<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: February 15, 2000
Volkswagen Credit Auto Receivables Corporation
----------------------------------------------
(Exact Name of Registrant as Specified in Charter)
EXHIBITS
Delaware 33-80055 38-2748796
-------- -------- ----------
(State of Incorporation) (Commission File Number) (IRS Employer Id. No.)
3800 Hamlin Road, Auburn Hills, Michigan 48326
----------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (248) 340-4938
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 February 15, 2000,
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
<TABLE>
<CAPTION>
Designation Description Method of Filing
----------- ----------- ----------------
<S> <C> <C>
Exhibit 20 Report for the month ended Filed with this report.
February 15, 2000 provided to
Citibank, N.A., as trustee
under the Volkswagen
Credit Auto Master Trust,
Series 1996-1
</TABLE>
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly cause 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/ Frank Witter
------------------------
Frank Witter
<PAGE>
Volkswagen Credit Auto Master Trust 1996-1
________________________________________________________________________________
Distribution Date Statement: February 15, 2000
<TABLE>
<S> <C> <C>
a. Aggregate Amount of Collections $391,553,411.75
Aggregate Amount of Interest Collections $ 5,059,381.96
Aggregate Amount of Principal Collections $386,494,029.79
Investment Proceeds $ 0.00
b. Series Allocation Percentage 100.00%
Floating Allocation Percentage 53.06%
Fixed Allocation Percentage N/A
c. Total Amount Distributed on Series 1996-1 $ 1,732,864.58
d. Amount of Such Distribution Allocable to Principal on 1996-1 $ 0.00
e. Amount of Such Distribution Allocable to Interest on 1996-1 $ 1,732,864.58
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 $ 66,448,446.50
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>
VW CREDIT, INC. - SERVICER
11-Feb-00
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
Monthly Servicer Report Input and Summary Page
----------------------------------------------
<TABLE>
<CAPTION>
TRANSACTION SUMMARY PORTFOLIO CHARGE OFF RATE AT COLLECTION PERIOD END
- ------------------- --------------------------------------------------
From To Days
---- -- ----
<S> <C> <C> <C> <C>
Current Interest Period 1/18/2000 2/14/2000 28 Net losses as a % of Avg. Receivables Balance
(annualized)
Series Allocation Percentage 100.00% PORTFOLIO AND DEALERSHIP STATISTICS
-----------------------------------
Initial Principal Balance $375,000,000.00 Used Vehicle Receivables' Balance
Outstanding Principal Balance $375,000,000.00 Used Vehicle Percentage
Principal Balance of Receivables
for Determination Date $692,624,927.05 Used Vehicle Percentage During Last Collection Period
Amount Invested in Receivables
on Series Issuance Date $375,000,000.00 Early Amortization Event?
Initial Invested Amount $375,000,000.00 Largest Dealer or Dealer Affiliation Balance
Invested Amount at the Beginning
of Period $375,000,000.00 Largest Dealer Percentage
Invested Amount $375,000,000.00
Required Subordinated Amount $ 66,448,446.50 Aggregate Principal Amount of Receivables of Dealers
over 2%
Excess Funded Amount $ 0.00 Aggregate % Principal Amount of Receivables of Dealers
over 2%
Available Subordinated Amount
(previous period) $107,408,387.28 SUMMARY OF COLLECTIONS
----------------------
Incremental Subordinated Amount
(previous period) $ 14,621,430.51
Aggregate Amount of Collections
RESERVE FUND AND YIELD SUPPLEMENT
- ---------------------------------
ACCOUNT Aggregate Amount of Interest Collections
- -------
Investment Proceeds
Yield Supplement Account Initial
Deposit $ 1,875,000.00 Aggregate Amount of Principal Collections
Yield Supplement Account Beginning
Balance $ 1,875,000.00 Asset Receivables Rate
Yield Supplement Account Required
Amount $ 1,875,000.00 Use Asset Receivables Rate?
Carryover Amount (this Distribution Date)
Reserve Fund Initial Deposit $ 1,875,000.00 Total Carryover Amount
Reserve Fund Required Amount $ 1,875,000.00
Reserve Fund Beginning Balance $ 1,875,000.00 PAYMENT RATE INFORMATION
------------------------
Outstanding Carryover Amount -
Beginning Balance $ 0.00 Monthly Payment Rate
Yield Supplement Account Draw Amount $ 0.00 Previous Collection Period Monthly Payment Rate
Outstanding Carryover Amount -
Ending Balance $ 0.00 Monthly Payment Rate 3 months ago
Yield Supplement Account Balance -
Ending Balance $ 1,875,000.00 3-month Average Payment Rate
Yield Supplement Account Required
Deposit Amount $ 0.00 12-month Minimum Payment Rate
Early Amortization Event?
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?
1-month LIBOR Rate (annualized) 5.7812500% Last Day of Revolving Period
Certificate Coupon (annualized) 5.9412500% Invested Amount as of Last Day of Revolving Period
Prime Rate (annualized) 8.5000000% Accumulation Period Length (months)
Servicing Fee Rate (annualized) 1.000% First Accumulation Date
Excess Spread 1.7187500% Expected Final Payment Date
Required Participation Percentage
TRUST PRINCIPAL RECEIVABLES Principal Funding Account Balance
- ---------------------------
Principal Payment Amount
Pool Balance at the Beginning of
Period $706,756,855.75 Controlled Deposit Amount
Pool Balance at the Ending of Period $716,473,894.77
Average Aggregate Principal Balance $711,615,375.26 TOTAL AMOUNT DISTRIBUTED ON SERIES 1996-1
-----------------------------------------
Aggregate Principal Collections $388,373,250.76 Certificateholders
------------------
New Principal Receivables $398,090,289.76 i. Monthly Interest Distribution
Receivables Added for Additional
Accounts $ 0.00 ii. Monthly Servicing Fee Distribution
Investor Default Amount $ 0.00 iii. Reserve Fund Deposit Amount Distribution
Net Losses $ 0.00 iv. Investor Default Amount Distribution
Monthly Interest Accrued, but not
Paid $ 0.00 v. Outstanding Carryover Amount Distribution
Ineligible Receivables $ 9,620,548.17 vi. Yield Supplement Account Deposit Amount
Distribution
Ineligible Receivables in Prior
Collection Period $ 0.00 Excess Servicing
Defaulted Receivables in Ineligible
and Overconc. Accounts $ 0.00
Excess Servicing (Previous Period)
MISCELLANEOUS DATA
- ------------------
DEFICIENCY AMOUNT
-----------------
Recoveries on Receivables Written
Off $ 0.00
Spread Over Prime for Portfolio 0.16% Deficiency Amount
Weighted Average Interest Rate 8.66% Draw Amount
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER Page 2
11-Feb-0[_]
VOLKSWAGEN CREDIT AUTO MASTER TRUST, SERIES 1996-1
Summary
-------
<TABLE>
<CAPTION>
Collections Accrual Distribution
------------------ --------------- -----------------
<S> <C> <C> <C>
From: 18-Jan-00
To: 14-Feb-00
Days: 28
LIBOR Rate 5.7812500%
(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 $66,448,446.50 $0.00 N/A $15,000,000.00
1 Series 1996-1 100.00% $375,000,000.00 $66,448,446.50 $0.00 4.00% $15,000,000.00 $375,000,000.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER Page 3
11-Feb-00
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 8.66%
Invested Amount $375,000,000.00 LIBOR 5.78%
Controlled Accumulation Amount $ 0.00 Certificate Rate (LIBOR+16 b.p.) 5.94%
Required Subordinated Amount $ 66,448,446.50 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 1.72%
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%
</TABLE>
SERIES 1996-1 MONTHLY REPORTING
- -------------------------------
<TABLE>
<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 $66,448,446.50 $0.00
Floating Allocation Percentage 53.06% 53.06%
Fixed Allocation Percentage N/A
Principal Collections $386,494,029.79 $386,494,029.79 N.A. N.A.
New Principal Receivables 398,090,289.76 $398,090,289.76 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 $60,693,746.85 $0.00
Floating Allocation Percentage 52.34% 52.34%
Non-Principal Receivables
- -------------------------
Interest Collections $ 2,684,470.93
Recoveries on Receivables Written Off $ 0.00
Investment Income $ 0.00
</TABLE>
<PAGE>
VW CREDIT, INC. -- SERVICER Page 4
11-Feb-00
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) $107,408,387.28 $106,538,545.52
Required Subordination Draw Amount $ 0.00 $ 0.00
Reserve Fund Funds to Inv. Default Amount $ 0.00 $ 0.00
Excess Servicing (Previous Period) $ 193,171.68 $ 869,841.76
--------------- ---------------
(a) Available Subordinated Amount? $107,601,558.96 $107,408,387.28
(b) Available Subordinated Amount? $ 53,571,428.57 $ 53,571,428.57
Available Subordinated Amount $ 66,448,446.50 $ 68,192,859.08
Incremental Subordinated Amount $ 12,877,017.93 $ 14,621,430.51
Overconcentration Amount $ 11,906,895.27 $ 14,510,274.09
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 $ 0.00
Reserve Fund Required Deposit $ 0.00 $ 0.00
Reserve Fund Deposit Amount $ 0.00 $ 0.00
Reserve Fund Release $ 0.00 $ 0.00
Ending Reserve Fund Balance $ 1,875,000.00 $ 1,875,000.00
Required Interest Distributions
- -------------------------------
Available Interest Collections $ 5,059,381.96 $ 4,313,174.97
Certificateholder Interest Collections $ 2,684,470.93 $ 2,538,640.43
Subordinate Interest Collections $ 475,677.13 $ 461,645.73
Investment Income $ 0.00 $ 0.00
Reserve Fund Balance $ 1,875,000.00 $ 1,875,000.00
--------------- ---------------
Total Interest Available $ 5,035,148.06 $ 4,875,286.16
Interest Shortfall $ 0.00 $ 0.00
Additional Interest $ 0.00 $ 0.00
Carry-over Amount $ 0.00 $ 0.00
Carry-over Shortfall $ 0.00 $ 0.00
Additional Carry-over Shortfall $ 0.00 $ 0.00
Monthly Servicing Fee $ 593,012.81 $ 559,952.30
Investor Monthly Servicing Fee $ 312,500.00 $ 0.00
</TABLE>
<PAGE>
(1700)
FOR IMMEDIATE RELEASE:
Wednesday, February 9, 2000
CONTACT: David Schulz
(248) 340-5223
VW CREDIT, INC. COMMENCES ACCUMULATION PERIOD FOR DEALER
LOAN BACKED CERTIFICATES, SERIES 1996-1 ISSUED BY THE
VOLKSWAGEN CREDIT AUTO MASTER TRUST
AUBURN HILLS, Mich.--VW Credit, Inc. today announced that it had taken all
action necessary to commence the Accumulation Period for the $375,000,000
Floating Rate Dealer Loan Backed Certificates, Series 1996-1, issued by the
Volkswagen Credit Auto Master Trust.
Under the applicable transaction documents, VW Credit, as Servicer, may
elect to cause principal on the Certificates to be paid in full before the April
2001 distribution date. On February 9, 2000, the Servicer notified the Trustee
of the trust that the Servicer had made that election. Based on that notice, the
"Principal Payment Date Establishment Date" will be March 15, 2000 and the
"Initial Accumulation Period Commencement Date" will be April 1, 2000. This
means that on monthly distribution dates with respect to the Accumulation
Period, principal collections on the underlying receivables will be deposited in
the "Principal Funding Account" where those collections will be held (or
"accumulated") for the purpose of paying principal to the holders of the
Certificates.
It is currently anticipated that principal will be paid in full to the
holders of the
(more)
<PAGE>
- 2 -
Certificates on the June 15, 2000 distribution date. However, if insufficient
collections are received by the Servicer prior to May 31, 2000 to pay principal
in full by the June 15, 2000 distribution date, then it is anticipated that
principal on the Certificates will be paid in full on a future distribution date
on which sufficient funds are available for that purpose.
The information in this Press Release summarizes certain provisions of the
transaction documents. For a more detailed description, please refer to the
Prospectus and Prospectus Supplement dated March 14, 1996. This letter is
qualified by reference to the terms of the transaction documents.
The above referenced transaction is part of VW Credit's overall asset
securitization program. The Company expects asset securitization to maintain an
important role in the Company's overall funding strategy.
# # #
