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Previous: VOLKSWAGEN CREDIT AUTO RECEIVABLES CORP, 8-K, 1996-07-16 |
Next: KEYSTONE SMALL CAP STOCK FUND, 497, 1996-07-16 |
<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: MAY 15, 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) 340-5000
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 April 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.
April 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
-------------------------------
<PAGE>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
Distribution Date Statement: May 15, 1996
<TABLE>
<CAPTION>
<S> <C> <C>
a. Aggregate Amount of Collections $202,161,495.90
Aggregate Amount of Interest Collections $ 3,493,601.49
Aggregate Amount of Principal Collections $198,667,894.41
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 76.51%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $ 1,768,750.00
d. Amount of Such Distribution Allocable to Principal on 1996-1 $ 0.00
e. Amount of Such Distribution Allocable to Interest on 1996-1 $ 1,768,750.00
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 $375,000,000.00
l. Pool Factor 100.00%
m. Available Subordinated Amount $ 65,051,387.17
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>
VW CREDIT, INC. -- SERVICER PAGE 1
17-MAY-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
MONTHLY SERVICER REPORT INPUT AND SUMMARY PAGE
----------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY PORTFOLIO CHARGE OFF RATE AT COLLECTION PERIOD
- --------------------------- END
-------------------------------------------------
From To Days
---------------- ------- ---------
<S> <C> <C> <C> <C> <C>
Current Collection Period 4/15/96 5/14/96 30 Net losses as a % of Avg. 0.00%
Receivables Balance
(annualized)
Series Allocation
Percentage 100.00% PORTFOLIO AND DEALERSHIP
STATISTICS
------------------------------
Initial Principal Balance $375,000,000.00 Used Vehicle Receivables' $ 27,072,676.92
Balance
Outstanding Principal
Balance $375,000,000.00 Used Vehicle Percentage 5.210%
Initial Principal Balance
of Receivables for
Determination Date $490,148,657.04 Used Vehicle Percentage 5.410%
During Last Collection Period
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 $ 19,080,515.08
Affiliation Balance
Invested Amount at the
Beginning of Period $375,000,000.00 Largest Dealer Percentage 3.893%
Invested Amount $375,000,000.00
Required Subordinated
Amount $ 65,051,387.17 Aggregate Principal Amount of $ 13,129,401.34
Receivables of Dealers over 2%
Excess Funded Amount $ 0.00 Aggregate % Principal Amount 2.679%
of Receivables of Dealers
over 2%
Available Subordinated
Amount (previous period) N/A SUMMARY OF COLLECTIONS
------------------------------
Inremental Subordinated
Amount (previous period) N/A
Aggregate Amount of $202,161,495.90
Collections
RESERVE FUND AND YIELD Aggregate Amount of Interest $ 3,493,601.49
SUPPLEMENT ACCOUNT Collections
- ---------------------------
Investment Proceeds $ 16,204.24
Yield Supplement Account
Initial Deposit $ 1,875,000.00 Aggregate Amount of Principal $198,667,894.41
Collections
Yield Supplement Account
Beginning Balance $ 1,875,000.00 Asset Receivables Rate 7.383%
Yield Supplement Account
Required Amount $ 1,875,000.00 Use Asset Receivables Rate? NO
Carryover Amount (this N/A
Distribution Date)
Reserve Fund Initial
Deposit $ 1,875,000.00 Total Carryover Amount N/A
Reserve Fund Required
Amount $ 1,875,000.00
Reserve Fund Beginning
Balance $ 1,875,000.00 PAYMENT RATE INFORMATION
------------------------------
Outstanding Carryover
Amount - Beginning Balance $ 0.00 Monthly Payment Rate 39.35%
Yield Supplement Account
Draw Amount $ 0.00 Previous Collection Period 35.19%
Monthly Payment Rate
Outstanding Carryover
Amount - Ending Balance $ 0.00 Monthly Payment Rate 3 months N/A
ago
Yield Supplement Account
Balance - Ending Balance $ 1,875,000.00 3-month Average Payment Rate 37.27%
Yield Supplement Account
Required Deposit Amount $ 0.00 12-month Minimum Payment Rate 35.19%
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
(annualized) 5.5000000% Last Day of Revolving Period N/A
Certificate Coupon
(annualized) 5.6600000% Invested Amount as of Last N/A
Day of Revolving Period
Prime Rate (annualized) 8.2500000% Accumulation Period Length N/A
(months)
Servicing Fee Rate
(annualized) 1.000% First Accumulation Date TO BE DETERMINED
Excess Spread 1.9700000% Expected Final Payment Date N/A
Required Participation 4.00%
Percentage
TRUST PRINCIPAL RECEIVABLES Principal Funding Account $ 0.00
- --------------------------- Balance
Principal Payment Amount $ 0.00
Pool Balance at the
Beginning of Period $490,148,657.04 Controlled Deposit Amount $ 0.00
Pool Balance at the Ending
of Period $519,675,115.59
Average Aggregate
Principal Balance $504,911,886.32 TOTAL AMOUNT DISTRIBUTED ON
SERIES 1996-1
------------------------------
Aggregate Principal
Collections $198,667,894.41 CERTIFICATEHOLDERS
------------------------------
New Principal Receivables $228,783,900.26 i. Monthly Interest Distribution $1,768,750.00
Receivables Added for
Additional Accounts $ 0.00 ii. Monthly Servicing Fee
Distribution $ 312,500.00
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 Distribution $ 0.00
------------
Ineligible Receivables in Excess Servicing $ 591,613.71
Prior Collection Period $ 0.00
Defaulted Receivables in Excess Servicing (Previous
Ineligible and Overconc. Period) $1,142,771.46
Accounts $ 0.00
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
17-MAY-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
- -------
COLLECTIONS ACCRUAL DISTRIBUTION
----------- ------- ------------
From: 15-Apr-96
To: 14-May-96
Days: 29
LIBOR RATE 5.5000000%
(1 month)
SERIES # 1 Active
VCI RATING: N/A
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 $375,000,000.00 $65,051,387.17 $0.00 N/A $15,000,000.00
1 Series 1996-1 100.00% $375,000,000.00 $65,051,387.17 $0.00 4.00% $15,000,000.00 $375,000,000.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 3
17-MAY-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
INITIAL AMOUNTS EXCESS SPREAD
- --------------- -------------
CALCULATION
----------- -
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Initial Invested Amount $375,000,000.00 Weighted Average Rate Charged to Dealers 8.63%
Invested Amount $375,000,000.00 LIBOR 5.50%
Controlled Accumulation Amount $ 0.00 Certificate Rate (LIBOR+16 b.p.) 5.66%
Required Subordinated Amount $ 65,051,387.17 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%
SERIES 1996-1 MONTHLY REPORTING
- -------------------------------------------
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 $65,051,387.17 $0.00
Floating Allocation Percentage 76.51% 76.51%
Fixed Allocation Percentage N/A
Principal Collections $198,667,894.41 $198,667,894.41 N.A. N.A.
New Principal Receivables $228,783,900.26 $228,783,900.26 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" 100.00000000%
Ending Balance $375,000,000.00 $375,000,000.00 $64,399,128.65 $0.00
Floating Allocation Percentage 72.16% 72.16%
NON-PRINCIPAL RECEIVABLES
- -------------------------------------------
Interest Collections $ 2,672,863.71
Recoveries on Receivables Written Off $ 0.00
Investment Income $ 16,204.24
</TABLE>
<PAGE>
VW CREDIT, INC. --
SERVICER PAGE 4
17-MAY-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) $ 1,142,771.46 N/A
--------------
(a) Available Subordinated Amount? N/A N/A
(b) Available Subordinated Amount? N/A N/A
Available Subordinated Amount $65,051,387.17 N/A
Incremental Subordinated Amount $10,827,700.08 N/A
Overconcentration Amount $13,129,401.34 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 $ 3,493,601.49 N/A
Certificateholder Interest Collections $ 2,672,863.71 N/A
Subordinate Interest Collections $ 463,662.65 N/A
Investment Income $ 16,204.24 N/A
Reserve Fund Balance $ 1,875,000.00 N/A
--------------
Total Interest Available $ 5,027,730.60 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 $ 420,759.91 N/A
Investor Monthly Servicing Fee $ 312,500.00 N/A
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