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<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: May 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 May 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.
May 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
-------------------------------
Allen L. Strang
<PAGE>
VOLKSWAGEN CREDIT AUTO MASTER TRUST 1996-1
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Date Statement: May 15, 1997
<S> <C>
a. Aggregate Amount of Collections $272,570,626.88
Aggregate Amount of Interest Collections $3,843,695.84
Aggregate Amount of Principal Collections $268,726,931.04
Investment Proceeds $0.00
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 71.11%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $1,827,343.75
d. Amount of Such Distribution Allocable to Principal on 1996-1 $0.00
e. Amount of Such Distribution Allocable to Interest on 1996-1 $1,827,343.75
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 $68,690,554.25
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>
EXHIBIT 20
==============================================
VW CREDIT, INC. -- SERVICER PAGE 1
==============================================
16-MAY-97
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 4/15/97 5/14/97 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 $493,766,392.98
Amount Invested in Receivables on Series Issuance Date $375,000,000.00
Initial Invested Amount $375,000,000.00
Invested Amount at the Beginning of Period $375,000,000.00
Invested Amount $375,000,000.00
Required Subordinated Amount $68,690,554.25
Excess Funded Amount $0.00
Available Subordinated Amount (previous period) $76,619,396.75
Incremental Subordinated Amount (previous period) $12,731,306.04
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) 5.6875000%
Certificate Coupon (annualized) 5.8475000%
Prime Rate (annualized) 8.5000000%
Servicing Fee Rate (annualized) 1.000%
Excess Spread 1.9625000%
TRUST PRINCIPAL RECEIVABLES
- ---------------------------
Pool Balance at the Beginning of Period $527,352,696.72
Pool Balance at the Ending of Period $528,552,426.00
Average Aggregate Principal Balance $527,952,561.36
Aggregate Principal Collections $268,726,931.04
New Principal Receivables $269,926,660.32
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 0.31%
Weighted Average Interest Rate 8.81%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
PORTFOLIO CHARGE OFF RATE AT COLLECTION PERIOD END
- --------------------------------------------------
Net losses as a % of Avg. Receivables Balance (annualized) 0.00%
PORTFOLIO AND DEALERSHIP STATISTICS
- -----------------------------------
Used Vehicle Receivables' Balance $35,207,671.85
Used Vehicle Percentage 6.661%
Used Vehicle Percentage During Last Collection Period 6.760%
Early Amortization Event? NO
Largest Dealer or Dealer Affiliation Balance $21,972,500.45
Largest Dealer Percentage 4.167%
Aggregate Principal Amount of Receivables of Dealers over 2% $18,646,251.30
Aggregate % Principal Amount of Receivables of Dealers over 2% 3.528%
SUMMARY OF COLLECTIONS
- ----------------------
Aggregate Amount of Collections $272,570,626.88
Aggregate Amount of Interest Collections $3,843,695.84
Investment Proceeds $0.00
Aggregate Amount of Principal Collections $268,726,931.04
Asset Receivables Rate 7.738%
Use Asset Receivables Rate? NO
Carryover Amount (this Distribution Date) N/A
Total Carryover Amount N/A
PAYMENT RATE INFORMATION
- ------------------------
Monthly Payment Rate 50.90%
Previous Collection Period Monthly Payment Rate 41.58%
Monthly Payment Rate 3 months ago 39.85%
3-month Average Payment Rate 44.11%
12-month Minimum Payment Rate 39.85%
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 $1,827,343.75
ii. Monthly Servicing Fee Distribution $312,500.00
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 $593,404.70
Excess Servicing (Previous Period) $250,610.70
DEFICIENCY AMOUNT
- -----------------
Deficiency Amount $0.0
Draw Amount $0.0
</TABLE>
<PAGE>
==========================================
VW CREDIT, INC. -- SERVICER PAGE 2
==========================================
16-MAY-97
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SUMMARY
-------
COLLECTIONS ACCRUAL DISTRIBUTION
-------------- ---------------- --------------
From: 15-Apr-97
To: 14-May-97
Days: 29
LIBOR RATE 5.6875000%
(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 $68,690,554.25 $0.00 N/A $15,000,000.00
1 Series 1996-1 100.00% $375,000,000.00 $68,690,554.25 $0.00 4.00% $15,000,000.00 $375,000,000.00
</TABLE>
<PAGE>
=======================================
VW CREDIT, INC. -- SERVICER PAGE 3
=======================================
16-MAY-97
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
SERVICING CERTIFICATE
---------------------
<TABLE>
<CAPTION>
INITIAL AMOUNTS EXCESS SPREAD CALCULATION
- --------------- -------------------------
<S> <C> <C>
Initial Invested Amount $375,000,000.00 Weighted Average Rate Charged to Dealers 8.81%
Invested Amount $375,000,000.00 LIBOR 5.69%
Controlled Accumulation Amount $0.00 Certificate Rate (LIBOR+16 b.p.) 5.85%
Required Subordinated Amount $68,690,554.25 Servicing Fee Rate 1.00%
Annualized Servicing Fee Rate 1.00% Investor Net Losses 0.00%
-----
First Controlled Accumulation Date TO BE Excess Spread 1.96%
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%
SERIES 1996-1 MONTHLY REPORTING
- -------------------------------
<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 $375,000,000.00 $375,000,000.00 $68,690,554.25 $0.00
Floating Allocation Percentage 71.11% 71.11%
Fixed Allocation Percentage N/A
Principal Collections $268,726,931.04 $268,726,931.04 N.A. N.A.
New Principal Receivables $269,926,660.32 $269,926,660.32 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 $68,690,554.25 $0.00
Floating Allocation Percentage 70.95% 70.95%
NON-PRINCIPAL RECEIVABLES
Interest Collections $2,733,248.45
Recoveries on Receivables Written Off $0.00
Investment Income $0.00
</TABLE>
<PAGE>
=====================================
VW CREDIT, INC. -- SERVICER PAGE 4
=====================================
16-MAY-97
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) $76,619,396.75 $74,465,283.06
Required Subordination Draw Amount $0.00 N/A
Reserve Fund Funds to Inv. Default Amount $0.00 N/A
Excess Servicing (Previous Period) $250,610.70 $831,464.28
------------
(a) Available Subordinated Amount? $76,870,007.45 $75,296,747.34
(b) Available Subordinated Amount? $53,571,428.57 $53,571,428.57
Available Subordinated Amount $79,007,216.39 $76,619,396.75
Incremental Subordinated Amount $15,119,125.68 $12,731,306.04
Overconcentration Amount $18,646,251.30 $15,665,740.00
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 $3,843,695.84 $3,078,569.84
Certificateholder Interest Collections $2,733,248.45 $2,254,022.16
Subordinate Interest Collections $500,662.27 $398,527.55
Investment Income $0.00 $0.00
Reserve Fund Balance $1,875,000.00 $1,875,000.00
--------------
Total Interest Available $5,108,910.72 $4,527,549.71
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 $439,960.47 $433,138.37
Investor Monthly Servicing Fee $312,500.00 $312,500.00
</TABLE>
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