<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: April 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
---------------------------------------------
(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 Change 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 March 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.
March 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 L. Strang
------------------------------
<PAGE>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
- - -------------------------------------------------------------------------------
Distribution Date Statement: April 15, 1996
<TABLE>
<CAPTION>
<S><C> <C>
a. Aggregate Amount of Collections $174,256,517.12
Aggregate Amount of Interest Collections $3,211,819.91
Aggregate Amount of Principal Collections $171,044,697.21
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 77.83%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $1,044,405.00
d. Amount of Such Distribution Allocable to Principal on 1996-1 $0.00
e. Amount of Such Distribution Allocable to Interest on 1996-1 $1,044,405.00
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 $65,724,832.39
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>
<TABLE>
<CAPTION>
16-MAY-96 PAGE 1
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 3/28/96 4/14/96 18 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 $ 26,516,811.06
Outstanding Principal Used Vehicle Percentage 5.410%
Balance $375,000,000.00 Used Vehicle Percentage During Last Collection
Initial Principal Balance Period N/A
of Receivables for Early Amortization Event? NO
Determination Date $481,835,344.14 Largest Dealer or Dealer Affiliation Balance $ 19,128,236.40
Amount Invested in Largest Dealer Percentage 3.970%
Receivables on Series
Issuance Date $375,000,000.00 Aggregate Principal Amount of Receivables of
Initial Invested Amount $375,000,000.00 Dealers over 2% $ 13,663,858.86
Invested Amount at the Aggregate % Principal Amount of Receivables of
Beginning of Period $375,000,000.00 Dealers over 2% 2.836%
Invested Amount $375,000,000.00
Required Subordinated
Amount $ 65,724,832.39
Excess Funded Amount $ 0.00
Available Subordinated SUMMARY OF COLLECTIONS
Amount (previous period) N/A ----------------------
Intermental Subordinated
Amount (previous period) N/A Aggregate Amount of Collections $174,256,517.12
Aggregate Amount of Interest Collections $ 3,211,819.91
RESERVE FUND AND YIELD Investment Proceeds $ 7,883.00
SUPPLEMENT ACCOUNT Aggregate Amount of Principal Collections $171,044,697.21
- - ------------------- Asset Receivable Rate 11.607%
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
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 PAYMENT RATE INFORMATION
Balance $ 1,875,000.00 ------------------------
Outstanding Carryover Monthly Payment Rate 35.19%
Amount - Beginning Balance $ 0.00 Previous Collection Period Monthly Payment Rate N/A
Yield Supplement Account Monthly Payment Rate 3 months ago N/A
Draw Amount $ 0.00 3-month Average Payment Rate 35.19%
Outstanding Carryover 12-month Minimum Payment Rate 35.19%
Amount - Ending Balance $ 0.00 Early Amortization Event? NO
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 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) 5.4101600% Invested Amount as of Last Day of Revolving Period N/A
Certificate Coupon Accumulation Period Length (months) N/A
(annualized) 5.5701600% First Accumulation Date TO BE DETERMINED
Prime Rate (annualized) 8.2500000% Expected Final Payment Date N/A
Servicing Fee Rate Required Participation Percentage 4.00%
(annualized) 1.000% Principal Funding Account Balance $ 0.00
Excess Spread 2.0598400% Principal Payment Amount $ 0.00
Controlled Deposit Amount $ 0.00
TRUST PRINCIPAL RECEIVABLES
- - --------------------------- TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
-----------------------------------------
Pool Balance at the
Beginning of Period $481,835,344.14 CERTIFICATEHOLDERS
Pool Balance at the Ending ------------------
of Period $490,148,657.04 i. Monthly Interest Distribution $ 1,044,405.00
Average Aggregate ii. Monthly Servicing Fee Distribution $ 312,500.00
Principal Balance $485,992,000.59 iii. Reserve Fund Deposit Amount Distribution $ 0.00
iv. Investor Default Amount Distribution $ 0.00
Aggregate Principal v. Outstanding Carryover Amount Distribution $ 0.00
Collections $171,044,697.21 vi. Yield Supplement Account Deposit Amount
New Principal Receivables $202,358,569.75 Distribution $ 0.00
Receivables Added for ---------------
Additional Accounts $ 0.00 Excess Servicing $ 1,142,771.46
Investor Default Amount $ 0.00
Net Losses $ 0.00 Excess Servicing (Previous Period) N/A
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
- - ------------------
DEFICIENCY AMOUNT
Recoveries on Receivables -----------------
Written Off $ 0.00
Spread Over Prime for Deficiency Amount $ 0.0
Portfolio 0.38% Draw Amount $ 0.0
Weighted Average Interest
Rate 8.63%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PAGE 2
VW CREDIT, INC. -- SERVICER
16-MAY-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
COLLECTIONS ACCRUAL DISTRIBUTION
----------- ------------- ------------------
From: 28-Mar-96
To: 14-Apr-96
Days: 17
LIBOR RATE 5.4101600%
(1 month)
SERIES # 1 Active
VCI RATING: N/A
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 $65,724,832.39 $0.00 N/A $15,000,000.00
Series 1996-1 100.00% $375,000,000.00 $65,724,832.39 $0.00 4.00% $15,000,000.00 $375,000,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PAGE 3
VW CREDIT, INC. -- SERVICER
15-MAY-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 5.41%
Controlled Accumulation Amount $ 0.00 Certificate Rate (LIBOR+16 b.p.) 5.57%
Required Subordinated Amount $ 65,724,832.39 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 2.06%
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
- - --------------------- ------------- -------- -------- -------
<S> <C> <C> <C> <C>
Series Allocation Percentage 100.00%
Beginning Balance $375,000,000.00 $375,000,000.00 $65,724,832.39 $0.00
Floating Allocation Percentage 77.83% 77.83%
Fixed Allocation Percentage N/A
Principal Collections $171,044,697.21 $171,044,697.21 N.A. N.A.
New Principal Receivables $202,358,569.75 $202,358,569.75 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 $65,518,700.95 $0.00
Floating Allocation Percentage 76.51% 76.51%
NON-PRINCIPAL RECEIVABLES
- - -------------------------
Interest Collections $ 2,499,676.46
Recoveries on Receivables Written Off $0.00
Investment Income $7,833.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VW CREDIT, INC. -- SERVICER Page 4
15-MAY-88
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
SUBORDINATED AMOUNT & RESERVE FUND CURRENT PREVIOUS
- - ---------------------------------------- -------------- --------
<S> <C> <C>
Available Subordination Amount N/A N/A
(Previous)
Required Subordination Draw Amount $ 0.00 N/A
Reserve Fund Funds to Inv. Default $ 0.00 N/A
Amount
Excess Servicing (Previous Period) N/A N/A
---
(a) Available Subordinated Amount? N/A N/A
(b) Available Subordinated Amount? N/A N/A
Available Subordinated Amount $65,724,832.39 N/A
Incremental Subordinated Amount $11,947,272.38 N/A
Overconcentration Amount $13,663,858.85 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 $ 3,211,819.91 N/A
Certificateholder Interest Collections $ 2,499,676.46 N/A
Subordinate Interest Collections $ 438,108.84 N/A
Investment Income $ 7,833.00 N/A
Reserve Fund Balance $ 1,875,000.00 N/A
--------------
Total Interest Available $ 4,820,618.30 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 $ 404,993.33 N/A
Investor Monthly Servicing Fee $ 312,500.00 N/A
</TABLE>
<PAGE>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
- - ------------------------------------------------------------------------------
Distribution Date Statement: May 15, 1996
<TABLE>
<CAPTION>
<S> <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>
<TABLE>
<CAPTION>
VW CREDIT, INC. SERVICER PAGE 1
17-MAY-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 4/15/96 5/14/96 30 Net losses as a % of Avg. Receivables Balance
(annualized) 0.00%
Series Allocation PORTFOLIO AND DEALERSHIP STATISTICS
Percentage 100.00% -----------------------------------
Initial Principal Balance $375,000,000.00 Used Vehicle Receivables' Balance $ 27,072,676.92
Outstanding Principal Used Vehicle Percentage 5.210%
Balance $375,000,000.00 Used Vehicle Percentage During Last Collection
Initial Principal Balance Period 5.410%
of Receivables for Early Amortization Event? NO
Determination Date $490,148,657.04 Largest Dealer or Dealer Affiliation Balance $19,080,515.08
Amount Invested in Largest Dealer Percentage 3.893%
Receivables on Series
Issuance Date $375,000,000.00 Aggregate Principal Amount of Receivables of
Initial Invested Amount $375,000,000.00 Dealers over 2% $13,129,401.34
Invested Amount at the Aggregate % Principal Amount of Receivables of
Beginning of Period $375,000,000.00 Dealers over 2% 2.679%
Invested Amount $375,000,000.00
Required Subordinated SUMMARY OF COLLECTIONS
Amount $65,051,387.17 ----------------------
Excess Funded Amount $0.00
Aggregate Amount of Collections $202,161,495.90
Available Subordinated Aggregate Amount of Interest Collections $3,493,601.49
Amount (previous period) N/A Investment Proceeds $16,204.24
Incremental Subordinated Amount Aggregate Amount of Principal Collections $198,667,894.41
(previous period) N/A Asset Receivables Rate 7.383%
Use Asset Receivables Rate? NO
RESERVE FUND AND YIELD SUPPLEMENT ACCOUNT Carryover Amount (this Distribution Date) N/A
- - ----------------------------------------- Total Carryover Amount N/A
Yield Supplement Account PAYMENT RATE INFORMATION
Initial Deposit $1,875,000.00 ------------------------
Yield Supplement Account
Beginning Balance $1,875,000.00 Monthly Payment Rate 39.35%
Yield Supplement Account Previous Collection Period Monthly Payment Rate 35.19%
Required Amount $1,875,000.00 Monthly Payment Rate 3 months ago N/A
3-month Average Payment Rate 37.27%
Reserve Fund Initial 12-month Minimum Payment Rate 35.19%
Deposit $1,875,000.00 Early Amortization Event? NO
Reserve Fund Required
Amount $1,875,000.00 ACCUMULATION PERIOD/EARLY AMORTIZATION PERIOD
Reserve Fund Beginning ---------------------------------------------
Balance $1,875,000.00
Extend Revolving Period? YES
Outstanding Carryover Last Day of Revolving Period N/A
Amount - Beginning Balance $0.00 Invested Amount as of Last Day of Revolving Period N/A
Yield Supplement Account Accumulation Period Length (months) N/A
Draw Amount $0.00 First Accumulation Date TO BE DETERMINED
Outstanding Carryover Expected Final Payment Date N/A
Amount - Ending Balance $0.00 Required Participation Percentage 4.00%
Yield Supplement Account Principal Funding Account Balance $0.00
Balance - Ending Balance $1,875,000.00 Principal Payment Amount $0.00
Yield Supplement Account Controlled Deposit Amount $0.00
Required Deposit Amount $0.00
TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
Reserve Fund Draw Amount $0.00 -----------------------------------------
Reserve Fund Ending Balance $1,875,000.00
Reserve Fund Required CERTIFICATEHOLDERS
Deposit Amount $0.00 ------------------
i. Monthly Interest Distribution $1,768,750.00
1-month LIBOR Rate ii. Monthly Servicing Fee Distribution $312,500.00
(annualized) 5.5000000% iii. Reserve Fund Deposit Amount Distribution $0.00
Certificate Coupon iv. Investor Default Amount Distribution $0.00
(annualized) 5.6600000% v. Outstanding Carryover Amount Distribution $0.00
Prime Rate (annualized) 8.2500000% vi. Yield Supplement Account Deposit Amount
Servicing Fee Rate Distribution $0.00
(annualized) 1.000% Excess Servicing $591,613.71
Excess Spread 1.9700000%
Excess Servicing (Previous Period) $1,142,771.46
TRUST PRINCIPAL RECEIVABLES DEFICIENCY AMOUNT
- - --------------------------- -----------------
Pool Balance at the Deficiency Amount $0.0
Beginning of Period $490,148,657.04 Draw Amount $0.0
Pool Balance at the Ending
of Period $519,675,115.59
Average Aggregate
Principal Balance $504,911,886.32
Aggregate Principal
Collections $198,667,894.41
New Principal Receivables $228,783,900.26
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>
VW CREDIT, INC.--SERVICER PAGE 2
17-MAY-96
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
<TABLE>
<CAPTION>
COLLECTIONS ACCRUAL DISTRIBUTION
------------- ----------------- -----------------
<S> <C> <C> <C>
From: 15-Apr-96
To: 14-May-96
Days: 29
LIBOR RATE 5.5000000%
(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 $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>
<TABLE>
<CAPTION>
PAGE 3
VW CREDIT, INC. -- SERVICER
17-MAY-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
Invested Amount $375,000,000.00 Dealers 8.63%
Controlled Accumulation Amount $0.00 LIBOR 5.50%
Required Subordinated Amount $65,051,387.17 Certificate Rate (LIBOR+16 b.p.) 5.66%
Annualized Servicing Fee Rate 1.00% Servicing Fee Rate 1.00%
First Controlled Accumulation Date TO BE DETERMINED Investor Net Losses 0.00%
Accumulation Period Length (months) N/A ----
Expected Final Payment Date N/A Excess Spread 1.97%
Initial Settlement Date 28-Mar-96
Required Participation Percentage 4.00%
Subordinated Percentage 14.29%
</TABLE>
<TABLE>
<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 $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>
PAGE 4
VW CREDIT, INC. -- SERVICER
17-MAY-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) $ 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
</TABLE>
