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Previous: PRINCOR LIMITED TERM BOND FUND INC, 485APOS, 1996-10-17 |
Next: IMATEC LTD, SB-2/A, 1996-10-17 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report: September 14, 1996
Volkswagen Credit Auto Receivables Corporation
------------------------------------------------
(Exact Name of Registrant as Specified in Carter)
EXHIBITS
Delaware 33-80055 38-2748796
-------- -------- ----------
(State of incorporation) (Commission File (IRS Employer
Number) Identification No.)
3800 Hamlin Road, Auburn Hills, Michigan 48326
------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (810) 340-4938
N/A
---------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
The Monthly Servicing Report relating to the Volkswagen Credit Auto Master
Trust, Series 1996-1 for the Collection Period ended September 30, 1996,
provided to Citibank, N.A., as trustee is attached hereto as Exhibit 20 and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Designation Description Method of Filing
----------- ----------- ----------------
Exhibit 20 Report for the month ended Filed with this report.
September 30, 1996 provided to
Chemical Bank, as trustee
under the Volkswagen
Credit Auto Master Trust,
Series 1996-1
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Volkswagen Credit Auto Master Trust
By: Volkswagen Credit Auto
Receivables Corporation
By: /s/ Allen L. Strang
----------------------------
Allen L. Strang
<PAGE>
EXHIBIT 20
<TABLE>
<CAPTION>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
- -------------------------------------------------------------------------------
Distribution Date Statement: October 15, 1996
<S> <C>
a. Aggregate Amount of Collections $199,622,598.43
Aggregate Amount of Interest
Collections $ 2,975,139.21
Aggregate Amount of Principal
Collections $196,552,709.10
Investment Proceeds $ 94,750.12
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 93.67%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on $ 1,769,971.88
Series 1996-1
d. Amount of Such Distribution $ 0.00
Allocable to Principal on 1996-1
e. Amount of Such Distribution $ 1,769,971.88
Allocable to Interest on 1996-1
f. Investor Default Amount $ 0.00
g. Draw Amount $ 0.00
h. Investor Charge Offs $ 0.00
Amounts of Reimbursements $ 0.00
i. Monthly Servicing Fee 1.00%
j. Expected Controlled $ 0.00
Distribution Amount
k. Invested Amount $302,783,365.01
l. Pool Factor 100.00%
m. Available Subordinated Amount $ 57,617,132.30
n. Reserve Fund Balance $ 1,875,000.00
o. Principal Funding Account
Balance $ 0.00
Yield Supplement Account Balance $ 1,875,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TRANSACTION SUMMARY PORTFOLIO CHARGE OFF RATE AT COLLECTION PERIOD END
- --------------------------- --------------------------------------------------
From To Days
---- -- ----
Current Interest Period 9/15/96 10/14/96 30 Net losses as a % of Avg. Receivables Balance (annualized)
<S> <C> <C> <C>
Series Allocation 100.00% PORTFOLIO AND DEALERSHIP STATISTICS
Percentage -----------------------------------
Initial Principal Balance $375,000,000.00 Used Vehicle Receivables' Balance $ 28,920,049.59
Outstanding Principal Used Vehicle Percentage 7.764%
Balance $375,000,000.00
Principal Balance of Used Vehicle Percentage During Last Collection 7.010%
Receivables for Period
Determination Date $367,435,053.46
Amount Invested in Early Amortization Event? NO
Receivables on Series
Issuance Date $375,000,000.00
Initial Invested Amount $302,783,365.01 Largest Dealer or Dealer Affiliation Balance $ 17,116,686.02
Invested Amount at the Largest Dealer Percentage 4.275%
Beginning of Period $375,000,000.00
Invested Amount $302,783,365.01
Required Subordinated Aggregate Principal Amount of Receivables of
Amount $ 57,617,132.30 Dealers over 2% $ 15,461,160.88
Excess Funded Amount $ 72,216,634.99 Aggregate % Principal Amount of Receivables of
Dealers over 2% 4.151%
Available Subordinated
Amount (previous period) $ 63,719,059.01
Inremental Subordinated SUMMARY OF COLLECTIONS
Amount (previous period) $ 19,389,246.28 ----------------------
Aggregate Amount of Collections $199,622,598.43
RESERVE FUND AND YIELD Aggregate Amount of Interest Collections $ 2,975,139.21
SUPPLEMENT ACCOUNT
- ----------------------
Investment Proceeds $ 94,750.12
Yield Supplement Account Aggregate Amount of Principal Collections $196,552,709.10
Initial Deposit $ 1,875,000.00 Asset Receivables Rate 7.267%
Yield Supplement Account Use Asset Receivables Rate? NO
Beginning Balance $ 1,875,000.00 Carryover Amount (this Distribution Date) N/A
Yield Supplement Account Total Carryover Amount N/A
Required Amount $ 1,875,000.00
Reserve Fund Initial
Deposit $ 1,875,000.00
Reserve Fund Required
Amount $ 1,875,000.00
Reserve Fund Beginning PAYMENT RATE INFORMATION
Balance $ 1,875,000.00 ------------------------
Outstanding Carryover Monthly Payment Rate 50.86%
Amount - Beginning Balance $ 0.00
Yield Supplement Account Previous Collection Period Monthly Payment Rate 42.10%
Draw Amount $ 0.00
Outstanding Carryover Monthly Payment Rate 3 months ago 51.50%
Amount - Ending Balance $ 0.00
Yield Supplement Account 3-month Average Payment Rate 48.15%
Balance - Ending Balance $ 1,875,000.00
Yield Supplement Account 12-month Minimum Payment Rate 42.10%
Required Deposit Amount $ 0.00
Early Amortization Event? NO
Reserve Fund Draw Amount $ 0.00
Reserve Fund Ending Balance $ 1,875,000.00 ACCUMULATION PERIOD/EARLY AMORTIZATION PERIOD
Reserve Fund Required ---------------------------------------------
Deposit Amount $ 0.00
Extend Revolving Period? YES
1-month LIBOR Rate Last Day of Revolving Period N/A
(annualized) 5.5039100%
Certificate Coupon Invested Amount as of Last Day of Revolving
(annualized) 5.6639100% Period N/A
Prime Rate (annualized) 8.2500000% Accumulation Period Length (months) N/A
Servicing Fee Rate First Accumulation Date TO BE DETERMINED
(annualized) 1.000%
Excess Spread 1.9660900% Expected Final Payment Date N/A
Required Participation Percentage 4.00%
TRUST PRINCIPAL RECEIVABLES Principal Funding Account Balance $ 0.00
- ---------------------------
Principal Payment Amount $ 0.00
Pool Balance at the Controlled Deposit Amount $ 0.00
Beginning of Period $400,359,781.88
Pool Balance at the Ending
of Period $372,511,831.91
Average Aggregate TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
Principal Balance $386,435,806.90 -----------------------------------------
Aggregate Principal CERTIFICATEHOLDERS
Collections $196,552,709.10 -----------------------------------------
New Principal Receivables $158,606,935.72 i. Monthly Interest Distribution $1,769,971.88
Receivables Added for ii. Monthly Servicing Fee Distribution $ 252,319.47
Additional Accounts $ 10,097,823.41
Investor Default Amount $ 0.00 iii. Reserve Fund Deposit Amount Distribution $ 0.00
Net Losses $ 0.00 iv. Investor Default Amount Distribution $ 0.00
Monthly Interest Accrued, v. Outstanding Carryover Amount Distribution $ 0.00
but not Paid $ 0.00
Ineligible Receivables $ 0.00 vi. Yield Supplement Account Deposit Amount $ 0.00
Distribution
Ineligible Receivables in -------------
Prior Collection Period $ 0.00 Excess Servicing $ 764,395.17
Defaulted Receivables in
Ineligible and Overconc. Excess Servicing (Previous Period) $ 907,593.64
Accounts $ 0.00
DEFICIENCY AMOUNT
-----------------
MISCELLANEOUS DATA
- ------------------- Deficiency Amount $ 0.0
Draw Amount $ 0.0
Recoveries on Receivables
Written Off $ 0.00
Spread Over Prime for
Portfolio 0.38%
Weighted Average Interest
Rate 8.63%
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 2
14-OCT-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
<TABLE>
<CAPTION>
COLLECTIONS ACCRUAL DISTRIBUTION
----------- ------- ------------
<S> <C> <C> <C>
From: 15-Sep-96
To: 14-Oct-96
Days: 29
LIBOR RATE 5.5039100%
(1 month)
SERIES # 1 Active
VCI N/A
RATING:
</TABLE>
<TABLE>
<CAPTION>
TRUST AND SERIES ALLOCATIONS - BEGINNING OF PERIOD
---------------------------------------------------
SERIES EXCESS REQUIRED REQUIRED OUTSTANDING
SERIES SERIES ALLOCATION INVESTED SUBORDINATED FUNDED PARTICIPATION PARTICIPATION CERTIFICATE
NUMBER NAME PERCENTAGE AMOUNT AMOUNT AMOUNT PERCENTAGE AMOUNT BALANCE
- ------ ------ ---------- -------- ------------ ------ ------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Trust $302,783,365.01 $57,617,132.30 $72,216,634.99 N/A $12,111,334.60
1 Series 1996-1 100.00% $302,783,365.01 $57,617,132.30 $72,216,634.99 4.00% $12,111,334.60 $375,000,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VW CREDIT, INC. -- SERVICER PAGE 3
14-OCT-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
INITIAL AMOUNTS EXCESS SPREAD CALCULATION
- --------------- -------------------------
<S> <C> <C> <C>
Initial Invested Amount $302,783,365.01 Weighted Average Rate Charged to Dealers 8.63%
Invested Amount $302,783,365.01 LIBOR 5.50%
Controlled Accumulation
Amount $ 0.00 Certificate Rate (LIBOR+16 b.p.) 5.66%
Required Subordinated
Amount $ 57,617,132.30 Servicing Fee Rate 1.00%
Annualized Servicing Fee
Rate 1.00% Investor Net Losses 0.00%
----
First Controlled
Accumulation Date TO BE DETERMINED Excess Spread 1.97%
Accumulation Period Length
(months) N/A
Expected Final Payment Date N/A
Initial Settlement Date 28-Mar-96
Required Participation
Percentage 4.00%
Subordinated Percentage 14.29%
<CAPTION>
SERIES 1996-1 MONTHLY REPORTING
- -------------------------------
REQUIRED EXCESS
SERIES 1996-1 INVESTED SUBORDINATED FUNDING
PRINCIPAL RECEIVABLES TOTAL AMOUNT AMOUNT AMOUNT
- --------------------- ----- ------ ------ ------
<S> <C> <C> <C> <C>
Series Allocation
Percentage 100.00%
Beginning Balance $302,783,365.01 $375,000,000.00 $57,617,132.30 $72,216,634.99
Floating Allocation
Percentage 93.67% 93.67%
Fixed Allocation
Percentage N/A
Principal Collections $196,552,709.10 $196,552,709.10 N.A. N.A.
New Principal Receivables $158,606,935.72 $158,606,935.72 N.A. N.A.
Principal Default Amounts $0.00 $ 0.00 N.A. N.A.
Receivables Added for
Additional Accounts $0.00 $ 10,097,823.41 N.A. N.A.
Controlled Deposit Amount $0.00 N/A N.A. N.A.
Principal Allocation
Percentage "Pool Factor" 100.00000000%
Ending Balance $264,837,591.63 $337,054,226.62 $64,138,589.54 $37,945,773.38
Floating Allocation
Percentage 71.10% 90.48%
NON-PRINCIPAL RECEIVABLES
- -------------------------
Interest Collections $2,786,686.51
Recoveries on Receivables
Written Off $0.00
Investment Income $94,750.12
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 4
14-OCT-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
<TABLE>
<CAPTION>
SUBORDINATED AMOUNT & RESERVE FUND CURRENT PREVIOUS
- ---------------------------------- ------- --------
<S> <C> <C>
Available Subordination Amount
(Previous) $63,719,059.01 N/A
Required Subordination Draw Amount $ 0.00 N/A
Reserve Fund Funds to Inv. Default
Amount $ 0.00 N/A
Excess Servicing (Previous Period) $ 907,593.64 $ 1,115,708.97
--------------
(a) Available Subordinated Amount? $64,626,652.65 N/A
(b) Available Subordinated Amount? $43,254,766.43 N/A
Available Subordinated Amount $57,617,132.30 $63,719,059.01
Incremental Subordinated Amount $14,362,365.87 $19,389,246.28
Overconcentration Amount $15,461,160.88 $21,089,211.01
Beginning Reserve Fund Balance $ 1,875,000.00 $ 1,875,000.00
Reserve Fund Required Balance $ 1,875,000.00 $ 1,875,000.00
Reserve Fund Draw $ 0.00 N/A
Reserve Fund Required Deposit $ 0.00 N/A
Reserve Fund Deposit Amount $ 0.00 N/A
Reserve Fund Release $ 0.00 N/A
Ending Reserve Fund Balance $ 1,875,000.00 $ 1,875,000.00
REQUIRED INTEREST DISTRIBUTIONS
- -------------------------------
Available Interest Collections $ 2,975,139.21 $ 3,481,778.78
Certificateholder Interest Collection s $ 2,786,686.51 $ 2,978,472.84
Subordinate Interest Collections $ 428,162.36 $ 506,094.63
Investment Income $ 94,750.12 N/A
Reserve Fund Balance $ 1,875,000.00 $ 1,875,000.00
--------------
Total Interest Available $ 5,184,598.99 $ 5,359,567.47
Interest Shortfall $ 0.00 N/A
Additional Interest $ 0.00 N/A
Carry-over Amount $ 0.00 N/A
Carry-over Shortfall $ 0.00 N/A
Additional Carry-over Shortfall $ 0.00 N/A
Monthly Servicing Fee $ 322,029.84 $ 349,469.89
Investor Monthly Servicing Fee $ 252,319.47 $ 268,397.12
</TABLE>
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