<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: July 15, 1996
Volkswagen Credit Auto Receivables Corporation
----------------------------------------------
(Exact Name of Registrant as Specified in Charter)
EXHIBITS
Delaware 33-80055 38-2748796
-------- -------- ----------
(State of incorporation) (Commission File (IRS Employer
Number) Identification No.)
3800 Hamlin Road, Auburn Hills, Michigan 48326
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(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)
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Item 5. Other Events
The Monthly Servicing Report relating to the Volkswagen Credit
Auto Master Trust, Series 1996-1 for the Collection Period ended June 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
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<CAPTION>
Designation Description Method of Filing
----------- ----------- ----------------
<S> <C> <C>
Exhibit 20 Report for the month ended Filed with this report.
June 30, 1996 provided to
Chemical Bank, as trustee
under the Volkswagen
Credit Auto Master Trust,
Series 1996-1
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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
--------------------------------
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EXHIBIT 20
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<CAPTION>
VW CREDIT, INC. -- SERVICER
15-JUL-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
DAILY CALCULATION SHEET
-----------------------
<S> <C>
TODAY
Principal Collections $ 9,126,778.97
Interest Collections $ 317,681.43
CURRENT VALUES
Pool Balance $481,299,118.16
Subordinated Percentage 14.286%
Overconcentration Amount $ 18,019,977.17
Ineligible Receivables $ 0.00
Defaulted Receivables in Ineligible $ 0.00
Accounts and in Accounts containing
Overconcentrations
Invested Amount $375,000,000.00
Excess Funded Amount $ 0.00
Required Participation Percentage $ 15,000,000.00
Available Subordinated Amount $ 69,617,265.91
To Sweep or Not To Sweep [Cash] NO DAILY SWEEP
Amount to Sweep $0.00
ALLOCATION OF COLLECTIONS
- -------------------------
Available Seller's Collections $ 2,271,720.34
Available Seller's Interest Collections $ 79,073.17
Available Seller's Principal Collections $ 2,271,720.34
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<TABLE>
<CAPTION>
VW CREDIT, INC. -- SERVICER PAGE 1
15-JUL-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> <C> <C>
Current Collection Period 6/15/96 7/14/96 30 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 Used Vehicle Receivables' Balance $26,394,932.23
Outstanding Principal Used Vehicle Percentage 5.496%
Balance $375,000,000.00 Used Vehicle Percentage During Last Collection
Period 5.380%
Amount Invested in Early Amortization Event? NO
Receivables on Series
Issuance Date $375,000,000.00
Initial Invested Amount $375,000,000.00 Largest Dealer or Dealer Affiliation Balance $20,067,222.96
Invested Amount at the Largest Dealer Percentage 4.019%
Beginning of Period $375,000,000.00
Invested Amount $375,000,000.00
Required Subordinated Aggregate Principal Amount of Receivables of
Amount $69,125,469.38 Dealers over 2% $18,119,977.17
Excess Funded Amount $0.00 Aggregate % Principal Amount of Receivables of
Dealers over 2% 3.629%
Available Subordinated SUMMARY OF COLLECTIONS
Amount (previous period) N/A ----------------------
Inremental Subordinated
Amount (previous period) N/A
Aggregate Amount of Collections $218,474,530.89
RESERVE FUND AND YIELD Aggregate Amount of Interest Collections $3,604,578.34
SUPPLEMENT ACCOUNT
------------------
Investment Proceeds $16,679.16
Yield Supplement Account Aggregate Amount of Principal Collections $214,869,952.55
Initial Deposit $1,875,000.00
Yield Supplement Account Asset Receivables Rate 7.866%
Beginning Balance $1,875,000.00
Yield Supplement Account Use Asset Receivables Rate? NO
Required Amount $1,875,000.00
Carryover Amount (this Distribution Date) N/A
Reserve Fund Initial Total Carryover Amount N/A
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 43.87%
Amount - Beginning Balance $0.00
Yield Supplement Account Previous Collection Period Monthly Payment Rate 46.06%
Draw Amount $0.00
Outstanding Carryover Monthly Payment Rate 3 months ago 39.35%
Amount - Ending Balance $0.00
Yield Supplement Account 3-month Average Payment Rate 43.09%
Balance - Ending Balance $1,875,000.00
Yield Supplement Account 12-month Minimum Payment Rate 39.35%
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) 5.4960900%
Certificate Coupon Invested Amount as of Last Day of Revolving Period N/A
(annualized) 5.6560900%
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 1.9739100% 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 $499,272,478.52
Pool Balance at the Ending
of Period $480,299,118.16
Average Aggregate TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
Principal Balance $489,785,798.34 -----------------------------------------
Aggregate Principal CERTIFICATEHOLDERS
Collections $214,869,952.55 ------------------
New Principal Receivables $195,896,592.19 i. Monthly Interest Distribution $1,767,528.13
Receivables Added for ii. Monthly Servicing Fee Distribution $312,500.00
Additional Accounts $0.00
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, v. Outstanding Carryover Amount Distribution $0.00
but not Paid $0.00
Ineligible Receivables $0.00 vi. Yield Supplement Account Deposit Amount
Distribution $0.00
-----
Ineligible Receivables in Excess Servicing $627,344.97
Prior Collection Period $0.00
Defaulted Receivables in
Ineligible and Overconc.
Accounts $0.00
Excess Servicing (Previous Period) $510,176.17
MISCELLANEOUS DATA
- ------------------
DEFICIENCY AMOUNT
-----------------
Recoveries on Receivables
Written Off $0.00
Spread Over Prime for Deficiency Amount $0.0
Portfolio 0.38%
Weighted Average Interest Draw Amount $0.0
Rate 8.63%
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<CAPTION>
VW CREDIT, INC. -- SERVICER PAGE 2
15-JUL-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
COLLECTIONS ACCRUAL DISTRIBUTION
--------------- --------------- ----------------
<S> <C> <C> <C>
From: 15-Jun-96
To: 14-Jul-96
Days: 29
LIBOR RATE 5.4960900%
(1 month)
SERIES # 1 Active
VCI RATING: N/A
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<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 $375,000,000.00 $69,125,469.38 $0.00 N/A $15,000,000.00
1 Series
1996-1 100.00% $375,000,000.00 $69,125,469.38 $0.00 4.00% $15,000,000.00 $375,000,000.00
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<TABLE>
<CAPTION>
VW CREDIT, INC. -- SERVICER PAGE 3
15-JUL-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
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 $ 69,125,469.38 Servicing Fee Rate 1.00%
Annualized Servicing Fee Rate 1.00% Investor Net Losses 0.00%
-----
First Controlled Accumulation Excess Spread 1.97%
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%
<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 $375,000,000.00 $375,000,000.00 $69,125,469.38 $0.00
Floating Allocation
Percentage 75.11% 75.11%
Fixed Allocation Percentage N/A
Principal Collections $214,869,952.55 $214,869,952.55 N.A. N.A.
New Principal Receivables $195,896,592.19 $195,896,592.19 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 $69,739,904.03 $0.00
Floating Allocation
Percentage 78.08% 78.08%
<CAPTION>
NON-PRINCIPAL RECEIVABLES
- -------------------------------
<S> <C>
Interest Collections $2,707,373.10
Recoveries on Receivables
Written Off $0.00
Investment Income $16,679.16
</TABLE>
