information date: 18.07.2011 deal name: driver three ... · und er review f1+ aa-stabl a-1+ aa n...

Information Date: 18.07.2011Period: 06.2011

Period No.: 57

Deal Name: DRIVER THREE

Issuer: DRIVER THREE GmbHEschenheimer Anlage 160316 Frankfurt am MainFederal Republic of Germany

Servicer Name: VOLKSWAGEN BANK GmbHReporting Entity: ABS Operations

Dep. F-RWABOGifhorner Straße 5738112 BraunschweigFederal Republic of Germany

Contact: phone +49 (0) 531 212 1358fax: +49 (0) 531/ 212 [email protected]

Administrator: TMF Deutschland AGEschenheimer Anlage 160316 Frankfurt/MainFederal Republic of Germany

Volkswagen Bank GmbHGifhorner Str. 5738112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] /36


Period No.: 57

Page Tables of Contents

3 Deal Overview

4 Deal Overview: Counterparties (continue´d)

5 Volkswagen Bank GmbH and Volkswagen AG Rating

6 Notes Information

7 Notes Information continue'd

8 Pool Information

9 Pool Information continue'd




13 Credit Enhancement

14 Performance Trigger

15 Early Amortization Trigger

16 Early Amortization Trigger (continue´d)

17 Pool Concentration

18 Run Out Schedule

19 Waterfall

20 Make: New and Used Cars

21 Down Payment

22 Customer Type and Type of Payment

23 Obligor Concentration

24 Distribution by Outstanding Discounted Principal Balance

25 Distribution by Original Principal Balance

26 Interest Rate paid by the Receivable Debtor

27 Distribution by Original Term

28 Distribution by Remaining Term

29 Seasoning

30 Credit Type and Type of Car

31 Balloon in % of Outstanding Original Principal Balance

32 Distribution by Vehicle Makes and Models

33 Geographic Distribution

34 Potential Set Off Risk

35 Glossary

olkswagen Bank GmbHfhorner Str. 57

8112 Braunschweigel. 0049 531/ 212 - 1358ax. 0049 531/ 212 - [email protected] /36


Period No.: 57

Deal Overview

Deal Name: DRIVER THREE

Issuer: DRIVER THREE GmbHEschenheimer Anlage 160316 Frankfurt am MainFederal Republic of Germany

Servicer Name: VOLKSWAGEN BANK GmbHReporting Entity: Gifhorner Straße 57

38112 BraunschweigFederal Republic of Germany

Contact: [email protected]+49 (0) 531 212 3718

Administrator: TMF Deutschland AGEschenheimer Anlage 160316 Frankfurt/MainFederal Republic of Germany

Counterparty Details

ShortTerm

LongTerm

OutlookShortTerm

LongTerm

OutlookShortTerm

LongTerm

Outlook

Joint Lead Manager: BNP Paribas10 Harewood AvenueLondon NW1 6AAUnited Kingdom

SEBUlmenstraße 3060283 Frankfurt/MainFederal Republic of Germany

Accounts: BNP PARIBASCash Collateral Luxembourg Branch 33Distribution Rue de GasperichAccumulation Howald-Hesperange

2085 LuxembourgLuxembourg

Listing Agent: BNP PARIBASLuxembourg Branch 33Rue de GasperichHowald-Hesperange2085 LuxembourgLuxembourg

Paying and BNP PARIBASCalculation Agent: Luxembourg Branch 33

Rue de GasperichHowald-Hesperange2085 LuxembourgLuxembourg

Class A and B SwapCounterparty:

Hessische LandesbankNeue Mainzer Straße 52-5860 311 Frankfurt am MainFederal Republic of Germany

* Ratings updated on 01/07/2011

S&PRating*

Moody's Fitch

P-1 Aa2Ratingsunder

ReviewF1+ AA- Stable A-1+ AA Negative

P-1 Aa2 A StableRatingsunder

ReviewF1+ A+ Stable A-1



Period No.: 57

Deal Overview: Counterparties (continue´d)

Security Trustee: FAEGRE & BENSON LLPData Protection Trustee: Neue Mainzer Straße 52-58

60 311 Frankfurt am MainFederal Republic of Germany

Rating Agency: MOODY's Deutschland GmbHAn der Welle 560322 Frankfurt/MainFederal Republic of Germany

Rating Agency: FITCH Ratings LimitedFitch Deutschland GmbHJunghofstrasse 2460311 FrankfurtFederal Republic of Germany

Rating Agency: S&PStandard & Poor´sNeue Mainzer Straße 5260311 Frankfurt/MainFederal Republic of Germany

Cut Off Date: September 30th, 2006

Final Maturity Date: October 2015

Final Scheduled Payment Date: October 2014

Revolving Period (from/until): October 27th, 2006 until November 20th, 2009

Reporting Date: 17th of each month(for previous month)

Reporting Period: Monthly

Payment Date: 21st of each month

Clean-Up Call: VW Bank will have the right at its option to exercise a clean-up call and torepurchase the outstanding Purchased Loan Receivables from Driver Three atany time when the sum of the Aggregate Discounted Principal Balance for alloutstanding Purchased Loan Receivables is less than 9% of the AggregateCut Off Date Discounted Principal Balance provided that all paymentobligations under the Notes will thereby be fulfilled.



Period No.: 57

Volkswagen Bank GmbH and Volkswagen AG Rating

VW Bank VW AG

P-1 P-2

A-2 A-2

VW Bank VW AG

A2 A3Stable Stable

A- A-Stable Negative

* Ratings updated on 01/07/2011

VW Bank Rating Related Triggers

Future Rating Triggers:

VAT-Risk

Set Off Risk

S&P Outlook

Rating* - Short Term

Downgrade of VW Bank's short-term rating to F3 by Fitch will result in an increase by 0.29% ofthe Cash Collateral Account of the Aggregate Discounted Principal Balance. Which isexclusively reserved to cover any VAT burden in case a replacement servicer is appointed.

The downgrade of VW Bank's long-term rating to below BBB- by Fitch and/or Baa3 by Moody'sand/or VW Bank's short-term rating to below A-2 by S&P will result in a Set Off risk reservebeing established if deposits by borrowers are greater than 1% of the Aggregate DiscountedPrincipal Balance. The Set Off risk shall be deposited in the Cash Collateral Account.

Moody's Outlook

Moody's

S&P

S&P

Rating* - Long Term

Moody's

0

1

2

3

Rat

ing

Maturity

Moody's - Long TermVW AG VW Bank

A3

A2

0

1

2

3

Rat

ing

Maturity

S&P - Long TermVW AG VW Bank

A-

A



Period No.: 57

Notes Information

Date: 18.07.2011

Monthly Period: June 11

Additional Purchase Date: n/a

Payment Date: 21.07.2011

Revolving Period Number: 57

Interest Accrual Period (from/until): 21.06.2011 20.07.2011

Days Accrued: 30

Base Interest Rate (1-Month Euribor): 1,3020%

Currency: EUR

Day Count Convention: ACT/360

Class of Notes Class A Class BRating Details:

Fitch: AAA AAMoody's: Aaa Aa1S&P AAA AA-

Information on Notes Class A Class BFinal Maturity Date: October 2015 October 2015Final Scheduled Payment Date: October 2014 October 2014Security Code A0LDCA A0KP89ISIN: XS0270108573 XS0270109621Common Code: 027010857 027010962

Information on Interest Class A Class BInformation on Interest Class A Class BTotal Interest per Class: 305.334,68 € 11.077,22 €

Total Interest per Note: 16,51 € 15,82 €

Spread/Margin: 10 bps 19 bps

Interest Rate Swaps Class A Class BInterest Rate Swaps Class A Class BUnderlying Principal: 261.342.098 € 8.909.292 €

pay fixed pay fixedIndex Rate: 1-M-Euribor 1-M-EuriborNet Swap Payments 558.836,52 € 19.051,04 €



Period No.: 57

Notes Information (continue´d)

Note Balance CLASS A CLASS B

As of Cut Off Date: 924.500.000,00 € 35.000.000,00 €

During Revolving Period: 924.500.000,00 € 35.000.000,00 €

After Revolving Period CLASS A CLASS B

Note Balance (BoP): 261.342.097,60 € 8.909.292,00 €

Redemption amount per class: 19.662.635,80 € 670.264,00 €

Note Balance (EoP): 241.679.461,80 € 8.239.028,00 €

Payments to Investors - Per Eur 50.000,- Denomination CLASS A CLASS B

Redemption Payment per Note: 1.063,42 € 957,52 €

Note Factor: 0,261416 0,235401

Unpaid Interest:

Unpaid interest: - € - €

Cumulative unpaid interest: - € - €



Period No.: 57

Pool Information

Cut Off Date: 30.09.2006

Additional Purchase Date: n/a

Reporting Date: 18.07.2011

Interest Period (from/until): 21.06.2011 / 20.07.2011

Current Payment Date: 21.07.2011

Next Payment Date: 22.08.2011

Days Accrued: 30

Asset Collection Period: 01.06.2011 / 30.06.2011

Note Payment Period: 21.06.2011 / 20.07.2011

Balances Number of contractsOutstanding Discounted

Principal BalanceOutstanding Nominal

BalanceAs of Initial Pool Cut 96.194 1.000.005.758,01 € 1.104.089.409,07 €

As of End of Period before origination of additionalLoan Receivables

33.825 274.635.701,77 € 285.351.820,86 €

Additional Loan Receivables - - € - €

As of EoP after origination of add. LoanReceivables

33.825 274.635.701,77 € 285.351.820,86 €

Calculation of Available Distribution Amount

Number of ContractsOutstanding Discounted

Principal BalanceNominal Balance

Begin of Period 36.263 296.979.548,10 € 309.019.799,12 €

Periodically reduction of Nominal Amount 23.667.978,26 €

Discount 127.068,01 €-

Write Off 175.866,23 €-

Fee restruct./Prolongation 6.610,13 €

Interest (late payment penalties) 10.210,37 €

Available Distribution Amount (Waterfall OCPos. 1)

23.381.864,52 €



Period No.: 57

Pool Information (continue´d)

Pool Balance

StatusNumber ofContracts

(Initial Pool Cut)

Outstanding DiscountedPrincipal Balance(Initial Pool Cut)

Number of ContractsEoP before origination of

additional LoanReceivables

Outstanding DiscountedPrincipal Balance

EoP before origination ofadditional Loan Receivables

Number of ContractsEoP

Outstanding DiscountedPrincipal Balance EoP

Current 96.194 1.000.005.758,01 € 0 - € 32.567 265.577.998,72 €

Delinquent 0 - € 534 5.004.938,90 €

Defaulted 0 - € 724 4.052.764,15 €

End of Term 0 - € 93.796 - €

Early Settlement 0 - € 68.310 - €

Write Off 0 - € 1.851 - €

Total 96.194 1.000.005.758,01 € 0 - € 197.782 274.635.701,77 €



Period No.: 57


Information of Defaults, Delinquencies, Write Offs

Current ReportingPeriod

Number ofContracts

Number ofContracts (%)

OutstandingDiscounted Principal

Balance

OutstandingDiscounted

PrincipalBalance (%)

OutstandingNominal Balance

OutstandingNominal

Balance (%)

Delinquent Balance 534 1,5787% 5.004.938,90 € 1,8224% 5.193.676,68 € 1,8201%

Defaulted Balance 724 2,1404% 4.052.764,15 € 1,4757% 4.158.402,05 € 1,4573%

Delinquency Profile

Days in ArrearsNumber ofContracts

Number ofContracts (%)


Balance


PrincipalBalance (%)

OutstandingNominal Balance

OutstandingNominal

Balance (%)

> 30 until <= 60 268 0,7923% 2.458.097,21 € 0,8950% 2.541.520,32 € 0,8907%

> 60 until <= 90 130 0,3843% 1.179.998,27 € 0,4297% 1.230.239,60 € 0,4311%

> 90 until <= 120 50 0,1478% 538.081,94 € 0,1959% 559.915,86 € 0,1962%

> 120 until <= 150 24 0,0710% 220.224,43 € 0,0802% 229.157,26 € 0,0803%

> 150 until <= 180 11 0,0325% 109.517,75 € 0,0399% 113.411,51 € 0,0397%

Subtotal 483 1,4279% 4.505.919,60 € 1,6407% 4.674.244,55 € 1,6381%

> 180 until <= 210 5 0,0148% 37.241,82 € 0,0136% 38.998,15 € 0,0137%

> 210 until <= 240 10 0,0296% 89.680,84 € 0,0327% 92.667,00 € 0,0325%

> 240 until <= 270 4 0,0118% 70.107,38 € 0,0255% 72.727,79 € 0,0255%

> 270 until <= 300 3 0,0089% 22.352,43 € 0,0081% 23.750,93 € 0,0083%

> 300 until <= 330 3 0,0089% 25.510,05 € 0,0093% 26.531,70 € 0,0093%

> 330 until <= 360 1 0,0030% 13.374,10 € 0,0049% 14.423,37 € 0,0051%

> 360 25 0,0739% 240.752,68 € 0,0877% 250.333,19 € 0,0877%

Subtotal 51 0,1508% 499.019,30 € 0,1817% 519.432,13 € 0,1820%

Total 534 1,5787% 5.004.938,90 € 1,8224% 5.193.676,68 € 1,8201%



Period No.: 57


Defaulted Profile I

Days in ArrearsNumber ofContracts

Number of Contracts(%)


Balance


Principal Balance(%)

Outstanding NominalBalance

OutstandingNominal

Balance (%)

<= 30 186 0,5499% 988.078,62 € 0,3598% 1.008.742,92 € 0,3535%

> 30 until <= 60 15 0,0443% 81.873,20 € 0,0298% 83.746,61 € 0,0293%

> 60 until <= 90 35 0,1035% 255.013,02 € 0,0929% 261.773,45 € 0,0917%

> 90 until <= 120 33 0,0976% 242.481,05 € 0,0883% 249.375,02 € 0,0874%

> 120 until <= 150 37 0,1094% 182.255,34 € 0,0664% 187.965,35 € 0,0659%

> 150 until <= 180 39 0,1153% 188.944,73 € 0,0688% 194.068,26 € 0,0680%

> 180 until <= 210 41 0,1212% 250.811,72 € 0,0913% 257.420,93 € 0,0902%

> 210 until <= 240 38 0,1123% 217.757,02 € 0,0793% 224.017,41 € 0,0785%

> 240 until <= 270 27 0,0798% 136.994,54 € 0,0499% 140.691,51 € 0,0493%

> 270 until <= 300 15 0,0443% 101.903,92 € 0,0371% 105.326,57 € 0,0369%

> 300 until <= 330 28 0,0828% 219.886,38 € 0,0801% 226.700,13 € 0,0794%

> 330 until <= 360 33 0,0976% 207.426,55 € 0,0755% 211.605,13 € 0,0742%

> 360 197 0,5824% 979.338,06 € 0,3566% 1.006.968,76 € 0,3529%

Total 724 2,1404% 4.052.764,15 € 1,4757% 4.158.402,05 € 1,4573%

Cumulative Write Offs

Number ofContracts

Write Offs

Begin of Period 1.823 10.310.373,53 €

Write Offs 28 175.866,23 €

End of Period 1.851 10.486.239,76 €

Cumulative Net Losses

10.486.239,76 €

2.268.422.224,78 €

0,4623%

Cumulative Write-Offs of all Loan receivables that were charged off fromthe Cut Off date until the end of the preceding reporting period

Discounted Principal Balance as of Cut Off Date and all additional CutOff Date Balances until such Payment Date which is in the same monthone year before the Payment Date which is relevant for the calculationof the numerator

Cumulative Net Loss Ratio

Cumulative Write Offs as percentage of Discounted Principal Balanceas of the Reporting Date and all additional Cut Off Date Balances untilsuch Payment Date which is in the same month one year before thePayment Date which is relevant for the calculation of the numerator



Period No.: 57


Defaulted Profile II

Credit TypeVehicleStatus

Number ofContracts

*Outstanding NominalPrincipal Balanceat Day of Default

*OutstandingDiscounted Principal

Balanceat Day of Default

TotalRecoveries

Total Discount Total Write Offs*Outstanding NominalPrincipal Balance EoP

*Outstanding DiscountedPrincipal Balance EoP

New 1192 15.859.732,26 € 14.952.845,12 € 9.654.775,63 € 403.116,70 € 3.682.799,87 € 1.864.739,76 € 1.824.589,96 €

Used 2226 18.473.383,82 € 17.355.231,05 € 10.656.857,98 € 1.066.408,75 € 5.039.234,35 € 1.794.123,49 € 1.745.936,62 €

Total Balloon Loan 3418 34.333.116,08 € 32.308.076,17 € 20.311.633,61 € 1.469.525,44 € 8.722.034,22 € 3.658.863,25 € 3.570.526,58 €

New 209 1.656.238,62 € 1.549.575,97 € 1.061.974,05 € 76.599,97 € 461.296,73 € 93.541,50 € 89.965,45 €

Used 1028 4.903.103,97 € 4.593.640,82 € 3.011.107,28 € 316.976,50 € 1.302.908,81 € 405.997,30 € 392.272,12 €

Total Equal-Installment Loan 1237 6.559.342,59 € 6.143.216,79 € 4.073.081,32 € 393.576,48 € 1.764.205,54 € 499.538,80 € 482.237,57 €

Total 4655 40.892.458,67 € 38.451.292,96 € 24.384.714,94 € 1.863.101,92 € 10.486.239,76 € 4.158.402,05 € 4.052.764,15 €

*(incl. Arrears)

Balloon Loan

Equal-Installment Loan



Period No.: 57

Credit Enhancement

Credit Enhancement as of Cut Off Date (27.10.2006)

% of AggregateDiscounted Principal

Balance

Credit Enhancementto each Note

Value

Class A Note 9,05% 924.500.000,00 €

Class B Note 3,50% 5,55% 35.000.000,00 €

Subordinated Loan 3,15% 31.500.000,00 €

Overcollateralization 0,90% 9.005.758,00 €

Cash Collateral Account 1,50% 15.000.000,00 €

Overcollateralization during Revolving Period Class A Class B

Current OC Percentage: 12,0000% 9,0000%

Target OC Percentage: 9,50%

Target OC Amount: 26.090.392 €

Additional OC Percentage: 3,00%

Overcollateralization after Revolving Period Class A Class B

Current OC Percentage: 12,00% 9,00%

Target OC Percentage after RevolvingPeriod:

12,00% 9,00%

ACCOUNTS

Cash Collateral Account (CCA)

Balance as of the Beginning of the Period: 0,00% 12.500.071,98 €

Payment from CCA/ Payment to CCA: - €

Balance as of the End of the Period: 12.500.071,98 €

Floor: 12.500.071,98 €

Set off Risk Reserve - €

VAT Risk Reserve - €

Accumulation Account (AC)

DepositDeposit in % of Outstanding

Discounted Principal Balance

Beginn of Period - € 0%

End of Period - € 0%



Period No.: 57

Performance Trigger

Overcollateralisation Monitor

Credit Enhancement Increase Condition in place NO

Overcollateralisation during Revolving Period Target Current

Class A Class A

OC Percentage: 9,50% 12,00%

Target OC Amount, Class A Note: n/a

Additional OC Amount in Percent n/a

Target Current

Class B Class B

OC Percentage: n/a 9,00%

Overcollateralisation after Revolving Period Target Current

Class A Class A


Target Current

Class B Class B


Calculation of Credit Enhancement:

The amortisation will revert to sequential in case the total amount of notes outstanding falls below 9% of theinitial Aggregate Discounted Principal Balance as of the Cutoff.

The amortisation will revert to sequential during the revolving period when an Credit Enhancement IncreaseCondition is in place.

During the Revolving Period will be a Targeted OC-Amount (Class A Note) of 9,5%. After the Revolving Periodthe Overcollateralisation Percentage will be 12% for Class A Notes or 9% for Class B Notes. During theRevolving Period additional Assets will be purchased with a discount of 3%.

The transaction will have a Revolving Period of 36 Month until November 2009.

After the Revolving Period, the transaction will start with sequential amortisation and therefore, only the ClassA Notes will receive principal payments.

The transaction switches into pro rate amortisation once an overcollateralisation percentage (i.e. creditenhancement excluding cash collateral) of 12% for the class A Notes and 9% for the Class B Notes have beenreached.



Period No.: 57

Early Amortization Trigger

Early Amortization Trigger breached NO

Accumulation Account:

Oustanding DiscountedPrincipal Balance

DepositsDeposits in % of Aggregate

Discounted Principal Balance

Monthly Period n/a n/a n/a

Previous Month n/a n/a n/a

Interest earned n/a n/a n/a

Total

Accumulation Account Trigger 10%

Late Delinquency Trigger breached NO

Late Delinquency OutstandingDiscounted Principal Balance

(€)

Oustanding DiscountedPrincipal Balance

Late Delinquency Ratio in % oftotal Discounted Principal

Balance

> 180 days overdueand/or Contracts afterFinal Statement

3.569.993,21 €

Total 3.569.993,21 € 274.635.701,77 € 1,2999%

The Late Delinquency Ratio is breached when it exceeds 2,25% at any payment date.

means that the amount deposited in the Accumulation Account on two consecutive Payment Dates exceeds 10 % of the Aggregate DiscountedPrincipal Balance

0,00%

0,40%

0,80%

1,20%

1,60%

2,00%

2,40%

2,80%

Cu

m.L

ate

Del

inq

uen

cyR

atio

in%

Month

Late Delinquency Ratio in % Late Delinquency Ratio

Trigger

wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 1358

0049 531/ 212 - [email protected] /36


Period No.: 57

Early Amortization Trigger (continue´d)

Cummulative Net Loss Ratio breached NO

Period I > 0,45% (before or during 10/2007)

Period II > 1,2% (after 10/2007 and before or during 10/2008)

Period III > 1,75% (after 10/2008 and before or during 10/2009)

Period VI > 2,25% (after 10/2009)

0,00%

0,40%

0,80%

1,20%

1,60%

2,00%

2,40%

Net

Lo

ssR

atio

in%

Month

Cumulative Net Losses in %Cumulative Net Loss Ratio

Trigger

swagen Bank GmbHorner Str. 572 Braunschweig

0049 531/ 212 - 13580049 531/ 212 - [email protected] /36


Period No.: 57

0

100.000.000

200.000.000

300.000.000

400.000.000

500.000.000

600.000.000

700.000.000

800.000.000

900.000.000

1.000.000.000

Outstanding Balancein EUR

ReportingPeriod

Amortisation Profile Class A-Notes A-Notes

Exp. Amo. A-Notes

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

45.000.000

50.000.000

Outstanding Balancein EUR

ReportingPeriod

Amortisation Profile Class B-Notes B-Notes

Exp. Amo. B-Notes

Assuming a Clean-up Call at 9%of the initial outstanding balance,annual prepayments of 10% and0 % defaults.

Assuming a Clean-up Call at 9%of the initial outstanding balance,annual prepayments of 10% and0 % defaults.


Period No.: 57

Pool concentration

New/Used Cars as of initial Pool Cut EoP after origination of additional Loan Receivables

Type of Car Number of Loans(%) of Loans

Aggregate DiscountedPrincipal Balance

% of AggregateDiscounted

PrincipalBalance

Number ofLoans

(%) of LoansAggregateDiscounted

Principal Balance


Principal Balance

New 39.075 40,62% 500.082.484,41 € 50,01% 18.400 54,40% 175.463.532,42 € 63,89%Used 57.119 59,38% 499.923.273,60 € 49,99% 15.425 45,60% 99.172.169,35 € 36,11%Total 96.194 100,00% 1.000.005.758,01 € 100,00% 33.825 100,00% 274.635.701,77 € 100,00%

Limit on used cars:

Exposure as ofInitial Pool Cut

CurrentExposure in %

Limit in % ofAggregate

Discounted PrincipalBalance

49,99% 36,11% 50,00%

Only Equal-Installment Loans as of initial Pool Cut Loan Receivables EoP




PrincipalBalance

Number ofLoans


Principal Balance


Principal Balance

New 12.747 13,25% 117.388.126,64 € 11,74% 3.641 10,76% 14.330.405,30 € 5,22%Used 25.566 26,58% 173.207.250,12 € 17,32% 5.755 17,01% 17.859.493,23 € 6,50%Total 38.313 39,83% 290.595.376,76 € 29,06% 9.396 27,78% 32.189.898,53 € 11,72%

Limit on Used and Equal-Installments cars





17,32% 6,50% 25,00%

Non VW Group Vehicles as of initial Pool Cut Loan Receivables EoP




PrincipalBalance

Number ofLoans


Principal Balance


Principal Balance

New 418 0,43% 4.642.471,90 € 0,46% 136 0,40% 749.797,48 € 0,27%Used 8.194 8,52% 59.648.666,51 € 5,96% 1.739 5,14% 6.852.155,47 € 2,49%Total 8.612 8,95% 64.291.138,41 € 6,43% 1.875 5,54% 7.601.952,95 € 2,77%

Limit on Non VW Group Vehicles





6,43% 2,77% 10%

Customer Concentration as of initial Pool Cut Loan Receivables EoP

Number 1Customer

Number of Loans

AggregateDiscounted Principal

Balance

% of AggregateDiscounted Principal

BalanceNumber of Loans

AggregateDiscounted

PrincipalBalance

% ofAggregate

DiscountedPrincipalBalance

No.1 15 281.320,28 € 0,0281% 1 90.666,50 € 0,0330%

Limit of Aggregate Discounted Principal Balance

CurrentExposure

Limit Exposure

90.666,50 € 1.500.000,00 €



Period No.: 57

Run Out Schedule

At the End of Previous Reporting Period 31.05.2011 End of Period as of 06.2011

Payment PeriodABS Remaining

DepreciationABS Remaining

InterestABS Remaining

InstalmentsPayment Period

ABS RemainingDepreciation

ABS RemainingInterest

ABS RemainingInstalments

arrears 5.975.469,80 € 125.971,38 € 6.101.441,18 € arrears 6.187.685,98 € 125.409,58 € 6.313.095,55 €

06.2011 15.193.228,84 € 869.123,47 € 16.062.352,31 €

07.2011 17.018.670,87 € 1.126.768,10 € 18.145.438,97 € 07.2011 13.184.591,71 € 785.021,70 € 13.969.613,41 €

08.2011 17.714.710,98 € 1.057.769,74 € 18.772.480,72 € 08.2011 17.324.328,47 € 1.042.840,98 € 18.367.169,45 €

09.2011 20.835.361,56 € 986.116,21 € 21.821.477,77 € 09.2011 20.410.691,75 € 973.214,91 € 21.383.906,66 €

10.2011 20.875.960,02 € 900.599,31 € 21.776.559,32 € 10.2011 20.559.781,24 € 889.616,97 € 21.449.398,21 €

11.2011 19.003.476,09 € 815.614,30 € 19.819.090,38 € 11.2011 18.746.626,26 € 805.881,04 € 19.552.507,29 €

12.2011 18.861.305,56 € 738.229,75 € 19.599.535,31 € 12.2011 18.582.969,92 € 729.540,97 € 19.312.510,89 €

01.2012 14.302.094,38 € 661.153,04 € 14.963.247,42 € 01.2012 14.161.792,92 € 653.601,72 € 14.815.394,64 €

02.2012 15.100.376,49 € 602.536,91 € 15.702.913,40 € 02.2012 14.832.529,84 € 595.478,35 € 15.428.008,19 €

03.2012 12.939.639,48 € 540.435,93 € 13.480.075,41 € 03.2012 12.829.385,63 € 534.654,98 € 13.364.040,61 €

04.2012 11.802.966,76 € 487.543,13 € 12.290.509,89 € 04.2012 11.682.891,50 € 482.293,85 € 12.165.185,35 €

05.2012 10.205.078,50 € 439.456,89 € 10.644.535,39 € 05.2012 10.010.926,94 € 434.716,93 € 10.445.643,87 €

06.2012 8.996.572,34 € 397.633,46 € 9.394.205,80 € 06.2012 8.861.122,87 € 393.657,78 € 9.254.780,65 €

07.2012 7.979.509,48 € 360.715,41 € 8.340.224,89 € 07.2012 7.859.443,56 € 357.260,88 € 8.216.704,44 €

08.2012 7.048.446,89 € 328.158,16 € 7.376.605,05 € 08.2012 6.973.473,11 € 325.166,39 € 7.298.639,50 €

09.2012 10.465.861,94 € 298.952,82 € 10.764.814,76 € 09.2012 10.312.376,14 € 296.238,47 € 10.608.614,61 €

10.2012 9.240.469,00 € 256.650,82 € 9.497.119,82 € 10.2012 9.140.278,62 € 254.439,65 € 9.394.718,27 €

11.2012 8.283.601,75 € 218.656,17 € 8.502.257,92 € 11.2012 8.224.868,39 € 216.918,76 € 8.441.787,15 €

12.2012 6.493.419,50 € 184.624,34 € 6.678.043,84 € 12.2012 6.450.201,97 € 183.130,48 € 6.633.332,45 €

01.2013 5.097.014,40 € 158.031,45 € 5.255.045,85 € 01.2013 5.066.170,30 € 156.660,81 € 5.222.831,11 €

02.2013 6.694.582,00 € 137.418,26 € 6.832.000,26 € 02.2013 6.660.121,36 € 136.143,80 € 6.796.265,16 €

03.2013 7.355.719,95 € 109.633,86 € 7.465.353,81 € 03.2013 7.279.699,58 € 108.472,31 € 7.388.171,89 €

Subtotal 277.483.536,58 € 11.801.792,91 € 289.285.329,47 € Subtotal 255.341.958,06 € 10.480.361,31 € 265.822.319,35 €

> 03.2013 19.496.011,52 € 238.458,14 € 19.734.469,65 € > 03.2013 19.293.743,71 € 235.757,81 € 19.529.501,51 €

Total 296.979.548,10 € 12.040.251,05 € 309.019.799,12 € Total 274.635.701,77 € 10.716.119,12 € 285.351.820,86 €

Volkswagen Bank GmbHGifhorner Str. 57

8112 BraunschweigTel. 0049 531/ 212 - 1358Fax. 0049 531/ 212 - [email protected] /36


Period No.: 57

Waterfall

Payment Remaining Amount

Available Distribution Amount 23.381.960,62 €

Fees less 278.047,44 €- 23.103.913,18 €

Net Swap Payments Class A less 558.836,52 €- 22.545.076,66 €

Net Swap Payments Class B less 19.051,04 €- 22.526.025,62 €

Interest Class A less 305.334,68 €- 22.220.690,94 €

Interest Class B less 11.077,22 €- 22.209.613,72 €

Payment to Cash Collateral Account less - € 22.209.613,72 €

Redemption to the Accumulation Account less - € 22.209.613,72 €

Redemption Class A less 19.662.635,80 €- 2.546.977,92 €

Redemption Class B less 670.264,00 €- 1.876.713,92 €

Payment to Cash Collateral Account(after a Cash Collateral Increase Event is in place)

less - € 1.876.713,92 €

Payments Subordinated Lender or VW Bank less 1.876.668,49 €- 45,43 €

Remaining Amout Due to Rounding less 45,43 €- 0,00 €


0049 531/ 212 - [email protected] /36


Period No.: 57

Make: New and Used Cars

Initial Pool Cut as of 09.2006 EoP Loan Receivables (06.2011)

AUDI AUDI

New or UsedCars

Number of LoansPercentage of Loans

(%)


(€)

Percentage ofBalance

(%)

New or UsedCars


(%)


(€)


(%)

New Cars 3.948 24,94% 77.690.422,39 € 36,34% New Cars 1.229 26,70% 21.318.312,26 € 40,94%

Used Cars 11.884 75,06% 136.105.837,51 € 63,66% Used Cars 3.374 73,30% 30.758.141,47 € 59,06%

Total 15.832 100,00% 213.796.259,90 € 100,00% Total 4.603 100,00% 52.076.453,73 € 100,00%

SEAT SEAT

New or UsedCars


(%)


(€)


(%)

New or UsedCars


(%)


(€)


(%)

New Cars 4.189 50,92% 44.141.120,72 € 60,07% New Cars 1.676 67,28% 12.079.500,26 € 76,85%

Used Cars 4.038 49,08% 29.336.535,91 € 39,93% Used Cars 815 32,72% 3.638.160,25 € 23,15%

Total 8.227 100,00% 73.477.656,63 € 100,00% Total 2.491 100,00% 15.717.660,51 € 100,00%

SKODA SKODA

New or UsedCars


(%)


(€)


(%)

New or UsedCars


(%)


(€)


(%)

New Cars 7.409 68,32% 72.047.171,51 € 73,88% New Cars 3.233 75,89% 23.295.854,27 € 83,93%


Total 10.844 100,00% 97.522.550,90 € 100,00% Total 4.260 100,00% 27.756.013,48 € 100,00%

VOLKSWAGEN VOLKSWAGEN

New or UsedCars


(%)


(€)


(%)

New or UsedCars


(%)


(€)


(%)

New Cars 23.111 43,87% 301.561.297,89 € 54,74% New Cars 12.126 58,88% 118.020.068,15 € 68,82%


Total 52.679 100,00% 550.918.152,17 € 100,00% Total 20.596 100,00% 171.483.621,10 € 100,00%

OTHER OTHER

New or UsedCars


(%)


(€)


(%)

New or UsedCars


(%)


(€)


(%)

New Cars 418 4,85% 4.642.471,90 € 7,22% New Cars 136 7,25% 749.797,48 € 9,86%


Total 8.612 100,00% 64.291.138,41 € 100,00% Total 1.875 100,00% 7.601.952,95 € 100,00%

agen Bank GmbHer Str. 57Braunschweig49 531/ 212 - 135849 531/ 212 - [email protected] /36


Period No.: 57

Down Payment

Down Payment Number of LoansPercentage of Loans

(%)


(€)

Percentage of Balance(%)

DownPayment/Purchase

Price in %

No downpayment 7.268 21,49% 58.277.800,44 € 21,22% 0,00%

<= 1.000,00 1.911 5,65% 12.335.277,69 € 4,49% 5,78%

1.000,01 - 2.000,00 2.832 8,37% 18.826.260,26 € 6,85% 11,83%

2.000,01 - 3.000,00 3.860 11,41% 28.712.363,13 € 10,45% 16,93%

3.000,01 - 4.000,00 3.024 8,94% 23.169.980,94 € 8,44% 20,76%

4.000,01 - 5.000,00 3.609 10,67% 30.501.897,24 € 11,11% 24,02%

5.000,01 - 6.000,00 2.239 6,62% 19.498.878,48 € 7,10% 26,69%

6.000,01 - 7.000,00 1.708 5,05% 15.231.542,75 € 5,55% 29,51%

7.000,01 - 8.000,00 1.677 4,96% 15.387.655,14 € 5,60% 32,25%

8.000,01 - 9.000,00 940 2,78% 8.666.869,02 € 3,16% 34,83%

9.000,01 - 10.000,00 1.590 4,70% 15.119.828,05 € 5,51% 36,94%

10.000,01 - 11.000,00 535 1,58% 4.959.925,80 € 1,81% 38,68%

11.000,01 - 12.000,00 547 1,62% 4.922.524,58 € 1,79% 42,17%

12.000,01 - 13.000,00 395 1,17% 3.854.276,83 € 1,40% 42,24%

13.000,01 - 14.000,00 302 0,89% 2.547.072,78 € 0,93% 46,04%

14.000,01 - 15.000,00 456 1,35% 4.454.318,32 € 1,62% 45,39%

> 15.000,00 932 2,76% 8.169.230,32 € 2,97% 53,23%

Total 33.825 100,00% 274.635.701,77 € 100,00% 22,89%

StatisticsAs of Initial Pool

CutEoP Loan Receivables

Minimum Down Payment 10,87 € 400,00 €

Maximum Down Payment 56.100,00 € 33.570,00 €

Average Down Payment(Customer who did DownPayment)

5.358,29 € 5.768,25 €

Average Down Payment 4.093,27 € 4.528,82 €

wagen Bank GmbHner Str. 57Braunschweig

049 531/ 212 - 1358049 531/ 212 - [email protected] /36


Period No.: 57

Customer Type and Type of Payment

Customer Type

Customer Type Number of LoansPercentage of Loans

(%)


(€)


(%)

Corporate 7.093 20,97% 74.049.694,57 € 26,96%

Retail 26.732 79,03% 200.586.007,20 € 73,04%

Total 33.825 100,00% 274.635.701,77 € 100,00%

Type of Payment

Type of Payment Number of LoansPercentage of Loans

(%)


(€)


(%)

Direct Debit 33.412 98,78% 271.755.204,53 € 98,95%

Other 413 1,22% 2.880.497,24 € 1,05%

Total 33.825 100,00% 274.635.701,77 € 100,00%

swagen Bank GmbHrner Str. 572 Braunschweig

0049 531/ 212 - 13580049 531/ 212 - [email protected] /36


Period No.: 57

Obligor Concentration

Distribution of Loan Contracts and Vehicles per Borrower (EoP)

Contracts-Concentration

Number ofCustomers

(%) ofCustomers

Number ofLoans

(%) Percentageof Loans


Balance (€)

(%) ofBalance

1 33.582 99,66% 33.582 99,28% 272.643.820,58 € 99,27%

2 108 0,32% 216 0,64% 1.847.263,76 € 0,67%

3 6 0,02% 18 0,05% 121.189,88 € 0,04%

4 1 0,00% 4 0,01% 10.020,24 € 0,00%

5 1 0,00% 5 0,01% 13.407,31 € 0,00%

6 - 10 0 0,00% 0 0,00% - € 0,00%

> 10 0 0,00% 0 0,00% - € 0,00%

Total 33.698 100,00% 33.825 100,00% 274.635.701,77 € 100,00%

Top 20 Borrower as of initial Pool Cut Top 20 Borrower as of End of Period

NumberOutstanding Discounted

Principal Balance (€)(%) Percentage of

BalanceNumber of Contracts Number

Outstanding DiscountedPrincipal Balance (€)

(%) of BalanceNumber ofContracts

1 281.320,28 € 0,0281% 15 1 90.666,50 € 0,0330% 1

2 180.708,19 € 0,0181% 6 2 76.141,84 € 0,0277% 1

3 155.196,12 € 0,0155% 3 3 69.682,13 € 0,0254% 1

4 152.835,43 € 0,0153% 7 4 60.327,03 € 0,0220% 2

5 122.026,27 € 0,0122% 3 5 56.793,31 € 0,0207% 2

6 115.747,48 € 0,0116% 2 6 56.288,58 € 0,0205% 2

7 104.419,55 € 0,0104% 8 7 54.346,09 € 0,0198% 1

8 103.762,03 € 0,0104% 4 8 53.322,30 € 0,0194% 1

9 98.332,90 € 0,0098% 2 9 53.016,89 € 0,0193% 1

10 95.209,47 € 0,0095% 1 10 52.617,60 € 0,0192% 1

11 89.608,49 € 0,0090% 2 11 51.816,78 € 0,0189% 2

12 86.662,13 € 0,0087% 8 12 50.632,78 € 0,0184% 1

13 82.062,50 € 0,0082% 1 13 49.597,60 € 0,0181% 1

14 78.515,78 € 0,0079% 1 14 48.757,99 € 0,0178% 1

15 77.125,24 € 0,0077% 2 15 46.791,09 € 0,0170% 2

16 76.928,92 € 0,0077% 1 16 46.218,35 € 0,0168% 1

17 74.853,62 € 0,0075% 1 17 45.859,84 € 0,0167% 1

18 74.125,52 € 0,0074% 2 18 45.511,32 € 0,0166% 1

19 74.047,82 € 0,0074% 4 19 45.428,65 € 0,0165% 1

20 73.778,61 € 0,0074% 3 20 45.299,69 € 0,0165% 1

Total 1 -20 2.197.266,35 € 0,2197% 76 Total 1 -20 1.099.116,36 € 0,4002% 25

wagen Bank GmbHner Str. 57Braunschweig

049 531/ 212 - 1358049 531/ 212 - [email protected] /36


Period No.: 57

Distribution by Outstanding Discounted Principal Balance

As of Initial Pool Cut

Distribution by OutstandingDiscounted Principal Balance (€)

Number ofLoans

Percentage ofLoans

(%)


Balance(€)


(%)

0,01 - 5.000,00 15.616 16,23% 56.721.890,84 € 5,67%

5.000,01 - 10.000,00 39.524 41,09% 295.339.090,86 € 29,53%

10.000,01 - 15.000,00 23.184 24,10% 282.497.705,75 € 28,25%

15.000,01 - 20.000,00 10.939 11,37% 187.855.184,48 € 18,79%

20.000,01 - 25.000,00 4.341 4,51% 96.033.480,88 € 9,60%

25.000,01 - 30.000,00 1.508 1,57% 40.770.430,57 € 4,08%

> 30.000,00 1.082 1,12% 40.787.974,63 € 4,08%

Total 96.194 100,00% 1.000.005.758,01 € 100,00%

As of the EoP after origination of additional Loan Receivables

Distribution by OutstandingDiscounted Principal Balance (€)

Number ofLoans

Percentage ofLoans

(%)


Balance(€)


(%)

0,01 - 5.000,00 11.136 32,92% 27.192.222,44 € 9,90%

5.000,01 - 10.000,00 12.369 36,57% 92.351.807,76 € 33,63%

10.000,01 - 15.000,00 6.418 18,97% 78.020.680,49 € 28,41%

15.000,01 - 20.000,00 2.629 7,77% 44.810.471,09 € 16,32%

20.000,01 - 25.000,00 813 2,40% 17.901.121,20 € 6,52%

25.000,01 - 30.000,00 242 0,72% 6.564.050,74 € 2,39%

> 30.000,00 218 0,64% 7.795.348,05 € 2,84%

Total 33.825 100,00% 274.635.701,77 € 100,00%

Statistics

As of initial PoolCut

EoP Loan Receivables

Minimum Outstanding DiscountedPrincipal Balance

504,95 € 1.499,93 €

Maximum Outstanding DiscountedPrincipal Balance

95.209,47 € 90.666,50 €

Average Outstanding DiscountedPrincipal Balance

10.395,72 € 8.119,31 €

wagen Bank GmbHrner Str. 572 Braunschweig049 531/ 212 - 13580049 531/ 212 - [email protected] /36


Period No.: 57

Distribution by Original Principal Balance

As of initial Pool Cut

Distribution by Original PrincipalBalance (€)

Number ofLoans

Percentage ofLoans

(%)


(€)


(%)

0,01 - 5.000,00 4.646 4,83% 12.584.102,08 € 1,26%

5.000,01 - 10.000,00 25.283 26,28% 139.059.531,92 € 13,91%

10.000,01 - 15.000,00 29.377 30,54% 257.180.229,29 € 25,72%

15.000,01 - 20.000,00 18.317 19,04% 226.291.149,28 € 22,63%

20.000,01 - 25.000,00 10.074 10,47% 163.742.481,08 € 16,37%

25.000,01 - 30.000,00 4.701 4,89% 94.706.906,87 € 9,47%

> 30.000,00 3.796 3,95% 106.441.357,49 € 10,64%

Total 96.194 100,00% 1.000.005.758,01 € 100,00%

As of the EoP after origination of add.itional Loan Receivables

Distribution by Original PrincipalBalance (€)

Number ofLoans

Percentage ofLoans

(%)


(€)


(%)

0,01 - 5.000,00 623 1,84% 572.037,18 € 0,21%

5.000,01 - 10.000,00 5.361 15,85% 14.728.329,86 € 5,36%

10.000,01 - 15.000,00 9.691 28,65% 53.807.994,93 € 19,59%

15.000,01 - 20.000,00 7.968 23,56% 64.592.233,97 € 23,52%

20.000,01 - 25.000,00 4.774 14,11% 51.928.669,77 € 18,91%

25.000,01 - 30.000,00 2.683 7,93% 36.610.000,52 € 13,33%

> 30.000,00 2.725 8,06% 52.396.435,54 € 19,08%

Total 33.825 100,00% 274.635.701,77 € 100,00%

Statistics

As of initial PoolCut


Minimum Original Principal Balance 762,72 € 780,48 €

Maximum Original Principal Balance 123.018,48 € 173.026,80 €

Average Original Principal Balance 14.434,77 € 17.428,47 €



Period No.: 57

Interest Rate paid by the Receivable Debtor

EoP Loan Receivabels

Interest Rate paid bythe Receivable Debtor

Number ofLoans

Percentage of Loans(%)


(€)


(%)

Interest Rate paidby the Receivable

Debtor

Number ofLoans

Percentage ofLoans

(%)


(€)


(%)

0,1 % - 0,5 % 652 0,68% 7.029.310,02 € 0,70% 0,1 % - 0,5 % 142 0,42% 1.060.396,62 € 0,39%

0,6 % - 1,0 % 10.290 10,70% 142.464.924,68 € 14,25% 0,6 % - 1,0 % 3.292 9,73% 27.505.922,81 € 10,02%

1,1 % - 1,5 % 40 0,04% 470.225,01 € 0,05% 1,1 % - 1,5 % 9 0,03% 97.289,63 € 0,04%

1,6 % - 2,0 % 8.956 9,31% 101.248.072,68 € 10,12% 1,6 % - 2,0 % 3.058 9,04% 30.903.446,95 € 11,25%

2,1 % - 2,5 % 45 0,05% 668.446,00 € 0,07% 2,1 % - 2,5 % 14 0,04% 131.154,37 € 0,05%

2,6 % - 3,0 % 3.703 3,85% 35.611.305,07 € 3,56% 2,6 % - 3,0 % 4.213 12,46% 44.235.011,36 € 16,11%

3,1 % - 3,5 % 32 0,03% 383.421,60 € 0,04% 3,1 % - 3,5 % 11 0,03% 106.989,34 € 0,04%

3,6 % - 4,0 % 8.877 9,23% 116.518.497,59 € 11,65% 3,6 % - 4,0 % 5.255 15,54% 46.026.347,41 € 16,76%

4,1 % - 4,5 % 55 0,06% 870.591,16 € 0,09% 4,1 % - 4,5 % 12 0,04% 127.897,28 € 0,05%

4,6 % - 5,0 % 9.628 10,01% 111.453.642,49 € 11,15% 4,6 % - 5,0 % 3.999 11,82% 35.123.931,65 € 12,79%

5,1 % - 5,5 % 84 0,09% 1.183.336,18 € 0,12% 5,1 % - 5,5 % 470 1,39% 4.545.794,35 € 1,66%

5,6 % - 6,0 % 2.757 2,87% 31.013.153,33 € 3,10% 5,6 % - 6,0 % 1.816 5,37% 16.793.639,87 € 6,11%

6,1 % - 6,5 % 5.332 5,54% 48.313.154,26 € 4,83% 6,1 % - 6,5 % 638 1,89% 4.017.490,52 € 1,46%

6,6 % - 7,0 % 28.596 29,73% 269.072.328,61 € 26,91% 6,6 % - 7,0 % 3.783 11,18% 26.598.696,64 € 9,69%

7,1 % - 7,5 % 1.417 1,47% 11.440.119,24 € 1,14% 7,1 % - 7,5 % 1.360 4,02% 8.375.054,50 € 3,05%

7,6 % - 8,0 % 8.017 8,33% 68.600.513,43 € 6,86% 7,6 % - 8,0 % 3.545 10,48% 19.208.535,27 € 6,99%

8,1 % - 8,5 % 411 0,43% 3.600.242,49 € 0,36% 8,1 % - 8,5 % 453 1,34% 2.112.266,85 € 0,77%

8,6 % - 9,0 % 3.046 3,17% 21.634.517,49 € 2,16% 8,6 % - 9,0 % 992 2,93% 4.287.258,21 € 1,56%

9,1 % - 9,5 % 752 0,78% 3.676.548,38 € 0,37% 9,1 % - 9,5 % 22 0,07% 80.732,01 € 0,03%

9,6 % - 10,0 % 1.799 1,87% 13.856.019,72 € 1,39% 9,6 % - 10,0 % 451 1,33% 1.947.942,06 € 0,71%

> 10,0 % 1.705 1,77% 10.897.388,58 € 1,09% > 10,0 % 290 0,86% 1.349.904,07 € 0,49%

Total 96.194 100,00% 1.000.005.758,01 € 100,00% Total 33.825 100,00% 274.635.701,77 € 100,00%

Statistics

As of initialPool Cut

EoP LoanReceivables

Minimum Interest RateDebtor

0,10% 0,10%

Maximum Interest RateDebtor

13,49% 13,99%

Weighted AverageInterest Rate Debtor

4,96% 4,40%

Information Date: 17.11.2006



Period No.: 57

Distribution by Original Term


Lenght of Original Term (months)Number of

Loans

Percentage ofLoans

(%)


Balance(€)


(%)

01 - 12 0 0,00% - € 0,00%

13 - 24 2.155 2,24% 14.223.565,54 € 1,42%

25 - 36 21.459 22,31% 201.321.049,62 € 20,13%

37 - 48 42.876 44,57% 469.928.522,13 € 46,99%

49 - 60 21.292 22,13% 241.403.237,40 € 24,14%

61 - 72 8.412 8,74% 73.129.383,32 € 7,31%

> 72 0 0,00% - € 0,00%

Total 96.194 100,00% 1.000.005.758,01 € 100,00%


Lenght of Original Term (months)Number of

Loans

Percentage ofLoans

(%)


Balance(€)


(%)

01 - 12 1 0,00% 12.699,26 € 0,00%

13 - 24 11 0,03% 44.889,66 € 0,02%

25 - 36 6.307 18,65% 57.271.039,70 € 20,85%

37 - 48 18.517 54,74% 160.679.457,74 € 58,51%

49 - 60 6.911 20,43% 49.390.530,48 € 17,98%

61 - 72 2.051 6,06% 7.137.958,58 € 2,60%

>72 27 0,08% 99.126,35 € 0,04%

Total 33.825 100,00% 274.635.701,77 € 100,00%

Statistics


EoP LoanReceivables

Minimum Original Term in months 20 6

Maximum Original Term in months 72 81

Weighted Average Original Term inmonths

48,35 48,68



Period No.: 57

Distribution by Remaining Term


Lenght of Remaining Term(months)

Number ofLoans

Percentage ofLoans

(%)


Balance(€)


(%)

01 - 12 0 0,00% - € 0,00%

13 - 24 17.217 17,90% 128.248.285,17 € 12,82%

25 - 36 35.319 36,72% 342.237.205,69 € 34,22%

37 - 48 35.677 37,09% 434.502.672,17 € 43,45%

49 - 60 7.981 8,30% 95.017.594,98 € 9,50%

> 60 0 0,00% - € 0,00%

Total 96.194 100,00% 1.000.005.758,01 € 100,00%


Lenght of Remaining Term(months)

Number ofLoans

Percentage ofLoans

(%)


Balance(€)


(%)

0 - 12 20.526 60,68% 156.758.839,60 € 57,08%

13 - 24 11.532 34,09% 103.582.275,77 € 37,72%

25 - 36 1.719 5,08% 13.882.161,79 € 5,05%

37 - 48 46 0,14% 396.508,77 € 0,14%

49 - 60 2 0,01% 15.915,84 € 0,01%

>60 0 0,00% - € 0,00%

Total 33.825 100,00% 274.635.701,77 € 100,00%

Statistics


EoP LoanReceivables

Minimum Remaining Term inmonths

18 1

Maximum Remaining Term inmonths

60 53

Weighted Average RemainingTerm in months

35,27 11,17


0049 531/ 212 - [email protected] /36


Period No.: 57

Seasoning


Seasoning (months)Number of

Loans

Percentage ofLoans

(%)


(€)


(%)

<= 06 30.558 31,77% 383.353.876,97 € 38,34%

07 - 12 20.802 21,63% 215.971.023,34 € 21,60%

13 - 18 19.630 20,41% 186.162.638,32 € 18,62%

19 - 24 11.359 11,81% 106.898.547,82 € 10,69%

25 - 30 8.385 8,72% 69.075.589,33 € 6,91%

31 - 36 3.216 3,34% 25.728.447,17 € 2,57%

37 - 42 1.438 1,49% 8.569.587,66 € 0,86%

43 - 50 806 0,84% 4.246.047,40 € 0,42%

> 50 0 0,00% - € 0,00%

Total 96.194 100,00% 1.000.005.758,01 € 100,00%


Seasoning (months)Number of

Loans

Percentage ofLoans

(%)


(€)


(%)

<=6 1 0,00% 12.699,26 € 0,00%

07 - 12 1 0,00% 8.936,36 € 0,00%

13 - 18 4 0,01% 58.982,19 € 0,02%

19 - 24 716 2,12% 7.479.614,31 € 2,72%

25 - 30 6.976 20,62% 67.892.449,83 € 24,72%

31 - 36 9.953 29,42% 89.512.540,90 € 32,59%

37 - 42 6.077 17,97% 49.665.318,08 € 18,08%

43 - 50 7.456 22,04% 52.119.416,17 € 18,98%

>50 2.641 7,81% 7.885.744,67 € 2,87%

Total 33.825 100,00% 274.635.701,77 € 100,00%

Statistics


EoP LoanReceivables

Weighted AverageSeasoning Term in months

13,44 37,70



Period No.: 57

Credit Type and Type of Car

Credit Type as of initial Pool Cut Credit Type (as of EoP)

Credit Type Number of LoansPercentage of Loans

(%)


(€)


Credit Type Number of LoansPercentage of Loans

(%)


(€)


Balloon 57.881 60,17% 709.410.381,25 € 70,94% Balloon 24.429 72,22% 242.445.803,24 € 88,28%

Equal-Installment Loan 38.313 39,83% 290.595.376,76 € 29,06% Equal-Instalment Loan 9.396 27,78% 32.189.898,53 € 11,72%

Total 96.194 100,00% 1.000.005.758,01 € 100,00% Total 33.825 100,00% 274.635.701,77 € 100,00%

Type of Car as of initial Pool Cut Type of Car (as of EoP)

Type of Car Number of LoansPercentage of Loans

(%)


(€)



(%)


(€)


New 39.075 40,62% 500.082.484,41 € 50,01% New 18.400 54,40% 175.463.532,42 € 63,89%

Used 57.119 59,38% 499.923.273,60 € 49,99% Used 15.425 45,60% 99.172.169,35 € 36,11%

Total 96.194 100,00% 1.000.005.758,01 € 100,00% Total 33.825 100,00% 274.635.701,77 € 100,00%

Type of Car: only Balloon Loans as of initial Pool Cut Type of Car: only Balloon Loans (as of EoP)


(%)


(€)



(%)


(€)


New 26.328 45,49% 382.694.357,77 € 53,95% New 14.759 60,42% 161.133.127,12 € 66,46%

Used 31.553 54,51% 326.716.023,48 € 46,05% Used 9.670 39,58% 81.312.676,12 € 33,54%

Total 57.881 100,00% 709.410.381,25 € 100,00% Total 24.429 100,00% 242.445.803,24 € 100,00%

Type of Car: only Equal-Installment Loans as of initial Pool Cut Type of Car: only Equal-Installment Loans (as of EoP)


(%)


(€)



(%)


(€)


New 12.747 33,27% 117.388.126,64 € 40,40% New 3.641 38,75% 14.330.405,30 € 44,52%

Used 25.566 66,73% 173.207.250,12 € 59,60% Used 5.755 61,25% 17.859.493,23 € 55,48%

Total 38.313 100,00% 290.595.376,76 € 100,00% Total 9.396 100,00% 32.189.898,53 € 100,00%



Period No.: 57

Balloon in % of Outstanding Original Principal Balance

Length ofRemaining Term

months

Number ofLoans

Percentage of Loans(%) of Total Balloon Loans

BalloonBalloon in % of

Original PrincipalBalance

0 806 3,30% 7.720.390,17 € 43,78%1 1.004 4,11% 8.781.455,50 € 45,88%2 1.273 5,21% 11.290.795,67 € 47,32%3 1.694 6,93% 14.922.275,94 € 47,97%4 1.722 7,05% 15.449.019,02 € 47,17%5 1.534 6,28% 13.991.343,56 € 47,51%6 1.471 6,02% 14.151.264,05 € 47,23%7 1.151 4,71% 10.120.993,55 € 45,79%8 1.279 5,24% 11.125.534,96 € 46,06%9 1.088 4,45% 9.356.452,75 € 46,32%10 1.018 4,17% 8.547.680,88 € 45,38%11 832 3,41% 7.016.595,74 € 44,38%12 745 3,05% 6.100.422,45 € 43,79%13 650 2,66% 5.230.822,97 € 43,61%14 569 2,33% 4.501.316,21 € 42,16%15 969 3,97% 8.061.558,67 € 43,09%16 905 3,70% 7.213.524,87 € 42,51%17 786 3,22% 6.460.016,72 € 43,56%18 610 2,50% 5.008.452,13 € 42,47%19 500 2,05% 3.849.293,92 € 41,43%20 767 3,14% 5.609.435,48 € 42,97%21 880 3,60% 6.454.998,85 € 42,38%22 719 2,94% 5.364.124,12 € 42,42%23 555 2,27% 4.026.491,55 € 42,85%24 399 1,63% 2.962.231,89 € 41,75%25 217 0,89% 1.679.648,12 € 43,07%26 95 0,39% 513.503,60 € 32,96%27 64 0,26% 434.205,74 € 36,73%28 46 0,19% 247.605,94 € 33,54%29 37 0,15% 199.789,60 € 33,77%30 24 0,10% 130.120,22 € 31,70%31 13 0,05% 89.117,66 € 27,26%35 3 0,01% 19.085,31 € 25,09%37 2 0,01% 9.587,58 € 23,99%38 1 0,00% 4.000,00 € 20,18%39 1 0,00% 17.625,43 € 36,85%

Total 24.429 100,00% 206.660.780,82 € 44,97%



Period No.: 57

Distribution by Vehicle Makes and Models

Make ModelNumber of

Loans

Percentage ofLoans

(%)


(€)


(%)Audi A2 57 0,1685% 124.486,01 € 0,0453%

A3 1.454 4,2986% 13.847.287,25 € 5,0421%A4 1.737 5,1353% 17.360.644,89 € 6,3213%A5 97 0,2868% 2.523.133,34 € 0,9187%A6 830 2,4538% 10.287.835,33 € 3,7460%A8 72 0,2129% 1.348.122,72 € 0,4909%TT 246 0,7273% 3.356.649,06 € 1,2222%Q5 17 0,0503% 478.371,02 € 0,1742%Q7 89 0,2631% 2.728.848,76 € 0,9936%Other 4 0,0118% 21.075,35 € 0,0077%Subtotal 4.603 13,6083% 52.076.453,73 € 18,9620%

Seat Alhambra 142 0,4198% 1.201.052,49 € 0,4373%Altea 75 0,2217% 451.216,59 € 0,1643%Arosa 41 0,1212% 59.985,42 € 0,0218%Cordoba 44 0,1301% 103.898,72 € 0,0378%Ibiza 1.213 3,5861% 6.820.679,09 € 2,4835%Inca 1 0,0030% 1.552,21 € 0,0006%Leon 567 1,6763% 4.011.434,91 € 1,4606%Marbella 0 0,0000% - € 0,0000%Toledo 407 1,2033% 3.062.328,86 € 1,1151%Exeo 1 0,0030% 5.512,22 € 0,0020%Other 0 0,0000% - € 0,0000%Subtotal 2.491 7,3644% 15.717.660,51 € 5,7231%

Skoda Fabia 2.252 6,6578% 11.743.072,99 € 4,2759%Felicia, Favorit 2 0,0059% 1.552,31 € 0,0006%Octavia 1.445 4,2720% 11.441.447,50 € 4,1660%Superb 170 0,5026% 1.799.773,05 € 0,6553%Roomster 389 1,1500% 2.759.563,21 € 1,0048%Yeti 1 0,0030% 7.011,60 € 0,0026%Other 1 0,0030% 3.592,82 € 0,0013%Subtotal 4.260 12,5942% 27.756.013,48 € 10,1065%

VW Bora 97 0,2868% 309.831,94 € 0,1128%Caddy 884 2,6135% 6.192.138,66 € 2,2547%Käfer 1 0,0030% 3.266,05 € 0,0012%Fox 791 2,3385% 3.543.348,17 € 1,2902%Golf 7.552 22,3267% 58.081.074,84 € 21,1484%EOS 304 0,8987% 4.465.113,46 € 1,6258%Jetta, Vento 155 0,4582% 1.223.915,44 € 0,4457%LT, Crafter 24 0,0710% 330.095,34 € 0,1202%Lupo 120 0,3548% 251.109,85 € 0,0914%New Beetle 182 0,5381% 1.354.941,63 € 0,4934%Passat 2.200 6,5041% 21.365.778,35 € 7,7797%Phaeton 26 0,0769% 375.195,72 € 0,1366%Polo 3.602 10,6489% 22.036.121,79 € 8,0238%Sharan 502 1,4841% 4.522.411,71 € 1,6467%T4, T5 1.265 3,7398% 13.383.806,16 € 4,8733%Touareg 207 0,6120% 3.594.940,55 € 1,3090%Touran 2.005 5,9276% 20.007.210,21 € 7,2850%Tiguan 550 1,6260% 8.716.042,81 € 3,1737%Scirocco 127 0,3755% 1.723.797,61 € 0,6277%Other 2 0,0059% 3.480,81 € 0,0013%Subtotal 20.596 60,8899% 171.483.621,10 € 62,4404%

Non VW GroupVehicles

Subtotal 1.875 5,5432% 7.601.952,95 € 2,7680%

Total 33.825 100,00% 274.635.701,77 € 100,00%

wagen Bank GmbHner Str. 57Braunschweig49 531/ 212 - 1358049 531/ 212 - [email protected] /36


Period No.: 57

Geographic Distribution

RegionNumber of

LoansPercentage of Loans

(%)


(€)


(%)

Baden-Wuerttemberg 3.597 10,63% 31.426.687,49 € 11,44%

Bavaria 4.093 12,10% 35.842.534,60 € 13,05%

Berlin 747 2,21% 6.875.026,39 € 2,50%

Brandenburg 1.512 4,47% 11.652.934,11 € 4,24%

Bremen 192 0,57% 1.457.620,21 € 0,53%

Hamburg 560 1,66% 4.437.346,44 € 1,62%

Hesse 2.381 7,04% 20.700.027,47 € 7,54%

Lower Saxony 3.560 10,52% 27.097.364,21 € 9,87%

Mecklenburg-Vorpommern 1.219 3,60% 8.685.286,12 € 3,16%

North Rhine-Westphalia 6.656 19,68% 53.466.187,52 € 19,47%

Rhineland-Palatinate 1.453 4,30% 11.671.518,52 € 4,25%

Saarland 250 0,74% 2.019.397,39 € 0,74%

Saxony 2.826 8,35% 22.367.887,02 € 8,14%

Saxony-Anhalt 1.748 5,17% 13.293.161,89 € 4,84%

Schleswig-Holstein 1.276 3,77% 9.493.259,08 € 3,46%

Thuringia 1.755 5,19% 14.149.463,29 € 5,15%

Total 33.825 100,00% 274.635.701,77 € 100,00%



Period No.: 57

Potential Set Off Risk

Number ofCustomers with

DepositsDeposits

Outstanding NominalBalance of customer

with deposit

Outstanding DiscountedPrincipal Balance of

customers with deposit

Discounted PrincipalBalance EoP

223 1.023.421,49 € 1.996.349,88 € 1.930.330,68 € 274.635.701,77 €

Total 223 1.023.421,49 € 1.996.349,88 € 1.930.330,68 € 274.635.701,77 €

Draft

Current Set OffRisk

Trigger*

% of AggregateDiscounted PrincipalBalance

0,3726% 1,0000%

* Breach of this trigger in conjunction with the loss of VW Bank's investment grade rating, obliges VW Bank to post additional collateral equal to thepotential set-off risk which will be adjusted on a monthly basis (the "Set-Off Risk Reserve"). The Set-Off Risk Reserve shall be deposited in the CashCollateral Account and is exclusively reserved to cover set-off risks.

0

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000

6.000.000

7.000.000

8.000.000

9.000.000

10.000.000

11.000.000

12.000.000

Vo

lum

ein

EU

R

Maturtity

Deposits vs. Outstanding Nominal Balance Deposits

Outstanding Nominal Balance

agen Bank GmbHer Str. 57Braunschweig49 531/ 212 - 1358

049 531/ 212 - [email protected] /36

Glossary

AdditionalOvercollateralisationPercentage:

VW Bank will sell Additional Loan Receivables to Driver Three at any Additional Purchase Date for a purchase Price (the "Additional Purchase Price" )equalling the Discounted Principal Balance of such Additional Loan Receivables as of the respective Additional Cutoff Date multiplied by a factor of 0.97(i.e. 1.00 minus 0.03 (the additional overcollateralisation percentage of 3.00% divided by 100)) (the "Additional Overcollateralisation Percentage")

AccumulationAccount:

During the Revolving Period, on each Payment Date (each an Additional Purchase Date) collections and other funds received during each Monthly Periodthat are allocable to the principal of the Notes pursuant to step tenth of the Order of Priority as defined in § 23(3)(i)(A) of the Trust Agreement shall betransferred on the Payment Date into the Accumulation Account. The amounts deposited in the Accumulation Account shall be used by the Issuer atVW Bank’s discretion for the purchase of Additional Loan Receivables from VW Bank. To the extent that amounts allocated for the purchase of AdditionalLoan Receivables are not utilised on any Additional Purchase Date, such amounts shall remain deposited in the Accumulation Account to purchaseAdditional Loan Receivables on subsequent Additional Purchase Dates during the Revolving Period.During the Revolving Period an amount which equals up to 10 % of the Aggregate Discounted Principal Balance on two subsequent Payment Dates may beheld in the Accumulation Account without triggering an Early Amortisation Event. No funds will be deposited in the Accumulation Account on any PaymentDate after the termination of the Revolving Period (including, following the occurrence of an Early Amortisation Event).

Cash CollateralIncrease Event:

A "Cash Collateral Increase Event" means the day when VW Bank receives the notification by Fitch that Fitch has determined that VW Bank's capacity formeeting its financial commitments would no longer equal a rating of at least F3 by Fitch.

Collections: Available Distribution Amount on each payment day as descriped in the Offering Circular.

Contracts after FinalStatement:

Contracts without a collateral.

Delinquent contract: The outstanding value of a contract which were past due more than 30 days.

Defaulted contract: The outstanding value of a terminated contract

Late DelinquencyRatio:

“Late Delinquency Ratio” means, expressed as a percentage, the ratio of (i) Late Delinquency Loan Receivables as nominator and (ii) the AggregateDiscounted Principal Balance as denominator.

Late DelinquencyLoan Receivables:

Late Delinquency Loan Receivables” means (i) any Loan Receivables for which more than six instalments are overdue and (ii) any Loan Receivable whichis classified as "After Final Statement".

Contract after FinalStatement

A contract for which no collateral exist anymore.

Write Off: The value of contracts which were written off as irrevocable.

Discount: Reimbursement of interest which was calculated on the initial term and which was not used eg. due to a termination of a contract.

Recoveries: All money received after a termination of a contract

Revolving Period: Means the time from October 27th, 2006 until November 20th, 2009During the Revolving Period, no principal will be paid to the Noteholders. Instead, on each Payment Date during the Revolving Period, amounts allocable toprincipal payments will be used to purchase Additional Loan Receivables. If such amounts are not applied to purchase Additional Loan Receivables, thensuch amounts will be deposited to the Accumulation Account. If such amounts deposited into the Accumulation Account during the Revolving Period exceeda certain percentage of the Aggregate Discounted Principal Balance of the Loan Receivables over a certain period (calculated as if all amounts had beenreinvested in Loan Receivables), then an Early Amortisation Event will occur. If an Early Amortisation Event occurs, the Revolving Period will terminate andthe Amortisation period will commence.

Net Swap Payment: Positive Value means that Driver Three is in a receiving position/Negative value means that Driver Three is in a paying Position.

BoP: Beginn of Period

EoP: End of Period


information date: 18.07.2011 deal name: driver three ... · und er review f1+ aa-stabl a-1+ aa n...

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