C.
|
|
COLLECTIONS AND AVAILABLE FUNDS
|
|
|
|
20
|
|
Lease Payments Received
|
|
|
19,291,593.39
|
|
21
|
|
Pull Ahead Waived Payments
|
|
|
-
|
|
22
|
|
Sales Proceeds - Early Terminations
|
|
|
10,255,944.28
|
|
23
|
|
Sales Proceeds - Scheduled Terminations
|
|
|
50,549.55
|
|
24
|
|
Security Deposits for Terminated Accounts
|
|
|
300.00
|
|
25
|
|
Excess Wear and Tear Received
|
|
|
148.00
|
|
26
|
|
Excess Mileage Charges Received
|
|
|
7,177.03
|
|
27
|
|
Proceeds Received on Defaulted Leases and Other Recoveries
|
|
|
134,592.27
|
|
28
|
|
Subtotal: Total Collections
|
|
|
29,740,304.52
|
|
29
|
|
Repurchase Payments
|
|
|
-
|
|
30
|
|
Postmaturity Term Extension
|
|
|
-
|
|
31
|
|
Investment Earnings on Collection Account
|
|
|
128,226.70
|
|
32
|
|
Total Available Funds, prior to Servicer Advances
|
|
|
29,868,531.22
|
|
33
|
|
Servicer Advance
|
|
|
-
|
|
34
|
|
Total Available Funds
|
|
|
29,868,531.22
|
|
35
|
|
Reserve Account Draw
|
|
|
-
|
|
36
|
|
Available for Distribution
|
|
|
29,868,531.22
|
|
D.
|
|
DISTRIBUTIONS
|
|
|
|
|
|
37
|
|
Payment Date Advance Reimbursement (Item 82)
|
|
|
|
|
|
-
|
|
38
|
|
Servicing Fee (Servicing and Administrative Fees paid pro rata):
|
|
|
|
|
|
|
|
39
|
|
Servicing Fee Shortfall from Prior Periods
|
|
|
|
|
|
-
|
|
40
|
|
Servicing Fee Due in Current Period
|
|
|
|
|
|
804,766.08
|
|
41
|
|
Servicing Fee Shortfall
|
|
|
|
|
|
-
|
|
42
|
|
Administration Fee (Servicing and Administrative Fees paid pro rata):
|
|
|
|
|
|
|
|
43
|
|
Administration Fee Shortfall from Prior Periods
|
|
|
|
|
|
-
|
|
44
|
|
Administration Fee Due in Current Period
|
|
|
|
|
|
2,500.00
|
|
45
|
|
Administration Fee Shortfall
|
|
|
|
|
|
-
|
|
46
|
|
Interest Shortfall from Prior Periods
|
|
|
|
|
|
|
|
47
|
|
Interest Paid to Noteholders
|
|
|
|
|
|
2,138,401.35
|
|
48
|
|
First Priority Principal Distribution Amount
|
|
|
|
|
|
-
|
|
49
|
|
Amount Paid to Reserve Account to Reach Specified Balance
|
|
|
|
|
|
-
|
|
50
|
|
Subtotal: Remaining Available Funds
|
|
|
26,922,863.79
|
|
|
|
|
51
|
|
Regular Principal Distribution Amount
|
|
|
21,179,602.29
|
|
|
|
|
52
|
|
Regular Principal Paid to Noteholders (lesser of Item 50 and Item 51)
|
|
|
|
|
|
21,179,602.29
|
|
53
|
|
Amounts paid to indenture, owner, and origination trustee and asset representations reviewer
|
|
|
|
|
|
-
|
|
54
|
|
Remaining Available Funds
|
|
|
|
|
|
5,743,261.50
|
|
E.
|
|
CALCULATIONS
|
|
|
|
55
|
|
Calculation of First Priority Principal Distribution Amount:
|
|
|
|
|
56
|
|
Outstanding Principal Amount of the Notes (Beg. Of Collection Period)
|
|
|
779,672,723.65
|
|
57
|
|
Less: Aggregate Securitization Value (End of Collection Period)
|
|
|
(944,539,693.43
|
)
|
58
|
|
First Priority Principal Distribution Amount (not less than zero)
|
|
|
-
|
|
|
|
|
|
|
|
|
59
|
|
Calculation of Regular Principal Distribution Amount:
|
|
|
|
|
60
|
|
Outstanding Principal Amount of the Notes (Beg. Of Collection Period)
|
|
|
779,672,723.65
|
|
61
|
|
Less: Targeted Note Balance
|
|
|
(758,493,121.36
|
)
|
62
|
|
Less: First Priority Principal Distribution Amount
|
|
|
-
|
|
63
|
|
Regular Principal Distribution Amount
|
|
|
21,179,602.29
|
|
|
|
|
|
|
|
|
64
|
|
Calculation of Targeted Note Balance:
|
|
|
|
|
65
|
|
Aggregate Securitization Value (End of Collection Period)
|
|
|
944,539,693.43
|
|
66
|
|
Less: Targeted Overcollateralization Amount (16.00% of Initial Securitization Value)
|
|
|
(186,046,572.07
|
)
|
67
|
|
Targeted Note Balance
|
|
|
758,493,121.36
|
|
|
|
|
|
|
|
|
68
|
|
Calculation of Servicer Advance:
|
|
|
|
|
69
|
|
Available Funds, prior to Servicer Advances (Item 32)
|
|
|
29,868,531.22
|
|
70
|
|
Less: Payment Date Advance Reimbursement (Item 82)
|
|
|
-
|
|
71
|
|
Less: Servicing Fees Paid (Items 39, 40 and 41)
|
|
|
804,766.08
|
|
72
|
|
Less: Administration Fees Paid (Items 43, 44 and 45)
|
|
|
2,500.00
|
|
73
|
|
Less: Interest Paid to Noteholders (Item 47)
|
|
|
2,138,401.35
|
|
74
|
|
Less: 1st Priority Principal Distribution (Item 58)
|
|
|
-
|
|
|
|
|
|
|
|
|
75
|
|
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)
|
|
|
26,922,863.79
|
|
76
|
|
Monthly Lease Payments Due on Included Units but not received (N/A if Item 75 > 0)
|
|
|
N/A
|
|
77
|
|
Servicer Advance (If Item 75 < 0, lesser of Item 76 and absolute value of Item 75, else 0)
|
|
|
-
|
|
|
|
|
|
|
|
|
78
|
|
Total Available Funds after Servicer Advance (Item 76plus Item 77)
|
|
|
26,922,863.79
|
|
79
|
|
Reserve Account Draw Amount (If Item 78 is < 0, Lesser of the Reserve Account Balance and Item 78)
|
|
|
-
|
|
|
|
|
|
|
|
|
80
|
|
Reconciliation of Servicer Advance:
|
|
|
|
|
81
|
|
Beginning Balance of Servicer Advance
|
|
|
-
|
|
82
|
|
Payment Date Advance Reimbursement
|
|
|
-
|
|
83
|
|
Additional Payment Advances for current period
|
|
|
-
|
|
84
|
|
Ending Balance of Payment Advance
|
|
|
-
|
|
F.
|
|
RESERVE ACCOUNT
|
|
|
|
|
|
85
|
|
Reserve Account Balances:
|
|
|
|
|
|
|
|
86
|
|
Targeted Reserve Account Balance
|
|
|
|
|
|
2,906,977.69
|
|
87
|
|
Initial Reserve Account Balance
|
|
|
|
|
|
2,906,977.69
|
|
|
|
|
|
|
|
|
|
|
|
88
|
|
Beginning Reserve Account Balance
|
|
|
|
|
|
2,906,977.69
|
|
89
|
|
Plus: Net Investment Income for the Collection Period
|
|
|
|
|
|
9,705.26
|
|
90
|
|
Subtotal: Reserve Fund Available for Distribution
|
|
|
|
|
|
2,916,682.95
|
|
91
|
|
Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 49)
|
|
|
|
|
|
-
|
|
92
|
|
Less: Reserve Account Draw Amount (Item 79)
|
|
|
|
|
|
-
|
|
93
|
|
Subtotal Reserve Account Balance
|
|
|
|
|
|
2,916,682.95
|
|
94
|
|
Less: Excess Reserve Account Funds to Transferor (If Item 93> Item 86)
|
|
|
|
|
|
9,705.26
|
|
95
|
|
Equals: Ending Reserve Account Balance
|
|
|
|
|
|
2,906,977.69
|
|
|
|
|
|
|
|
|
|
|
|
96
|
|
Change in Reserve Account Balance from Immediately Preceding Payment Date
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
97
|
|
Current Period Net Residual Losses:
|
|
|
Units
|
|
|
Amounts
|
|
98
|
|
Aggregate Securitization Value for Scheduled Terminated Units
|
|
|
2
|
|
|
47,529.71
|
|
99
|
|
Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units
|
|
|
|
|
|
(52,416.47
|
)
|
100
|
|
Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units
|
|
|
|
|
|
-
|
|
101
|
|
Less: Excess Wear and Tear Received
|
|
|
|
|
|
(148.00
|
)
|
102
|
|
Less: Excess Mileage Received
|
|
|
|
|
|
(7,177.03
|
)
|
103
|
|
Current Period Net Residual Losses/(Gains)
|
|
|
2
|
|
|
(12,211.79
|
)
|
104
|
|
Cumulative Net Residual Losses:
|
|
|
|
|
|
|
|
105
|
|
Beginning Cumulative Net Residual Losses
|
|
|
3
|
|
|
(36,255.34
|
)
|
106
|
|
Current Period Net Residual Losses (Item 103)
|
|
|
2
|
|
|
(12,211.79
|
)
|
107
|
|
Ending Cumulative Net Residual Losses
|
|
|
5
|
|
|
(48,467.13
|
)
|
108
|
|
Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value
|
|
|
|
|
|
0.00
|
%
|
|
|
|
|
|
Sales Proceeds
|
|
|
Units
|
|
|
Book Amount
|
|
|
Securitization Value
|
|
119
|
|
Pool Balance - Beginning of Period
|
|
|
|
|
|
37,627
|
|
|
1,112,184,275.99
|
|
|
965,719,295.72
|
|
120
|
|
Depreciation/Payments
|
|
|
|
|
|
|
|
|
(17,157,756.32
|
)
|
|
(11,757,880.22
|
)
|
121
|
|
Gross Credit Losses
|
|
|
|
|
|
(14
|
)
|
|
(434,125.08
|
)
|
|
(404,780.25
|
)
|
122
|
|
Early Terminations - Purchased by Customer
|
|
|
|
|
|
(54
|
)
|
|
(1,634,055.65
|
)
|
|
(1,427,569.31
|
)
|
123
|
|
Early Terminations - Sold at Auction
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
124
|
|
Early Terminations - Purchased by Dealer
|
|
|
|
|
|
(313
|
)
|
|
(8,570,905.62
|
)
|
|
(7,541,842.80
|
)
|
125
|
|
Early Terminations - Lease Pull Aheads
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
126
|
|
Scheduled Terminations - Purchased by Customer
|
|
|
29,760
|
|
|
(1
|
)
|
|
(30,893.38
|
)
|
|
(30,038.99
|
)
|
127
|
|
Scheduled Terminations - Sold at Auction
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
128
|
|
Scheduled Terminations - Purchased by Dealer
|
|
|
20,790
|
|
|
(1
|
)
|
|
(20,790.00
|
)
|
|
(17,490.72
|
)
|
129
|
|
Pool Balance - End of Period
|
|
|
|
|
|
37,244
|
|
|
1,084,335,749.94
|
|
|
944,539,693.43
|
|
139
|
|
Credit Losses:
|
|
|
|
|
|
|
|
|
Units
|
|
|
Amounts
|
|
140
|
|
Aggregate Securitization Value on charged-off units
|
|
|
|
|
|
|
|
|
14
|
|
|
404,780.25
|
|
141
|
|
Aggregate Liquidation Proceeds on charged-off units
|
|
|
|
|
|
|
|
|
|
|
|
(97,651.13
|
)
|
142
|
|
Aggregate Securitization Value on charged-off units previously categorized as Early Terminations
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
143
|
|
Aggregate Liquidation Proceeds on charged-off units previously categorized as Early Terminations
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
144
|
|
Recoveries on charged-off units
|
|
|
|
|
|
|
|
|
|
|
|
(36,941.14
|
)
|
145
|
|
Current Period Aggregate Net Credit Losses/(Gains)
|
|
|
|
|
|
|
|
|
14
|
|
|
270,187.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146
|
|
Cumulative Net Credit Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147
|
|
Beginning Cumulative Net Credit Losses
|
|
|
|
|
|
|
|
|
53
|
|
|
1,071,952.35
|
|
148
|
|
Current Period Net Credit Losses (Item 145)
|
|
|
|
|
|
|
|
|
14
|
|
|
270,187.98
|
|
149
|
|
Ending Cumulative Net Credit Losses
|
|
|
|
|
|
|
|
|
67
|
|
|
1,342,140.33
|
|
150
|
|
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value
|
|
|
|
|
|
0.12
|
%
|
|
Summary of Material Modifications, Extensions or Waivers
|
|
None in the current month
|
|
|
|
Summary of Material Breaches of Representations or Warranties Related to Eligibility Criteria
|
|
None in the current month
|
|
|
|
Summary of Material Breaches by the Issuer of Transaction Covenants
|
|
None in the current month
|
|
|
|
Summary of Material Changes in Practices With respect to Charge-Offs, Collections and Management of Delinquent Receivables and the Effect of any Grace Period, Re-Aging, Re-Structuring, Partial Payments or Other Practices on Delinquency and Loss Experience
|
|
None in the current month
|
|
|
VW CREDIT, INC., as Servicer
|