Back to GetFilings.com
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2002 Commission File No. 333-34266
Volkswagen Dealer Finance, LLC
on behalf of
Volkswagen Credit Auto Master Owner Trust
(Issuer of the Volkswagen Credit Auto Master Owner Trust Floating Rate Auto
Dealer Loan Backed Notes, Series 2000-1 (the "Notes"))
(Exact name of registrant as specified in its charter)
----------------
State of Delaware 38-3528063
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3800 Hamlin Road 48326
Auburn Hills, Michigan (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (248) 340-6550
----------------
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 (the "Act") during the preceding 12 months (or for such period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES x NO _______
-------
State the aggregate market value of the voting stock held by
non-affiliates of the registrant. The aggregate market value shall be computed
by reference to the price at which the stock was sold, or the average bid and
asked price of such stock, as of a specific date within 60 days prior to the
date of filing. (See definition of affiliate in Rule 405, 17 C.F.R. 230.405):
NOT APPLICABLE
----------------------------------
FORM 10-K
PART 1
Item 1. Business.
The Volkswagen Credit Auto Master Owner Trust (the "Trust") was
created pursuant to the Trust Agreement (the "Agreement") dated August
3, 2000 among Volkswagen Dealer Finance, LLC (the "Company") as
transferor, and The Bank of New York as trustee (the "Trustee"). The
Trust assets include wholesale receivables (the "Receivables")
generated from time to time in a portfolio of revolving financing
arrangements with automobile dealers to finance their automobile
inventory and collections on the Receivables. Such property was
obtained by the Company pursuant to the Receivables Purchase Agreement
dated as of August 10, 2000 between the Company, as purchaser, and VW
Credit, Inc. as seller.
The Company has registered with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, and sold to
the general public the Series 2000-1, Floating Rate Auto Loan Asset
Backed Certificates in the initial principal amount of $500,000,000.
The Payment Date Statements contain information relating to the
Receivables and the accounts from which the Receivables arise (the
"Accounts") and are prepared by the Servicer. The Payment Date
Statements containing information relating to the Receivables and the
Accounts for the Collection Periods from and including January 2002
through December 2002 are incorporated by reference from the
registrant's Current Reports on Form 8-K filed with the Commission on
February 21, 2002, March 21, 2002, April 18, 2002, May 22, 2002, June
25, 2002, July 24, 2002, August 23, 2002, September 26, 2002, October
29, 2002, November 22, 2002, December 30, 2002, and January 23, 2003,
respectively.
Item 2. Properties.
Omitted.
Item 3. Legal Proceedings.
Nothing to Report.
Item 4. Submission of Matters To A Vote Of Security Holders.
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
(a) To the best knowledge of the registrant, there is no
established public trading market for the Notes.
(b) The Certificates are represented by one or more certificates
registered in the name of Cede & Co. ("Cede"), the nominee
of The Depository Trust Company ("DTC").
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion And Analysis Of Financial Condition And Results
Of Operation.
Omitted.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes in and Disagreements On Accounting And Financial Disclosure.
None.
PART III
Item 10. Directors and Officers of the Registrant.
Omitted.
Item 11. Executive Compensation.
Omitted.
Item 12. Security Ownership Of Certain Beneficial Owners And Management.
Omitted.
Item 13. Certain Relationships And Related Transactions.
Nothing to Report.
PART IV
Item 14. Exhibits, Financial Statement Schedules, And Reports On Form 8-K.
(a) Omitted.
(b) The registrant has filed Current Reports on Form 8-K
containing certain financial information with regard to the
Trust, the Receivables and the Accounts, on February 21,
2002, March 21, 2002, April 18, 2002, May 22, 2002, June 25,
2002, July 24, 2002, August 23, 2002, September 26, 2002,
October 29, 2002, November 22, 2002, December 30, 2002, and
January 23, 2003, respectively.
99.1 Annual Certificate of VW Credit, Inc., as Servicer.
99.2 Report on the activities of VW Credit, Inc., as
Servicer, prepared by PricewaterhouseCoopers L.L.P.
99.3 The Payment Date Statements containing information
relating to the Receivables and the Accounts for the
Collection Periods from and including January 2002
through December 2002 are incorporated by reference
from the registrant's Current Reports on Form 8-K
filed with the Commission on February 21, 2002, March
21, 2002, April 18, 2002, May 22, 2002, June 25,
2002, July 24, 2002, August 23, 2002, September 26,
2002, October 29, 2002, November 22, 2002, December
30, 2002, and January 23, 2003, respectively.
Volkswagen Credit Auto Master Trust 2000-1
Annual Distribution Statement: 2002 Activity
- -----------------------------------------------------------------------------------------------------------------------
20-Feb-02 20-Mar-02 22-Apr-02
Aggregate Amount of Collections $386,100,006.24 $280,736,473.70 $350,576,159.10
Aggregate Amount of non-Principal Collections $ 2,799,733.73 $ 2,948,724.64 $ 2,562,500.18
Aggregate Amount of Principal Collections $383,300,272.51 $277,787,749.06 $348,013,658.92
Pool Balance $734,975,066.69 $756,857,682.30 $788,465,170.81
Residual Participation Account $234,975,066.69 $256,857,682.30 $288,465,170.81
Excess Funding Account $ 0.00 $ 0.00 $ 0.00
Series Allocation Percentage 100.00% 100.00% 100.00%
Floating Allocation Percentage 68.03% 66.06% 63.41%
Fixed Allocation Percentage N/A N/A N/A
Total Amount Distributed on Series 2000-1 $ 767,291.67 $ 779,722.22 $ 942,447.92
Amount of Such Distribution Allocable to Principal
on 2000-1 $ 0.00 $ 0.00 $ 0.00
Amount of Such Distribution Allocable to Interest on
2000-1 $ 767,291.67 $ 779,722.22 $ 942,447.92
Noteholder Default Amount $ 0.00 $ 0.00 $ 0.00
Required Subordinated Draw Amount $ 0.00 $ 0.00 $ 0.00
Noteholder Charge Offs $ 0.00 $ 0.00 $ 0.00
Amounts of Reimbursements $ 0.00 $ 0.00 $ 0.00
Monthly Servicing Fee $ 612,479.22 $ 630,714.74 $ 657,054.31
Noteholder Monthly Servicing Fee $ 416,666.67 $ 416,666.67 $ 416,666.67
Controlled Distribution Amount $ 0.00 $ 0.00 $ 0.00
Series 2000-1 Invested Amount-end of period (Gross) $500,000,000.00 $500,000,000.00 $500,000,000.00
Outstanding Principal Balance $500,000,000.00 $500,000,000.00 $500,000,000.00
Available Subordinated Amount $ 73,884,587.01 $ 70,528,709.27 $ 76,420,222.74
Carry-over Amount $ 0.00 $ 0.00 $ 0.00
Reserve Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
Principal Funding Account Balance $ 0.00 $ 0.00 $ 0.00
Yield Supplement Account Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
- -----------------------------------------------------------------------------------------------------------------------
20-May-02 20-Jun-02 22-Jul-02
Aggregate Amount of Collections $389,268,888.97 $395,653,817.84 $372,721,467.08
Aggregate Amount of non-Principal Collections $ 2,808,191.48 $ 2,961,114.50 $ 2,786,909.86
Aggregate Amount of Principal Collections $386,460,697.49 $392,692,703.34 $369,934,557.22
Pool Balance $771,968,399.07 $765,475,315.91 $748,755,528.52
Residual Participation Account $281,968,399.07 $265,475,315.91 $248,755,528.52
Excess Funding Account $ 0.00 $ 0.00 $ 0.00
Series Allocation Percentage 100.00% 100.00% 100.00%
Floating Allocation Percentage 64.77% 65.32% 66.78%
Fixed Allocation Percentage N/A N/A N/A
Total Amount Distributed on Series 2000-1 $ 782,638.89 $ 858,958.33 $ 886,111.11
Amount of Such Distribution Allocable to Principal
on 2000-1 $ 0.00 $ 0.00 $ 0.00
Amount of Such Distribution Allocable to Interest on
2000-1 $ 782,638.89 $ 858,958.33 $ 886,111.11
Noteholder Default Amount $ 0.00 $ 0.00 $ 0.00
Required Subordinated Draw Amount $ 0.00 $ 0.00 $ 0.00
Noteholder Charge Offs $ 0.00 $ 0.00 $ 0.00
Amounts of Reimbursements $ 0.00 $ 0.00 $ 0.00
Monthly Servicing Fee $ 643,307.00 $ 637,896.10 $ 623,962.94
Noteholder Monthly Servicing Fee $ 416,666.67 $ 416,666.67 $ 416,666.67
Controlled Distribution Amount $ 0.00 $ 0.00 $ 0.00
Series 2000-1 Invested Amount-end of period (Gross) $500,000,000.00 $500,000,000.00 $500,000,000.00
Outstanding Principal Balance $500,000,000.00 $500,000,000.00 $500,000,000.00
Available Subordinated Amount $ 79,182,523.63 $ 82,332,135.43 $ 84,074,677.34
Carry-over Amount $ 0.00 $ 0.00 $ 0.00
Reserve Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
Principal Funding Account Balance $ 0.00 $ 0.00 $ 0.00
Yield Supplement Account Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
Volkswagen Credit Auto Master Trust 2000-1
Annual Distribution Statement: 2002 Activity
- -----------------------------------------------------------------------------------------------------------------------------
20-Aug-02 20-Sep-02 21-Oct-02 20-Nov-02
Aggregate Amount of Collections $420,126,153.18 $396,181,571.30 $355,007,640.33 $360,823,957.38
Aggregate Amount of non-Principal Collections $ 2,724,844.92 $ 2,701,484.85 $ 2,557,764.18 $ $2,595,810.17
Aggregate Amount of Principal Collections $417,401,308.26 $393,480,086.45 $352,449,876.15 $358,228,147.21
Pool Balance $695,286,982.62 $699,281,421.47 $719,874,009.41 $752,395,921.94
Residual Participation Account $195,286,982.62 $199,281,421.47 $219,874,009.41 $252,395,921.94
Excess Funding Account $ 0.00 $ 0.00 $ 0.00
Series Allocation Percentage 100.00% 100.00% 100.00% 100.00%
Floating Allocation Percentage 71.91% 71.50% 69.46% 66.45%
Fixed Allocation Percentage N/A N/A N/A N/A
Total Amount Distributed on Series 2000-1 $ 803,541.67 $ 840,659.72 $ 850,347.22 $ 827,083.33
Amount of Such Distribution Allocable to Principal
on 2000-1 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Amount of Such Distribution Allocable to Interest
on 2000-1 $ 803,541.67 $ 840,659.72 $ 850,347.22 $ 827,083.33
Noteholder Default Amount $ 0.00 $ 0.00 $ 0.00 $ 0.00
Required Subordinated Draw Amount $ 0.00 $ 0.00 $ 0.00 $ 0.00
Noteholder Charge Offs $ 0.00 $ 0.00 $ 0.00 $ 0.00
Amounts of Reimbursements $ 0.00 $ 0.00 $ 0.00 $ 0.00
Monthly Servicing Fee $ 579,405.82 $ 582,734.52 $ 599,895.01 $ 626,996.60
Noteholder Monthly Servicing Fee $ 416,666.67 $ 416,666.67 $ 416,666.67 $ 416,666.67
Controlled Distribution Amount $ 0.00 $ 0.00 $ 0.00 $0.00
Series 2000-1 Invested Amount-end of period (Gross) $500,000,000.00 $500,000,000.00 $500,000,000.00 $500,000,000.00
Outstanding Principal Balance $500,000,000.00 $500,000,000.00 $500,000,000.00 $500,000,000.00
Available Subordinated Amount $ 88,487,851.66 $ 86,998,882.77 $ 84,096,444.21 $ 81,148,413.09
Carry-over Amount $ 0.00 $ 0.00 $ 0.00 $ 0.00
Reserve Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
Principal Funding Account Balance $ 0.00 $ 0.00 $ 0.00 $ 0.00
Yield Supplement Account Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
- -------------------------------------------------------------------------------------------------------------
20-Dec-02 21-Jan-03 Total
Aggregate Amount of Collections $290,285,944.09 $282,918,889.46 $4,280,400,968.67
Aggregate Amount of non-Principal Collections $ 2,779,563.49 $ 2,493,556.33 $ 32,720,198.33
Aggregate Amount of Principal Collections $287,506,380.60 $280,425,333.13 $4,247,680,770.34
Pool Balance $813,046,330.19 $878,646,937.15 $ 760,419,063.84
Residual Participation Account $313,046,330.19 $378,646,937.15 $ 260,419,063.84
Excess Funding Account $ 0.00 $ 0.00 $ 0.00
Series Allocation Percentage 100.00% 100.00% 100.00%
Floating Allocation Percentage 61.50% 56.91% 66.01%
Fixed Allocation Percentage N/A N/A N/A
Total Amount Distributed on Series 2000-1 $ 642,970.83 $ 700,000.00 $ 9,681,772.92
Amount of Such Distribution Allocable to Principal
on 2000-1 $ 0.00 $ 0.00 $ 0.00
Amount of Such Distribution Allocable to Interest
on 2000-1 $ 642,970.83 $ 700,000.00 $ 7,681,772.92
Noteholder Default Amount $ 0.00 $ 0.00 $ 0.00
Required Subordinated Draw Amount $ 0.00 $ 0.00 $ 0.00
Noteholder Charge Offs $ 0.00 $ 0.00 $ 0.00
Amounts of Reimbursements $ 0.00 $ 0.00 $ 0.00
Monthly Servicing Fee $ 677,538.61 $ 732,205.78 $ 7,604,190.64
Noteholder Monthly Servicing Fee $ 416,666.67 $ 416,666.67 $ 5,000,000.00
Controlled Distribution Amount $ 0.00 $ 0.00 $ 0.00
Series 2000-1 Invested Amount-end of period (Gross) $500,000,000.00 $500,000,000.00 $ 500,000,000.00
Outstanding Principal Balance $500,000,000.00 $500,000,000.00 $ 500,000,000.00
Available Subordinated Amount $ 79,137,801.49 $ 84,942,578.81 $ 80,936,235.62
Carry-over Amount $ 0.00 $ 0.00 $ 0.00
Reserve Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00
Principal Funding Account Balance $ 0.00 $ 0.00 $ 0.00
Yield Supplement Account Balance $ 1,750,000.00 $ 1,750,000.00 $ 1,750,000.00