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Previous: VOLKSWAGEN CREDIT AUTO RECEIVABLES CORP, 8-A12G, 1996-09-13 |
Next: JUNGLE STREET INC, 8-K, 1996-09-13 |
<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: August 12, 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 July 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.
July 31, 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 J. Strang
--------------------------
<PAGE>
Page 1
EXHIBIT 20
VW CREDIT, INC. -- SERVICER
12-AUG-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
MONTHLY SERVICER REPORT INPUT AND SUMMARY PAGE
----------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY From To Days PORTFOLIO CHARGE OFF RATE AT COLLECTION PERIOD END
- ------------------- ---- -- ---- --------------------------------------------------
<S> <C> <C> <C> <C> <C>
Current Collection Period 7/15/96 8/14/96 31 Net losses as a % of Avg. Receivables Balance
(annualized) 0.00%
Series Allocation
Percentage 100.00% PORTFOLIO AND DEALERSHIP STATISTICS
-----------------------------------
Initial Principal Balance $375,000,000.00
Outstanding Principal Used Vehicle Receivables' Balance $ 30,725,758.98
Balance $375,000,000.00 Used Vehicle Percentage 7.009%
Used Vehicle Percentage During Last Collection 5.496%
Amount Invested in Period
Receivables on Series Early Amortization Event? NO
Issuance Date $375,000,000.00 Largest Dealer or Dealer Affiliation Balance $ 20,386,819.46
Initial Invested Amount $375,000,000.00 Largest Dealer Percentage 4.245%
Invested Amount at the
Beginning of Period $375,000,000.00 Aggregate Principal Amount of Receivables of $ 17,865,551.49
Invested Amount $375,000,000.00 Dealers over 2%
Required Subordinated Aggregate % Principal Amount of Receivables of
Amount $ 69,512,879.71 Dealers over 2% 3.720%
Excess Funded Amount $ 0.00
SUMMARY OF COLLECTIONS
Available Subordinated ----------------------
Amount (previous period) N/A
Inremental Subordinated Aggregate Amount of Collections $238,591,667.16
Amount (previous period) N/A Aggregate Amount of Interest Collections $ 4,168,554.09
Investment Proceeds $ 16,679.16
RESERVE FUND AND YIELD SUPPLEMENT ACCOUNT Aggregate Amount of Principal Collections $234,423,113.07
- ----------------------------------------- Asset Receivables Rate 9.581%
Use Asset Receivables Rate? NO
Yield Supplement Account Carryover Amount (this Distribution Date) N/A
Initial Deposit $ 1,875,000.00 Total Carryover Amount N/A
Yield Supplement Account
Beginning Balance $ 1,875,000.00 PAYMENT RATE INFORMATION
Yield Supplement Account ------------------------
Required Amount $ 1,875,000.00
Monthly Payment Rate 51.04%
Reserve Fund Initial Previous Collection Period Monthly Payment Rate 43.87%
Deposit $ 1,875,000.00 Monthly Payment Rate 3 months ago 46.06%
Reserve Fund Required 3-month Average Payment Rate 46.99%
Amount $ 1,875,000.00 12-month Minimum Payment Rate 43.87%
Reserve Fund Beginning Early Amortization Event? NO
Balance $ 1,875,000.00
ACCUMULATION PERIOD/EARLY AMORTIZATION PERIOD
Outstanding Carryover ---------------------------------------------
Amount - Beginning Balance $ 0.00
Yield Supplement Account Extend Revolving Period? YES
Draw Amount $ 0.00 Last Day of Revolving Period N/A
Outstanding Carryover Invested Amount as of Last Day of Revolving Period N/A
Amount - Ending Balance $ 0.00 Accumulation Period Length (months) N/A
Yield Supplement Account First Accumulation Date TO BE DETERMINED
Balance - Ending Balance $ 1,875,000.00 Expected Final Payment Date N/A
Yield Supplement Account Required Participation Percentage 4.00%
Required Deposit Amount $ 0.00 Principal Funding Account Balance $ 0.00
Principal Payment Amount $ 0.00
Reserve Fund Draw Amount $ 0.00 Controlled Deposit Amount $ 0.00
Reserve Fund Ending Balance $ 1,875,000.00
Reserve Fund Required TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
Deposit Amount $ 0.00 -----------------------------------------
1-month LIBOR Rate CERTIFICATEHOLDERS
(annualized) 5.4960900% ------------------
Certificate Coupon i. Monthly Interest Distribution $ 1,826,445.73
(annualized) 5.6560900% ii. Monthly Servicing Fee Distribution $ 312,500.00
Prime Rate (annualized) 8.2500000% iii. Reserve Fund Deposit Amount Distribution $ 0.00
Servicing Fee Rate iv. Investor Default Amount Distribution $ 0.00
(annualized) 1.000% v. Outstanding Carryover Amount Distribution $ 0.00
Excess Spread 1.9739100% vi. Yield Supplement Account Deposit Amount
Distribution $ 0.00
--------------
TRUST PRINCIPAL RECEIVABLES Excess Servicing $ 1,115,708.97
- ---------------------------
Excess Servicing (Previous Period) $ 627,344.97
Pool Balance at the
Beginning of Period $480,299,118.16 DEFICIENCY AMOUNT
Pool Balance at the Ending -----------------
of Period $438,367,953.41
Average Aggregate Deficiency Amount $ 0.0
Principal Balance $459,333,535.79 Draw Amount $ 0.0
Aggregate Principal
Collections $234,423,113.07
New Principal Receivables $191,524,036.32
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 0.38%
Weighted Average Interest
Rate 8.63%
</TABLE>
<PAGE>
Page 2
VW CREDIT, INC. -- SERVICER
12-AUG-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
<TABLE>
<CAPTION>
COLLECTIONS ACCRUAL DISTRIBUTION
--------------- ----------- ----------------
<S> <C> <C> <C>
From: 15-Jul-96
To: 14-Aug-96
Days: 30
LIBOR RATE 5.4960900%
(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
1 Series $375,000,000.00 $69,512,879.71 $0.00 N/A $15,000,000.00
1996-1 100.00% $375,000,000.00 $69,512,879.71 $0.00 4.00% $15,000,000.00 $375,000,000.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER
12-AUG-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
<TABLE>
<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 $375,000,000.00 LIBOR 5.50%
Controlled Accumulation Amount $ 0.00 Certificate Rate (LIBOR+16 b.p.) 5.66%
Required Subordinated Amount $ 69,512,879.71 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
<CAPTION> SERIES 1996-1 INVESTED SUBORDINATED FUNDING
PRINCIPAL RECEIVABLES TOTAL AMOUNT AMOUNT AMOUNT
- ------------------------------- ---------------- --------------- -------------- -------
<S> <C> <C> <C> <C>
Series Allocation Percentage 100.00%
Beginning Balance $375,000,000.00 $375,000,000.00 $69,512,879.71 $0.00
Floating Allocation Percentage 78.08% 78.08%
Fixed Allocation Percentage N/A
Principal Collections $234,423,113.07 $234,423,113.07 N.A. N.A.
New Principal Receivables $191,524,036.32 $191,524,036.32 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 $71,037,725.70 $0.00
Floating Allocation Percentage 85.54% 85.54%
<CAPTION>
NON-PRINCIPAL RECEIVABLES
- -------------------------
<S> <C>
Interest Collections $ 3,254,654.70
Recoveries on Receivables
Written Off $ 0.00
Investment Income $ 16,679.16
</TABLE>
<PAGE>
Page 4
VW CREDIT, INC. -- SERVICER
12-AUG-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) 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) $ 627,344.97 N/A
--------------
(a) Available Subordinated Amount? N/A N/A
(b) Available Subordinated Amount? N/A N/A
Available Subordinated Amount $69,512,879.71 N/A
Incremental Subordinated Amount $17,466,297.13 N/A
Overconcentration Amount $17,865,551.49 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 $ 4,168,554.09 N/A
Certificateholder Interest Collections $ 3,254,654.70 N/A
Subordinate Interest Collections $ 603,307.79 N/A
Investment Income $ 16,679.16 N/A
Reserve Fund Balance $ 1,875,000.00 N/A
--------------
Total Interest Available $ 5,749,641.65 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 $ 382,777.95 N/A
Investor Monthly Servicing Fee $ 312,500.00 N/A
</TABLE>
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