Volkswagen Leasing GmbH. Volkswagen Leasing GmbH

Transcription

1 Deal name: VCL 25 Issuer: Originator of the receivables: VCL Multi-Compartment S.A. acting on behalf of its Compartment VCL Boulevard Royal L-2449 Luxembourg Luxembourg Tel.: Fax: Volkswagen Leasing GmbH Seller of the receivables: VCL Master S.A. acting on behalf of its Compartment 1 Servicer name: Reporting entity: Volkswagen Leasing GmbH Volkswagen Leasing GmbH ABS Operations Gifhorner Str Braunschweig Federal Republic of Germany Contact: Tel.: Fax: VCL@vwfs.com Corporate service provider: Circumference FS (Luxembourg) SA Boulevard Royal L-2449 Luxembourg Luxembourg Tel.: Fax: VCL@circumferencefs.lu Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

2 Contents Page Table of contents 1 Cover 2 3 Reporting details 4 Parties overview 5 Transaction events I 6 Transaction events II 7 Transaction events III 8 Notes I 9 Notes II 10 Credit enhancement 11 Swaps & Waterfall 12 Retention 13 Amortisation profile I 14 Amortisation profile II 15 Run out schedule I 16 Run out schedule II Delinquencies & defaults I 19 Delinquencies & defaults II 20 Delinquencies & defaults III 21 Write-Offs 22 Pool data I 23 Pool data II 24 Pool data III 25 Pool data IV 26 Pool data V 27 Pool data VI 28 Pool data VII 29 Lease level data Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

3 Period: / Period no. 10 Reporting details Deal overview Cut-Off-Date Scheduled date of Clean- Up-Call Legal final maturity date Issue date Period no.: Reporting frequency: Next payment date: Publication date: Payment date: Reporting date: Asset collection period: 10 Interest accrual period: monthly Note payment period: Days accrued: (16th of each month) (21st of each month) (last day of each month) from until from until from until at pool cut Percentage New cars ,39% ,97 95,17% Used cars ,60% ,24 2,49% Demonstration cars ,01% ,24 2,34% Total ,00% ,45 100,00% Type of product at pool cut Percentage Closed end contract ,27% ,79 99,27% Open end lease contract ,73% ,66 0,73% Total ,00% ,45 100,00% Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

4 Parties overview Lead manger: UniCredit Bank AG Security trustee/ Wilmington Trust SP Services Arabellastrasse 12 Process agent: (Frankfurt) GmbH Munich Steinweg 3-5 Germany Frankfurt am Main Tel.: Germany Fax: Tel.: Fax: ING Bank N.V. Bijlmerplein MG Amsterdam The Netherlands Tel.: Fax: Paying agent/ Citibank N.A. Data protection Wilmington Trust SP Services (Frankfurt) GmbH Calculation agent/ London Branch trustee: Steinweg 3-5 Interest determination agent: Citigroup Centre Frankfurt am Main Canada Square Germany Canary Wharf, London E14 5LB Tel.: United Kingdom Fax: Tel.: Account bank: Citibank N.A. Clearing systems: Clearstream Banking S.A. London Branch Luxembourg, 42 Avenue JF Kennedy Citigroup Centre L-1885 Luxembourg Canada Square Luxembourg Canary Wharf, London E14 5LB United Kingdom Tel.: Euroclear Bank S.A./N.V. 1 Boulevard du Roi Albert II B-1210 Brussels Belgium Tel.: Swap counterparty: Skandinaviska Enskilda Banken AB (publ) Corporate servicer Circumference FS Kungsträdgårdsgatan 8 provider: (Luxembourg) SA SE Stockholm Boulevard Royal Sweden L-2449 Luxembourg Tel.: Luxembourg SEBStructIrdOps@seb.se Tel.: Fax: VCL@circumferencefs.lu Servicer: Volkswagen Leasing GmbH Rating agencies: Creditreform Rating AG Gifhorner Str. 57 Attn.: Structured Finance Braunschweig Hellersbergstr. 11 Germany Neuss Tel.: Federal Republic of Germany Fax: Tel.: VCL@vwfs.com Fax: info@creditreform-rating.de Standard &Poor s Ratings Services 20 Canada Square London E14 5LH United Kingdom Tel.: abseuropeansurveillance@standardandpoors.com Moody s Deutschland GmbH An Der Welle 5 Frankfurt Germany Tel.: +49 (697) Fax: Stanislav.Nastassine@moodys.com Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

5 Transaction events I Clean-Up-Call Clean-Up-Call condition current portfolio Min. percentage of portfolio 64,13% 10,00% The Clean-Up-Call condition is planned to be reached in Mrz Volkswagen Leasing GmbH will have the right at its option to exercise a Clean-Up-Call and to repurchase the lease receivables from VCL 25 at any time when the sum of the s for all lease is less than 10% of the sum of the s for all lease as of the Cut-Off-Date, provided that all payment obligations under the notes will be thereby fulfilled. Repurchase of receivables Re-Purchase price Current period Previous periods Total If a repurchase of receivables occurred, it would only result from non-eligibility as of the respective Cut-Off-Date (which has been discovered at a later stage). Transaction party replacements Capacity of transaction party Date of replacement Reason for replacement Replaced party Replaced by Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

6 ,00000% 0,00000% 0,00000% 0,00000% 0,00004% 0,00036% 0,00139% 0,00212% 0,00250% 0,00508% 0,00838% Publication date: Transaction events II Credit enhancement increase conditions Level 1a credit enhancement increase condition - Cumulative Write-Offs do not amount to 0,50% for any payment date before and incl Level 1b credit enhancement increase condition -Cumulative Write-Offs do not amount to 1,15% for any payment date between and incl Level 2 credit enhancement increase condition - Cumulative Write-Offs do not amount to 1,60% for any payment date NO NO NO Cumulative net losses Write-Offs registered in current period Write-Offs incl. current period Write-Off amount , ,30 Cumulative Write-Offs as of the end of the monthly period as of Cut-Off-Date Cumulative net loss ratio as percentage divided by the at pool cut , ,45 0,00838% in % 2,00% 1,75% Cumulative net losses in percent of initial pool Cumulative Net Loss Ratio Level 1a/b Level 2 1,50% 1,25% 1,00% 0,75% 0,50% 0,25% 0,00% Reporting period Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

7 Transaction events III Account bank: Citibank, N.A Long term S&P Short term Outlook Long term Creditreform Short term Outlook Long term Moody s Short term Outlook Current rating* A+ A-1 stable A1 P-1 positive Minimum required rating A A-1 A L2 Baa1 P-1 (if no short term rating available, the higher long term rating is applicable) A+ *Creditreform Equivalent Rating according to Prospectus A+ Swap counterparty S&P Moody's Required rating: Fulfilled Skandinaviska Enskilda Banken AB (publ) Long term Short term Outlook Long term Short term Outlook Current rating* A+ A-1 stable Aa2 P-1 stable Minimum required rating A A3 (if no short term rating available, the higher long term rating is applicable) - - Required rating: Fulfilled Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

8 Information regarding the notes I Rating at issue date Class A Class B S&P AAA (sf) AA- (sf) Creditreform AAA (sf) A+ (sf) Moody s Aaa A1 Current rating Class A Class B S&P AAA (sf) AA- (sf) Creditreform AAA (sf) A+ (sf) Moody s Aaa Aa1 Information on notes Class A Class B Legal final maturity date Sep 2023 Sep 2023 Scheduled Clean-Up-Call Mrz 2020 Mrz 2020 ISIN: XS XS Common code: Nominal amount , ,00 Information on interest Class A Class B Spread/ Margin 40 bps 42 bps rate 1-Month-Euribor 1-Month-Euribor Fixed/Floating floating floating Current coupon 0,0300% 0,0500% Day count convention actual/360 actual/360 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

9 Information regarding the notes II Monthly period: Payment date: Interest accrual period (from/until) Days accrued rate Base interest rate: Day count convention until Month-Euribor -0,370% actual/360 Interest payments Class A Class B Total interest amount of the reporting period , ,42 Paid interest , ,42 Unpaid interest Class A Class B Unpaid interest of the reporting period 0,00 0,00 Cumulative unpaid interest 0,00 0,00 Note Class A Class B Note as of cut of date , ,00 Note as of the beginning of the period , ,00 Redemption amount per class ,00 0,00 Class as of the end of the period , ,00 Payments to investors per note Class A Class B Interest 1,69 4,31 Principal repayment by note 3.765,01 0,00 notes ,00 345,00 Note factor 0,62 1,00 Overcollateralisation Class A Class B Initial OC percentage at poolcut 6,0003% 3,8383% Current OC percentage 9,6382% 6,2668% Target OC percentage 12,2500% 7,5000% Subordinated loan - -2 Balance as of the beginning of the period ,41 Redemption 0,00 Capitalization of interest ,88 Balance as of the end of the period ,29 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

10 Credit enhancement Credit enhancement as of Cut-off-Date % of aggregate Value Class B note 2,162% ,00 Subordinated loan 2,938% ,45 Overcollateralization 0,900% ,00 Cash collateral account 1,200% ,00 Market Risk Reserve amount 0,00 Cash collateral account (CCA) in EUR in as of Initial at poolcut ,00 1,203% Targeted (Floor) ,00 Balance as of the beginning of the period ,00 1,203% Payment from CCA 0,00 - Payment to CCA 0,00 - Balance as of the end of the period ,00 1,203% Accrued interest 0,00 - Cash Collateral Account (CCA) - VWL Risk Reserve in EUR Initial at poolcut ,00 Balance as of the end of the period ,00 Cash Collateral Account (CCA) - Market Risk Reserve in EUR Initial at poolcut 0,00 Balance as of the beginning of the period 0,00 Payment from/to CCA 0,00 Payment from/to CCA due to Top/Tap Up/TTO Balance as of the end of the period 0,00 Cash Collateral Account Balance in EUR Balance as of the beginning of the period ,00 Balance as of the end of the period ,00 Accrued interest 0,00 Calculation of credit enhancement Initially, VCL 25's credit enhancement consists of the respective note issue in comparison to the as of poolcut, minus any senior debt issuance. This 'overcollateralisation' is specific for each note series and increases with its seniority. Subsequently, the 'overcollateralisation' is calculated (as an OC percentage) on a monthly basis, all on end of month figures. Considering the seniority of the respective note series, redemption is made until an overcollateralisation of 12,25% for Class A (7,5% for Class B) has been reached. However, if an enforcement event causes the transaction to switch into sequential payment mode, the OC percentages will not determine the maximum redemption amount and may be exceeded. In addition, there is the 'general cash reserve' which is in principle to the benefit of all tranches over the entire lifetime of the transaction. The transaction starts amortising class A only until its OC percentage is reached. The transaction switches into pro rata amortisation once an overcollateralisation percentage (i.e. credit enhancement excluding the cash collateral account) of 12,25% for the class A notes and 7,5% for the class B notes has been reached. Set off risk There is no set off risk applicable. Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

11 Swap fixing / Waterfall Amortising interest rate swap Class A Class B Initial principal , ,00 Underlying principal for reporting period , ,00 Paying leg Fix interest rate Fix interest rate Receiving leg Floating interest rate Floating interest rate Net swap payments / Net swap receipts , ,33 Available distribution amount calculation Payment to waterfall position Remaining amount Available collections amount , ,53 Buffer release amount , ,74 Net swap receipt class A 0, ,74 Net swap receipt class B 0, ,74 Purchase price amount 0, ,74 Accumulation account interest 0, ,74 Remaining rounding amount (Previous period) 48, ,41 Waterfall Payment to waterfall position Remaining amount Available distribution amount ,41 1) Taxes 0, ,41 2) Payment to security trustee 0, ,41 3) Servicing fee , ,66 4) Payment in respect of fees , ,04 5.i) Net swap payment class A , ,78 5.ii) Net swap payment class B , ,45 6) Interest payment class A , ,90 7) Interest payment class B , ,48 8) Payment to cash collateral account 0, ,48 9) Payment to CCA due to german trade tax increase event 0, ,48 10) Redemption class A ,00 13,48 11) Redemption class B 0,00 13,48 Remaining rounding amount (Current period) -13,48 0,00 12) Other payment to swap counterparties 0,00 0,00 13) Accrued and unpaid interest on the subordinated loan 0,00 0,00 14) Redemption subordinated loan 0,00 0,00 15) Final success fee 0,00 0,00 Distribution of cash collateral account surplus Payment to waterfall position Remaining amount Payment from cash collateral account 0,00 0,00 Interest subordinated loan 0,00 0,00 Redemption subordinated loan 0,00 0,00 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

12 Retention of net economic interest Retention amount at poolcut Type of asset nominal nominal Portfolio sold to SPV ,98% ,40 94,98% Retention of VW Leasing ,02% ,29 5,02% Total ,00% ,69 100,00% Retention amount end of reporting period Type of asset nominal nominal Portfolio sold to SPV ,01% ,20 94,98% Retention of VW Leasing ,99% ,03 5,02% Total ,00% ,23 100,00% In its capacity as originator and original lender, Volkswagen Leasing GmbH complies with the retention requirements of a material net economic interest in accordance with article 405 Abs. 1 c CRR and the corresponding delegated regulation 625/2014 article 10. By adhering to option c) of the direction, Volkwagen Leasing GmbH will keep the exposures designated for retention on its sheet on an ongoing basis. The latest end of month level of retention will be published on a monthly basis within the investor report. Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

13 Amortisation profile I Note class Class A WAL At closing: 1,24 yrs Currently: 0,89 yrs At closing: 2,01 yrs Currently: 1,17 yrs Payment period Actual note Forecasted note Actual note Forecasted note Issue Date , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00-0, ,00-0, ,00-0,00 Based on the following assumptions: CPR of 5% and Clean-Up-Call at 10% of the portfolio. Class B Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

14 Amortisation profile II Amortisation profile class A-Notes in EUR Actual note Forecasted note Assuming a Clean-Up Call at 10% of the initial, annual prepayments of 5% and 0% defaults Payment period 0 Amortisation profile class B-Notes in EUR Actual note Forecasted note Assuming a Clean-Up Call at 10% of the initial, annual prepayments of 5% and 0% defaults Payment period 0 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

15 Run out schedule I Reporting period Principal Interest Instalment arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,92 955, , ,26 306, , ,00 0,00 0,00 Total , , ,20 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

16 Publication date: Run out schedule II in EUR Expected amortisation of the Asset-Portfolio The expected Portfolio amortisation is solely based on the scheduled payments according to rental plan, no assumptions on prepayments or defaults are made Reporting period 0 Expected Discounted Asset-Portfolio Actual Discounted Asset-Portfolio Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

17 Collections by source - Collections Paid instalments of monthly period ,82 therof capital ,37 therof interest ,45 Paid instalments of previous periods ,12 Payment due from early settlement ,00 Compensation Payments from contract changes ,41 thereof payments from the Issuer to VWL ,80 therof payments from VWL to the Issuer ,39 Total ,53 Collections by status Collections Current ,71 Delinquent ,98 Default ,18 End of Term ,68 Early settlement ,75 Write Off 55 0,00 Write down ,23 Total ,53 Contract status development I Current , , , , , ,66 Delinquent 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Default 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 End of Term 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Early settlement 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Write Off 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Write down 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total , , , , , ,66 Contract status development II Current , , , , , ,00 Delinquent , , , , , ,91 Default , , , , , ,69 End of Term , , , , , ,00 Early settlement , , , , , ,00 Write Off 55 0, ,00 8 0,00 1 0, ,00 2 0,00 Write down , , ,23 0 0, , ,55 Total , , , , , ,15 3 4,00 5 6,00 7 8, , , ,00 Contract status developement III Contract status as of the end of the Current period Current Delinquent Default End of term Early settlement Write-Off Write-Down Contract status as of the begin of the period Current , ,37 0 0, , ,00 0 0,00 0 0,00 Delinquent , , ,97 6 0,00 6 0,00 8 0, ,55 Default , , ,31 0 0,00 0 0,00 8 0,00 0 0,00 End of Term 0 0,00 0 0,00 0 0, ,00 0 0,00 0 0,00 0 0,00 Early Settlement 0 0,00 0 0,00 0 0,00 0 0, ,00 0 0,00 0 0,00 Write-Off 0 0,00 0 0,00 0 0,00 0 0,00 0 0, ,00 0 0,00 Write down 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0, ,10 Total , , , , , , ,65 * Prior to write-off during reporting month. as of pool cut date as of current reporting period Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

18 Delinquencies & defaults I Days in arrears Delinquent Publication date: ,00 8 9, , , ,00 < 1 month delinquent 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 1 month delinquent 736 0,47% ,05 0,49% , , , , ,91 2 months delinquent 274 0,17% ,15 0,17% , , , , ,51 3 months delinquent 170 0,11% ,39 0,11% , , , , ,15 4 months delinquent 54 0,03% ,95 0,04% , ,71 0 0, , ,71 5 months delinquent 49 0,03% ,02 0,04% , ,28 0 0, , ,79 6 months delinquent 38 0,02% ,12 0,03% ,12 0 0,00 0 0, , ,08 7 months delinquent 25 0,02% ,51 0,02% , , , , ,20 8 months delinquent 25 0,02% ,44 0,02% , ,70 0 0, , ,50 9 months delinquent 21 0,01% ,65 0,01% , ,09 0 0, , ,06 10 months delinquent 4 0,00% ,97 0,00% ,97 0 0,00 0 0, ,97 0 0,00 > 10 months delinquent 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,88% ,25 0,93% , , , , , Delinquencies I - of delinquent Reporting period < 1 month delinquent 1 month delinquent 2 months delinquent 3 months delinquent 4 months delinquent 5 months delinquent 6 months delinquent 7 months delinquent 8 months delinquent 9 months delinquent 10 months delinquent > 10 months delinquent Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

19 Delinquencies & defaults II Days in arrears Defaulted at day of default not delinquent 0 0,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 1 month delinquent 3 0,00% 9.949,34 0,00% , ,34 0 0,00 0 0, ,34 0 0,00 2 months delinquent 51 0,03% ,95 0,05% , , , , ,95 0 0,00 3 months delinquent 22 0,01% ,22 0,02% , , , , , ,13 4 months delinquent 22 0,01% ,47 0,02% , , , , , ,50 5 months delinquent 24 0,02% ,31 0,02% , , ,90 0 0, , ,63 6 months delinquent 31 0,02% ,66 0,02% , , , , , ,44 7 months delinquent 26 0,02% ,67 0,02% , , , , ,67 0 0,00 8 months delinquent 19 0,01% ,86 0,01% , , , , ,86 0 0,00 9 months delinquent 7 0,00% ,78 0,01% , ,60 0 0, , ,78 0 0,00 10 months delinquent 10 0,01% ,02 0,02% , , , , , ,99 > 10 months delinquent 0 0,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 215 0,14% ,28 0,19% , , , , , , Delinquencies II - of default Reporting period 0 not delinquent 1 month delinquent 2 months delinquent 3 months delinquent 4 months delinquent 5 months delinquent 6 months delinquent 7 months delinquent Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

20 Delinquencies & defaults III Days in arrears Delinquent and defaulted < 1 month delinquent 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 1 month delinquent 739 0,47% ,39 0,49% , , , , ,91 2 months delinquent 325 0,21% ,10 0,21% , , , , ,51 3 months delinquent 192 0,12% ,61 0,13% , , , , ,28 4 months delinquent 76 0,05% ,42 0,06% , , , , ,21 5 months delinquent 73 0,05% ,33 0,06% , ,18 0 0, , ,42 6 months delinquent 69 0,04% ,78 0,05% , , , , ,52 7 months delinquent 51 0,03% ,18 0,04% , , , , ,20 8 months delinquent 44 0,03% ,30 0,03% , , , , ,50 9 months delinquent 28 0,02% ,43 0,02% , , , , ,06 10 months delinquent 14 0,01% ,99 0,02% , , , , ,99 >10 months delinquent 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,02% ,53 1,12% , , , , , Delinquencies III - of delinquent and default Reporting period < 1 month delinquent 1 month delinquent 2 months delinquent 3 months delinquent 4 months delinquent 5 months delinquent 6 months delinquent 7 months delinquent 8 months delinquent 9 months delinquent 10 months delinquent >10 months delinquent Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

21 Write-Offs Write-Offs of the monthly period Amount ,65 Cumulative Write-Offs as of the end of the monthly period as of Cut-Off-Date Cumulative net loss ratio , ,45 0,00838% Current period Cumulative Write-Offs Monthly period Write-Offs Write-Offs ,00 0 0, ,00 0 0, ,00 0 0, , , , , , , , , , , , , , , Total ,30 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

22 Pool data I Distribution by payment type Direct borrower account debit ,18% ,42 93,70% , , , , ,81 Others ,82% ,59 6,30% , , , , ,34 Total ,00% ,01 100,00% , , , , ,15 Distribution by contract concentration ,23% ,10 42,17% , , , , , ,83% ,56 39,93% , , , , , ,78% ,70 10,36% , , , , , ,38% ,86 7,11% , , , , ,56 > ,78% ,03 0,43% ,10 0 0, ,93 0 0, ,03 Total ,00% ,25 100,00% , , , , ,40 Distribution by largest customer ,01% ,03 0,02% ,03 0 0,00 0 0, ,03 0 0, ,01% ,54 0,02% ,54 0 0,00 0 0,00 0 0, , ,01% ,02 0,02% ,02 0 0,00 0 0,00 0 0, , ,01% ,33 0,02% ,33 0 0,00 0 0,00 0 0, , ,01% ,43 0,02% ,43 0 0,00 0 0,00 0 0, , ,02% ,05 0,02% ,05 0 0,00 0 0,00 0 0, , ,03% ,56 0,02% ,56 0 0,00 0 0,00 0 0, , ,01% ,51 0,02% , ,25 0 0,00 0 0, , ,02% ,93 0,02% ,93 0 0,00 0 0,00 0 0, , ,02% ,08 0,02% ,08 0 0,00 0 0,00 0 0, , ,01% ,44 0,02% ,44 0 0,00 0 0,00 0 0, , ,02% ,99 0,02% ,99 0 0,00 0 0,00 0 0, , ,02% ,70 0,02% ,70 0 0,00 0 0,00 0 0, , ,04% ,46 0,02% ,46 0 0,00 0 0,00 0 0, , ,02% ,53 0,02% ,53 0 0,00 0 0,00 0 0, , ,02% ,59 0,02% ,59 0 0,00 0 0,00 0 0, , ,02% ,94 0,02% ,94 0 0,00 0 0,00 0 0, , ,05% ,24 0,02% ,24 0 0,00 0 0,00 0 0, , ,01% ,72 0,02% ,72 0 0,00 0 0,00 0 0, , ,01% ,63 0,02% ,92 0 0, ,71 0 0, ,63 Total ,37% ,72 0,40% , , , , ,69 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

23 Pool data II Distribution by Percentage of 0, , ,35% ,55 18,23% , , , , , , , ,27% ,23 46,69% , , , , , , , ,16% ,43 22,30% , , , , , , , ,87% ,20 7,53% , , , , , , , ,86% ,30 2,93% , , , , , , , ,27% ,40 1,12% , , , , ,37 > , ,22% ,90 1,21% , , , , ,75 Total ,00% ,01 100,00% , , , , ,15 Statistics Minimum Maximum Average 67, , ,55 Distribution by nominal Percentage of 0, , ,15% ,46 16,57% , , , , , , , ,61% ,30 44,07% , , , , , , , ,93% ,02 24,15% , , , , , , , ,53% ,81 8,67% , , , , , , , ,11% ,04 3,52% , , , , , , , ,39% ,49 1,51% , , , , ,66 > , ,28% ,89 1,51% , , , , ,56 Total ,00% ,01 100,00% , , , , ,15 Statistics Minimum nominal Maximum nominal Average nominal 70, , ,84 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

24 Pool data III Distribution by remaining term ,18% ,97 10,96% , , , , , ,19% ,03 57,51% , , , , , ,82% ,48 28,20% , , , , , ,80% ,53 3,32% , , , , , ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0, ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 >72 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,01 100,00% , , , , ,15 Distribution by seasoning Statistics Minimum remaining term 1 Maximum remaining term 48 Weighted average remaining term 21, ,17% ,12 0,26% , , , , , ,50% ,85 92,64% , , , , , ,93% ,91 6,94% , , , , , ,39% ,01 0,16% , , , , , ,01% 7.843,12 0,00% ,12 0 0,00 0 0, , , ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 >72 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,01 100,00% , , , , ,15 Statistics Minimum seasoning 3 Maximum seasoning 59 Weighted average seasoning 18,69 Total number of installments ,01% ,36 0,02% ,16% ,60 3,70% ,36% ,44 58,89% ,82% ,60 32,98% ,64% ,01 4,41% ,00% 0,00 0,00% >72 0 0,00% 0,00 0,00% Total ,00% ,01 100,00% Statistics Minimum original term 4 Maximum original term 60 Weighted average original term 38,32 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

25 Pool data IV Distribution by brand VW ,06% ,07 32,92% , , , , ,86 VW LCV ,63% ,83 17,75% , , , , ,88 Audi ,84% ,49 34,28% , , , , ,32 Seat ,74% ,16 3,38% , , , , ,04 Skoda ,58% ,34 11,47% , , , , ,29 Other brands 252 0,16% ,12 0,21% , , , , ,76 Total ,00% ,01 100,00% , , , , ,15 Distribution by geographical region Baden-Wuerttemberg ,90% ,01 15,21% , , , , ,02 Bavaria ,81% ,05 17,90% , , , , ,91 Berlin ,82% ,68 2,70% , , , , ,59 Brandenburg ,09% ,45 2,16% , , , , ,22 Bremen ,98% ,03 0,94% , , , , ,09 Hamburg ,99% ,81 2,88% , , , , ,14 Hesse ,98% ,93 7,90% , , , , ,37 Lower Saxony ,11% ,50 9,01% , , , , ,33 Mecklenburg-Vorpommern ,57% ,58 1,64% , , , , ,36 North Rhine-Westphalia ,38% ,54 21,97% , , , , ,63 Rhineland-Palatinate ,62% ,47 3,74% , , , , ,74 Saarland ,68% ,43 0,71% , , , , ,20 Saxony ,04% ,15 5,14% , , , , ,08 Saxony-Anhalt ,27% ,47 2,30% , , , , ,09 Schleswig-Holstein ,19% ,80 3,13% , , , , ,79 Thuringia ,57% ,42 2,66% , , , , ,96 Foreign countries (*) 2 0,00% ,69 0,00% , ,06 0 0, , ,63 Miscellaneous 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,01 100,00% , , , , ,15 Distribution by industry sector Agriculture/ Forestry 899 0,57% ,27 0,67% , , , , ,95 Energy/ Mining ,08% ,33 1,12% , , , , ,10 Manufacturing Industry ,92% ,00 18,31% , , , , ,31 Chemical Industry ,00% ,57 1,12% , , , , ,98 Construction ,87% ,96 11,60% , , , , ,28 Retail/ Wholesale ,68% ,00 17,04% , , , , ,90 Hotel and Restaurant Industry ,92% ,56 1,93% , , , , ,60 Transportation ,55% ,14 2,70% , , , , ,89 Financial Services ,14% ,06 4,84% , , , , ,09 Public Administration, Education, ,87% ,79 14,89% , , , , ,68 Health Care, Public Serv. Other Services ,39% ,24 16,93% , , , , ,09 Information Technology ,22% ,74 5,39% , , , , ,58 Real Estate ,09% ,87 2,92% , , , , ,59 Other ,70% ,48 0,53% , , , , ,11 Total ,00% ,01 100,00% , , , , ,15 (*) Customers who changed their residence after Cut-Off-Date Volkswagen Leasing ABS Operations VCL@vwfs.com / 30

26 Pool data V Distribution by brand & model Model Publication date: ,00 6 7,00 8 9, , ,00 VW Fox 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Arteon 41 0,03% ,51 0,05% ,51 0 0,00 0 0, , ,93 Polo ,74% ,34 1,82% , , , , ,30 Golf ,01% ,16 8,14% , , , , ,01 Eos 1 0,00% 3.571,79 0,00% 0 0, ,79 0 0,00 0 0, ,79 Jetta 11 0,01% ,41 0,00% ,64 0 0, , , ,09 Beetle ,73% ,00 0,47% , , , , ,65 Passat ,63% ,42 8,92% , , , , ,50 Scirocco 86 0,05% ,94 0,04% , , , , ,62 Touran ,98% ,05 2,99% , , , , ,95 Tiguan ,16% ,61 6,10% , , , , ,71 Sharan ,13% ,99 1,43% , , , , ,72 Touareg ,04% ,60 1,43% , , , , ,22 Phaeton 242 0,15% ,39 0,15% 0 0, ,39 0 0, , ,68 up! ,36% ,02 1,33% , , , , ,76 CC 53 0,03% ,84 0,03% , ,75 0 0, , ,93 Sub-Total VW ,06% ,07 32,92% , , , , ,86 VW LCV Caddy ,76% ,02 4,19% , , , , ,87 Crafter ,05% ,12 3,22% , , , , ,71 Amarok 635 0,40% ,06 0,67% , , , , ,73 T4 1 0,00% ,73 0,00% 0 0, ,73 0 0, ,73 0 0,00 T ,10% ,27 0,08% , , , , ,42 T ,31% ,34 9,59% , , , , ,15 Sonstiges 1 0,00% 2.738,29 0,00% 0 0, ,29 0 0, ,29 0 0,00 Sub-Total VW LCV ,63% ,83 17,75% , , , , ,88 Audi A ,87% ,31 0,50% , , , , ,05 A ,25% ,49 3,34% , , , , ,25 A ,10% ,37 7,14% , , , , ,21 A ,24% ,20 2,78% , , , , ,00 A ,88% ,78 8,19% , , , , ,09 A ,40% ,41 0,73% , , , , ,62 A ,41% ,45 0,59% , , , , ,56 Q ,60% ,13 0,68% , , , , ,27 Q ,16% ,31 1,19% , , , , ,73 Q ,81% ,88 4,04% , , , , ,37 Q ,79% ,68 4,47% , , , , ,47 TT 445 0,28% ,35 0,40% , , , , ,09 R8 73 0,05% ,13 0,23% , , , , ,61 Sub-Total Audi ,84% ,49 34,28% , , , , ,32 Seat Ibiza 802 0,51% ,69 0,21% , , , , ,16 Altea 4 0,00% ,42 0,00% , , , ,42 0 0,00 Leon ,82% ,17 1,31% , , , , ,49 Alhambra ,64% ,19 0,73% , , , , ,90 Mii ,78% ,15 0,19% ,84 0 0, , , ,92 Ateca ,97% ,25 0,93% , , , , ,57 Toledo 10 0,01% ,29 0,00% ,42 0 0, , ,29 0 0,00 Sub-Total Seat ,74% ,16 3,38% , , , , ,04 Skoda Fabia ,38% ,07 0,68% , , , , ,38 Octavia ,47% ,71 5,28% , , , , ,09 Roomster 3 0,00% 5.495,53 0,00% ,53 0 0,00 0 0, , ,05 Superb ,37% ,71 3,65% , , , , ,59 Yeti 673 0,43% ,72 0,33% , , , , ,62 Citigo ,72% ,00 0,21% , , , , ,73 Rapid 722 0,46% ,92 0,27% , , , , ,98 Kodiaq ,75% ,12 1,06% , , , , ,85 Sonstiges 1 0,00% 8.277,56 0,00% 0 0, ,56 0 0, ,56 0 0,00 Sub-Total Skoda ,58% ,34 11,47% , , , , ,29 Other brands 252 0,16% ,12 0,21% , , , , ,76 Total ,00% ,01 100,00% , , , , ,15 Volkswagen Leasing ABS Operations VCL@vwfs.com / 30