|
|
|
|
|
|
|
|
|
|
|
|
|
<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: December 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 (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 December 16, 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.
December 16, 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:
-----------------------------------
<PAGE>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
- -----------------------------------------------------------------------------
Distribution Date Statement: December 16, 1996
<TABLE>
<S> <C> <C>
a. Aggregate Amount of Collections $192,795,371.66
Aggregate Amount of Interest Collections $2,741,864.00
Aggregate Amount of Principal Collections $189,917,474.77
Investment Proceeds $136,032.89
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 92.22%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $1,729,687.50
d. Amount of Such Distribution
Allocable to Principal on 1996-1 $0.00
e. Amount of Such Distribution
Allocable to Interest on 1996-1 $1,729,687.50
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 $367,364,761.44
l. Pool Factor 105.51%
m. Available Subordinated Amount $61,777,847.68
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>
Page 1
VW CREDIT, INC. -- SERVICER DECEMBER 13, 1996
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
MONTHLY SERVICER REPORT INPUT AND SUMMARY PAGE
----------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY
- -------------------
From To Days
---------------- -------- ----
<S> <C> <C> <C>
Current Interest Period 11/15/96 12/14/96 30
Series Allocation Percentage 100.00%
Initial Principal Balance $375,000,000.00
Outstanding Principal
Balance $375,000,000.00
Principal Balance of
Receivables for
Determination Date $463,837,384.66
Amount Invested in
Receivables on Series
Issuance Date $375,000,000.00
Initial Invested Amount $348,179,953.87
Invested Amount at the
Beginning of Period $375,000,000.00
Invested Amount $367,364,761.44
Required Subordinated
Amount $61,777,847.68
Excess Funded Amount $7,635,238.56
Available Subordinated
Amount (previous period) $57,124,423.47
Incremental Subordinated
Amount (previous period) $9,950,811.27
RESERVE FUND AND YIELD
SUPPLEMENT ACCOUNT
- ----------------------
Yield Supplement Account
Initial Deposit $1,875,000.00
Yield Supplement Account
Beginning Balance $1,875,000.00
Yield Supplement Account
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
Balance $1,875,000.00
Outstanding Carryover
Amount - Beginning Balance $0.00
Yield Supplement Account
Draw Amount $0.00
Outstanding Carryover
Amount - Ending Balance $0.00
Yield Supplement Account
Balance - Ending Balance $1,875,000.00
Yield Supplement Account
Required Deposit Amount $0.00
Reserve Fund Draw Amount $0.00
Reserve Fund Ending Balance $1,875,000.00
Reserve Fund Required
Deposit Amount $0.00
1-month LIBOR Rate
(annualized) 5.3750000%
Certificate Coupon
(annualized) 5.5350000%
Prime Rate (annualized) 8.2500000%
Servicing Fee Rate
(annualized) 1.000%
Excess Spread 2.0850000%
TRUST PRINCIPAL RECEIVABLES
- ---------------------------
Pool Balance at the
Beginning of Period $406,625,861.22
Pool Balance at the Ending
of Period $443,837,199.58
Average Aggregate
Principal Balance $425,231,530.40
Aggregate Principal
Collections $189,917,474.77
New Principal Receivables $227,128,813.13
Receivables Added for
Additional Accounts $0.00
Investor Default Amount $0.00
Net Losses $0.00
Monthly Interest Accrued,
but not Paid $0.00
Ineligible Receivables $0.00
Ineligible Receivables in
Prior Collection Period $0.00
Defaulted Receivables in
Ineligible and Overconc.
Accounts $0.00
MISCELLANEOUS DATA
- ------------------
Recoveries on Receivables
Written Off $0.00
Spread Over Prime for
Portfolio 0.37%
Weighted Average Interest
Rate 8.62%
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO CHARGE OFF RATE AT
COLLECTION PERIOD END
- ----------------------------
<S> <C>
Net losses as a % of Avg. Receivables Balance
(annualized) 0.00%
PORTFOLIO AND DEALERSHIP STATISTICS
- -----------------------------------
Used Vehicle Receivables' Balance $30,936,971.08
Used Vehicle Percentage 6.970%
Used Vehicle Percentage During Last Collection
Period 7.485%
Early Amortization Event? NO
Largest Dealer or Dealer Affiliation Balance $15,990,422.07
Largest Dealer Percentage 3.932%
Aggregate Principal Amount of Receivables of
Dealers over 2% $9,828,447.25
Aggregate % Principal Amount of Receivables of
Dealers over 2% 2.214%
SUMMARY OF COLLECTIONS
- ----------------------
Aggregate Amount of Collections $192,795,371.66
Aggregate Amount of Interest Collections $2,741,864.00
Investment Proceeds $136,032.89
Aggregate Amount of Principal Collections $189,917,474.77
Asset Receivables Rate 7.079%
Use Asset Receivables Rate? NO
Carryover Amount (this Distribution Date) N/A
Total Carryover Amount N/A
PAYMENT RATE INFORMATION
- ------------------------
Monthly Payment Rate 44.66%
Previous Collection Period Monthly Payment Rate 57.42%
Monthly Payment Rate 3 months ago 50.86%
3-month Average Payment Rate 50.98%
12-month Minimum Payment Rate 44.66%
Early Amortization Event? NO
ACCUMULATION PERIOD/EARLY AMORTIZATION PERIOD
- ---------------------------------------------
Extend Revolving Period? YES
Last Day of Revolving Period N/A
Invested Amount as of Last Day of Revolving
Period N/A
Accumulation Period Length (months) N/A
First Accumulation Date TO BE DETERMINED
Expected Final Payment Date N/A
Required Participation Percentage 4.00%
Principal Funding Account Balance $0.00
Principal Payment Amount $0.00
Controlled Deposit Amount $0.00
TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
- -----------------------------------------
CERTIFICATEHOLDERS
- ------------------
i. Monthly Interest Distribution $1,729,687.50
ii. Monthly Servicing Fee Distribution $306,137.30
iii. Reserve Fund Deposit Amount Distribution $0.00
iv. Investor Default Amount Distribution $0.00
v. Outstanding Carryover Amount Distribution $0.00
vi. Yield Supplement Account Deposit Amount
Distribution $0.00
---------------
Excess Servicing $492,787.12
Excess Servicing (Previous Period) $922,095.11
DEFICIENCY AMOUNT
- -----------------
Deficiency Amount $0.0
Draw Amount $0.0
</TABLE>
<PAGE>
VW CREDIT, INC.--SERVICER Page 2
13-Dec-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
<TABLE>
<CAPTION>
COLLECTIONS ACCRUAL DISTRIBUTION
---------- ------- ------------
<S> <C> <C> <C> <C>
From: 15-Nov-96
To: 14-Dec-96
Days: 29
LIBOR RATE 5.3750000%
(1 month)
SERIES # 1 Active
VCI RATING: N/A
</TABLE>
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 $367,364,761.44 $61,777,847.68 $7,635,238.56 N/A $14,694,590.46
1 Series 1996-1 100.00% $367,364,761.44 $61,777,847.68 $7,635,238.56 4.00% $14,694,590.46 $375,000,000.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER Page
3
13-Dec-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
<TABLE>
<CAPTION>
INITIAL AMOUNTS
- ---------------
<S> <C>
Initial Invested Amount $348,179,953.87
Invested Amount $367,364,761.44
Controlled Accumulation Amount $0.00
Required Subordinated Amount $61,777,847.68
Annualized Servicing Fee Rate 1.00%
First Controlled Accumulation Date TO BE DETERMINED
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>
EXCESS SPREAD CALCULATION
-------------------------
<S> <C>
Weighted Average Rate Charged to Dealers 8.62%
LIBOR 5.38%
Certificate Rate (LIBOR+16 b.p.) 5.54%
Servicing Fee Rate 1.00%
Investor Net Losses 0.00%
Excess Spread 2.09%
</TABLE>
SERIES 1996-1 MONTHLY REPORT
- ----------------------------
<TABLE>
<CAPTION>
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 $348,179,953.87 $375,000,000.00 $61,777,847.68 $7,635,238.56
Floating Allocation Percentage 92.22% 92.22%
Fixed Allocation Percentage N/A
Principal Collections $189,917,474.77 $189,917,474.77 N.A. N.A.
New Principal Receivables $227,128,813.13 $227,128,813.13 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" 105.51002646%
Ending Balance $385,391,292.23 $412,211,338.36 $69,319,466.49 ($37,211,338.36)
Floating Allocation Percentage 86.83% 92.87%
Non-Principal Receivables
- -------------------------
Interest Collections $2,528,611.92
Recoveries on Receivables Written Off $0.00
Investment Income $136,032.89
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 4
13-DEC-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) $57,124,423.47 $57,617,132.30
Required Subordination Draw Amount $0.00 N/A
Reserve Fund Funds to Inv. Default Amount $0.00 N/A
Excess Servicing (Previous Period) $922,095.11 $764,395.17
-------------- --------------
(a) Available Subordinated Amount? $58,046,518.58 $58,381,527.47
(b) Available Subordinated Amount? $52,480,680.21 $48,008,439.25
Available Subordinated Amount $68,263,074.66 $57,124,423.47
Incremental Subordinated Amount $9,297,167.47 $9,115,984.22
Overconcentration Amount $9,828,447.25 $9,651,414.92
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 $2,741,864.00 $2,972,157.74
Certificateholder Interest Collections $2,528,611.92 $2,992,010.07
Subordinate Interest Collections $ 416,565.87 $ 455,778.27
Investment Income $ 136,032.89 $ 200,013.01
Reserve Fund Balance $1,875,000.00 $1,875,000.00
-------------- -------------
Total Interest Available $4,956,210.68 $5,522,801.35
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 $354,359.61 $322,029.84
Investor Monthly Servicing Fee $306,137.30 $252,319.47
</TABLE>
|
|