Steinweg Frankfurt am Main Federal Republic of Germany fax +49 (0) 69/

Transcription

1 Deal Name: DRIVER FIVE Issuer: Seller of the Receivables: DRIVER FIVE GmbH Steinweg Frankfurt am Main Federal Republic of Germany fax +49 (0) 69/ Servicer Name: Reporting Entity: ABS Operations Dep. F-RWABO Gifhorner Straße 57 Federal Republic of Germany Contact: phone +49 (0) fax: +49 (0) 531/ Administrator: Wilmington Trust SP Services (Frankfurt) GmbH Steinweg Frankfurt am Main Federal Republic of Germany fax +49 (0) 69/ IMPORTANT NOTICE to Investors: Pursuant to clause 6.3 of the LOAN RECEIVABLES PURCHASE AGREEMENT, VW Bank GMBH intends to exercise the Clean Up Call Option effective with payment date 21st of September Page 1/ 26

2 Page Tables of Contents 2 Contents 3 Deal Overview 4 Deal Overview: Counterparties I. 5 Deal Overview: Counterparties II. 6 Information regarding the Notes I. 7 Information regarding the Notes II. 8 Credit Enhancement 9 Swap/ Waterfall 10 Run Out Schedule 11 Amortisation Notes 12 Write-Offs/ Performance Trigger 13 Deposits - Potential Set Off Risk 14 Overview Contracts 15 Delinquent Contracts 16 Defaulted Contracts 17 Poolinformation I. - Make: New and Used Cars 18 Poolinformation II. - Down Payments, Customer Type and Type of Payment 19 Poolinformation III. - Obligor Concentration 20 Poolinformation IV. - Distribution by Discounted and Original Principal 21 Poolinformation V. - Interest Rate paid by the Receivable Debtor 22 Poolinformation VI. - Distribution by Original Term, Remaining Term and Seasoning 23 Poolinformation VII. - Credit Type and Type of Car 24 Poolinformation VIII. - Distribution by Vehicle Makes and Models 25 Poolinformation IX. - Geographic Distribution 26 Glossary 1 ABSOperations@vwfs.com Page 2/26

3 Deal Overview Cut Off Date: Issue Date: Legal Maturity Date: February 2014 Reporting Period: July 11 Reporting Date: th of each month (for previous month) Reporting Frequency: monthly Payment Date: st of each month (for previous month) Next payment Date: Asset Collection Period: until Interest Accrual Period: until Days accrued: 32 Note Payment Period: until Poolinformation at Pool Cut Contracts Pool Repurchased Loan Contracts - (cumulative since Cut Off Date) - Credit Type Balloon 70,16% Equal-Installment Loan 29,84% Total 100,00% Type of Car New 56,20% Used 43,80% Total 100,00% Discounted Principal , , , , Discounted Principal , , ,84 Discounted Principal Nominal ,93 79,81% 20,19% 100,00% 65,39% 34,61% 100,00% - - ABSOperations@vwfs.com Page 3/26

4 Deal Overview: Counterparties I. Joint Lead Managers: Name The Royal Bank of Scotland N.V. London Branch 250 Bishopsgate London EC2M 4AA United Kingdom Rating Moody's Fitch S & P Long Short Long Short Outlook Term Term Term Term Outlook Long Short Term Term Outlook A2 P-1 Stable AA- F1+ Stable A+ A-1 Stable HSBC Bank plc Aa2 P-1 Negative AA F1+ Stable AA A-1+ Stable 8 Canada Square London E14 5HQ United Kingdom Accounts: The Royal Bank of Scotland N.V. A2 P-1 Stable AA- F1+ Stable A+ A-1 Stable Cash Collateral Niederlassung Deutschland Distribution Junghofstraße Frankfurt am Main Federal Republic of Germany Paying Agent/ Calculation Agent: Bank of America National Association London Branch 5 Canada Square London E14 5AQ United Kingdom Aa3 P-1 under Review A+ F1+ Negative A+ A-1 Negative Luxembourg Paying Agent: ABN AMRO Bank (Luxembourg) S.A. 46, Avenue J.F. Kennedy 1855 Luxembourg Luxembourg Swap Counterparty: HSBC Bank plc Aa2 P-1 Negative AA F1+ Stable AA A-1+ Stable 8 Canada Square London E14 5HQ United Kingdom * Ratings updated on 03/08/2011 ABSOperations@vwfs.com Page 4/26

5 Deal Overview: Counterparties II. Security Trustee: Data Protection Trustee: Rating Agencies: Wilmington Trust (London) Ltd. 5th Floor 6 Broad Street Place London EC2M 7JH United Kingdom Wilmington Trust SP Services (Frankfurt) GmbH Steinweg Frankfurt am Main, Federal Republic of Germany MOODY's Deutschland GmbH Attn.: Monitoring An der Welle Frankfurt/Main Federal Republic of Germany monitor.abs@moodys.com Fitch Ratings Limited Attn.: Structured Finance Surveillance 4th Floor, 101 Finsbury Pavement London EC2A 1RS United Kingdom abssurveillance@fitchratings.com Standard & Poors Attn.: Structured Finance Surveillance Department 18 Finsbury Circus London EC2M 7NJ United Kingdom ABSeuropeansurveillance@standardandpoors.com Administrator: Wilmington Trust SP Services (Frankfurt) GmbH Steinweg Frankfurt am Main Federal Republic of Germany Rating of and Volkswagen AG Short Term Moody's Long Term Outlook Rating Short Term Fitch Long Term Outlook Short Term S & P Long Term Outlook A2 P-1 Stable n.a. n.a. n.a. A- A-2 Stable Volkswagen AG A3 P-2 Stable A- F2 stable A- A-2 Stable Rating Related Triggers Future Rating Triggers: VAT-Risk Downgrade of VW Bank's short-term rating to F3 by Fitch will result in an increase by 0.17% of the Cash Collateral Account of the Aggregate Discounted Principal, 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 or, if VW Bank is not the subject of an S&P's short-term rating, VW Bank's long-term rating from S&P is lower than BBB+, will result in a Set Off risk reserve being established if deposits by borrowers are greater than 1% of the Aggregate Discounted Principal. ABSOperations@vwfs.com Page 5/26

6 Information regarding the Notes I. Rating Details: Class A Class B Rating at Isue Date Fitch AAA A Moody's Aaa A1 Standard & Poors AAA A+ Current Rating Fitch AAA AA Moody's Aaa A1 Standard & Poors AAA AA- Information on Notes Class A Class B Original Maturity Date: Feb 2014 Feb 2014 Original Repayment Date: Feb 2013 Feb 2013 ISIN: XS XS Common Code: Nominal Amount: 50,000 50,000 Information on Interest Class A Class B Spread/Margin: 58 bps. 140 bps. Index Rate: 1-Month Euribor 1-Month Euribor Fixed/ Floating: floating floating Current Coupon: 1-M-Euribor + 58 bps. 1-M-Euribor bps. Day Count Convention actual/ 360 actual/ 360 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 Driver Five at any time when the sum of the Discounted Principal for all loan contracts is less than 9% of the sum of the Discounted Principal for all Loan contracts as of the Cut Off Date, provided that all payment obligations under the Notes will be thereby fulfilled. ABSOperations@vwfs.com Page 6/26

7 Information regarding the Notes II. Monthly Period: July 11 Payment Date: Interest Accrual Period (from/until): Days Accrued: 32 Base Interest Rate (1-Month Euribor): 1,4700% Currency: EUR Day Count Convention: ACT/360 Interest Payments Class A Class B Total Interests Amount of the Reporting Period , ,54 Paid interest: , ,54 Unpaid Interest: Unpaid interest of the Reporting Period: - - Cumulative unpaid interest: - - Note Class A Class B Note (Cut Off Date): , ,00 Note (Beginning of Period): , ,38 Unallocated Redemption Amount from Previous Period 144,06 Available Redemtion Amount Reporting Period ,38 Total Available Redemtion Amount ,44 Redemption Amount per Class ,88 0,00 Unallocated Redemption Amount from current Period 0,00 151,56 Note (End of Period): , ,38 Payments to Investors - Per Euro ,- Denomination Class A Class B Interest (1-M-Euribor + 0,58% Class A/ + 1,40% Class B) -10,00-18,09 Principal Repayment by Note: -999,82 0,00 Note Factor: 0, , Overcollateralisation Class A Class B Initial OC Percentage at Poolcut 6,6004% 3,5004% Current OC Percentage 10,8648% 6,1884% Target OC Percentage 9,1000% 5,2000% ABSOperations@vwfs.com Page 7/26

8 Credit Enhancement Credit Enhancement as of Cut Off Date % of Aggregate Discounted Principal Value Class B Note* 3,10% ,00 Subordinated Loan 2,60% ,00 Overcollateralization 0,90% ,84 Cash Collateral Account 1,50% ,37 * for subordination to class A note Cash Collateral Account (CCA) in EUR in % of Discounted as of Initial at Poolcut ,37 1,50% Poolcut Targeted (Floor) ,00 1,25% Poolcut as of the Beginning of the Period ,00 11,09% Period Payment from CCA/ Payment to CCA 0, as of the End of the Period ,00 13,29% Period Calculation of Credit Enhancement: Driver Five s Credit Enhancement consists of the items listed above calculated on the initial Discounted Principal as of the Cut Off day. The result provides an absolute value which will be applied to the (amortized) Discounted Principal as of the end of the monthly period. This process is continuing until a Credit enhancement of 9,10% of class A (5,20% of Class B) has been reached. The Class B Notes benefit from the Subordinated Loan, the Overcollateralisation and the Cash Collateral Account. The transaction starts with sequential amortisation and therefore initially only the Class A Notes will receive principal payments The transaction switches into pro rata amortisation once an overcollateralisation percentage (i.e. credit enhancement excluding cash collateral) of 9,10% for the Class A Notes and 5,20% for the Class B Notes has been reached The amortisation will revert to sequential in case the total amount of notes outstanding falls below 10% of the initial notes outstanding ABSOperations@vwfs.com Page 8/26

9 Swap/ Waterfall Amortising Interest Rate Swap Class A Class B Initial Principal , ,00 Underlying Principal for Reporting Period Paying Leg Receiving Leg , ,38 Fix Interest Rate Floating Interest Rate Net Swap payments/ Receipts , ,42 Waterfall Payment Remaining Amount Remaining from Previous Period 144,06 Available Distribution Amount plus , ,16 Fees less , ,88 Net Swap Payments Class A less , ,40 Net Swap Payments Class B less , ,98 Interest Class A less , ,98 Interest Class B less , ,44 Payment to Cash Collateral Account less ,44 Redemption Class A less ,88 151,56 Redemption Class B less - 151,56 Remaining Amount Due to Rounding less - 151,56 - Other Payments to Swap Counterparties less - - Interest Subordinated Loan less - - Payment to Subordinated Lender or VW Bank less - - Payment from Cash Collateral Account - - Payment to Subordinated Lender or VW Bank less - - ABSOperations@vwfs.com Page 9/26

10 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 , , ,10 arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,52 523, , ,49 525, , ,20 274, , ,78 278, ,46 Subtotal , , ,06 Subtotal , , ,20 > , , ,11 > , , ,79 Total , , ,17 Total , , ,99 Page 10/26

11 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 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 0 ABSOperations@vwfs.com Page 11/26

12 Write-Offs/ Performance Trigger Cumulative Write Offs Begin of Period Write Offs End of Period Contracts Write Offs , , ,01 Cumulative Net Loss Ratio Cumulative Write Offs as percentage of Discounted Principal as of Cut Off Date (1,300,005, ) 0,5241% Performance Triggers A Targeted Note was implemented to assure on a monthly basis that no cash is paid to lower steps in the waterfall unless there is sufficient overcollateralization to support the notes. The performance trigger in form of a credit enhancement increase condition will be activated when the cumulative Net Loss Ratio exceeds the defined limits. In this case the overcollateralization will be increased accordingly. Until a Credit Enhancement Increase condition is in place Level I Credit Enhancement Increase condition is in place Level II Credit Enhancement Increase condition is in place OC-Percentage OC-Percentage Class A Notes Class B Notes 9,10% 5,20% 11,00% 7,00% 100,00% 100,00% Performance Trigger Level I a. Level I b. Levels Credit Enhancement increase condition Cumulative Net Loss Ratio exceeds 0.50% for any Payment Date before or during May 2009 Cumulative Net Loss Ratio exeeds 1.15% for any Payment Date after May 2009 but prior to or during February 2010 Credit Enhancement increase condition in place? no no Level II. Cumulative Net Loss Ratio exceeds 1,60% for any Payment Date no Performance Pool vis-a-vis Triggers Net Loss Ratio in % 2,0000 Cumulated Net Losses 1,5000 1,0000 0,5000 0,0000 0,0000 0,0000 0,0000 0,0009 0,0015 0,0035 0,0054 0,0090 0,0160 0,0221 0,0353 0,04 0,05 0,06 0,07 0,09 0,10 0,12 0,14 0,16 0,18 0,20 0,23 0,24 0,26 0,28 0,30 0,31 0,32 0,34 0,36 0,38 0,39 0,41 0,43 0,45 0,46 0,47 0,48 0,49 0,51 0,52 0,52 Period Cumulative Net Loss Ratio Level I Level II ABSOperations@vwfs.com Page 12/26

13 Deposits - Potential Set Off Risk Customers with deposits Nominal of customers with deposits Discounted Principal of customers with deposits Deposits , , ,04 Total , , ,04 Borrower Deposits in % of Aggregate Discounted Principal EoP Current Set Off Risk Trigger* 0,6008% 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. in EUR Deposits vs. Nominal Period Deposits Nominal ABSOperations@vwfs.com Page 13/26

14 Overview Contracts Development of Pool within Reporting Period Nominal Adjustments contracts Begin of Period ,17 Periodically reduction of Nominal ,18 Discount ,33 Fees for Restructuring/Prolongation 6.439,31 Interest in arrears 7.479,94 Write Off ,00 Available Collection ,10 Repurchased Loan Contracts 0 - End of Period ,99 Status of Contracts Pool at Poolcut Status Contracts Discounted Principal Current Delinquent Defaulted End of Term Early Settlement Write Off Total , ,84 Pool at the Beginning of Period Pool at the End of Period Status Current Delinquent Defaulted End of Term Early Settlement Write Off Total Contracts Discounted Principal (Begin of Period) Contracts (End of Period) Discounted Principal (End of Period) , , , , , , , ,21 ABSOperations@vwfs.com Page 14/26

15 Delinquent Contracts Information of Delinquencies and Defaults Current Reporting Period Contracts Contracts Discounted Principal Discounted Principal Nominal Nominal Delinquent 440 2,3442% ,58 2,9308% ,29 2,9391% Defaulted 534 2,8450% ,94 2,6049% ,74 2,6193% Delinquency Profile Days in Arrears Contracts Contracts Discounted Principal Discounted Principal Nominal Nominal > 30 <= ,2200% ,08 1,5523% ,70 1,5499% > 60 <= ,5381% ,55 0,6756% ,46 0,6749% > 90 <= ,1971% ,24 0,2228% ,16 0,2242% > 120 <= ,0959% ,56 0,1645% ,63 0,1669% > 150 <= ,0479% ,58 0,0595% ,73 0,0594% Subtotal 394 2,0991% ,01 2,6749% ,68 2,6753% > 180 <= ,0213% ,85 0,0224% ,74 0,0224% > 210 <= ,0160% 4.554,05 0,0037% 4.573,52 0,0037% > 240 <= ,0160% ,26 0,0146% ,95 0,0146% > 270 <= ,0160% 9.781,71 0,0080% ,28 0,0081% > 300 <= ,0053% ,45 0,0099% ,01 0,0102% > 330 <= ,0266% ,54 0,0303% ,26 0,0302% > ,1438% ,71 0,1670% ,85 0,1746% Subtotal 46 0,2451% ,57 0,2559% ,61 0,2638% Total 440 2,3442% ,58 2,9308% ,29 2,9391% in EUR Delinquent Contracts - Total Reporting Period 0 > 30 <= 60 > 60 <= 90 > 90 <= 120 > 120 <= 150 > 150 <= 180 > 180 <= 210 > 210 <= 240 > 240 <= 270 > 270 <= 300 > 300 <= 330 > 330 <= 360 > 360 Total ABSOperations@vwfs.com Page 15/26

16 Defaulted Contracts Defaulted Profile I Days in Arrears Contracts Contracts Discounted Principal Discounted Principal Nominal Nominal <= ,6979% ,58 0,4953% ,17 0,4923% >30 <= ,1119% ,11 0,0812% ,25 0,0808% > 60 <= ,1652% ,67 0,1190% ,11 0,1188% > 90 <= ,2451% ,13 0,2346% ,20 0,2349% > 120 <= ,2291% ,71 0,2564% ,29 0,2584% > 150 <= ,2131% ,82 0,2501% ,96 0,2506% > 180 <= ,1279% ,26 0,1003% ,99 0,1007% > 210 <= ,1172% ,98 0,1274% ,91 0,1280% > 240 <= ,1811% ,56 0,2087% ,85 0,2117% > 270 <= ,1225% ,66 0,1040% ,81 0,1056% > 300 <= ,1225% ,57 0,1047% ,14 0,1045% > 330 <= ,0586% ,83 0,0422% ,79 0,0419% > ,4529% ,06 0,4810% ,27 0,4911% Total 534 2,8450% ,94 2,6049% ,74 2,6193% Defaulted Profile II - Recoveries Credit Type Vehicle Status Contracts * Nominal Principal at Day of Default * Discounted Principal at Day of Default Total Recoveries Total Discount Total Write Offs AutoCredit New , , , , ,39 Used , , , , ,03 Total Auto Credit , , , , ,42 Classic Credit New , , , , ,98 Used , , , , ,61 Total Classic Credit , , , , ,59 Total: , , , , ,01 Credit Type Vehicle Status Contracts * Nominal Principal End of Reporting Period * Discounted Principal End of Reporting Period AutoCredit New , ,61 Used , ,99 Total Auto Credit , ,60 Classic Credit New , ,88 Used , ,46 Total Classic Credit , ,34 Total: , ,94 *(incl. Arrears) in EUR Defaulted Contracts - Total Reporting Period <= 30 > 30 <= 60 > 60 <= 90 > 90 <= 120 > 120 <= 150 > 150 <= 180 > 180 <= 210 > 210 <= 240 > 240 <= 270 > 270 <= 300 > 300 <= 330 > 330 <= 360 > 360 Total ABSOperations@vwfs.com Page 16/26

17 Poolinformation I. - Make: New and Used Cars AUDI New or Used Cars Discounted Principal New Cars ,16% ,13 48,75% Used Cars ,84% ,47 51,25% Total ,00% ,60 100,00% SEAT New or Used Cars Discounted Principal New Cars ,29% ,97 76,49% Used Cars ,71% ,33 23,51% Total ,00% ,30 100,00% SKODA New or Used Cars Discounted Principal New Cars ,13% ,82 80,90% Used Cars ,87% ,28 19,10% Total ,00% ,10 100,00% VW New or Used Cars Discounted Principal New Cars ,59% ,10 75,55% Used Cars ,41% ,07 24,45% Total ,00% ,17 100,00% OTHER New or Used Cars Discounted Principal New Cars 84 6,23% ,68 8,37% Used Cars ,77% ,36 91,63% Total ,00% ,04 100,00% ABSOperations@vwfs.com Page 17/26

18 Poolinformation II. - Down Payments, Customer Type and Type of Payment Information Date: Down Payments Down Payment Number of Percentage of Discounted Principal Down Payment/ Purchase Price in % No downpayment ,60% ,89 21,87% 0,00% <= 1.000, ,05% ,30 5,32% 5,85% 1.000, , ,80% ,01 7,78% 12,26% 2.000, , ,72% ,26 8,64% 16,88% 3.000, , ,09% ,83 8,68% 20,86% 4.000, , ,81% ,22 10,10% 23,71% 5.000, , ,58% ,66 7,34% 26,27% 6.000, , ,16% ,09 6,16% 29,37% 7.000, , ,41% ,17 5,24% 31,67% 8.000, , ,59% ,20 3,19% 33,77% 9.000, , ,27% ,34 5,28% 35,08% , , ,46% ,17 1,98% 36,31% , , ,36% ,87 1,79% 38,70% , , ,98% ,31 1,32% 39,51% , , ,63% ,99 0,81% 42,00% , , ,23% ,23 1,45% 44,17% > , ,25% ,67 3,04% 49,89% Total ,00% ,21 100,00% 21,30% Statistics Minimum Down Payment Maximum Down Payment Average Down Payment (Customer who did Down Payment) Average Down Payment 21, , , ,21 Customer Type Customer Type Discounted Principal Corporate ,27% ,92 25,74% Retail ,73% ,29 74,26% Total ,00% ,21 100,00% Type of Payment Type of Payment Discounted Principal Direct Borrower Account Debit ,16% ,61 98,17% Other 345 1,84% ,60 1,83% Total ,00% ,21 100,00% ABSOperations@vwfs.com Page 18/26

19 Poolinformation III. - Obligor Concentration Distribution of Loan Contracts and Vehicles per Borrower Contracts Concentrati on Customers Customers Percentage of Discounted Principal ,67% ,32% ,35 99,24% ,30% 112 0,60% ,86 0,67% 3 5 0,03% 15 0,08% ,00 0,09% 4 0 0,00% 0 0,00% - 0,00% 5 0 0,00% 0 0,00% - 0,00% ,00% 0 0,00% - 0,00% > ,01% 0 0,00% - 0,00% Total ,00% ,00% ,21 100,00% Top 20 Borrower Number Contracts Contracts Discounted Principal Percentage of 1 1 0,0053% ,87 0,0536% 2 1 0,0053% ,36 0,0502% 3 1 0,0053% ,93 0,0431% 4 1 0,0053% ,58 0,0390% 5 1 0,0053% ,96 0,0364% 6 1 0,0053% ,10 0,0360% 7 2 0,0107% ,13 0,0347% 8 1 0,0053% ,09 0,0345% 9 1 0,0053% ,77 0,0339% ,0107% ,08 0,0324% ,0053% ,48 0,0335% ,0053% ,85 0,0334% ,0160% ,05 0,0330% ,0053% ,92 0,0329% ,0053% ,43 0,0326% ,0053% ,93 0,0323% ,0053% ,07 0,0316% ,0053% ,06 0,0315% ,0107% ,50 0,0314% ,0053% ,29 0,0312% Total ,1332% ,45 0,7172% ABSOperations@vwfs.com Page 19/26

20 Poolinformation IV. - Distribution by Discounted and Original Principal Distribution by Discounted Principal Distribution by Discounted Principal Percentage of Discounted Principal 0, , ,87% ,01 14,49% 5.000, , ,30% ,62 40,11% , , ,59% ,60 27,23% , , ,71% ,60 12,22% , , ,01% ,88 3,42% , , ,30% ,38 1,28% > , ,22% ,12 1,26% Total ,00% ,21 100,00% Statistics Minimum Discounted Principal Maximum Discounted Principal Average Discounted Principal 0, , ,93 Distribution by Original Principal Distribution by Original Principal Percentage of Discounted Principal 0, , ,05% ,44 0,09% 5.000, , ,84% ,08 4,61% , , ,63% ,29 19,71% , , ,59% ,54 23,18% , , ,02% ,48 18,52% , , ,31% ,18 14,17% > , ,57% ,20 19,72% Total ,00% ,21 100,00% Statistics Minimum Original Principal Maximum Original Principal Average Original Principal 718, , ,98 ABSOperations@vwfs.com Page 20/[Seiten]

21 Poolinformation V. - Interest Rate paid by the Receivable Debtor Information Date: Interest Rate paid by the Receivable Debtor Interest Rate paid by the Receivable Debtor Discounted Principal 0,0 % 0 0,00% - 0,00% 0,1 % - 0,5 % 68 0,36% ,89 0,35% 0,6 % - 1,0 % ,53% ,83 19,91% 1,1 % - 1,5 % 4 0,02% ,29 0,02% 1,6 % - 2,0 % 292 1,56% ,71 1,93% 2,1 % - 2,5 % 11 0,06% ,15 0,08% 2,6 % - 3,0 % ,45% ,39 25,36% 3,1 % - 3,5 % 5 0,03% ,61 0,04% 3,6 % - 4,0 % ,85% ,15 6,60% 4,1 % - 4,5 % 7 0,04% ,96 0,03% 4,6 % - 5,0 % ,45% ,49 11,54% 5,1 % - 5,5 % 193 1,03% ,14 1,43% 5,6 % - 6,0 % 980 5,22% ,83 5,68% 6,1 % - 6,5 % 554 2,95% ,15 2,60% 6,6 % - 7,0 % ,78% ,03 12,87% 7,1 % - 7,5 % 841 4,48% ,84 3,09% 7,6 % - 8,0 % ,36% ,43 5,89% 8,1 % - 8,5 % 81 0,43% ,44 0,27% 8,6 % - 9,0 % 341 1,82% ,47 0,87% 9,1 % - 9,5 % 10 0,05% ,93 0,02% 9,6 % - 10,0 % 352 1,88% ,12 1,10% > 10,0 % 124 0,66% ,36 0,31% Total ,00% ,21 100,00% Statistics Minimum Interest Rate Debtor Maximum Interest Rate Debtor Weighted Average Interest Rate Debtor 0,10% 13,49% 6,47% ABSOperations@vwfs.com Page 21/26

22 Poolinformation VI. - Distribution by Original Term, Remaining Term and Seasoning Distribution by Original Term Lenght of Original Term (months) Discounted Principal ,02% ,43 0,02% ,02% ,68 0,02% ,15% ,26 0,15% ,53% ,26 62,28% ,66% ,17 34,34% ,55% ,01 3,16% > ,07% ,40 0,04% Total ,00% ,21 100,00% Statistics Minimum Original Term months Maximum Original Term months Weighted Average Original Term month ,63 Distribution by Remaining Term Lenght of Remaining Term (months) Discounted Principal ,61% ,07 96,16% ,37% ,83 3,82% ,02% ,86 0,02% ,00% - 0,00% ,00% - 0,00% > ,01% ,45 0,01% Total ,00% ,21 100,00% Statistics Minimum Remaining Term in months Maximum Remaining Term in months Weighted Average Remaining Term in months ,86 Distribution by Seasoning Seasoning (months) Discounted Principal <= 6 4 0,02% ,43 0,02% ,01% ,09 0,03% ,02% ,98 0,04% ,04% ,23 0,03% ,08% ,76 0,11% ,29% ,12 0,40% > ,55% ,60 99,38% Total ,00% ,21 100,00% Statistics Weighted Average Seasoning Term in months 47,81 ABSOperations@vwfs.com Page 22/26

23 Poolinformation VII. - Credit Type and Type of Car Credit Type Credit Type Discounted Principal Balloon ,40% ,14 91,27% Equal Instalment-Loan ,60% ,07 8,73% Total ,00% ,21 100,00% Type of Car Type of Car Discounted Principal New Cars ,05% ,70 68,82% Used Cars ,95% ,51 31,18% Total ,00% ,21 100,00% Type of Car: only Balloon Type of Car Discounted Principal New Cars ,55% ,86 71,84% Used Cars ,45% ,28 28,16% Total ,00% ,14 100,00% Type of Car: only Equal-Installment Type of Car Discounted Principal New Cars ,33% ,84 37,16% Used Cars ,67% ,23 62,84% Total ,00% ,07 100,00% ABSOperations@vwfs.com Page 23/26

24 Poolinformation VIII. - Distribution by Vehicle Makes and Models Make Model Number of Percentage of Discounted Principal Percentage of Audi Audi A2 62 0,33% ,42 0,12% Audi A ,55% ,86 4,50% Audi A ,43% ,43 6,51% Audi A5 17 0,09% ,53 0,28% Audi A ,27% ,11 3,99% Audi A8 30 0,16% ,11 0,45% Audi Q7 50 0,27% ,22 1,14% Audi TT 150 0,80% ,78 1,38% Audi Other 2 0,01% 1.461,14 0,00% Subtotal ,91% ,60 18,36% Seat Alhambra 97 0,52% ,43 0,53% Altea 56 0,30% ,69 0,20% Arosa 47 0,25% ,62 0,06% Cordoba 17 0,09% ,83 0,04% Ibiza 715 3,81% ,54 2,44% Inca 2 0,01% 1.221,29 0,00% Leon 417 2,22% ,57 1,91% Toledo 349 1,86% ,33 1,95% Subtotal ,06% ,30 7,13% Skoda Fabia ,48% ,32 3,27% Felicia 0 0,00% - 0,00% Octavia 758 4,04% ,98 3,81% Roomster 266 1,42% ,58 1,41% Superb 93 0,50% ,22 0,41% Subtotal ,43% ,10 8,90% VW Eos 225 1,20% ,75 2,42% Crafter/LT 26 0,14% ,73 0,10% Phaeton 3 0,02% ,36 0,02% Touran 989 5,27% ,03 7,32% Bora 100 0,53% ,60 0,23% Touareg 104 0,55% ,63 0,91% New Beetle 72 0,38% ,55 0,36% T4/ T ,64% ,48 4,71% Lupo 110 0,59% ,10 0,17% Vento 5 0,03% ,46 0,05% Polo ,72% ,92 11,47% Passat ,71% ,46 8,87% Caddy 307 1,64% ,40 1,19% Sharan 414 2,21% ,53 2,68% Golf ,46% ,35 19,39% Fox 540 2,88% ,72 1,75% Jetta 85 0,45% ,10 0,46% VW other 0 0,00% - 0,00% Subtotal ,41% ,17 62,10% Non VW Group Vehicles ,18% ,04 3,51% ,00% ,21 100,00% ABSOperations@vwfs.com Page 24/26

25 Poolinformation VIIII. - Geographic Distribution Region Discounted Principal Baden-Wuerttemberg ,34% ,95 12,30% Bavaria ,35% ,16 12,14% Berlin 398 2,12% ,65 2,32% Brandenburg 840 4,48% ,49 4,25% Bremen 114 0,61% ,61 0,54% Hamburg 313 1,67% ,46 1,64% Hesse ,76% ,11 7,09% Lower Saxony ,97% ,42 9,58% Mecklenburg-Vorpommern 691 3,68% ,83 3,30% North Rhine-Westphalia ,68% ,50 19,35% Rhineland-Palatinate 839 4,47% ,26 4,42% Saarland 139 0,74% ,48 0,73% Saxony ,58% ,08 8,31% Saxony-Anhalt ,42% ,69 5,13% Schleswig-Holstein 747 3,98% ,27 3,63% Thuringia 968 5,16% ,23 5,26% Total ,00% ,21 100,00% ABSOperations@vwfs.com Page 25/26

26 Glossary Original Maturity Date: Original Maturity Date of each note as of the inception of the transaction (as of cut off date). Assuming a CPR of 10% and no clean up call. Scheduled Maturity Date: Maturity Date as of the end of each reporting period. Assuming a CPR of 10% and no clean up call. Collections: Delinquent contract: Defaulted contract: Write Off: Discount: Available Distribution Amount on each payment day as described in the OC The outstanding value of a contract which were past due more than 30 days The outstanding value of a terminated contract 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: Net Swap Payment: Net Swap Receipt: All money received after a termination of a contract Driver Five is in a paying position (negative value). Driver Five is in a receiving position (positive value). ABSOperations@vwfs.com Page 26/26