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Previous: RELIANCE BANCSHARES INC, DEF 14A, 1996-09-25 |
Next: VANGUARD WHITEHALL FUNDS INC, 497, 1996-09-25 |
<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 16, 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 Number) (IRS Employer
Identification No.)
3800 Hamlin Road, Auburn Hills, Michigan 48326
----------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (810) 340-5000
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 August 31, 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.
August 31, 1996 provided to
Citibank, N.A., 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.
Volkwagen Credit Auto Master Trust
By: Volkswagen Credit Auto
Receivables Corporation
By: /s/ Allen L. Strang
--------------------------
<PAGE>
<TABLE>
<CAPTION>
VW CREDIT, INC. -- SERVICER PAGE 1
15-SEP-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
MONTHLY SERVICER REPORT INPUT AND SUMMARY PAGE
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSACTION SUMMARY PORTFOLIO CHARGE OFF RATE AT COLLECTION PERIOD END
- ------------------- --------------------------------------------------
From To Days
---- -- ----
<S> <C> <C> <C>
Current Collection Period 8/15/96 9/14/96 31 Net losses as a % of Avg. Receivables Balance (annualized) 0.00%
Series Allocation 100.00% PORTFOLIO AND DEALERSHIP STATISTICS
Percentage -----------------------------------
Initial Principal Balance $375,000,000.00 Used Vehicle Receivables' Balance $28,715,795.06
Outstanding Principal Balance $375,000,000.00 Used Vehicle Percentage 7.172%
Used Vehicle Percentage During Last Collection Period 7.009%
Amount Invested in Receivables
on Series Issuance Date $375,000,000.00 Early Amortization Event? NO
Initial Invested Amount $375,000,000.00 Largest Dealer or Dealer Affiliation Balance $20,338,870.42
Invested Amount at the
Beginning of Period $375,000,000.00 Largest Dealer Percentage 4.640%
Invested Amount $322,076,539.76
Required Subordinated Amount $63,719,059.01 Aggregate Principal Amount of Receivables of
Dealers over 2% $21,089,211.01
Excess Funded Amount $52,923,460.24 Aggregate % Principal Amount of Receivables of Dealers
over 2% 4.811%
Available Subordinated Amount
(previous period) N/A SUMMARY OF COLLECTIONS
----------------------
Inremental Subordinated Amount
(previous period) N/A
Aggregate Amount of Collections $212,492,828.32
RESERVE FUND AND YIELD SUPPLEMENT ACCOUNT Aggregate Amount of Interest Collections $3,481,778.78
- -----------------------------------------
Investment Proceeds $0.00
Yield Supplement Account Initial $1,875,000.00 Aggregate Amount of Principal Collections $209,011,049.54
Initial Deposit
Yield Supplement Account $1,875,000.00 Asset Receivables Rate 7.645%
Beginning Balance
Yield Supplement Account $1,875,000.00 Use Asset Receivables Rate? NO
Required Amount
Carryover Amount (this Distribution Date) N/A
Reserve Fund Initial $1,875,000.00 Total Carryover Amount N/A
Deposit
Reserve Fund Required $1,875,000.00
Amount
Reserve Fund Beginning $1,875,000.00 PAYMENT RATE INFORMATION
Balance ------------------------
Outstanding Carryover
Amount - Beginning Balance $0.00 Monthly Payment Rate 49.84%
Yield Supplement Account Draw Amount $0.00 Previous Collection Period Monthly Payment Rate 51.04%
Outstanding Carryover Amount -
Ending Balance $0.00 Monthly Payment Rate 3 months ago 43.87%
Yield Supplement Account
Balance - Ending Balance $1,875,000.00 3-month Average Payment Rate 48.25%
Yield Supplement Account
Required Deposit Amount $0.00 12-month Minimum Payment Rate 43.87%
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 $0.00
Deposit Amount
Extend Revolving Period? YES
1-month LIBOR Rate (annualized) 5.4218800% Last Day of Revolving Period N/A
(annualized)
Certificate Coupon (annualized) 5.5818800% Invested Amount as of Last Day of Revolving Period N/A
Prime Rate (annualized) 8.2500000% Accumulation Period Length (months) N/A
Servicing Fee Rate (annualized) 1.000% First Accumulation Date TO BE DETERMINED
Excess Spread 2.0481200% 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
Beginning of Period $438,367,953.41 Controlled Deposit Amount $0.00
Pool Balance at the Ending of
Period $400,359,781.88
Average Aggregate $419,363,867.65 TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
Principal Balance -----------------------------------------
Aggregate Principal $209,011,049.54 CERTIFICATEHOLDERS
Collections ------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
New Principal Receivables $171,002,878.01 i. Monthly Interest Distribution $1,802,482.08
Receivables Added for Additional Accounts $0.00 ii. Monthly Servicing Fee Distribution $268,397.12
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, but not Paid $0.00 v. Outstanding Carryover Amount Distribution $0.00
Ineligible Receivables $0.00 vi. Yield Supplement Account Deposit Amount
Ineligible Receivables in Prior Collection Period $0.00 Distribution $0.00
-----
Excess Servicing $907,593.64
Defaulted Receivables in Ineligible and $0.00
Overconc. Accounts
Excess Servicing (Previous Period) $1,115,708.97
MISCELLANEOUS DATA
- ------------------
DEFICIENCY AMOUNT
-----------------
Recoveries on Receivables Written Off $0.00
Spread Over Prime for Portfolio 0.38% Deficiency Amount $0.0
Weighted Average Interest Rate 8.63% Draw Amount $0.0
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 2
15-SEP-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
COLLECTIONS ACCRUAL DISTRIBUTION
----------- ------- ------------
From: 15-Aug-96
To: 14-Sep-96
Days: 30
LIBOR 5.4218800%
RATE
(1 month)
SERIES # 1 Active
VCI N/A
RATING:
TRUST AND SERIES ALLOCATIONS - BEGINNING OF PERIOD
--------------------------------------------------
<TABLE>
<CAPTION>
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 $322,076,539.76 $63,719,059.01 $52,923,460.24 N/A $12,883,061.59
1 Series 100.00% $322,076,539.76 $63,719,059.01 $52,923,460.24 4.00% $12,883,061.59 $375,000,000.00
1996-1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VW CREDIT, INC. -- SERVICER PAGE 3
15-SEP-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
<CAPTION>
INITIAL AMOUNTS EXCESS SPREAD CALCULATION
- --------------- -------------------------
<S> <C> <C> <C>
Initial Invested Amount $375,000,000.00 Weighted Average Rate Charged to Dealers 8.63%
Invested Amount $322,076,539.76 LIBOR 5.42%
Controlled Accumulation Amount $0.00 Certificate Rate (LIBOR+16 b.p.) 5.58%
Required Subordinated Amount $ 63,719,059.01 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 2.05%
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%
</TABLE>
<TABLE>
<CAPTION>
SERIES 1996-1 MONTHLY REPORTING
- -------------------------------
<S> <C> <C> <C> <C>
REQUIRED EXCESS
SERIES 1996-1 INVESTED SUBORDINATED FUNDING
PRINCIPAL RECEIVABLES TOTAL AMOUNT AMOUNT AMOUNT
- --------------------- ----- ------ ------ ------
Series Allocation Percentage 100.00%
Beginning Balance $375,000,000.00 $375,000,000.00 $63,719,059.01 $52,923,460.24
Floating Allocation Percentage 85.54% 85.54%
Fixed Allocation Percentage N/A
Principal Collections $209,011,049.54 $209,011,049.54 N.A. N.A.
New Principal Receivables $171,002,878.01 $171,002,878.01 N.A. N.A.
Principal Default Amounts $0.00 $0.00 N.A. N.A.
Receivables Added for Additional
Accounts $0.00 $0.00 N.A. N.A.
Controlled Deposit Amount $0.00 N/A N.A. N.A.
Principal Allocation Percentage
"Pool Factor" 85.88707727%
Ending Balance $375,000,000.00 $375,000,000.00 $76,146,706.36 $0.00
Floating Allocation 93.67% 93.67%
Percentage
NON-PRINCIPAL RECEIVABLES
- -------------------------
Interest Collections $2,978,472.84
Recoveries on Receivables Written Off $0.00
Investment Income $0.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 4
15-SEP-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
SUBORDINATED AMOUNT & RESERVE FUND CURRENT PREVIOUS
- ---------------------------------- ------- --------
Available Subordination Amount (Previous) N/A 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) $1,115,708.97 N/A
(a) Available Subordinated Amount? N/A N/A
(b) Available Subordinated Amount? N/A N/A
Available Subordinated Amount $63,719,059.01 N/A
Incremental Subordinated Amount $19,389,246.28 N/A
Overconcentration Amount $21,089,211.01 N/A
Beginning Reserve Fund Balance $ 1,875,000.00 N/A
Reserve Fund Required Balance $ 1,875,000.00 N/A
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 N/A
REQUIRED INTEREST DISTRIBUTIONS
- ----------------------------------------
Available Interest Collections $ 3,481,778.78 N/A
Certificateholder Interest Collections $ 2,978,472.84 N/A
Subordinate Interest Collections $ 506,094.63 N/A
Investment Income $ 0.00 N/A
Reserve Fund Balance $ 1,875,000.00 N/A
--------------
Total Interest Available $ 5,359,567.47 N/A
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 $ 349,469.89 N/A
Investor Monthly Servicing Fee $ 268,397.12 N/A
<PAGE>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
================================================================================
Distribution Date Statement: September 16, 1996
a. Aggregate Amount of Collections $212,492,828.32
Aggregate Amount of Interest Collections $3,481,778.78
Aggregate Amount of Principal Collections $209,011,049.54
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 85.54%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $1,802,482.08
d. Amount of Such Distribution Allocable to Principal on
1996-1 $0.00
e. Amount of Such Distribution Allocable to Interest on
1996-1 $1,802,482.08
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 Distribution Amount $0.00
k. Invested Amount $322,076,539.76
l. Pool Factor 85.89%
m. Available Subordinated Amount $63,719,059.01
n. Reserve Fund Balance $1,875,000.00
o. Principal Funding Account Balance $0.00
Yield Supplement Account Balance $1,875,000.00
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