Information Date: 16.09.2011 Deal Name: DRIVER THREE ... fileInformation Date: 16.09.2011 Period:...
Transcript of Information Date: 16.09.2011 Deal Name: DRIVER THREE ... fileInformation Date: 16.09.2011 Period:...
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Deal Name: DRIVER THREE
Issuer: DRIVER THREE GmbHEschenheimer Anlage 160316 Frankfurt am MainFederal Republic of Germany
Servicer Name: VOLKSWAGEN BANK GmbHReporting Entity: ABS Operations
Dep. F-RWABOGifhorner Straße 5738112 BraunschweigFederal Republic of Germany
Contact: phone +49 (0) 531 212 1358fax: +49 (0) 531/ 212 [email protected]
Administrator: TMF Deutschland AGEschenheimer Anlage 160316 Frankfurt/MainFederal Republic of Germany
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 1/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
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 Outstanding Discounted Principal Balance
25 Distribution by Original Principal Balance
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 Balance
32 Distribution by Vehicle Makes and Models
33 Geographic Distribution
34 Potential Set Off Risk
35 Glossary
olkswagen Bank GmbHfhorner Str. 57
8112 Braunschweigel. 0049 531/ 212 - 1358ax. 0049 531/ 212 - [email protected] Page 2/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Deal Overview
Deal Name: DRIVER THREE
Issuer: DRIVER THREE GmbHEschenheimer Anlage 160316 Frankfurt am MainFederal Republic of Germany
Servicer Name: VOLKSWAGEN BANK GmbHReporting Entity: Gifhorner Straße 57
38112 BraunschweigFederal Republic of Germany
Contact: [email protected]+49 (0) 531 212 3718
Administrator: TMF Deutschland AGEschenheimer Anlage 160316 Frankfurt/MainFederal Republic of Germany
Counterparty Details
ShortTerm
LongTerm
OutlookShortTerm
LongTerm
OutlookShortTerm
LongTerm
Outlook
Joint Lead Manager: BNP Paribas10 Harewood AvenueLondon NW1 6AAUnited Kingdom
SEBUlmenstraße 3060283 Frankfurt/MainFederal Republic of Germany
Accounts: BNP PARIBASCash Collateral Luxembourg Branch 33Distribution Rue de GasperichAccumulation Howald-Hesperange
2085 LuxembourgLuxembourg
Listing Agent: BNP PARIBASLuxembourg Branch 33Rue de GasperichHowald-Hesperange2085 LuxembourgLuxembourg
Paying and BNP PARIBASCalculation Agent: Luxembourg Branch 33
Rue de GasperichHowald-Hesperange2085 LuxembourgLuxembourg
Class A and B SwapCounterparty:
Hessische LandesbankNeue Mainzer Straße 52-5860 311 Frankfurt am MainFederal Republic of Germany
A Stableunder
Review F1+ A+ Stable A-1
* Ratings updated on 01/09/2011
S&PRating*
Moody's Fitch
P-1 Aa2under
Review F1+ AA- Stable A-1+ AA Negative
P-1 Aa2
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 3/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Deal Overview: Counterparties (continue´d)
Security Trustee: FAEGRE & BENSON LLPData Protection Trustee: Neue Mainzer Straße 52-58
60 311 Frankfurt am MainFederal Republic of Germany
Rating Agency: MOODY's Deutschland GmbHAn der Welle 560322 Frankfurt/MainFederal Republic of Germany
Rating Agency: FITCH Ratings LimitedFitch Deutschland GmbHJunghofstrasse 2460311 FrankfurtFederal Republic of Germany
Rating Agency: S&PStandard & Poor´sNeue Mainzer Straße 5260311 Frankfurt/MainFederal 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 torepurchase the outstanding Purchased Loan Receivables from Driver Three atany time when the sum of the Aggregate Discounted Principal Balance for alloutstanding Purchased Loan Receivables is less than 9% of the AggregateCut Off Date Discounted Principal Balance provided that all paymentobligations under the Notes will thereby be fulfilled.
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 4/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Volkswagen Bank GmbH and Volkswagen AG Rating
VW Bank VW AG
P-1 P-2
A-2 A-2
VW Bank VW AG
A2 A3Stable Stable
A- A-Stable Stable
* Ratings updated on 01/09/2011
VW Bank Rating Related Triggers
Future Rating Triggers:
VAT-Risk
Set Off Risk
S&P Outlook
Rating* - Short Term
Downgrade of VW Bank's short-term rating to F3 by Fitch will result in an increase by 0.29% ofthe Cash Collateral Account of the Aggregate Discounted Principal Balance. Which isexclusively reserved to cover any VAT burden in case a replacement servicer is appointed.
The downgrade of VW Bank's long-term rating to below BBB- by Fitch and/or Baa3 by Moody'sand/or VW Bank's short-term rating to below A-2 by S&P will result in a Set Off risk reservebeing established if deposits by borrowers are greater than 1% of the Aggregate DiscountedPrincipal Balance. The Set Off risk shall be deposited in the Cash Collateral Account.
Moody's Outlook
Moody's
S&P
S&P
Rating* - Long Term
Moody's
0
1
2
3
Rat
ing
Maturity
Moody's - Long TermVW AG VW Bank
A3
A2
0
1
2
3
Rat
ing
Maturity
S&P - Long TermVW AG VW Bank
A-
A
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Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Notes Information
Date: 16.09.2011
Monthly Period: Aug 11
Additional Purchase Date: n/a
Payment Date: 21.09.2011
Revolving Period Number: 59
Interest Accrual Period (from/until): 22.08.2011 20.09.2011
Days Accrued: 30
Base Interest Rate (1-Month Euribor): 1,3480%
Currency: EUR
Day Count Convention: ACT/360
Class of Notes Class A Class BRating Details:
Fitch: AAA AAMoody's: Aaa Aa1S&P AAA AA-
Information on Notes Class A Class BFinal Maturity Date: October 2015 October 2015Final Scheduled Payment Date: October 2014 October 2014Security Code A0LDCA A0KP89ISIN: XS0270108573 XS0270109621Common Code: 027010857 027010962
Information on Interest Class A Class BInformation on Interest Class A Class BTotal Interest per Class: 269.772,00 € 9.768,24 €
Total Interest per Note: 14,59 € 13,95 €
Spread/Margin: 10 bps 19 bps
Interest Rate Swaps Class A Class BInterest Rate Swaps Class A Class BUnderlying Principal: 223.567.952 € 7.621.516 €
pay fixed pay fixedIndex Rate: 1-M-Euribor 1-M-EuriborNet Swap Payments 469.492,69 € 16.005,19 €
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 6/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Notes Information (continue´d)
Note Balance CLASS A CLASS B
As of Cut Off Date: 924.500.000,00 € 35.000.000,00 €
During Revolving Period: 924.500.000,00 € 35.000.000,00 €
After Revolving Period CLASS A CLASS B
Note Balance (BoP): 223.567.952,10 € 7.621.516,00 €
Redemption amount per class: 19.223.683,20 € 655.389,00 €
Note Balance (EoP): 204.344.268,90 € 6.966.127,00 €
Payments to Investors - Per Eur 50.000,- Denomination CLASS A CLASS B
Redemption Payment per Note: 1.039,68 € 936,27 €
Note Factor: 0,221032 0,199032
Unpaid Interest:
Unpaid interest: - € - €
Cumulative unpaid interest: - € - €
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Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Pool Information
Cut Off Date: 30.09.2006
Additional Purchase Date: n/a
Reporting Date: 16.09.2011
Interest Period (from/until): 22.08.2011 / 20.09.2011
Current Payment Date: 21.09.2011
Next Payment Date: 21.10.2011
Days Accrued: 30
Asset Collection Period: 01.08.2011 / 31.08.2011
Note Payment Period: 22.08.2011 / 20.09.2011
Balances Number of contractsOutstanding Discounted
Principal BalanceOutstanding Nominal
BalanceAs of Initial Pool Cut 96.194 1.000.005.758,01 € 1.104.089.409,07 €
As of End of Period before origination of additionalLoan Receivables
29.131 232.209.218,65 € 240.608.533,04 €
Additional Loan Receivables - - € - €
As of EoP after origination of add. LoanReceivables
29.131 232.209.218,65 € 240.608.533,04 €
Calculation of Available Distribution Amount
Number of ContractsOutstanding Discounted
Principal BalanceNominal Balance
Begin of Period 31.596 254.054.355,40 € 263.595.189,02 €
Periodically reduction of Nominal Amount 22.986.655,98 €
Discount 132.700,27 €-
Write Off 193.010,20 €-
Fee restruct./Prolongation 6.448,38 €
Interest (late payment penalties) 13.327,32 €
Available Distribution Amount (Waterfall OCPos. 1)
22.680.721,21 €
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 8/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Pool Information (continue´d)
Pool Balance
StatusNumber ofContracts
(Initial Pool Cut)
Outstanding DiscountedPrincipal Balance(Initial Pool Cut)
Number of ContractsEoP before origination of
additional LoanReceivables
Outstanding DiscountedPrincipal Balance
EoP before origination ofadditional Loan Receivables
Number of ContractsEoP
Outstanding DiscountedPrincipal Balance EoP
Current 96.194 1.000.005.758,01 € 0 - € 27.991 224.302.996,43 €
Delinquent 0 - € 447 4.188.350,76 €
Defaulted 0 - € 693 3.717.871,46 €
End of Term 0 - € 97.312 - €
Early Settlement 0 - € 69.440 - €
Write Off 0 - € 1.899 - €
Total 96.194 1.000.005.758,01 € 0 - € 197.782 232.209.218,65 €
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 9/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Pool Information (continue´d)
Information of Defaults, Delinquencies, Write Offs
Current ReportingPeriod
Number ofContracts
Number ofContracts (%)
OutstandingDiscounted Principal
Balance
OutstandingDiscounted
PrincipalBalance (%)
OutstandingNominal Balance
OutstandingNominal
Balance (%)
Delinquent Balance 447 1,5344% 4.188.350,76 € 1,8037% 4.342.042,82 € 1,8046%
Defaulted Balance 693 2,3789% 3.717.871,46 € 1,6011% 3.807.566,06 € 1,5825%
Delinquency Profile
Days in ArrearsNumber ofContracts
Number ofContracts (%)
OutstandingDiscounted Principal
Balance
OutstandingDiscounted
PrincipalBalance (%)
OutstandingNominal Balance
OutstandingNominal
Balance (%)
> 30 until <= 60 208 0,7140% 1.913.278,98 € 0,8239% 1.972.953,36 € 0,8200%
> 60 until <= 90 105 0,3604% 992.435,92 € 0,4274% 1.033.233,88 € 0,4294%
> 90 until <= 120 54 0,1854% 514.624,28 € 0,2216% 533.549,73 € 0,2218%
> 120 until <= 150 26 0,0893% 262.863,63 € 0,1132% 275.154,54 € 0,1144%
> 150 until <= 180 10 0,0343% 119.302,16 € 0,0514% 125.070,21 € 0,0520%
Subtotal 403 1,3834% 3.802.504,97 € 1,6375% 3.939.961,72 € 1,6375%
> 180 until <= 210 6 0,0206% 41.294,64 € 0,0178% 43.035,78 € 0,0179%
> 210 until <= 240 3 0,0103% 16.691,58 € 0,0072% 17.703,66 € 0,0074%
> 240 until <= 270 5 0,0172% 29.748,73 € 0,0128% 30.925,01 € 0,0129%
> 270 until <= 300 7 0,0240% 66.852,68 € 0,0288% 69.349,70 € 0,0288%
> 300 until <= 330 2 0,0069% 19.989,39 € 0,0086% 20.564,81 € 0,0085%
> 330 until <= 360 2 0,0069% 11.974,64 € 0,0052% 12.900,25 € 0,0054%
> 360 19 0,0652% 199.294,13 € 0,0858% 207.601,89 € 0,0863%
Subtotal 44 0,1510% 385.845,79 € 0,1662% 402.081,10 € 0,1671%
Total 447 1,5344% 4.188.350,76 € 1,8037% 4.342.042,82 € 1,8046%
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 10/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Pool Information (continue´d)
Defaulted Profile I
Days in ArrearsNumber ofContracts
Number of Contracts(%)
OutstandingDiscounted Principal
Balance
OutstandingDiscounted
Principal Balance(%)
Outstanding NominalBalance
OutstandingNominal
Balance (%)
<= 30 179 0,6145% 1.014.092,03 € 0,4367% 1.035.300,99 € 0,4303%
> 30 until <= 60 14 0,0481% 61.055,99 € 0,0263% 62.168,21 € 0,0258%
> 60 until <= 90 27 0,0927% 169.842,50 € 0,0731% 174.525,86 € 0,0725%
> 90 until <= 120 24 0,0824% 162.621,07 € 0,0700% 168.148,49 € 0,0699%
> 120 until <= 150 32 0,1098% 209.356,97 € 0,0902% 214.627,45 € 0,0892%
> 150 until <= 180 34 0,1167% 198.598,90 € 0,0855% 203.778,73 € 0,0847%
> 180 until <= 210 28 0,0961% 118.985,17 € 0,0512% 122.472,18 € 0,0509%
> 210 until <= 240 30 0,1030% 143.219,50 € 0,0617% 145.990,62 € 0,0607%
> 240 until <= 270 34 0,1167% 201.637,99 € 0,0868% 206.604,15 € 0,0859%
> 270 until <= 300 30 0,1030% 139.840,25 € 0,0602% 143.321,90 € 0,0596%
> 300 until <= 330 21 0,0721% 140.266,58 € 0,0604% 144.575,55 € 0,0601%
> 330 until <= 360 12 0,0412% 80.184,17 € 0,0345% 82.304,60 € 0,0342%
> 360 228 0,7827% 1.078.170,34 € 0,4643% 1.103.747,33 € 0,4587%
Total 693 2,3789% 3.717.871,46 € 1,6011% 3.807.566,06 € 1,5825%
Cumulative Write Offs
Number ofContracts
Write Offs
Begin of Period 1.868 10.604.402,23 €
Write Offs 31 193.010,20 €
End of Period 1.899 10.797.412,43 €
Cumulative Net Losses
10.797.412,43 €
2.268.422.224,78 €
0,4760%
Cumulative Write-Offs of all Loan receivables that were charged off from theCut Off date until the end of the preceding reporting period
Discounted Principal Balance as of Cut Off Date and all additional Cut OffDate Balances until such Payment Date which is in the same month oneyear before the Payment Date which is relevant for the calculation of thenumerator
Cumulative Net Loss Ratio
Cumulative Write Offs as percentage of Discounted Principal Balance as ofthe Reporting Date and all additional Cut Off Date Balances until suchPayment Date which is in the same month one year before the PaymentDate which is relevant for the calculation of the numerator
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Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Pool Information (continue´d)
Defaulted Profile II
Credit TypeVehicleStatus
Number ofContracts
*Outstanding NominalPrincipal Balanceat Day of Default
*OutstandingDiscounted Principal
Balanceat Day of Default
TotalRecoveries
Total Discount Total Write Offs*Outstanding NominalPrincipal Balance EoP
*Outstanding DiscountedPrincipal Balance EoP
New 1222 16.168.289,38 € 15.255.908,53 € 9.979.841,47 € 407.673,28 € 3.802.525,20 € 1.729.582,01 € 1.695.863,57 €
Used 2262 18.727.984,14 € 17.601.960,90 € 10.924.321,38 € 1.078.212,73 € 5.155.857,19 € 1.643.280,55 € 1.602.486,58 €
Total Balloon Loan 3484 34.896.273,52 € 32.857.869,43 € 20.904.162,85 € 1.485.886,01 € 8.958.382,39 € 3.372.862,56 € 3.298.350,15 €
New 214 1.670.490,75 € 1.563.379,16 € 1.067.115,06 € 76.762,47 € 461.296,73 € 103.247,58 € 99.427,54 €
Used 1047 4.962.469,98 € 4.650.257,09 € 3.070.079,89 € 320.249,48 € 1.377.733,31 € 331.455,92 € 320.093,77 €
Total Equal-Installment Loan 1261 6.632.960,73 € 6.213.636,25 € 4.137.194,95 € 397.011,95 € 1.839.030,04 € 434.703,50 € 419.521,31 €
Total 4745 41.529.234,25 € 39.071.505,68 € 25.041.357,81 € 1.882.897,95 € 10.797.412,43 € 3.807.566,06 € 3.717.871,46 €
*(incl. Arrears)
Balloon Loan
Equal-Installment Loan
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 12/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Credit Enhancement
Credit Enhancement as of Cut Off Date (27.10.2006)
% of AggregateDiscounted Principal
Balance
Credit Enhancementto each Note
Value
Class A Note 9,05% 924.500.000,00 €
Class B Note 3,50% 5,55% 35.000.000,00 €
Subordinated Loan 3,15% 31.500.000,00 €
Overcollateralization 0,90% 9.005.758,00 €
Cash Collateral Account 1,50% 15.000.000,00 €
Overcollateralization during Revolving Period Class A Class B
Current OC Percentage: 11,9999% 9,0000%
Target OC Percentage: 9,50%
Target OC Amount: 22.059.876 €
Additional OC Percentage: 3,00%
Overcollateralization after Revolving Period Class A Class B
Current OC Percentage: 12,00% 9,00%
Target OC Percentage after RevolvingPeriod:
12,00% 9,00%
ACCOUNTS
Cash Collateral Account (CCA)
Balance as of the Beginning of the Period: 0,00% 12.500.071,98 €
Payment from CCA/ Payment to CCA: - €
Balance as of the End of the Period: 12.500.071,98 €
Floor: 12.500.071,98 €
Set off Risk Reserve - €
VAT Risk Reserve - €
Accumulation Account (AC)
DepositDeposit in % of Outstanding
Discounted Principal Balance
Beginn of Period - € 0%
End of Period - € 0%
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 13/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
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:
The amortisation will revert to sequential in case the total amount of notes outstanding falls below 9% of theinitial Aggregate Discounted Principal Balance as of the Cutoff.
The amortisation will revert to sequential during the revolving period when an Credit Enhancement IncreaseCondition is in place.
During the Revolving Period will be a Targeted OC-Amount (Class A Note) of 9,5%. After the Revolving Periodthe Overcollateralisation Percentage will be 12% for Class A Notes or 9% for Class B Notes. During theRevolving Period additional Assets will be purchased with a discount of 3%.
The transaction will have a Revolving Period of 36 Month until November 2009.
After the Revolving Period, the transaction will start with sequential amortisation and therefore, only the ClassA Notes will receive principal payments.
The transaction switches into pro rate amortisation once an overcollateralisation percentage (i.e. creditenhancement excluding cash collateral) of 12% for the class A Notes and 9% for the Class B Notes have beenreached.
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 14/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Early Amortization Trigger
Early Amortization Trigger breached NO
Accumulation Account:
Oustanding DiscountedPrincipal Balance
DepositsDeposits in % of Aggregate
Discounted Principal Balance
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%
Late Delinquency Trigger breached NO
Late Delinquency OutstandingDiscounted Principal Balance
(€)
Oustanding DiscountedPrincipal Balance
Late Delinquency Ratio in % oftotal Discounted Principal
Balance
> 180 days overdueand/or Contracts afterFinal Statement
3.201.372,78 €
Total 3.201.372,78 € 232.209.218,65 € 1,3787%
The Late Delinquency Ratio is breached when it exceeds 2,25% at any payment date.
means that the amount deposited in the Accumulation Account on two consecutive Payment Dates exceeds 10 % of the Aggregate DiscountedPrincipal Balance
0,00%
0,40%
0,80%
1,20%
1,60%
2,00%
2,40%
2,80%
Cu
m.L
ate
Del
inq
uen
cyR
atio
in%
Month
Late Delinquency Ratio in % Late Delinquency Ratio
Trigger
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 1358
0049 531/ 212 - [email protected] Page 15/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
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)
0,00%
0,40%
0,80%
1,20%
1,60%
2,00%
2,40%
Net
Lo
ssR
atio
in%
Month
Cumulative Net Losses in %Cumulative Net Loss Ratio
Trigger
swagen Bank GmbHorner Str. 572 Braunschweig
0049 531/ 212 - 13580049 531/ 212 - [email protected] Page 16/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
0
100.000.000
200.000.000
300.000.000
400.000.000
500.000.000
600.000.000
700.000.000
800.000.000
900.000.000
1.000.000.000
Outstanding Balancein EUR
ReportingPeriod
Amortisation Profile Class A-Notes A-Notes
Exp. Amo. A-Notes
0
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
35.000.000
40.000.000
45.000.000
50.000.000
Outstanding Balancein EUR
ReportingPeriod
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% and0 % defaults.
Assuming a Clean-up Call at 9%of the initial outstanding balance,annual prepayments of 10% and0 % defaults.
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Pool concentration
New/Used Cars as of initial Pool Cut EoP after origination of additional Loan Receivables
Type of Car Number of Loans(%) of Loans
Aggregate DiscountedPrincipal Balance
% of AggregateDiscounted
PrincipalBalance
Number ofLoans
(%) of LoansAggregateDiscounted
Principal Balance
% of AggregateDiscounted
Principal Balance
New 39.075 40,62% 500.082.484,41 € 50,01% 15.931 54,69% 148.999.374,04 € 64,17%Used 57.119 59,38% 499.923.273,60 € 49,99% 13.200 45,31% 83.209.844,61 € 35,83%Total 96.194 100,00% 1.000.005.758,01 € 100,00% 29.131 100,00% 232.209.218,65 € 100,00%
Limit on used cars:
Exposure as ofInitial Pool Cut
CurrentExposure in %
Limit in % ofAggregate
Discounted PrincipalBalance
49,99% 35,83% 50,00%
Only Equal-Installment Loans as of initial Pool Cut Loan Receivables EoP
Type of Car Number of Loans(%) of Loans
Aggregate DiscountedPrincipal Balance
% of AggregateDiscounted
PrincipalBalance
Number ofLoans
(%) of LoansAggregateDiscounted
Principal Balance
% of AggregateDiscounted
Principal Balance
New 12.747 13,25% 117.388.126,64 € 11,74% 3.195 10,97% 12.034.839,66 € 5,18%Used 25.566 26,58% 173.207.250,12 € 17,32% 4.839 16,61% 14.750.036,63 € 6,35%Total 38.313 39,83% 290.595.376,76 € 29,06% 8.034 27,58% 26.784.876,29 € 11,53%
Limit on Used and Equal-Installments cars
Exposure as ofInitial Pool Cut
CurrentExposure in %
Limit in % ofAggregate
Discounted PrincipalBalance
17,32% 6,35% 25,00%
Non VW Group Vehicles as of initial Pool Cut Loan Receivables EoP
Type of Car Number of Loans(%) of Loans
Aggregate DiscountedPrincipal Balance
% of AggregateDiscounted
PrincipalBalance
Number ofLoans
(%) of LoansAggregateDiscounted
Principal Balance
% of AggregateDiscounted
Principal Balance
New 418 0,43% 4.642.471,90 € 0,46% 116 0,40% 650.109,40 € 0,28%Used 8.194 8,52% 59.648.666,51 € 5,96% 1.490 5,11% 5.825.013,20 € 2,51%Total 8.612 8,95% 64.291.138,41 € 6,43% 1.606 5,51% 6.475.122,60 € 2,79%
Limit on Non VW Group Vehicles
Exposure as ofInitial Pool Cut
CurrentExposure in %
Limit in % ofAggregate
Discounted PrincipalBalance
6,43% 2,79% 10%
Customer Concentration as of initial Pool Cut Loan Receivables EoP
Number 1Customer
Number of Loans
AggregateDiscounted Principal
Balance
% of AggregateDiscounted Principal
BalanceNumber of Loans
AggregateDiscounted
PrincipalBalance
% ofAggregate
DiscountedPrincipalBalance
No.1 15 281.320,28 € 0,0281% 1 87.215,44 € 0,0376%
Limit of Aggregate Discounted Principal Balance
CurrentExposure
Limit Exposure
87.215,44 € 1.500.000,00 €
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 18/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Run Out Schedule
At the End of Previous Reporting Period 31.07.2011 End of Period as of 08.2011
Payment PeriodABS Remaining
DepreciationABS Remaining
InterestABS Remaining
InstalmentsPayment Period
ABS RemainingDepreciation
ABS RemainingInterest
ABS RemainingInstalments
arrears 5.757.832,87 € 117.055,15 € 5.874.888,01 € arrears 5.487.748,23 € 107.867,20 € 5.595.615,43 €
08.2011 13.921.887,00 € 761.347,20 € 14.683.234,20 €
09.2011 19.611.240,09 € 957.702,99 € 20.568.943,08 € 09.2011 15.633.481,11 € 698.951,56 € 16.332.432,67 €
10.2011 20.083.092,14 € 878.043,47 € 20.961.135,61 € 10.2011 19.276.312,97 € 862.374,50 € 20.138.687,47 €
11.2011 18.460.379,11 € 796.550,81 € 19.256.929,91 € 11.2011 18.135.399,51 € 784.761,73 € 18.920.161,23 €
12.2011 18.456.256,46 € 721.263,50 € 19.177.519,96 € 12.2011 18.160.795,20 € 710.887,26 € 18.871.682,46 €
01.2012 13.990.822,14 € 645.812,59 € 14.636.634,73 € 01.2012 13.753.584,22 € 636.653,08 € 14.390.237,30 €
02.2012 14.601.376,32 € 588.416,43 € 15.189.792,75 € 02.2012 14.464.119,47 € 580.281,58 € 15.044.401,05 €
03.2012 12.599.096,89 € 528.703,99 € 13.127.800,88 € 03.2012 12.448.804,34 € 520.964,07 € 12.969.768,41 €
04.2012 11.556.534,03 € 477.364,46 € 12.033.898,49 € 04.2012 11.358.445,17 € 470.241,52 € 11.828.686,69 €
05.2012 9.880.583,05 € 430.336,67 € 10.310.919,72 € 05.2012 9.687.487,21 € 423.896,82 € 10.111.384,03 €
06.2012 8.754.828,52 € 389.667,06 € 9.144.495,58 € 06.2012 8.624.038,05 € 384.169,62 € 9.008.207,67 €
07.2012 7.735.975,21 € 353.740,84 € 8.089.716,05 € 07.2012 7.615.632,24 € 348.856,72 € 7.964.488,96 €
08.2012 6.887.908,15 € 322.195,95 € 7.210.104,10 € 08.2012 6.788.838,91 € 317.727,16 € 7.106.566,07 €
09.2012 10.208.145,74 € 293.548,87 € 10.501.694,61 € 09.2012 10.054.092,72 € 289.571,18 € 10.343.663,90 €
10.2012 9.064.677,51 € 252.199,67 € 9.316.877,18 € 10.2012 8.926.042,56 € 248.854,87 € 9.174.897,43 €
11.2012 8.143.108,83 € 214.905,86 € 8.358.014,69 € 11.2012 8.000.695,14 € 212.097,96 € 8.212.793,10 €
12.2012 6.404.753,47 € 181.490,29 € 6.586.243,76 € 12.2012 6.337.502,91 € 179.260,19 € 6.516.763,10 €
01.2013 5.037.863,79 € 155.224,52 € 5.193.088,31 € 01.2013 4.949.584,76 € 153.258,16 € 5.102.842,92 €
02.2013 6.575.749,26 € 134.812,03 € 6.710.561,29 € 02.2013 6.516.678,14 € 133.191,40 € 6.649.869,54 €
03.2013 7.243.349,62 € 107.469,42 € 7.350.819,04 € 03.2013 7.173.697,27 € 106.072,80 € 7.279.770,07 €
Subtotal 234.975.460,20 € 9.307.851,77 € 244.283.311,95 € Subtotal 213.392.980,13 € 8.169.939,38 € 221.562.919,50 €
> 03.2013 19.078.895,20 € 232.981,88 € 19.311.877,07 € > 03.2013 18.816.238,52 € 229.375,03 € 19.045.613,54 €
Total 254.054.355,40 € 9.540.833,65 € 263.595.189,02 € Total 232.209.218,65 € 8.399.314,41 € 240.608.533,04 €
Volkswagen Bank GmbHGifhorner Str. 57
8112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 19/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Waterfall
Payment Remaining Amount
Available Distribution Amount 22.680.845,25 €
Fees less 211.711,96 €- 22.469.133,29 €
Net Swap Payments Class A less 469.492,69 €- 21.999.640,60 €
Net Swap Payments Class B less 16.005,19 €- 21.983.635,41 €
Interest Class A less 269.772,00 €- 21.713.863,41 €
Interest Class B less 9.768,24 €- 21.704.095,17 €
Payment to Cash Collateral Account less - € 21.704.095,17 €
Redemption to the Accumulation Account less - € 21.704.095,17 €
Redemption Class A less 19.223.683,20 €- 2.480.411,97 €
Redemption Class B less 655.389,00 €- 1.825.022,97 €
Payment to Cash Collateral Account(after a Cash Collateral Increase Event is in place)
less - € 1.825.022,97 €
Payments Subordinated Lender or VW Bank less 1.824.859,55 €- 163,42 €
Remaining Amout Due to Rounding less 163,42 €- 0,00 €-
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 1358
0049 531/ 212 - [email protected] Page 20/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Make: New and Used Cars
Initial Pool Cut as of 09.2006 EoP Loan Receivables (08.2011)
AUDI AUDI
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New Cars 3.948 24,94% 77.690.422,39 € 36,34% New Cars 997 25,87% 17.001.852,63 € 40,28%
Used Cars 11.884 75,06% 136.105.837,51 € 63,66% Used Cars 2.857 74,13% 25.205.606,18 € 59,72%
Total 15.832 100,00% 213.796.259,90 € 100,00% Total 3.854 100,00% 42.207.458,81 € 100,00%
SEAT SEAT
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New Cars 4.189 50,92% 44.141.120,72 € 60,07% New Cars 1.523 68,73% 10.761.413,38 € 77,67%
Used Cars 4.038 49,08% 29.336.535,91 € 39,93% Used Cars 693 31,27% 3.093.480,26 € 22,33%
Total 8.227 100,00% 73.477.656,63 € 100,00% Total 2.216 100,00% 13.854.893,64 € 100,00%
SKODA SKODA
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New Cars 7.409 68,32% 72.047.171,51 € 73,88% New Cars 2.697 75,50% 18.972.254,57 € 83,40%
Used Cars 3.435 31,68% 25.475.379,39 € 26,12% Used Cars 875 24,50% 3.777.514,33 € 16,60%
Total 10.844 100,00% 97.522.550,90 € 100,00% Total 3.572 100,00% 22.749.768,90 € 100,00%
VOLKSWAGEN VOLKSWAGEN
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New Cars 23.111 43,87% 301.561.297,89 € 54,74% New Cars 10.598 59,26% 101.613.744,06 € 69,16%
Used Cars 29.568 56,13% 249.356.854,28 € 45,26% Used Cars 7.285 40,74% 45.308.230,64 € 30,84%
Total 52.679 100,00% 550.918.152,17 € 100,00% Total 17.883 100,00% 146.921.974,70 € 100,00%
OTHER OTHER
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New or UsedCars
Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
New Cars 418 4,85% 4.642.471,90 € 7,22% New Cars 116 7,22% 650.109,40 € 10,04%
Used Cars 8.194 95,15% 59.648.666,51 € 92,78% Used Cars 1.490 92,78% 5.825.013,20 € 89,96%
Total 8.612 100,00% 64.291.138,41 € 100,00% Total 1.606 100,00% 6.475.122,60 € 100,00%
agen Bank GmbHer Str. 57Braunschweig49 531/ 212 - 135849 531/ 212 - [email protected] Page 21/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Down Payment
Down Payment Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
DownPayment/Purchase
Price in %
No downpayment 6.296 21,61% 49.696.756,33 € 21,40% 0,00%
<= 1.000,00 1.631 5,60% 10.495.274,51 € 4,52% 5,75%
1.000,01 - 2.000,00 2.430 8,34% 15.949.118,22 € 6,87% 11,77%
2.000,01 - 3.000,00 3.394 11,65% 25.017.301,57 € 10,77% 16,84%
3.000,01 - 4.000,00 2.618 8,99% 19.785.132,48 € 8,52% 20,67%
4.000,01 - 5.000,00 3.128 10,74% 25.921.841,11 € 11,16% 23,96%
5.000,01 - 6.000,00 1.893 6,50% 16.120.817,74 € 6,94% 26,70%
6.000,01 - 7.000,00 1.466 5,03% 12.895.783,02 € 5,55% 29,27%
7.000,01 - 8.000,00 1.443 4,95% 12.998.506,44 € 5,60% 32,18%
8.000,01 - 9.000,00 799 2,74% 7.176.805,05 € 3,09% 34,84%
9.000,01 - 10.000,00 1.330 4,57% 12.482.072,76 € 5,38% 36,88%
10.000,01 - 11.000,00 458 1,57% 4.006.156,68 € 1,73% 39,33%
11.000,01 - 12.000,00 480 1,65% 4.209.077,81 € 1,81% 42,09%
12.000,01 - 13.000,00 332 1,14% 3.031.222,98 € 1,31% 43,01%
13.000,01 - 14.000,00 246 0,84% 2.096.942,38 € 0,90% 45,68%
14.000,01 - 15.000,00 400 1,37% 3.707.880,86 € 1,60% 45,69%
> 15.000,00 787 2,70% 6.618.528,71 € 2,85% 53,59%
Total 29.131 100,00% 232.209.218,65 € 100,00% 22,72%
StatisticsAs of Initial Pool
CutEoP Loan Receivables
Minimum Down Payment 10,87 € 1.000,00 €
Maximum Down Payment 56.100,00 € 33.570,00 €
Average Down Payment(Customer who did DownPayment)
5.358,29 € 5.740,13 €
Average Down Payment 4.093,27 € 4.499,53 €
wagen Bank GmbHner Str. 57Braunschweig
049 531/ 212 - 1358049 531/ 212 - [email protected] Page 22/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Customer Type and Type of Payment
Customer Type
Customer Type Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
Corporate 6.157 21,14% 62.233.921,24 € 26,80%
Retail 22.974 78,86% 169.975.297,41 € 73,20%
Total 29.131 100,00% 232.209.218,65 € 100,00%
Type of Payment
Type of Payment Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
Direct Debit 28.735 98,64% 229.574.985,13 € 98,87%
Other 396 1,36% 2.634.233,52 € 1,13%
Total 29.131 100,00% 232.209.218,65 € 100,00%
swagen Bank GmbHrner Str. 572 Braunschweig
0049 531/ 212 - 13580049 531/ 212 - [email protected] Page 23/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Obligor Concentration
Distribution of Loan Contracts and Vehicles per Borrower (EoP)
Contracts-Concentration
Number ofCustomers
(%) ofCustomers
Number ofLoans
(%) Percentageof Loans
OutstandingDiscounted Principal
Balance (€)
(%) ofBalance
1 28.932 99,67% 28.932 99,32% 230.620.915,33 € 99,32%
2 88 0,30% 176 0,60% 1.483.950,04 € 0,64%
3 6 0,02% 18 0,06% 93.169,71 € 0,04%
4 0 0,00% 0 0,00% - € 0,00%
5 1 0,00% 5 0,02% 11.183,57 € 0,00%
6 - 10 0 0,00% 0 0,00% - € 0,00%
> 10 0 0,00% 0 0,00% - € 0,00%
Total 29.027 100,00% 29.131 100,00% 232.209.218,65 € 100,00%
Top 20 Borrower as of initial Pool Cut Top 20 Borrower as of End of Period
NumberOutstanding Discounted
Principal Balance (€)(%) Percentage of
BalanceNumber of Contracts Number
Outstanding DiscountedPrincipal Balance (€)
(%) of BalanceNumber ofContracts
1 281.320,28 € 0,0281% 15 1 87.215,44 € 0,0376% 1
2 180.708,19 € 0,0181% 6 2 71.949,08 € 0,0310% 1
3 155.196,12 € 0,0155% 3 3 68.639,31 € 0,0296% 1
4 152.835,43 € 0,0153% 7 4 60.327,03 € 0,0260% 2
5 122.026,27 € 0,0122% 3 5 55.905,50 € 0,0241% 2
6 115.747,48 € 0,0116% 2 6 54.009,42 € 0,0233% 1
7 104.419,55 € 0,0104% 8 7 51.939,73 € 0,0224% 1
8 103.762,03 € 0,0104% 4 8 51.473,91 € 0,0222% 1
9 98.332,90 € 0,0098% 2 9 50.654,21 € 0,0218% 1
10 95.209,47 € 0,0095% 1 10 49.734,70 € 0,0214% 2
11 89.608,49 € 0,0090% 2 11 46.692,08 € 0,0201% 1
12 86.662,13 € 0,0087% 8 12 45.788,49 € 0,0197% 2
13 82.062,50 € 0,0082% 1 13 45.428,65 € 0,0196% 1
14 78.515,78 € 0,0079% 1 14 44.602,32 € 0,0192% 1
15 77.125,24 € 0,0077% 2 15 44.581,26 € 0,0192% 1
16 76.928,92 € 0,0077% 1 16 44.106,95 € 0,0190% 1
17 74.853,62 € 0,0075% 1 17 43.983,13 € 0,0189% 1
18 74.125,52 € 0,0074% 2 18 43.753,17 € 0,0188% 1
19 74.047,82 € 0,0074% 4 19 43.187,48 € 0,0186% 1
20 73.778,61 € 0,0074% 3 20 41.351,37 € 0,0178% 1
Total 1 -20 2.197.266,35 € 0,2197% 76 Total 1 -20 1.045.323,23 € 0,4502% 24
wagen Bank GmbHner Str. 57Braunschweig
049 531/ 212 - 1358049 531/ 212 - [email protected] Page 24/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Distribution by Outstanding Discounted Principal Balance
As of Initial Pool Cut
Distribution by OutstandingDiscounted Principal Balance (€)
Number ofLoans
Percentage ofLoans
(%)
OutstandingDiscounted Principal
Balance(€)
Percentage ofBalance
(%)
0,01 - 5.000,00 15.616 16,23% 56.721.890,84 € 5,67%
5.000,01 - 10.000,00 39.524 41,09% 295.339.090,86 € 29,53%
10.000,01 - 15.000,00 23.184 24,10% 282.497.705,75 € 28,25%
15.000,01 - 20.000,00 10.939 11,37% 187.855.184,48 € 18,79%
20.000,01 - 25.000,00 4.341 4,51% 96.033.480,88 € 9,60%
25.000,01 - 30.000,00 1.508 1,57% 40.770.430,57 € 4,08%
> 30.000,00 1.082 1,12% 40.787.974,63 € 4,08%
Total 96.194 100,00% 1.000.005.758,01 € 100,00%
As of the EoP after origination of additional Loan Receivables
Distribution by OutstandingDiscounted Principal Balance (€)
Number ofLoans
Percentage ofLoans
(%)
OutstandingDiscounted Principal
Balance(€)
Percentage ofBalance
(%)
0,01 - 5.000,00 9.854 33,83% 24.074.546,11 € 10,37%
5.000,01 - 10.000,00 10.649 36,56% 79.358.390,09 € 34,18%
10.000,01 - 15.000,00 5.444 18,69% 66.264.616,47 € 28,54%
15.000,01 - 20.000,00 2.187 7,51% 37.315.333,03 € 16,07%
20.000,01 - 25.000,00 638 2,19% 14.024.719,74 € 6,04%
25.000,01 - 30.000,00 197 0,68% 5.359.123,14 € 2,31%
> 30.000,00 162 0,56% 5.812.490,07 € 2,50%
Total 29.131 100,00% 232.209.218,65 € 100,00%
Statistics
As of initial PoolCut
EoP Loan Receivables
Minimum Outstanding DiscountedPrincipal Balance
504,95 € 109,81 €
Maximum Outstanding DiscountedPrincipal Balance
95.209,47 € 87.215,44 €
Average Outstanding DiscountedPrincipal Balance
10.395,72 € 7.971,21 €
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] Page 25/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Distribution by Original Principal Balance
As of initial Pool Cut
Distribution by Original PrincipalBalance (€)
Number ofLoans
Percentage ofLoans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
0,01 - 5.000,00 4.646 4,83% 12.584.102,08 € 1,26%
5.000,01 - 10.000,00 25.283 26,28% 139.059.531,92 € 13,91%
10.000,01 - 15.000,00 29.377 30,54% 257.180.229,29 € 25,72%
15.000,01 - 20.000,00 18.317 19,04% 226.291.149,28 € 22,63%
20.000,01 - 25.000,00 10.074 10,47% 163.742.481,08 € 16,37%
25.000,01 - 30.000,00 4.701 4,89% 94.706.906,87 € 9,47%
> 30.000,00 3.796 3,95% 106.441.357,49 € 10,64%
Total 96.194 100,00% 1.000.005.758,01 € 100,00%
As of the EoP after origination of add.itional Loan Receivables
Distribution by Original PrincipalBalance (€)
Number ofLoans
Percentage ofLoans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
0,01 - 5.000,00 515 1,77% 438.377,53 € 0,19%
5.000,01 - 10.000,00 4.546 15,61% 12.139.878,45 € 5,23%
10.000,01 - 15.000,00 8.341 28,63% 45.336.339,61 € 19,52%
15.000,01 - 20.000,00 6.856 23,54% 54.505.967,19 € 23,47%
20.000,01 - 25.000,00 4.141 14,22% 44.136.695,71 € 19,01%
25.000,01 - 30.000,00 2.354 8,08% 31.345.727,30 € 13,50%
> 30.000,00 2.378 8,16% 44.306.232,86 € 19,08%
Total 29.131 100,00% 232.209.218,65 € 100,00%
Statistics
As of initial PoolCut
EoP Loan Receivables
Minimum Original Principal Balance 762,72 € 780,48 €
Maximum Original Principal Balance 123.018,48 € 173.026,80 €
Average Original Principal Balance 14.434,77 € 17.498,21 €
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] Page 26/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Interest Rate paid by the Receivable Debtor
EoP Loan Receivabels
Interest Rate paid bythe Receivable Debtor
Number ofLoans
Percentage of Loans(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
Interest Rate paidby the Receivable
Debtor
Number ofLoans
Percentage ofLoans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
0,1 % - 0,5 % 652 0,68% 7.029.310,02 € 0,70% 0,1 % - 0,5 % 102 0,35% 749.011,28 € 0,32%
0,6 % - 1,0 % 10.290 10,70% 142.464.924,68 € 14,25% 0,6 % - 1,0 % 2.619 8,99% 21.924.863,61 € 9,44%
1,1 % - 1,5 % 40 0,04% 470.225,01 € 0,05% 1,1 % - 1,5 % 6 0,02% 73.047,46 € 0,03%
1,6 % - 2,0 % 8.956 9,31% 101.248.072,68 € 10,12% 1,6 % - 2,0 % 2.835 9,73% 27.904.547,79 € 12,02%
2,1 % - 2,5 % 45 0,05% 668.446,00 € 0,07% 2,1 % - 2,5 % 13 0,04% 104.811,53 € 0,05%
2,6 % - 3,0 % 3.703 3,85% 35.611.305,07 € 3,56% 2,6 % - 3,0 % 3.432 11,78% 35.448.212,82 € 15,27%
3,1 % - 3,5 % 32 0,03% 383.421,60 € 0,04% 3,1 % - 3,5 % 11 0,04% 101.063,83 € 0,04%
3,6 % - 4,0 % 8.877 9,23% 116.518.497,59 € 11,65% 3,6 % - 4,0 % 4.711 16,17% 40.403.646,79 € 17,40%
4,1 % - 4,5 % 55 0,06% 870.591,16 € 0,09% 4,1 % - 4,5 % 11 0,04% 110.545,60 € 0,05%
4,6 % - 5,0 % 9.628 10,01% 111.453.642,49 € 11,15% 4,6 % - 5,0 % 3.479 11,94% 29.526.977,48 € 12,72%
5,1 % - 5,5 % 84 0,09% 1.183.336,18 € 0,12% 5,1 % - 5,5 % 436 1,50% 4.050.914,29 € 1,74%
5,6 % - 6,0 % 2.757 2,87% 31.013.153,33 € 3,10% 5,6 % - 6,0 % 1.638 5,62% 14.790.589,85 € 6,37%
6,1 % - 6,5 % 5.332 5,54% 48.313.154,26 € 4,83% 6,1 % - 6,5 % 502 1,72% 3.222.886,41 € 1,39%
6,6 % - 7,0 % 28.596 29,73% 269.072.328,61 € 26,91% 6,6 % - 7,0 % 3.067 10,53% 21.501.900,16 € 9,26%
7,1 % - 7,5 % 1.417 1,47% 11.440.119,24 € 1,14% 7,1 % - 7,5 % 1.189 4,08% 7.193.025,21 € 3,10%
7,6 % - 8,0 % 8.017 8,33% 68.600.513,43 € 6,86% 7,6 % - 8,0 % 3.142 10,79% 16.637.596,20 € 7,16%
8,1 % - 8,5 % 411 0,43% 3.600.242,49 € 0,36% 8,1 % - 8,5 % 413 1,42% 1.852.000,05 € 0,80%
8,6 % - 9,0 % 3.046 3,17% 21.634.517,49 € 2,16% 8,6 % - 9,0 % 860 2,95% 3.670.206,20 € 1,58%
9,1 % - 9,5 % 752 0,78% 3.676.548,38 € 0,37% 9,1 % - 9,5 % 18 0,06% 64.274,47 € 0,03%
9,6 % - 10,0 % 1.799 1,87% 13.856.019,72 € 1,39% 9,6 % - 10,0 % 387 1,33% 1.677.388,08 € 0,72%
> 10,0 % 1.705 1,77% 10.897.388,58 € 1,09% > 10,0 % 260 0,89% 1.201.709,54 € 0,52%
Total 96.194 100,00% 1.000.005.758,01 € 100,00% Total 29.131 100,00% 232.209.218,65 € 100,00%
Statistics
As of initialPool Cut
EoP LoanReceivables
Minimum Interest RateDebtor
0,10% 0,10%
Maximum Interest RateDebtor
13,49% 13,99%
Weighted AverageInterest Rate Debtor
4,96% 4,42%
Information Date: 17.11.2006
agen Bank GmbHer Str. 57Braunschweig49 531/ 212 - 135849 531/ 212 - [email protected] Page 27/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Distribution by Original Term
As of initial Pool Cut
Lenght of Original Term (months)Number of
Loans
Percentage ofLoans
(%)
OutstandingDiscounted Principal
Balance(€)
Percentage ofBalance
(%)
01 - 12 0 0,00% - € 0,00%
13 - 24 2.155 2,24% 14.223.565,54 € 1,42%
25 - 36 21.459 22,31% 201.321.049,62 € 20,13%
37 - 48 42.876 44,57% 469.928.522,13 € 46,99%
49 - 60 21.292 22,13% 241.403.237,40 € 24,14%
61 - 72 8.412 8,74% 73.129.383,32 € 7,31%
> 72 0 0,00% - € 0,00%
Total 96.194 100,00% 1.000.005.758,01 € 100,00%
EoP Loan Receivables
Lenght of Original Term (months)Number of
Loans
Percentage ofLoans
(%)
OutstandingDiscounted Principal
Balance(€)
Percentage ofBalance
(%)
01 - 12 3 0,01% 41.913,36 € 0,02%
13 - 24 3 0,01% 7.778,98 € 0,00%
25 - 36 5.042 17,31% 44.667.084,91 € 19,24%
37 - 48 16.215 55,66% 138.547.048,53 € 59,66%
49 - 60 6.165 21,16% 42.762.859,57 € 18,42%
61 - 72 1.679 5,76% 6.096.432,26 € 2,63%
>72 24 0,08% 86.101,04 € 0,04%
Total 29.131 100,00% 232.209.218,65 € 100,00%
Statistics
As of initialPool Cut
EoP LoanReceivables
Minimum Original Term in months 20 5
Maximum Original Term in months 72 81
Weighted Average Original Term inmonths
48,35 48,84
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] Page 28/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Distribution by Remaining Term
As of initial Pool Cut
Lenght of Remaining Term(months)
Number ofLoans
Percentage ofLoans
(%)
OutstandingDiscounted Principal
Balance(€)
Percentage ofBalance
(%)
01 - 12 0 0,00% - € 0,00%
13 - 24 17.217 17,90% 128.248.285,17 € 12,82%
25 - 36 35.319 36,72% 342.237.205,69 € 34,22%
37 - 48 35.677 37,09% 434.502.672,17 € 43,45%
49 - 60 7.981 8,30% 95.017.594,98 € 9,50%
> 60 0 0,00% - € 0,00%
Total 96.194 100,00% 1.000.005.758,01 € 100,00%
EoP Loan Receivables
Lenght of Remaining Term(months)
Number ofLoans
Percentage ofLoans
(%)
OutstandingDiscounted Principal
Balance(€)
Percentage ofBalance
(%)
0 - 12 17.912 61,49% 135.366.105,81 € 58,29%
13 - 24 10.038 34,46% 88.099.494,47 € 37,94%
25 - 36 1.169 4,01% 8.636.350,92 € 3,72%
37 - 48 11 0,04% 100.447,96 € 0,04%
49 - 60 1 0,00% 6.819,49 € 0,00%
>60 0 0,00% - € 0,00%
Total 29.131 100,00% 232.209.218,65 € 100,00%
Statistics
As of initialPool Cut
EoP LoanReceivables
Minimum Remaining Term inmonths
18 1
Maximum Remaining Term inmonths
60 51
Weighted Average RemainingTerm in months
35,27 10,41
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 1358
0049 531/ 212 - [email protected] Page 29/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Seasoning
As of initial Pool Cut
Seasoning (months)Number of
Loans
Percentage ofLoans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
<= 06 30.558 31,77% 383.353.876,97 € 38,34%
07 - 12 20.802 21,63% 215.971.023,34 € 21,60%
13 - 18 19.630 20,41% 186.162.638,32 € 18,62%
19 - 24 11.359 11,81% 106.898.547,82 € 10,69%
25 - 30 8.385 8,72% 69.075.589,33 € 6,91%
31 - 36 3.216 3,34% 25.728.447,17 € 2,57%
37 - 42 1.438 1,49% 8.569.587,66 € 0,86%
43 - 50 806 0,84% 4.246.047,40 € 0,42%
> 50 0 0,00% - € 0,00%
Total 96.194 100,00% 1.000.005.758,01 € 100,00%
EoP Loan Receivables
Seasoning (months)Number of
Loans
Percentage ofLoans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
<=6 3 0,01% 41.913,36 € 0,02%
07 - 12 0 0,00% - € 0,00%
13 - 18 1 0,00% 1.520,99 € 0,00%
19 - 24 59 0,20% 752.560,80 € 0,32%
25 - 30 5.040 17,30% 46.866.233,21 € 20,18%
31 - 36 9.512 32,65% 85.887.691,88 € 36,99%
37 - 42 5.235 17,97% 42.056.104,98 € 18,11%
43 - 50 6.922 23,76% 48.824.314,53 € 21,03%
>50 2.359 8,10% 7.778.878,90 € 3,35%
Total 29.131 100,00% 232.209.218,65 € 100,00%
Statistics
As of initialPool Cut
EoP LoanReceivables
Weighted AverageSeasoning Term in months
13,44 38,55
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] Page 30/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Credit Type and Type of Car
Credit Type as of initial Pool Cut Credit Type (as of EoP)
Credit Type Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
Credit Type Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
Balloon 57.881 60,17% 709.410.381,25 € 70,94% Balloon 21.097 72,42% 205.424.342,36 € 88,47%
Equal-Installment Loan 38.313 39,83% 290.595.376,76 € 29,06% Equal-Instalment Loan 8.034 27,58% 26.784.876,29 € 11,53%
Total 96.194 100,00% 1.000.005.758,01 € 100,00% Total 29.131 100,00% 232.209.218,65 € 100,00%
Type of Car as of initial Pool Cut Type of Car (as of EoP)
Type of Car Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
Type of Car Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
New 39.075 40,62% 500.082.484,41 € 50,01% New 15.931 54,69% 148.999.374,04 € 64,17%
Used 57.119 59,38% 499.923.273,60 € 49,99% Used 13.200 45,31% 83.209.844,61 € 35,83%
Total 96.194 100,00% 1.000.005.758,01 € 100,00% Total 29.131 100,00% 232.209.218,65 € 100,00%
Type of Car: only Balloon Loans as of initial Pool Cut Type of Car: only Balloon Loans (as of EoP)
Type of Car Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
Type of Car Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
New 26.328 45,49% 382.694.357,77 € 53,95% New 12.736 60,37% 136.964.534,38 € 66,67%
Used 31.553 54,51% 326.716.023,48 € 46,05% Used 8.361 39,63% 68.459.807,98 € 33,33%
Total 57.881 100,00% 709.410.381,25 € 100,00% Total 21.097 100,00% 205.424.342,36 € 100,00%
Type of Car: only Equal-Installment Loans as of initial Pool Cut Type of Car: only Equal-Installment Loans (as of EoP)
Type of Car Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
Type of Car Number of LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage of Balance(%)
New 12.747 33,27% 117.388.126,64 € 40,40% New 3.195 39,77% 12.034.839,66 € 44,93%
Used 25.566 66,73% 173.207.250,12 € 59,60% Used 4.839 60,23% 14.750.036,63 € 55,07%
Total 38.313 100,00% 290.595.376,76 € 100,00% Total 8.034 100,00% 26.784.876,29 € 100,00%
agen Bank GmbHer Str. 57Braunschweig49 531/ 212 - 135849 531/ 212 - [email protected] Page 31/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Balloon in % of Outstanding Original Principal Balance
Length ofRemaining Term
months
Number ofLoans
Percentage of Loans(%) of Total Balloon Loans
BalloonBalloon in % of
Original PrincipalBalance
0 723 3,43% 7.072.216,47 € 44,03%1 1.319 6,25% 11.785.559,68 € 48,07%2 1.606 7,61% 14.410.242,68 € 47,19%3 1.480 7,02% 13.578.969,88 € 47,53%4 1.431 6,78% 13.883.812,87 € 47,28%5 1.121 5,31% 9.847.929,56 € 45,87%6 1.248 5,92% 10.875.179,71 € 46,14%7 1.060 5,02% 9.123.806,30 € 46,57%8 986 4,67% 8.329.363,68 € 45,59%9 808 3,83% 6.797.876,96 € 44,38%10 724 3,43% 5.951.841,12 € 43,93%11 625 2,96% 5.061.118,21 € 43,69%12 556 2,64% 4.400.220,57 € 42,09%13 943 4,47% 7.850.897,97 € 43,09%14 880 4,17% 7.043.965,60 € 42,60%15 759 3,60% 6.283.527,85 € 43,74%16 596 2,83% 4.933.578,78 € 42,63%17 487 2,31% 3.735.580,38 € 41,36%18 749 3,55% 5.493.686,85 € 43,06%19 867 4,11% 6.377.683,35 € 42,49%20 705 3,34% 5.260.332,33 € 42,49%21 539 2,55% 3.889.018,63 € 42,81%22 395 1,87% 2.936.866,89 € 41,72%23 212 1,00% 1.639.939,69 € 43,44%24 93 0,44% 506.571,77 € 33,08%25 62 0,29% 420.101,74 € 36,95%26 45 0,21% 234.561,41 € 33,29%27 36 0,17% 187.755,60 € 33,16%28 23 0,11% 124.595,37 € 31,81%29 12 0,06% 82.153,06 € 26,81%33 3 0,01% 19.085,31 € 25,09%35 2 0,01% 9.587,58 € 23,99%36 1 0,00% 4.000,00 € 20,18%37 1 0,00% 17.625,43 € 36,85%
Total 21.097 100,00% 178.169.253,28 € 44,83%
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] Page 32/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Distribution by Vehicle Makes and Models
Make ModelNumber of
Loans
Percentage ofLoans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)Audi A2 46 0,1579% 88.837,01 € 0,0383%
A3 1.222 4,1948% 11.273.980,41 € 4,8551%A4 1.450 4,9775% 14.055.415,35 € 6,0529%A5 85 0,2918% 2.150.782,20 € 0,9262%A6 697 2,3926% 8.246.621,93 € 3,5514%A8 62 0,2128% 1.109.578,77 € 0,4778%TT 194 0,6660% 2.528.302,76 € 1,0888%Q5 17 0,0584% 462.699,62 € 0,1993%Q7 77 0,2643% 2.271.296,61 € 0,9781%Other 4 0,0137% 19.944,15 € 0,0086%Subtotal 3.854 13,2299% 42.207.458,81 € 18,1765%
Seat Alhambra 120 0,4119% 1.045.232,40 € 0,4501%Altea 62 0,2128% 381.884,88 € 0,1645%Arosa 32 0,1098% 47.787,18 € 0,0206%Cordoba 34 0,1167% 79.709,05 € 0,0343%Ibiza 1.116 3,8310% 6.123.371,70 € 2,6370%Inca 1 0,0034% 1.385,31 € 0,0006%Leon 488 1,6752% 3.455.351,30 € 1,4880%Marbella 0 0,0000% - € 0,0000%Toledo 362 1,2427% 2.715.080,20 € 1,1692%Exeo 1 0,0034% 5.091,62 € 0,0022%Other 0 0,0000% - € 0,0000%Subtotal 2.216 7,6070% 13.854.893,64 € 5,9666%
Skoda Fabia 1.864 6,3987% 9.487.893,15 € 4,0859%Felicia, Favorit 1 0,0034% 688,83 € 0,0003%Octavia 1.224 4,2017% 9.448.222,93 € 4,0688%Superb 159 0,5458% 1.661.956,36 € 0,7157%Roomster 322 1,1054% 2.140.839,08 € 0,9219%Yeti 1 0,0034% 6.711,67 € 0,0029%Other 1 0,0034% 3.456,88 € 0,0015%Subtotal 3.572 12,2619% 22.749.768,90 € 9,7971%
VW Bora 82 0,2815% 248.548,30 € 0,1070%Caddy 778 2,6707% 5.327.804,83 € 2,2944%Käfer 1 0,0034% 2.999,97 € 0,0013%Fox 677 2,3240% 2.966.866,76 € 1,2777%Golf 6.520 22,3817% 49.655.054,38 € 21,3838%EOS 252 0,8651% 3.660.092,67 € 1,5762%Jetta, Vento 137 0,4703% 1.047.935,30 € 0,4513%LT, Crafter 23 0,0790% 308.466,34 € 0,1328%Lupo 100 0,3433% 210.186,15 € 0,0905%New Beetle 151 0,5183% 1.143.779,33 € 0,4926%Passat 1.899 6,5188% 18.227.538,30 € 7,8496%Phaeton 24 0,0824% 337.174,02 € 0,1452%Polo 3.159 10,8441% 18.935.679,24 € 8,1546%Sharan 431 1,4795% 3.826.739,36 € 1,6480%T4, T5 1.114 3,8241% 11.436.822,51 € 4,9252%Touareg 180 0,6179% 2.985.324,96 € 1,2856%Touran 1.707 5,8597% 16.911.720,54 € 7,2830%Tiguan 522 1,7919% 8.050.821,67 € 3,4671%Scirocco 124 0,4257% 1.635.468,15 € 0,7043%Other 2 0,0069% 2.951,92 € 0,0013%Subtotal 17.883 61,3882% 146.921.974,70 € 63,2714%
Non VW GroupVehicles
Subtotal 1.606 5,5130% 6.475.122,60 € 2,7885%
Total 29.131 100,00% 232.209.218,65 € 100,00%
wagen Bank GmbHner Str. 57Braunschweig49 531/ 212 - 1358049 531/ 212 - [email protected] Page 33/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Geographic Distribution
RegionNumber of
LoansPercentage of Loans
(%)
Outstanding DiscountedPrincipal Balance
(€)
Percentage ofBalance
(%)
Baden-Wuerttemberg 3.091 10,61% 26.572.290,52 € 11,44%
Bavaria 3.488 11,97% 29.656.868,75 € 12,77%
Berlin 636 2,18% 5.861.376,38 € 2,52%
Brandenburg 1.296 4,45% 9.807.396,48 € 4,22%
Bremen 168 0,58% 1.200.320,08 € 0,52%
Hamburg 489 1,68% 3.756.708,10 € 1,62%
Hesse 2.046 7,02% 17.529.905,04 € 7,55%
Lower Saxony 3.014 10,35% 22.988.613,67 € 9,90%
Mecklenburg-Vorpommern 1.074 3,69% 7.528.101,18 € 3,24%
North Rhine-Westphalia 5.777 19,83% 45.431.928,59 € 19,57%
Rhineland-Palatinate 1.245 4,27% 9.799.808,65 € 4,22%
Saarland 216 0,74% 1.721.343,16 € 0,74%
Saxony 2.480 8,51% 19.384.995,31 € 8,35%
Saxony-Anhalt 1.516 5,20% 11.290.466,55 € 4,86%
Schleswig-Holstein 1.100 3,78% 7.929.170,57 € 3,41%
Thuringia 1.495 5,13% 11.749.925,60 € 5,06%
Total 29.131 100,00% 232.209.218,65 € 100,00%
wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] Page 34/36
Information Date: 16.09.2011Period: 08.2011
Period No.: 59
Potential Set Off Risk
Number ofCustomers with
DepositsDeposits
Outstanding NominalBalance of customer
with deposit
Outstanding DiscountedPrincipal Balance of
customers with deposit
Discounted PrincipalBalance EoP
192 1.021.960,86 € 1.748.124,17 € 1.694.174,69 € 232.209.218,65 €
Total 192 1.021.960,86 € 1.748.124,17 € 1.694.174,69 € 232.209.218,65 €
Draft
Current Set OffRisk
Trigger*
% of AggregateDiscounted PrincipalBalance
0,4401% 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 thepotential 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 CashCollateral Account and is exclusively reserved to cover set-off risks.
0
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
7.000.000
8.000.000
9.000.000
10.000.000
11.000.000
12.000.000
Vo
lum
ein
EU
R
Maturtity
Deposits vs. Outstanding Nominal Balance Deposits
Outstanding Nominal Balance
agen Bank GmbHer Str. 57Braunschweig49 531/ 212 - 1358
049 531/ 212 - [email protected] Page 35/36
Glossary
AdditionalOvercollateralisationPercentage:
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 Discounted Principal Balance of such Additional Loan Receivables as of the respective Additional Cutoff Date multiplied by a factor of 0.97(i.e. 1.00 minus 0.03 (the additional overcollateralisation percentage of 3.00% divided by 100)) (the "Additional Overcollateralisation Percentage")
AccumulationAccount:
During the Revolving Period, on each Payment Date (each an Additional Purchase Date) collections and other funds received during each Monthly Periodthat 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 betransferred on the Payment Date into the Accumulation Account. The amounts deposited in the Accumulation Account shall be used by the Issuer atVW Bank’s discretion for the purchase of Additional Loan Receivables from VW Bank. To the extent that amounts allocated for the purchase of AdditionalLoan Receivables are not utilised on any Additional Purchase Date, such amounts shall remain deposited in the Accumulation Account to purchaseAdditional 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 Discounted Principal Balance on two subsequent Payment Dates may beheld in the Accumulation Account without triggering an Early Amortisation Event. No funds will be deposited in the Accumulation Account on any PaymentDate after the termination of the Revolving Period (including, following the occurrence of an Early Amortisation Event).
Cash CollateralIncrease 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 formeeting its financial commitments would no longer equal a rating of at least F3 by Fitch.
Collections: Available Distribution Amount on each payment day as descriped in the Offering Circular.
Contracts after FinalStatement:
Contracts without a collateral.
Delinquent contract: The outstanding value of a contract which were past due more than 30 days.
Defaulted contract: The outstanding value of a terminated contract
Late DelinquencyRatio:
“Late Delinquency Ratio” means, expressed as a percentage, the ratio of (i) Late Delinquency Loan Receivables as nominator and (ii) the AggregateDiscounted Principal Balance as denominator.
Late DelinquencyLoan Receivables:
Late Delinquency Loan Receivables” means (i) any Loan Receivables for which more than six instalments are overdue and (ii) any Loan Receivable whichis classified as "After Final Statement".
Contract after FinalStatement
A contract for which no collateral exist anymore.
Write Off: The value of contracts which were written off as irrevocable.
Discount: Reimbursement of interest which was calculated on the initial term and which was not used eg. due to a termination of a contract.
Recoveries: All money received after a termination of a contract
Revolving Period: Means the time from October 27th, 2006 until November 20th, 2009During the Revolving Period, no principal will be paid to the Noteholders. Instead, on each Payment Date during the Revolving Period, amounts allocable toprincipal payments will be used to purchase Additional Loan Receivables. If such amounts are not applied to purchase Additional Loan Receivables, thensuch amounts will be deposited to the Accumulation Account. If such amounts deposited into the Accumulation Account during the Revolving Period exceeda certain percentage of the Aggregate Discounted Principal Balance of the Loan Receivables over a certain period (calculated as if all amounts had beenreinvested in Loan Receivables), then an Early Amortisation Event will occur. If an Early Amortisation Event occurs, the Revolving Period will terminate andthe Amortisation period will commence.
Net Swap Payment: Positive Value means that Driver Three is in a receiving position/Negative value means that Driver Three is in a paying Position.
BoP: Beginn of Period
EoP: End of Period
Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] Page 36/36