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Previous: DAOU SYSTEMS INC, SB-2/A, 1997-01-21 |
Next: SENECA FUNDS, 497, 1997-01-21 |
<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: January 15, 1997
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 January 15, 1997, 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.
January 15, 1997 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: January 15, 1997
a. Aggregate Amount of Collections $193,424,600.98
Aggregate Amount of Interest Collections $2,981,424.16
Aggregate Amount of Principal Collections $190,312,821.83
Investment Proceeds $130,354.99
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 84.49%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $1,861,766.35
d. Amount of Such Distribution Allocable $0.00
to Principal on 1996-1
e. Amount of Such Distribution Allocable $1,861,766.35
to Interest on 1996-1
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 $64,007,324.91
n. Reserve Fund Balance $1,875,000.00
o. Principal Funding Account Balance $0.00
Yield Supplement Account Balance $1,875,000.00
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 1
15-JAN-97
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 Interest Period 12/15/96 1/14/97 31 Net losses as a % of Avg. Receivables Balance 0.00%
Series Allocation Percentage 100.00% (annualized)
Initial Principal Balance $375,000,000.00
Outstanding Principal $375,000,000.00 PORTFOLIO AND DEALERSHIP STATISTICS
Balance -----------------------------------
Principal Balance of $504,126,759.42 Used Vehicle Receivables' Balance $ 34,428,430.37
Receivables for Used Vehicle Percentage 6.783%
Determination Date Used Vehicle Percentage During Last Collection 6.970%
Amount Invested in $375,000,000.00 Period
Receivables on Series Early Amortization Event? NO
Issuance Date Largest Dealer or Dealer Affiliation Balance $ 19,286,565.95
Initial Invested Amount $375,000,000.00 Largest Dealer Percentage 4.345%
Invested Amount at the $375,000,000.00
Beginning of Period Aggregate Principal Amount of Receivables of $ 12,359,439.10
Invested Amount $375,000,000.00 Dealers over 2%
Required Subordinated $ 64,007,324.91 Aggregate % Principal Amount of Receivables of 2.435%
Amount Dealers over 2%
Excess Funded Amount $ 0.00
Available Subordinated $ 68,263,074.66 SUMMARY OF COLLECTIONS
Amount (previous period) ----------------------
Incremental Subordinated $ 9,297,167.47
Amount (previous period) Aggregate Amount of Collections $193,424,600.98
Aggregate Amount of Interest Collections $ 2,981,424.16
RESERVE FUND AND YIELD SUPPLEMENT ACCOUNT Investment Proceeds $ 130,354.99
- ----------------------------------------- Aggregate Amount of Principal Collections $190,312,821.83
Asset Receivables Rate 6.752%
Yield Supplement Account $ 1,875,000.00 Use Asset Receivables Rate? NO
Initial Deposit Carryover Amount (this Distribution Date) N/A
Yield Supplement Account $ 1,875,000.00 Total Carryover Amount N/A
Beginning Balance
Yield Supplement Account $ 1,875,000.00 PAYMENT RATE INFORMATION
Required Amount ------------------------
Reserve Fund Initial $ 1,875,000.00
Deposit Monthly Payment Rate 40.01%
Reserve Fund Required $ 1,875,000.00 Previous Collection Period Monthly Payment Rate 44.66%
Amount Monthly Payment Rate 3 months ago 57.42%
Reserve Fund Beginning $ 1,875,000.00 3-month Average Payment Rate 47.36%
Balance 12-month Minimum Payment Rate 40.01%
Outstanding Carryover $ 0.00 Early Amortization Event? NO
Amount - Beginning Balance
Yield Supplement Account $ 0.00 ACCUMULATION PERIOD/EARLY AMORTIZATION PERIOD
Draw Amount ---------------------------------------------
Outstanding Carryover $ 0.00
Amount - Ending Balance Extend Revolving Period? YES
Yield Supplement Account $ 1,875,000.00 Last Day of Revolving Period N/A
Balance - Ending Balance Invested Amount as of Last Day of Revolving Period N/A
Yield Supplement Account $ 0.00 Accumulation Period Length (months) N/A
Required Deposit Amount First Accumulation Date TO BE DETERMINED
Reserve Fund Draw Amount $ 0.00 Expected Final Payment Date N/A
Reserve Fund Ending Balance $ 1,875,000.00 Required Participation Percentage 4.00%
Reserve Fund Required $ 0.00 Principal Funding Account Balance $ 0.00
Deposit Amount Principal Payment Amount $ 0.00
1-month LIBOR Rate 5.6054700% Controlled Deposit Amount $ 0.00
(annualized)
Certificate Coupon 5.7654700% TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
(annualized) -----------------------------------------
Prime Rate (annualized) 8.2500000% CERTIFICATEHOLDERS
Servicing Fee Rate 1.000% ------------------
(annualized) i. Monthly Interest Distribution $ 1,861,766.35
Excess Spread 1.8545300% ii. Monthly Servicing Fee Distribution $ 312,500.00
iii. Reserve Fund Deposit Amount Distribution $ 0.00
TRUST PRINCIPAL RECEIVABLES iv. Investor Default Amount Distribution $ 0.00
- --------------------------- v. Outstanding Carryover Amount Distribution $ 0.00
vi. Yield Supplement Account Deposit Amount $ 0.00
Pool Balance at the $443,837,199.58 Distribution ---------------
Beginning of Period Excess Servicing $ 344,752.02
Pool Balance at the Ending $507,565,646.31 Excess Servicing (Previous Period) $ 492,787.12
of Period
Average Aggregate $475,701,422.95 DEFICIENCY AMOUNT
Principal Balance -----------------
Aggregate Principal $190,312,821.83
Collections Deficiency Amount $ 0.0
New Principal Receivables $254,041,268.56 Draw Amount $ 0.0
Receivables Added for $ 0.00
Additional Accounts
Investor Default Amount $ 0.00
Net Losses $ 0.00
Monthly Interest Accrued, $ 0.00
but not Paid
Ineligible Receivables $ 0.00
Ineligible Receivables in $ 0.00
Prior Collection Period
Defaulted Receivables in $ 0.00
Ineligible and Overconc.
Accounts
MISCELLANEOUS DATA
- ------------------
Recoveries on Receivables $ 0.00
Written Off
Spread Over Prime for 0.37%
Portfolio
Weighted Average Interest 8.62%
Rate
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 2
15-JAN-97
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
COLLECTIONS ACCRUAL DISTRIBUTION
----------- ------- ------------
From: 15-Dec-96
To: 14-Jan-97
Days: 30
LIBOR RATE 5.6054700%
(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 $64,007,324.91 $0.00 N/A $15,000,000.00
1 Series 1996-1 100.00% $375,000,000.00 $64,007,324.91 $0.00 4.00% $15,000,000.00 $375,000,000.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 3
15-JAN-97
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
<TABLE>
<CAPTION>
INITIAL AMOUNTS EXCESS SPREAD CALCULATION
- --------------- -------------------------
<S> <C> <C> <C> <C> <C>
Initial Invested Amount $375,000,000.00 Weighted Average Rate Charged to 8.62%
Dealers
Invested Amount $375,000,000.00 LIBOR 5.61%
Controlled Accumulation Amount $ 0.00 Certificate Rate (LIBOR+16 b.p.) 5.77%
Required Subordinated Amount $ 64,007,324.91 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 1.85%
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 $64,007,324.91 $0.00
Floating Allocation Percentage 84.49% 84.49%
Fixed Allocation Percentage N/A
Principal Collections $190,312,821.83 $190,312,821.83 N.A. N.A.
New Principal Receivables $254,041,268.56 $254,041,268.56 N.A. N.A.
Principal Default Amounts $ 0.00 $ 0.00 N.A. N.A.
Receivables Added for Additional $ 0.00 $ 0.00 N.A. N.A.
Accounts
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 $64,007,324.91 $0.00
Floating Allocation Percentage 73.88% 73.88%
NON-PRINCIPAL RECEIVABLES
- -------------------------
Interest Collections $ 2,519,018.37
Recoveries on Receivables Written Off $ 0.00
Investment Income $ 130,354.99
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER PAGE 4
15-JAN-97
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
SUBORDINATED AMOUNT & RESERVE FUND CURRENT PREVIOUS
- ---------------------------------- ------- --------
Available Subordination Amount (Previous) $68,263,074.66 $57,124,423.47
Required Subordination Draw Amount $0.00 N/A
Reserve Fund Funds to Inv. Default $0.00 N/A
Amount
Excess Servicing (Previous Period) $492,787.12 $922,095.11
-----------
(a) Available Subordinated Amount? $68,755,861.78 $58,046,518.58
(b) Available Subordinated Amount? $53,571,428.57 $52,480,680.21
Available Subordinated Amount $74,323,987.05 $68,263,074.66
Incremental Subordinated Amount $10,435,896.34 $9,297,167.47
Overconcentration Amount $12,359,439.10 $9,828,447.25
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 $2,981,424.16 $2,972,157.74
Certificateholder Interest Collections $2,519,018.37 $2,992,010.07
Subordinate Interest Collections $429,961.67 $455,778.27
Investment Income $130,354.99 $200,013.01
Reserve Fund Balance $1,875,000.00 $1,875,000.00
-------------
Total Interest Available $4,954,335.04 $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 $396,417.85 $322,029.84
Investor Monthly Servicing Fee $312,500.00 $252,319.47
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