cars 21 Down Payment 22 Customer Type and Type of Payment 23 Obligor 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 olkswagen Bank GmbH fhorner Str Braunschweig el / ax / BSOperations@vwfs.com Page 2/36

3 Deal Overview Deal Name: Issuer: DRIVER THREE DRIVER THREE GmbH Eschenheimer Anlage Frankfurt am Main Federal Republic of Germany Servicer Name: VOLKSWAGEN BANK GmbH Reporting Entity: Gifhorner Straße Braunschweig Federal Republic of Germany Contact: ABSOperations@VWFS.com +49 (0) Administrator: TMF Deutschland AG Eschenheimer Anlage Frankfurt/Main Federal Republic of Germany Joint Lead Manager: Counterparty Details BNP Paribas 10 Harewood Avenue London NW1 6AA United Kingdom Short Term Moody's Long Outlook Term Short Term Rating* Fitch Long Outlook Term Short Term S&P Long Term Outlook SEB Ulmenstraße Frankfurt/Main Federal Republic of Germany Accounts: BNP PARIBAS Cash Collateral Luxembourg Branch 33 Distribution Rue de Gasperich Accumulation Howald-Hesperange 2085 Luxembourg Luxembourg P-1 Aa2 under Review F1+ AA- Negative A-1+ AA Stable Listing Agent: BNP PARIBAS Luxembourg Branch 33 Rue de Gasperich Howald-Hesperange 2085 Luxembourg Luxembourg Paying and BNP PARIBAS Calculation Agent: Luxembourg Branch 33 Rue de Gasperich Howald-Hesperange 2085 Luxembourg Luxembourg Class A and B Swap Counterparty: Hessische Landesbank Neue Mainzer Straße Frankfurt am Main Federal Republic of Germany P-1 Aa2 under Review F1+ A+ Stable A-1 A Stable * Ratings updated on 02/11/2011 Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 3/36

4 Deal Overview: Counterparties (continue d) Security Trustee: FAEGRE & BENSON LLP Data Protection Trustee: Neue Mainzer Straße Frankfurt am Main Federal Republic of Germany Rating Agency: Rating Agency: Rating Agency: 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 S&P Standard & Poor s Neue Mainzer Straße Frankfurt/Main Federal Republic of Germany Cut Off Date: September 30th, 2006 Final Maturity Date: October 2015 Final Scheduled Payment Date: October 2014 Revolving Period (from/until): October 27th, 2006 until November 20th, 2009 Reporting Date: 17th of each month (for previous month) Reporting Period: Monthly Payment Date: 21st of each month Clean-Up Call: VW Bank will have the right at its option to exercise a clean-up call and to repurchase the outstanding Purchased Loan Receivables from Driver Three at any time when the sum of the Aggregate for all outstanding Purchased Loan Receivables is less than 9% of the Aggregate Cut Off Date provided that all payment obligations under the Notes will thereby be fulfilled. Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 4/36

5 Volkswagen Bank GmbH and Volkswagen AG Rating Rating* - Short Term Moody's S&P VW Bank VW AG P-2 P-2 A-2 A-2 Rating* - Long Term Moody's Moody's Outlook VW Bank A3 Positive VW AG A3 Positive S&P S&P Outlook A- A- Stable Stable 3 Moody's - Long Term VW AG VW Bank Rating 2 A2 1 A3 0 Maturity 3 S&P - Long Term VW AG VW Bank Rating 2A 1 A- 0 Maturity VW Bank Rating Related Triggers * Ratings updated on 02/11/2011 Future Rating Triggers: VAT-Risk 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. Set Off Risk The downgrade of VW Bank's long-term rating to below BBB- by Fitch and/or Baa3 by Moody's and/or VW Bank's short-term rating to below A-2 by S&P will result in a Set Off risk reserve being established if deposits by borrowers are greater than 1% of the Aggregate Discounted Principal. The Set Off risk shall be deposited in the Cash Collateral Account. Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 5/36

6 Notes Information Date: Monthly Period: Oct 11 Additional Purchase Date: n/a Payment Date: Revolving Period Number: 61 Interest Accrual Period (from/until): Days Accrued: 31 Base Interest Rate (1-Month Euribor): 1,3680% Currency: EUR Day Count Convention: ACT/360 Class of Notes Class A Class B Rating Details: Fitch: AAA AA Moody's: Aaa Aa1 S&P AAA AA- Information on Notes Class A Class B Final Maturity Date: October 2015 October 2015 Final Scheduled Payment Date: October 2014 October 2014 Security Code A0LDCA A0KP89 ISIN: XS XS Common Code: Information on Interest Class A Class B Information on Interest Class A Class B Total Interest per Class: , ,10 Total Interest per Note: 12,68 12,12 Spread/Margin: 10 bps 19 bps Interest Rate Swaps Class A Class B Interest Rate Swaps Class A Class B Underlying Principal: pay fixed pay fixed Index Rate: 1-M-Euribor 1-M-Euribor Net Swap Payments , ,42 Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 6/36

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): , ,00 Redemption amount per class: , ,00 Note (EoP): , ,00 Payments to Investors - Per Eur ,- Denomination CLASS A CLASS B Redemption Payment per Note: 989,43 890,99 Note Factor: 0, , Unpaid Interest: Unpaid interest: - - Cumulative unpaid interest: - - Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 7/36

8 Pool Information Cut Off Date: Additional Purchase Date: n/a Reporting Date: Interest Period (from/until): / Current Payment Date: Next Payment Date: Days Accrued: 31 Asset Collection Period: / Note Payment Period: / s contracts Outstanding Nominal Principal As of Initial Pool Cut , ,07 As of End of Period before origination of additional Loan Receivables , ,66 Additional Loan Receivables As of EoP after origination of add. Loan Receivables , ,66 Calculation of Available Distribution Amount Contracts Principal Nominal Begin of Period , ,63 Periodically reduction of Nominal Amount ,97 Discount ,92 Write Off ,58 Fee restruct./prolongation 2.762,73 Interest (late payment penalties) ,55 Available Distribution Amount (Waterfall OC Pos. 1) ,75 Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 8/36

9 Pool Information (continue d) Pool Status Contracts (Initial Pool Cut) Principal (Initial Pool Cut) Contracts EoP before origination of additional Loan Receivables Principal EoP before origination of additional Loan Receivables Contracts EoP Principal EoP Current , ,13 Delinquent ,30 Defaulted ,46 End of Term Early Settlement Write Off Total , ,89 Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 9/36

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 450 1,8431% ,30 2,2678% ,61 2,2562% Defaulted 663 2,7155% ,46 1,9202% ,36 1,8993% Delinquency Profile Days in Arrears Contracts Contracts Outstanding Outstanding Discounted Principal Outstanding Nominal Outstanding Nominal > 30 until <= ,8478% ,28 1,0524% ,29 1,0435% > 60 until <= ,4751% ,01 0,5779% ,66 0,5747% > 90 until <= ,1638% ,41 0,1963% ,58 0,1960% > 120 until <= ,1065% ,07 0,1501% ,08 0,1494% > 150 until <= ,0778% ,55 0,1099% ,14 0,1101% Subtotal 408 1,6711% ,32 2,0865% ,75 2,0737% > 180 until <= ,0287% ,27 0,0261% ,05 0,0264% > 210 until <= ,0246% ,66 0,0332% ,97 0,0341% > 240 until <= ,0164% ,16 0,0104% ,42 0,0104% > 270 until <= ,0082% 1.855,48 0,0010% 1.873,51 0,0010% > 300 until <= ,0082% ,19 0,0098% ,96 0,0098% > 330 until <= ,0164% ,11 0,0106% ,45 0,0106% > ,0696% ,11 0,0902% ,50 0,0901% Subtotal 42 0,1720% ,98 0,1812% ,86 0,1825% Total 450 1,8431% ,30 2,2678% ,61 2,2562% Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 10/36

11 Pool Information (continue d) Defaulted Profile I Days in Arrears Contracts Contracts Outstanding Outstanding Discounted Principal Outstanding Nominal Outstanding Nominal <= ,6430% ,77 0,4000% ,17 0,3935% > 30 until <= ,0532% ,48 0,0536% ,23 0,0528% > 60 until <= ,1434% ,89 0,1665% ,66 0,1627% > 90 until <= ,1475% ,76 0,1079% ,58 0,1064% > 120 until <= ,1352% ,36 0,1543% ,30 0,1555% > 150 until <= ,1106% ,01 0,1063% ,31 0,1062% > 180 until <= ,1188% ,10 0,1000% ,63 0,0992% > 210 until <= ,0778% ,68 0,0555% ,00 0,0551% > 240 until <= ,1106% ,30 0,0600% ,21 0,0601% > 270 until <= ,0983% ,74 0,0543% ,01 0,0538% > 300 until <= ,0901% ,96 0,0723% ,22 0,0711% > 330 until <= ,1024% ,18 0,0729% ,58 0,0722% > ,8847% ,23 0,5166% ,46 0,5107% Total 663 2,7155% ,46 1,9202% ,36 1,8993% Cumulative Write Offs Contracts Write Offs Begin of Period ,96 Write Offs ,58 End of Period ,54 Cumulative Net Losses Cumulative Write-Offs of all Loan receivables that were charged off from the Cut Off date until the end of the preceding 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 , ,78 Cumulative Net Loss Ratio Cumulative Write Offs as percentage of as of the Reporting 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 0,4890% Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 11/36

12 Pool Information (continue d) Defaulted Profile II Credit Type Balloon Loan Vehicle Status Contracts *Outstanding Nominal Principal at Day of Default *Outstanding at Day of Default Total Recoveries Total Discount Total Write Offs *Outstanding Nominal Principal EoP * Principal EoP New , , , , , , ,50 Used , , , , , , ,27 Total Balloon Loan , , , , , , ,77 Equal-Installment Loan New , , , , , , ,56 Used , , , , , , ,13 Total Equal-Installment Loan , , , , , , ,69 Total , , , , , , ,46 *(incl. Arrears) Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 12/36

13 Credit Enhancement Credit Enhancement as of Cut Off Date ( ) % of Aggregate Credit Enhancement to each Note Class A Note 9,05% ,00 Class B Note 3,50% 5,55% ,00 Subordinated Loan 3,15% ,00 Overcollateralization 0,90% ,00 Cash Collateral Account 1,50% ,00 Value Overcollateralization during Revolving Period Class A Class B Current OC Percentage: 12,0000% 9,0000% Target OC Percentage: 9,50% Target OC Amount: Additional OC Percentage: 3,00% Overcollateralization after Revolving Period Class A Class B Current OC Percentage: 12,00% 9,00% Target OC Percentage after Revolving Period: 12,00% 9,00% ACCOUNTS Cash Collateral Account (CCA) as of the Beginning of the Period: 0,00% ,98 Payment from CCA/ Payment to CCA: - as of the End of the Period: ,98 Floor: ,98 Set off Risk Reserve VAT Risk Reserve - - Accumulation Account (AC) Deposit Deposit in % of Outstanding Beginn of Period - 0% End of Period - 0% Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 13/36

14 Performance Trigger Overcollateralisation Monitor Credit Enhancement Increase Condition in place NO Overcollateralisation during Revolving Period Target Current Class A Class A OC Percentage: 9,50% 12,00% Target OC Amount, Class A Note: n/a Additional OC Amount in Percent n/a Target Current Class B Class B OC Percentage: n/a 9,00% Overcollateralisation 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% 9,00% Calculation of Credit Enhancement: During the Revolving Period will be a Targeted OC-Amount (Class A Note) of 9,5%. 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 November 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 total amount of notes outstanding falls below 9% of the initial Aggregate as of the Cutoff. The amortisation will revert to sequential during the revolving period when an Credit Enhancement Increase Condition is in place. Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 14/36

15 Early Amortization Trigger Early Amortization Trigger breached NO Accumulation Account: Oustanding Discounted Principal Deposits Deposits in % of Aggregate Monthly Period n/a n/a n/a Previous Month n/a n/a n/a Interest earned n/a n/a n/a Total Accumulation Account Trigger 10% means that the amount deposited in the Accumulation Account on two consecutive Payment Dates exceeds 10 % of the Aggregate Discounted Principal Late Delinquency Trigger breached NO Late Delinquency Ratio in % Late Delinquency Ratio Trigger 2,80% Cum. Late Delinquency Ratio in % 2,40% 2,00% 1,60% 1,20% 0,80% 0,40% 0,00% Month > 180 days overdue and/or Contracts after Final Statement Late Delinquency Outstanding ,81 Oustanding Discounted Principal Late Delinquency Ratio in % of total Total , ,89 1,5560% The Late Delinquency Ratio is breached when it exceeds 2,25% at any payment date. wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 15/36

16 Early Amortization Trigger (continue d) Cummulative Net Loss Ratio breached NO Period I > 0,45% (before or during 10/2007) Period II > 1,2% (after 10/2007 and before or during 10/2008) Period III > 1,75% (after 10/2008 and before or during 10/2009) Period VI > 2,25% (after 10/2009) Cumulative Net Losses in % Cumulative Net Loss Ratio Trigger 2,40% 2,00% Net Loss Ratio in % 1,60% 1,20% 0,80% 0,40% 0,00% Month swagen Bank GmbH orner Str Braunschweig / / Operations@vwfs.com Page 16/36

17 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 0 Outstanding in EUR Amortisation Profile Class B-Notes 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 Reporting Period

18 Pool concentration New/Used Cars as of initial Pool Cut Type of Car of Aggregate Discounted Principal % of Aggregate Discounted Principal EoP after origination of additional Loan Receivables of Aggregate Discounted Principal % of Aggregate Discounted Principal New ,62% ,41 50,01% ,44% ,88 65,14% Used ,38% ,60 49,99% ,56% ,01 34,86% Total ,00% ,01 100,00% ,00% ,89 100,00% Limit on used cars: Exposure as of Initial Pool Cut Current Exposure in % Limit in % of Aggregate 49,99% 34,86% 50,00% Only Equal-Installment as of initial Pool Cut of Type of Car Aggregate Discounted Principal % of Aggregate Discounted Principal Loan Receivables EoP of Aggregate Discounted Principal % of Aggregate Discounted Principal New ,25% ,64 11,74% ,36% ,51 5,25% Used ,58% ,12 17,32% ,78% ,84 6,47% Total ,83% ,76 29,06% ,15% ,35 11,72% Limit on Used and Equal-Installments cars Exposure as of Initial Pool Cut Current Exposure in % Limit in % of Aggregate 17,32% 6,47% 25,00% Non VW Group Vehicles as of initial Pool Cut of Type of Car Aggregate Discounted Principal % of Aggregate Discounted Principal Loan Receivables EoP of Aggregate Discounted Principal % of Aggregate Discounted Principal New 418 0,43% ,90 0,46% 101 0,41% ,99 0,30% Used ,52% ,51 5,96% ,12% ,95 2,54% Total ,95% ,41 6,43% ,53% ,94 2,84% Limit on Non VW Group Vehicles Exposure as of Initial Pool Cut Current Exposure in % Limit in % of Aggregate 6,43% 2,84% 10% Customer Concentration as of initial Pool Cut Number 1 Customer Aggregate % of Aggregate Loan Receivables EoP Aggregate Discounted Principal % of Aggregate Discounted Principal No ,28 0,0281% ,13 0,0441% Limit of Aggregate Current Exposure Limit Exposure , ,00 Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 18/36

19 Run Out Schedule At the End of Previous Reporting Period End of Period as of Payment Period ABS Remaining Depreciation ABS Remaining Interest ABS Remaining Instalments Payment Period ABS Remaining Depreciation ABS Remaining Interest ABS Remaining Instalments arrears , , ,07 arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,29 Subtotal , , ,80 Subtotal , , ,84 > , , ,83 > , , ,82 Total , , ,63 Total , , ,66 Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / Page 19/36

20 Waterfall Payment Remaining Amount Available Distribution Amount ,05 Fees less , ,77 Net Swap Payments Class A less , ,66 Net Swap Payments Class B less , ,24 Interest Class A less , ,44 Interest Class B less , ,34 Payment to Cash Collateral Account less ,34 Redemption to the Accumulation Account less ,34 Redemption Class A less , ,64 Redemption Class B less , ,64 Payment to Cash Collateral Account (after a Cash Collateral Increase Event is in place) less ,64 Payments Subordinated Lender or VW Bank less ,15 67,49 Remaining Amout Due to Rounding less - 67,49-0,00 wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 20/36

21 Make: New and Used Cars Initial Pool Cut as of EoP Loan Receivables ( ) AUDI AUDI New or Used Cars Principal New or Used Cars Principal New Cars ,94% ,39 36,34% New Cars ,99% ,14 40,84% Used Cars ,06% ,51 63,66% Used Cars ,01% ,55 59,16% Total ,00% ,90 100,00% Total ,00% ,69 100,00% SEAT SEAT New or Used Cars Principal New or Used Cars Principal New Cars ,92% ,72 60,07% New Cars ,52% ,70 77,49% Used Cars ,08% ,91 39,93% Used Cars ,48% ,28 22,51% Total ,00% ,63 100,00% Total ,00% ,98 100,00% SKODA SKODA New or Used Cars Principal New or Used Cars Principal New Cars ,32% ,51 73,88% New Cars ,37% ,82 82,58% Used Cars ,68% ,39 26,12% Used Cars ,63% ,63 17,42% Total ,00% ,90 100,00% Total ,00% ,45 100,00% VOLKSWAGEN VOLKSWAGEN New or Used Cars Principal New or Used Cars Principal New Cars ,87% ,89 54,74% New Cars ,06% ,23 69,99% Used Cars ,13% ,28 45,26% Used Cars ,94% ,60 30,01% Total ,00% ,17 100,00% Total ,00% ,83 100,00% OTHER OTHER New or Used Cars Principal New or Used Cars Principal New Cars 418 4,85% ,90 7,22% New Cars 101 7,48% ,99 10,43% Used Cars ,15% ,51 92,78% Used Cars ,52% ,95 89,57% Total ,00% ,41 100,00% Total ,00% ,94 100,00% agen Bank GmbH er Str. 57 Braunschweig / / Page 21/36

22 Down Payment Down Payment Principal Down Payment/Purchase Price in % No downpayment ,02% ,55 21,83% 0,00% <= 1.000, ,66% ,42 4,57% 5,77% 1.000, , ,43% ,32 6,89% 11,76% 2.000, , ,11% ,51 11,26% 16,80% 3.000, , ,89% ,45 8,39% 20,76% 4.000, , ,75% ,43 11,17% 23,93% 5.000, , ,44% ,74 6,88% 26,60% 6.000, , ,86% ,54 5,37% 29,28% 7.000, , ,81% ,09 5,44% 32,25% 8.000, , ,58% ,35 2,98% 34,52% 9.000, , ,42% ,87 5,31% 36,67% , , ,52% ,05 1,65% 39,62% , , ,62% ,53 1,80% 41,42% , , ,11% ,17 1,27% 43,22% , , ,78% ,21 0,90% 44,06% , , ,30% ,17 1,52% 45,14% > , ,70% ,49 2,77% 53,41% Total ,00% ,89 100,00% 22,36% Statistics As of Initial Pool Cut EoP Loan Receivables Minimum Down Payment 10, ,00 Maximum Down Payment , ,00 Average Down Payment (Customer who did Down Payment) 5.358, ,88 Average Down Payment 4.093, ,08 wagen Bank GmbH ner Str. 57 Braunschweig / / perations@vwfs.com Page 22/36

23 Customer Type and Type of Payment Customer Type Customer Type Principal Corporate ,17% ,34 26,77% Retail ,83% ,55 73,23% Total ,00% ,89 100,00% Type of Payment Type of Payment Principal Direct Debit ,60% ,87 98,81% Other 342 1,40% ,02 1,19% Total ,00% ,89 100,00% swagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 23/36

24 Obligor Concentration Distribution of Loan Contracts and Vehicles per Borrower (EoP) Contracts- Concentration Customers of Customers Percentage of Outstanding of ,69% ,35% ,86 99,38% ,30% 144 0,59% ,11 0,59% 3 3 0,01% 9 0,04% ,29 0,02% 4 0 0,00% 0 0,00% - 0,00% 5 1 0,00% 5 0,02% 8.941,63 0,00% ,00% 0 0,00% - 0,00% > ,00% 0 0,00% - 0,00% Total ,00% ,00% ,89 100,00% Top 20 Borrower as of initial Pool Cut Top 20 Borrower as of End of Period Number Principal Contracts Number Principal of Contracts ,28 0,0281% ,13 0,0441% ,19 0,0181% ,99 0,0356% ,12 0,0155% ,95 0,0356% ,43 0,0153% ,03 0,0318% ,27 0,0122% ,29 0,0290% ,48 0,0116% ,99 0,0283% ,55 0,0104% ,56 0,0268% ,03 0,0104% ,84 0,0266% ,90 0,0098% ,18 0,0254% ,47 0,0095% ,42 0,0253% ,49 0,0090% ,38 0,0232% ,13 0,0087% ,13 0,0232% ,50 0,0082% ,77 0,0230% ,78 0,0079% ,12 0,0227% ,24 0,0077% ,06 0,0226% ,92 0,0077% ,71 0,0223% ,62 0,0075% ,19 0,0222% ,52 0,0074% ,80 0,0213% ,82 0,0074% ,29 0,0213% ,61 0,0074% ,01 0,0212% 1 Total ,35 0,2197% 76 Total ,84 0,5315% 23 wagen Bank GmbH ner Str. 57 Braunschweig / / perations@vwfs.com Page 24/36

25 Distribution by Principal As of Initial Pool Cut Distribution by Outstanding Outstanding 0, , ,23% ,84 5,67% 5.000, , ,09% ,86 29,53% , , ,10% ,75 28,25% , , ,37% ,48 18,79% , , ,51% ,88 9,60% , , ,57% ,57 4,08% > , ,12% ,63 4,08% Total ,00% ,01 100,00% As of the EoP after origination of additional Loan Receivables Distribution by Outstanding Outstanding 0, , ,03% ,55 10,90% 5.000, , ,54% ,59 34,85% , , ,00% ,33 28,08% , , ,27% ,01 15,89% , , ,00% ,39 5,64% , , ,63% ,00 2,22% > , ,52% ,02 2,43% Total ,00% ,89 100,00% Statistics As of initial Pool Cut EoP Loan Receivables Minimum Principal Maximum Principal Average Principal 504,95 577, , , , ,33 wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 25/36

26 Distribution by Original Principal As of initial Pool Cut Distribution by Original Principal Principal 0, , ,83% ,08 1,26% 5.000, , ,28% ,92 13,91% , , ,54% ,29 25,72% , , ,04% ,28 22,63% , , ,47% ,08 16,37% , , ,89% ,87 9,47% > , ,95% ,49 10,64% Total ,00% ,01 100,00% As of the EoP after origination of add.itional Loan Receivables Distribution by Original Principal Principal 0, , ,61% ,00 0,18% 5.000, , ,48% ,05 5,14% , , ,69% ,24 19,53% , , ,47% ,62 23,29% , , ,26% ,99 18,98% , , ,15% ,90 13,51% > , ,34% ,09 19,37% Total ,00% ,89 100,00% Statistics As of initial Pool Cut EoP Loan Receivables Minimum Original Principal 762,72 780,48 Maximum Original Principal , ,80 Average Original Principal , ,23 wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 26/36

27 Interest Rate paid by the Receivable Debtor Information Date: EoP Loan Receivabels Interest Rate paid by the Receivable Debtor Principal Interest Rate paid by the Receivable Debtor Principal 0,1 % - 0,5 % 652 0,68% ,02 0,70% 0,1 % - 0,5 % 73 0,30% ,91 0,30% 0,6 % - 1,0 % ,70% ,68 14,25% 0,6 % - 1,0 % ,89% ,71 8,50% 1,1 % - 1,5 % 40 0,04% ,01 0,05% 1,1 % - 1,5 % 5 0,02% ,32 0,03% 1,6 % - 2,0 % ,31% ,68 10,12% 1,6 % - 2,0 % ,71% ,09 13,09% 2,1 % - 2,5 % 45 0,05% ,00 0,07% 2,1 % - 2,5 % 11 0,05% ,42 0,04% 2,6 % - 3,0 % ,85% ,07 3,56% 2,6 % - 3,0 % ,78% ,47 13,92% 3,1 % - 3,5 % 32 0,03% ,60 0,04% 3,1 % - 3,5 % 6 0,02% ,93 0,02% 3,6 % - 4,0 % ,23% ,59 11,65% 3,6 % - 4,0 % ,12% ,53 17,61% 4,1 % - 4,5 % 55 0,06% ,16 0,09% 4,1 % - 4,5 % 10 0,04% ,52 0,06% 4,6 % - 5,0 % ,01% ,49 11,15% 4,6 % - 5,0 % ,96% ,16 12,66% 5,1 % - 5,5 % 84 0,09% ,18 0,12% 5,1 % - 5,5 % 411 1,68% ,00 1,93% 5,6 % - 6,0 % ,87% ,33 3,10% 5,6 % - 6,0 % ,09% ,85 6,93% 6,1 % - 6,5 % ,54% ,26 4,83% 6,1 % - 6,5 % 411 1,68% ,00 1,42% 6,6 % - 7,0 % ,73% ,61 26,91% 6,6 % - 7,0 % ,26% ,24 8,99% 7,1 % - 7,5 % ,47% ,24 1,14% 7,1 % - 7,5 % ,22% ,20 3,21% 7,6 % - 8,0 % ,33% ,43 6,86% 7,6 % - 8,0 % ,21% ,59 7,51% 8,1 % - 8,5 % 411 0,43% ,49 0,36% 8,1 % - 8,5 % 362 1,48% ,52 0,83% 8,6 % - 9,0 % ,17% ,49 2,16% 8,6 % - 9,0 % 767 3,14% ,20 1,66% 9,1 % - 9,5 % 752 0,78% ,38 0,37% 9,1 % - 9,5 % 10 0,04% ,55 0,02% 9,6 % - 10,0 % ,87% ,72 1,39% 9,6 % - 10,0 % 334 1,37% ,39 0,74% > 10,0 % ,77% ,58 1,09% > 10,0 % 222 0,91% ,29 0,54% Total ,00% ,01 100,00% Total ,00% ,89 100,00% Statistics Minimum Interest Rate Debtor Maximum Interest Rate Debtor Weighted Average Interest Rate Debtor As of initial Pool Cut EoP Loan Receivables 0,10% 0,10% 13,49% 13,99% 4,96% 4,47% agen Bank GmbH er Str. 57 Braunschweig / / erations@vwfs.com Page 27/36

28 Distribution by Original Term As of initial Pool Cut Lenght of Original Term (months) Outstanding ,00% - 0,00% ,24% ,54 1,42% ,31% ,62 20,13% ,57% ,13 46,99% ,13% ,40 24,14% ,74% ,32 7,31% > ,00% - 0,00% Total ,00% ,01 100,00% EoP Loan Receivables Lenght of Original Term (months) Outstanding ,01% ,37 0,02% ,01% 7.144,01 0,00% ,46% ,55 15,51% ,97% ,04 62,32% ,40% ,00 19,33% ,06% ,38 2,79% > ,09% ,54 0,04% Total ,00% ,89 100,00% Statistics As of initial Pool Cut EoP Loan Receivables Minimum Original Term in months 20 5 Maximum Original Term in months Weighted Average Original Term in months 48,35 49,47 wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 28/36

29 Distribution by Remaining Term As of initial Pool Cut Lenght of Remaining Term (months) Outstanding ,00% - 0,00% ,90% ,17 12,82% ,72% ,69 34,22% ,09% ,17 43,45% ,30% ,98 9,50% > ,00% - 0,00% Total ,00% ,01 100,00% EoP Loan Receivables Lenght of Remaining Term (months) Outstanding ,20% ,59 62,94% ,44% ,33 34,03% ,35% ,70 3,01% ,01% ,35 0,01% ,00% 6.577,92 0,00% >60 0 0,00% - 0,00% Total ,00% ,89 100,00% Statistics As of initial Pool Cut EoP Loan Receivables Minimum Remaining Term in months Maximum Remaining Term in months Weighted Average Remaining Term in months ,27 9,90 wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 29/36

30 Seasoning As of initial Pool Cut Seasoning (months) Principal <= ,77% ,97 38,34% ,63% ,34 21,60% ,41% ,32 18,62% ,81% ,82 10,69% ,72% ,33 6,91% ,34% ,17 2,57% ,49% ,66 0,86% ,84% ,40 0,42% > ,00% - 0,00% Total ,00% ,01 100,00% EoP Loan Receivables Seasoning (months) Principal <=6 2 0,01% ,37 0,02% ,00% - 0,00% ,00% - 0,00% ,13% ,81 0,23% ,04% ,36 10,87% ,82% ,75 38,84% ,52% ,66 22,37% ,17% ,53 23,53% > ,31% ,41 4,14% Total ,00% ,89 100,00% Statistics As of initial Pool Cut EoP Loan Receivables Weighted Average Seasoning Term in months 13,44 39,68 wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 30/36

31 Credit Type and Type of Car Credit Type as of initial Pool Cut Credit Type Principal Credit Type (as of EoP) Credit Type Principal Balloon ,17% ,25 70,94% Balloon ,85% ,54 88,28% Equal-Installment Loan ,83% ,76 29,06% Equal-Instalment Loan ,15% ,35 11,72% Total ,00% ,01 100,00% Total ,00% ,89 100,00% Type of Car as of initial Pool Cut Type of Car Principal Type of Car (as of EoP) Type of Car Principal New ,62% ,41 50,01% New ,44% ,88 65,14% Used ,38% ,60 49,99% Used ,56% ,01 34,86% Total ,00% ,01 100,00% Total ,00% ,89 100,00% Type of Car: only Balloon as of initial Pool Cut Type of Car Principal Type of Car: only Balloon (as of EoP) Type of Car Principal New ,49% ,77 53,95% New ,35% ,37 67,84% Used ,51% ,48 46,05% Used ,65% ,17 32,16% Total ,00% ,25 100,00% Total ,00% ,54 100,00% Type of Car: only Equal-Installment as of initial Pool Cut Type of Car Principal Type of Car: only Equal-Installment (as of EoP) Type of Car Principal New ,27% ,64 40,40% New ,37% ,51 44,78% Used ,73% ,12 59,60% Used ,63% ,84 55,22% Total ,00% ,76 100,00% Total ,00% ,35 100,00% agen Bank GmbH er Str. 57 Braunschweig / / Page 31/36

32 Balloon in % of Outstanding Original Principal Length of Remaining Term months of Total Balloon Balloon Balloon in % of Original Principal ,96% ,22 45,25% ,80% ,38 47,61% ,64% ,00 47,39% ,10% ,78 46,06% ,88% ,98 46,28% ,88% ,44 46,56% ,47% ,05 45,57% ,46% ,65 44,42% ,00% ,90 43,93% ,44% ,32 43,86% ,09% ,89 42,22% ,20% ,09 43,19% ,88% ,59 42,57% ,23% ,24 43,87% ,31% ,63 42,85% ,72% ,38 41,48% ,22% ,13 43,02% ,82% ,01 42,59% ,96% ,35 42,62% ,00% ,84 42,90% ,22% ,63 41,74% ,20% ,26 43,52% ,48% ,62 32,87% ,35% ,09 36,97% ,25% ,52 33,20% ,20% ,99 33,30% ,13% ,37 31,81% ,07% ,06 26,81% ,02% ,31 25,09% ,01% 9.587,58 23,99% ,01% 4.000,00 20,18% ,01% ,43 36,85% Total ,00% ,73 44,48% wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 32/36

33 Distribution by Vehicle Makes and Models Make Model Principal Audi A2 32 0,1311% ,57 0,0337% A ,8050% ,04 4,3291% A ,4030% ,02 5,3916% A5 63 0,2580% ,70 0,8535% A ,2650% ,83 3,2286% A8 53 0,2171% ,66 0,4786% TT 146 0,5980% ,69 0,9405% Q5 17 0,0696% ,34 0,2347% Q7 69 0,2826% ,81 1,0408% Other 3 0,0123% 5.065,03 0,0027% Subtotal ,0418% ,69 16,5337% Seat Alhambra 105 0,4301% ,94 0,4675% Altea 53 0,2171% ,35 0,1726% Arosa 26 0,1065% ,42 0,0199% Cordoba 29 0,1188% ,54 0,0375% Ibiza 996 4,0795% ,59 2,7936% Inca 1 0,0041% 1.217,05 0,0006% Leon 429 1,7571% ,99 1,5407% Marbella 0 0,0000% - 0,0000% Toledo 317 1,2984% ,52 1,2012% Exeo 1 0,0041% 4.667,58 0,0025% Other 0 0,0000% - 0,0000% Subtotal ,0156% ,98 6,2360% Skoda Fabia ,3608% ,58 4,0303% Felicia, Favorit 1 0,0041% 553,30 0,0003% Octavia 982 4,0221% ,86 3,8585% Superb 132 0,5407% ,80 0,7139% Roomster 253 1,0362% ,62 0,8462% Yeti 1 0,0041% 6.409,29 0,0034% Other 0 0,0000% - 0,0000% Subtotal ,9681% ,45 9,4526% VW Bora 68 0,2785% ,90 0,1086% Caddy 689 2,8220% ,12 2,4146% Käfer 1 0,0041% 2.731,72 0,0014% Fox 589 2,4125% ,67 1,3180% Golf ,3428% ,15 21,5195% EOS 208 0,8519% ,47 1,5336% Jetta, Vento 109 0,4464% ,14 0,4311% LT, Crafter 15 0,0614% ,43 0,1120% Lupo 84 0,3441% ,66 0,0937% New Beetle 125 0,5120% ,13 0,5172% Passat ,4346% ,22 7,8487% Phaeton 19 0,0778% ,69 0,1381% Polo ,0874% ,40 8,4086% Sharan 506 2,0725% ,69 2,2312% T4, T ,4856% ,82 4,6722% Touareg 161 0,6594% ,86 1,3538% Touran ,0168% ,63 7,4944% Tiguan 500 2,0479% ,17 3,9468% Scirocco 118 0,4833% ,05 0,7977% Other 1 0,0041% 2.519,91 0,0013% Subtotal ,4452% ,83 64,9422% Non VW Group Vehicles Subtotal ,5294% ,94 2,8355% Total ,00% ,89 100,00% wagen Bank GmbH ner Str. 57 Braunschweig / / perations@vwfs.com Page 33/36

34 Geographic Distribution Region Principal Baden-Wuerttemberg ,53% ,99 11,43% Bavaria ,51% ,74 12,23% Berlin 546 2,24% ,54 2,62% Brandenburg ,54% ,23 4,35% Bremen 141 0,58% ,72 0,54% Hamburg 421 1,72% ,96 1,65% Hesse ,00% ,21 7,50% Lower Saxony ,42% ,98 9,98% Mecklenburg-Vorpommern 926 3,79% ,73 3,37% North Rhine-Westphalia ,81% ,83 19,42% Rhineland-Palatinate ,25% ,93 4,17% Saarland 184 0,75% ,05 0,74% Saxony ,62% ,58 8,45% Saxony-Anhalt ,37% ,08 5,01% Schleswig-Holstein 932 3,82% ,54 3,52% Thuringia ,04% ,76 5,01% Total ,00% ,89 100,00% wagen Bank GmbH rner Str Braunschweig / / Operations@vwfs.com Page 34/36

35 Potential Set Off Risk Customers with Deposits Deposits Outstanding Nominal of customer with deposit Principal of customers with deposit EoP , , , ,89 Total , , , , Deposits vs. Outstanding Nominal Draft Deposits Outstanding Nominal Volume in EUR Maturtity % of Aggregate Current Set Off Risk Trigger* 0,4867% 1,0000% * Breach of this trigger in conjunction with the loss of VW Bank's investment grade rating, obliges VW Bank to post additional collateral equal 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. agen Bank GmbH er Str. 57 Braunschweig / / perations@vwfs.com Page 35/36

36 Glossary Additional Overcollateralisation Percentage: VW Bank will sell Additional Loan Receivables to Driver Three 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: Late Delinquency Ratio: Late Delinquency Loan Receivables: Contract after Final Statement Write Off: Discount: Recoveries: 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 Offering Circular. 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 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) any Loan Receivables for which more than six instalments are overdue and (ii) any Loan Receivable which is classified as "After Final Statement". A contract for which no collateral exist anymore. 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. All money received after a termination of a contract Revolving Period: Means the time from October 27th, 2006 until November 20th, 2009 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 Three is in a receiving position/negative value means that Driver Three is in a paying Position. Beginn of Period End of Period Volkswagen Bank GmbH Gifhorner Str Braunschweig Tel / Fax / ABSOperations@vwfs.com Page 36/36