Volkswagen Leasing GmbH. Volkswagen Leasing GmbH

Transcription

1 Deal name: VCL 19 Issuer: Originator of the receivables: VCL Multi-Compartment S.A. acting on behalf of its Compartment VCL avenue du X Septembre L-2550 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 Käferweg, 4 Building E Braunschweig Federal Republic of Germany Contact: Tel.: Fax: ABSOperations@vwfs.com Corporate service provider: Wilmington Trust SP Services (Luxembourg) S.A avenue du X Septembre L-2550 Luxembourg Luxembourg Tel.: Fax: VCL@WilmingtonTrust.com Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

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 Information regarding the notes I 9 Information regarding the otes II 10 Credit enhancement 11 Swap fixing / 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 Lease level data Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

3 Period: / Period no. 4 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: 4 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 outstanding New cars ,33% ,07 94,90% Used cars ,94% ,82 1,99% Demonstration cars ,73% ,39 3,11% Total ,00% ,28 100,00% Type of product at pool cut Percentage outstanding Closed end contract ,58% ,77 98,68% Open end lease contract ,42% ,51 1,32% Total ,00% ,28 100,00% Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

4 Parties overview Lead manger: Barclays Bank PLC Security trustee/ Wilmington Trust SP Attn.: Debt Syndicate Process agent: Services (Frankfurt) GmbH 5 The North Colonnade Steinweg 3-5 Canary Wharf Frankfurt am Main London E14 4BB Germany United Kingdom Fax Tel.: Tel.: Fax: fradirectors@wilmingtontrust.com Commerzbank Aktiengesellschaft Attn.: Group Legal Debt Securities Kaiserstraße 16 (Kaiserplatz) Frankfurt am Main Germany Tel.: Fax: Paying agent/ The Bank of New York Mellon Data protection Volkswagen Bank GmbH Calculation agent/ London Branch trustee: Gifhorner Straße 57 Interest determination agent: One Canada Square Braunschweig London E145 AL Germany United Kingdom Fax: Attn.: Corporate Trust Administration Tel.: Fax: ABSOperations@vwfs.com Account bank: The Bank of New York Mellon, Frankfurt Branch Clearing systems: Clearstream Banking S.A. Messe Turm Luxembourg, 42 Avenue JF Kennedy Friedrich-Ebert-Anlage 49/40th Floor/E77-40A0 L-1885 Luxembourg Frankfurt am Main Luxembourg Germany web@clearstream.com Attn.: Corporate Trust Manager / VCL 19 Tel.: Euroclear Bank S.A./N.V. Fax: Boulevard du Roi Albert II B-1210 Brussels Belgium Tel.: Swap counterparty: The Bank of Nova Scotia Corporate servicer Wilmington Trust SP Services Attn.: Global Capital Markets Documentation provider: (Luxembourg) S.A. 40 King Street West avenue du X Septembre Scotia Plaza, 55th Floor L-2550 Luxembourg Toronto, Ontario Luxembourg Canada M5H 1H1 Fax: Tel.: (416) Tel.: Fax: (416) VCL@WilmingtonTrust.com Servicer: Volkswagen Leasing GmbH Rating agencies: Fitch Ratings Ltd Gifhorner Str The North Colonnade Braunschweig London E14 5GN Germany United Kingdom Fax Fax: 49 (0) Tel.: abssurveillance@fitchratings.com ABSOperations@vwfs.com Moody's Deutschland GmbH Attn.: Monitoring An der Welle Frankfurt am Main Germany Fax: monitor.abs@moodys.com DBRS Ratings Limited Attn: Alexander Garrod 1 Minster Court 10th Floor Mincing Lane London, EC3R 7AA United Kingdom Fax: ABS_Surveillance@DBRS.com Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

5 Period: 05.YYY / Period no. 4 Transaction events I Clean-Up-Call Clean-Up-Call condition current outstanding portfolio Min. percentage of outstanding portfolio 86,01% 10,00% The Clean-Up-Call condition is planned to be reached in Sep Volkswagen Leasing GmbH will have the right at its option to exercise a Clean-Up-Call and to repurchase the lease receivables from VCL 19 at any time when the sum of the outstanding s for all lease is less than 10% of the sum of the outstanding 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 outstanding 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 absoperations@vwfs.com / 28

6 ,00000% 0,00000% 0,00000% 0,00000% 0,00046% 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 , ,68 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 3.429, ,28 0,00046% 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 absoperations@vwfs.com / 28

7 Transaction events III Account bank: The Bank of New York Mellon Long term Moody's Short term Outlook Long term DBRS Short term Outlook Long term Fitch Short term Outlook Current rating* A1 P-1 Stable AA (low) R-1 (middle) stable AA- F1+ Stable Minimum required rating (if no short term rating available, the higher long A2 P-1 Stable A R-1 stable A F1 Stable term rating is applicable) BNY Mellon Required rating: Fulfilled Swap counterparty Scotiabank Long term Moody's Short term Outlook Long term DBRS Short term Outlook Long term Fitch Short term Outlook Current rating* Aa2 P-1 Stable n.a. R-1 (high) stable AA- F1+ Stable Bank of Nova Scotia Minimum required rating A3 - A - A F1 (if no short term rating available, the higher long term rating is applicable) Required rating: Fulfilled *Ratings last updated on 02/05/2014 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

8 Information regarding the notes I Rating at issue date Class A Class B Moody's Aaa(sf) A1(sf) Fitch AAA(sf) AA-(sf) DBRS AAA(sf) A high(sf) Current rating Class A Class B Moody's Aaa(sf) A1(sf) Fitch AAA(sf) AA-(sf) DBRS AAA(sf) A high(sf) Information on notes Class A Class B Legal final maturity date Nov 2019 Nov 2019 Scheduled Clean-Up-Call Sep 2016 Sep 2016 ISIN: XS XS Common code: Nominal amount , ,00 Information on interest Class A Class B Spread/ Margin 35 bps 68 bps rate 1-Month-Euribor 1-Month-Euribor Fixed/Floating floating floating Current coupon 0,607% 0,937% Day count convention actual/360 actual/360 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

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 0,257% actual/360 Interest payments Class A Class B Total interest amount of the reporting period , ,25 Paid interest , ,25 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 50,85 88,49 Principal repayment by note 3.774,00 0,00 notes Note factor 0, , Overcollateralisation Class A Class B Initial OC percentage at poolcut 7,0006% 4,0007% Current OC percentage 8,1683% 4,6805% Target OC percentage 12,2500% 7,5000% Subordinated loan - -2 Balance as of the beginning of the period ,22 Redemption ( ,51) Capitalization of interest 0,00 Balance as of the end of the period ,71 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

10 Credit enhancement Credit enhancement as of Cut-off-Date % of aggregate outstanding Value Class B note* 3,00% ,00 Subordinated loan 2,80% ,28 Overcollateralization 1,20% ,00 Cash collateral account 1,20% ,00 Cash collateral account (CCA) in EUR in outstanding as of Initial at poolcut ,00 1,200% Thereof general cash reserve ,00 1,200% Thereof german trade tax risk reserve 0,00 0,000% Targeted (Floor) Thereof general cash reserve ,00 1,000% Thereof german trade tax risk reserve 0,00 0,000% Balance as of the beginning of the period ,03 1,074% Payment from CCA ,32 - Payment to CCA 0,00 - Balance as of the end of the period ,71 1,032% Thereof general cash reserve ,71 1,032% Thereof german trade tax risk reserve 0,00 0,000% Accrued interest 217,08 - Calculation of credit enhancement Initially, VCL 19's credit enhancement consists of the respective note issue in comparison to the outstanding 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 absoperations@vwfs.com / 28

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 ( ,69) ( 3.223,75) Available distribution amount calculation Payment to waterfall position Remaining amount Available collections amount , ,85 Buffer release amount ( ,03) ,82 Net swap receipt class A , ,51 Net swap receipt class B 3.223, ,26 Purchase price amount 0, ,26 Accumulation account interest 0, ,26 Remaining rounding amount (Previous period) 43, ,39 Waterfall Payment to waterfall position Remaining amount Available distribution amount ,39 1) Taxes 0, ,39 2) Payment to security trustee 0, ,39 3) Servicing fee ( ,28) ,11 4) Payment in respect of fees 0, ,11 5.i) Net swap payment class A 0, ,11 5.ii) Net swap payment class B 0, ,11 6) Interest payment class A ( ,72) ,39 7) Interest payment class B ( ,25) ,14 8) Payment to cash collateral account 0, ,14 9) Payment to CCA due to german trade tax increase event 0, ,14 10) Redemption class A ( ,00) 22,14 11) Redemption class B 0,00 22,14 Remaining rounding amount (Current period) ( 22,14) 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 , ,32 Interest subordinated loan ( ,81) ,51 Redemption subordinated loan ( ,51) 0,00 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

12 Retention of net economic interest Retention amount at poolcut Type of asset nominal nominal Portfolio sold to SPV ,15% ,13 92,50% Retention of VW Leasing ,85% ,14 7,50% Total ,00% ,27 100,00% Retention amounts - -2 Minimum retention ,74 5,00% Actual retention ,14 7,50% Retention amount end of reporting period Type of asset nominal nominal Portfolio sold to SPV ,18% ,86 92,55% Retention of VW Leasing ,82% ,67 7,45% Total ,00% ,53 100,00% Retention amounts - -2 Minimum retention ,10 5,00% Actual retention ,67 7,45% 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. 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 absoperations@vwfs.com / 28

13 Amortisation profile I Note class Class A Class B WAL At closing: 1,23 yrs Currently: 1,14 yrs At closing: 1,76 yrs Currently: 1,53 yrs Payment date Actual note Forecasted note Actual note Forecasted 2 note 2 Poolcut , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,00-0, ,00-0, ,00-0,00 Based on the following assumptions: CPR of 5% and Clean-Up-Call at 10% of the outstanding portfolio. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

14 Amortisation profile II in EUR Amortisation profile class A-Notes Actual Amort. A-Notes Expected Amort. A-Notes Assuming a Clean-Up Call at 10% of the initial outstanding, annual prepayments of 5% and 0% defaults Reporting period 0 in EUR Amortisation profile class B-Notes Actual Amort. B-Notes Expected Amort. B-Notes Assuming a Clean-Up Call at 10% of the initial outstanding, annual prepayments of 5% and 0% defaults Reporting period 0 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

15 Run out schedule I Payment period Principal Interest Instalment arrears , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,93 968, , ,74 306, , ,00 0,00 0,00 Total , , ,86 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

16 Publication date: Run out schedule II in EUR Expected amortisation of the outstanding 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 absoperations@vwfs.com / 28

17 Collections by source - Collections Paid instalments of monthly period ,41 therof capital ,02 therof interest ,39 Paid instalments of previous periods ,73 Early settlements ,71 Total ,85 Collections by status Collections Current ,49 Delinquent ,05 Default ,63 End of Term ,08 Early Settlement ,60 Write-Off * 1 480,00 Total ,85 Total portfolio as of pool cut date Contract status development I x Current , , , , , ,20 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 Total , , , , , ,20 Total portfolio as of current reporting period Contract status development II x Current , , , , , ,36 Delinquent , , , , , ,92 Default , , , , , ,89 End of Term 327 0, , ,00 2 0, , ,00 Early Settlement 621 0, , , , , ,00 Write-Off 1 0,00 1 0,00 0 0,00 0 0,00 1 0,00 0 0,00 Total , , , , , , Contract status developement III Contract status as of the end of the Current period Current Delinquent Default End of term Early settlement Write-Off Contract status as of the begin of the period x y Current , , , , ,00 0 0,00 Delinquent , , ,46 1 0,00 2 0,00 1 0,00 Default , , ,06 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 Early Settlement 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 Total , , , , ,00 1 0,00 * Prior to write-off during reporting month. Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

18 Delinquencies & defaults I Delinquent Days in arrears outstanding Publication date: x Delinquent early settlements 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 30 <= ,42% ,99 0,47% , , , , ,11 > 60 <= ,12% ,29 0,15% , , , , ,33 > 90 <= ,05% ,62 0,05% , ,12 0 0, , ,23 > 120 <= ,04% ,05 0,03% , , , , ,25 > 150 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 180 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 210 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 240 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 270 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 300 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 443 0,64% ,95 0,71% , , , , , Delinquencies I - of delinquent Reporting period 0 Delinquent early settlements > 30 <= 60 > 60 <= 90 > 90 <= 120 > 120 <= 150 > 150 <= 180 > 180 <= 210 > 210 <=240 > 240 <= 270 > 270 <= 300 > 300 <= 330 > 330 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

19 Delinquencies & defaults II Defaulted Days in arrears outstanding at day of default Publication date: x Delinquent early settlements 17 0,02% ,42 0,03% , ,62 0 0, , , ,17 > 30 <= ,03% ,58 0,03% , , ,37 0 0, , ,16 > 60 <= ,04% ,59 0,04% , , , , , ,32 > 90 <= ,04% ,35 0,06% , ,91 0 0, , , ,73 > 120 <= ,03% ,05 0,03% , ,05 0 0,00 0 0, , ,51 > 150 <= ,00% 6.320,90 0,00% 6.320, ,90 0 0,00 0 0, ,90 0 0,00 > 180 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 210 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 240 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 270 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 300 <= ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > ,00% 0,00 0,00% 0,00 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 117 0,17% ,89 0,20% , , , , , , Delinquencies II - of default Reporting period 0 Delinquent early settlements > 30 <= 60 > 60 <= 90 > 90 <= 120 > 120 <= 150 > 150 <= 180 > 180 <= 210 > 210 <=240 > 240 <= 270 > 270 <= 300 > 300 <= 330 > 330 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

20 Delinquencies & defaults III Delinquent and defaulted Days in arrears outstanding Delinquent early settlements 17 0,02% ,42 0,03% ,62 0 0, , , ,17 > 30 <= ,45% ,57 0,51% , , , , ,27 > 60 <= ,17% ,88 0,20% , , , , ,65 > 90 <= ,09% ,97 0,11% , , , , ,96 > 120 <= ,07% ,10 0,07% , , , , ,76 > 150 <= ,00% 6.320,90 0,00% ,90 0 0,00 0 0, ,90 0 0,00 > 180 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 210 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 240 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 270 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > 300 <= ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 > ,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total 560 0,80% ,84 0,92% , , , , , New vehicle Used vehicle Demonstration vehicle 6 7 Delinquencies III - of delinquent and default 2 8 Retail 8 9 Corporate Reporting period Delinquent early settlements > 30 <= 60 > 60 <= 90 > 90 <= 120 > 120 <= 150 > 150 <= 180 > 180 <= 210 > 210 <=240 > 240 <= 270 > 270 <= 300 > 300 <= 330 > 330 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

21 Write-Offs Write-Offs of the monthly period Amount ,68 Cumulative Write-Offs as of the end of the monthly period as of Cut-Off-Date Cumulative net loss ratio 3.429, ,28 0,00046% Current period Cumulative Write-Offs Monthly period Write-Offs 2 Write-Offs ,00 0 0, ,00 0 0, ,00 0 0, , , Total ,68 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

22 Prepayments Reporting period Unscheduled payments Discounted as of previous period Periodic CPR Annualised CPR Pool Cut , ,28 0,160% 1,900% , ,45 0,203% 2,410% , ,02 0,177% 2,099% , ,46 0,199% 2,361% The annualised constant prepayment rate (CPR) of the underlying receivables based upon the most recent periodic CPR. Periodic CPR is equal to the total unscheduled principal received in the most recent period divided by the start of period principal. This is then annualised as follows: 1-((1-Periodic CPR)^number of periods in a year)

23 Pool data I Distribution by payment type outstanding x Direct borrower account debit ,06% ,49 93,72% , , , , ,67 Others ,94% ,89 6,28% , , , , , , ,50 Total ,00% ,38 100,00% , , , , ,17 Distribution by contract concentration outstanding x ,64% ,92 51,11% , , , , , ,01% ,82 38,67% , , , , , ,65% ,44 6,85% , , , , , ,47% ,49 3,30% , , ,57 0 0, ,49 > ,23% ,71 0,07% ,71 0 0,00 0 0,00 0 0, ,71 Total ,00% ,38 100,00% , , , , ,17 Distribution by largest customer Total portfolio Total portfolio Total portfolio outstanding x ,03% ,47 0,04% ,47 0 0,00 0 0,00 0 0, , ,03% ,40 0,04% ,40 0 0,00 0 0,00 0 0, , ,02% ,72 0,04% ,72 0 0,00 0 0,00 0 0, , ,05% ,48 0,04% ,48 0 0,00 0 0,00 0 0, , ,04% ,48 0,04% ,48 0 0,00 0 0,00 0 0, , ,04% ,48 0,03% ,48 0 0,00 0 0,00 0 0, , ,03% ,37 0,03% ,37 0 0,00 0 0,00 0 0, , ,03% ,48 0,03% ,48 0 0,00 0 0,00 0 0, , ,05% ,24 0,03% ,24 0 0,00 0 0,00 0 0, , ,04% ,70 0,03% ,70 0 0,00 0 0,00 0 0, , ,02% ,40 0,03% ,40 0 0,00 0 0,00 0 0, , ,03% ,15 0,03% ,15 0 0,00 0 0,00 0 0, , ,03% ,61 0,03% ,61 0 0,00 0 0,00 0 0, , ,03% ,73 0,03% ,73 0 0,00 0 0,00 0 0, , ,04% ,27 0,03% ,27 0 0,00 0 0,00 0 0, , ,10% ,26 0,03% ,26 0 0,00 0 0,00 0 0, , ,04% ,70 0,03% ,70 0 0,00 0 0,00 0 0, , ,02% ,06 0,03% ,06 0 0,00 0 0,00 0 0, , ,01% ,22 0,03% ,22 0 0,00 0 0,00 0 0, , ,03% ,97 0,03% ,97 0 0,00 0 0,00 0 0, ,97 Total ,71% ,19 0,67% ,19 0 0,00 0 0, , ,17 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

24 Pool data II Distribution by Percentage of Total portfolio outstanding x 0, , ,67% ,53 7,21% , , , , , , , ,89% ,88 33,52% , , , , , , , ,20% ,08 32,84% , , , , , , , ,95% ,94 14,67% , , , , , , , ,73% ,75 6,50% , , , , , , , ,92% ,08 2,69% , , , , ,72 > , ,64% ,12 2,57% , , , , ,50 Total ,00% ,38 100,00% , , , , ,17 Statistics Minimum Maximum Average 204, , ,62 Distribution by outstanding nominal Percentage of Total portfolio outstanding x 0, , ,04% ,50 6,36% , , , , , , , ,37% ,58 28,99% , , , , , , , ,05% ,35 33,08% , , , , , , , ,69% ,95 16,57% , , , , , , , ,58% ,62 7,91% , , , , , , , ,34% ,38 3,63% , , , , ,84 > , ,93% ,00 3,46% , , , , ,14 Total ,00% ,38 100,00% , , , , ,17 Statistics Minimum outstanding nominal Maximum outstanding nominal Average outstanding nominal 205, , ,72 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

25 Pool data III Distribution by remaining term outstanding x ,67% ,91 3,21% , , , , , ,15% ,97 29,49% , , , , , ,05% ,82 47,19% , , , , , ,82% ,90 18,06% , , , , , ,30% ,78 2,06% , , , , , ,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% ,38 100,00% , , , , ,17 Distribution by seasoning Total portfolio Statistics Minimum remaining term 1 Maximum remaining term 53 Weighted average remaining term 28,03 Total portfolio outstanding x ,00% ,35 54,22% , , , , , ,36% ,28 42,28% , , , , , ,42% ,75 3,42% , , , , , ,22% ,00 0,08% , , , , , ,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% ,38 100,00% , , , , ,17 Statistics Minimum seasoning 6 Maximum seasoning 48 Weighted average seasoning 13,33 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

26 Pool data IV Distribution by brand outstanding x VW ,35% ,84 34,68% , , , , ,91 VW LCV ,33% ,20 17,61% , , , , ,21 Audi ,19% ,57 37,59% , , , , ,82 Seat ,61% ,14 2,06% , , , , ,72 Skoda ,36% ,58 7,84% , , ,71 0 0,00 0 0,00 Other brands 111 0,16% ,05 0,22% , , , , ,80 Total ,00% ,38 100,00% , , , , ,46 Distribution by geographical region outstanding x Baden-Wuerttemberg ,09% ,12 15,58% , , , , ,87 Bavaria ,96% ,11 18,07% , , , , ,48 Berlin ,93% ,02 2,60% , , , , ,30 Brandenburg ,17% ,99 2,10% , , , , ,07 Bremen 763 1,09% ,42 1,05% , , , , ,84 Hamburg ,26% ,84 3,04% , , , , ,02 Hesse ,99% ,68 7,80% , , , , ,11 Lower Saxony ,62% ,59 9,53% , , , , ,20 Mecklenburg-Vorpommern ,63% ,21 1,56% , , , , ,92 North Rhine-Westphalia ,90% ,56 21,46% , , , , ,41 Rhineland-Palatinate ,22% ,57 3,44% , , , , ,59 Saarland 369 0,53% ,17 0,57% , , , , ,10 Saxony ,33% ,48 5,20% , , , , ,15 Saxony-Anhalt ,38% ,11 2,24% , , , , ,82 Schleswig-Holstein ,27% ,91 3,22% , , , , ,36 Thuringia ,63% ,60 2,55% , , , , ,93 Foreign countries (*) 0 0,00% 0,00 0,00% 0 0,00 0 0,00 0 0,00 0 0,00 0 0,00 Total ,00% ,38 100,00% , , , , ,17 Distribution by industry sector Total portfolio Total portfolio Total portfolio outstanding x Agriculture/ Forestry 424 0,61% ,01 0,74% , , , , ,19 Energy/ Mining 760 1,09% ,43 1,07% , , , , ,85 Manufacturing Industry ,25% ,72 20,49% , , , , ,22 Chemical Industry 787 1,13% ,45 1,22% , , , , ,80 Construction ,38% ,73 11,65% , , , , ,66 Retail/ Wholesale ,17% ,89 18,40% , , , , ,85 Hotel and Restaurant Industry ,74% ,45 1,79% , , , , ,09 Transportation ,73% ,80 2,83% , , , , ,39 Financial Services ,78% ,82 3,57% , , , , ,08 Public Administration, Education, Health Care, Public Serv ,27% ,79 14,14% , , , , ,69 Other Services ,80% ,67 16,11% , , , , ,32 Information Technology ,21% ,42 5,27% , , , , ,80 Real Estate ,69% ,64 2,57% , , , , ,31 Other 123 0,18% ,56 0,13% , , , , ,92 Total ,00% ,38 100,00% , , , , ,17 (*) Customers who changed their residence after Cut-Off-Date Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28

27 Pool data V Distribution by brand & model Model Total portfolio outstanding 2 Publication date: x VW Fox 6 0,01% 7.829,00 0,00% , , ,00 0 0,00 Polo ,13% ,82 1,68% , , , ,38 Golf ,37% ,71 8,19% , , , ,02 Eos 71 0,10% ,01 0,11% , , , ,20 Jetta 61 0,09% ,36 0,05% , , , ,36 New Beetle 398 0,57% ,33 0,48% , , , ,24 Passat ,91% ,10 11,01% , , , ,77 Scirocco 83 0,12% ,89 0,10% , , , ,47 Touran ,36% ,71 3,15% , , , ,48 Tiguan ,04% ,19 3,97% , , , ,14 Sharan ,62% ,15 1,89% , , , ,85 Touareg 794 1,14% ,77 2,18% , , , ,58 Phaeton 477 0,68% ,52 0,62% , , , ,13 up! ,21% ,28 1,24% , , , ,29 Sub-Total VW ,35% ,84 34,68% , , , , ,91 VW LCV Caddy ,56% ,63 4,41% , , , ,37 Transporter ,88% ,97 9,17% , , , ,07 Crafter ,40% ,89 3,36% , , , ,29 Amarok 339 0,49% ,71 0,67% , , , ,48 LT 0 0,00% 0,00 0,00% ,00 0 0,00 0 0,00 0 0,00 Sub-Total VW LCV ,33% ,20 17,61% , , , , ,21 Audi A ,12% ,69 0,65% , , , ,60 A2 0 0,00% 0,00 0,00% ,00 0 0,00 0 0,00 0 0,00 A ,06% ,44 3,56% , , , ,57 A ,90% ,81 7,82% , , , ,58 A ,23% ,58 3,29% , , , ,21 A ,30% ,36 11,70% , , , ,19 A ,57% ,29 1,08% , , , ,72 A ,25% ,02 0,67% , , , ,62 Q ,78% ,33 1,90% , , , ,91 Q ,03% ,80 5,08% , , , ,28 Q ,67% ,26 1,35% , , , ,57 TT 168 0,24% ,06 0,32% , , , ,57 R8 29 0,04% ,93 0,17% , , ,93 0 0,00 Sub-Total Audi ,19% ,57 37,59% , , , , ,82 Seat Ibiza 522 0,75% ,34 0,29% , , , ,34 Altea 105 0,15% ,22 0,11% , , , ,99 Leon 625 0,90% ,04 0,54% , , , ,07 Alhambra 469 0,67% ,56 0,66% , , , ,44 Cordoba 0 0,00% 0,00 0,00% ,00 0 0,00 0 0,00 0 0,00 Exeo 249 0,36% ,49 0,27% , , , ,91 Mii 543 0,78% ,32 0,19% , , , ,97 Arosa 0 0,00% 0,00 0,00% ,00 0 0,00 0 0,00 0 0,00 Toledo 6 0,01% ,17 0,01% , , ,17 0 0,00 Sub-Total Seat ,61% ,14 2,06% , ,72 Skoda Fabia 659 0,94% ,89 0,43% , , , ,29 Octavia ,29% ,66 4,28% , , , ,40 Roomster 393 0,56% ,41 0,29% , , , ,87 Superb ,20% ,37 2,15% , , , ,98 Yeti 421 0,60% ,31 0,46% , , , ,37 Citygo 487 0,70% ,72 0,19% , , , ,80 Rapid 40 0,06% ,22 0,04% , , , ,00 Sub-Total Skoda ,36% ,58 7,84% , , , , ,71 Other brands 111 0,16% ,05 0,22% , , , , ,80 Total ,00% ,38 100,00% , , , ,21 0, ,17 0,00 Volkswagen Leasing ABS Operations absoperations@vwfs.com / 28