##### 



EXHIBIT 99.3 Volkswagen Credit Auto Master Owner Trust, Series 2000-1
Annual Distribution Statement: 2003 Activity 25-Feb-03
    
    25-Mar-03
    
    23-Apr-03
    
    20-May-03
    
    20-Jun-03
    
    21-Jul-03a.
    
    Aggregate Amount of Collections
    
    $
    324,463,073.36
    
    
    $
    270,257,478.20
    
    
    $
    323,588,197.98
    
    
    $
    355,232,054.27
    
    
    $
    377,164,515.26
    
    
    $
    367,212,697.34Aggregate Amount of Non-Principal Collections
    
    $
    2,747,267.49
    
    
    $
    2,842,683.07
    
    
    $
    2,533,383.45
    
    
    $
    2,809,550.19
    
    
    $
    2,808,337.70
    
    
    $
    3,011,218.75Aggregate Amount of Principal Collections
    
    $
    321,715,805.87
    
    
    $
    267,414,795.13
    
    
    $
    321,054,814.53
    
    
    $
    352,422,504.08
    
    
    $
    374,356,177.56
    
    
    $
    364,201,478.59Pool Balance
    
    $
    851,430,194.92
    
    
    $
    857,588,811.24
    
    
    $
    900,179,539.86
    
    
    $
    947,725,502.05
    
    
    $
    917,015,288.66
    
    
    $
    901,610,290.50Residual Participation Account
    
    $
    351,430,194.92
    
    
    $
    357,588,811.24
    
    
    $
    400,179,539.86
    
    
    $
    447,725,502.05
    
    
    $
    417,015,288.66
    
    
    $
    401,610,290.50Excess Funding Account
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00b.
    
    Series Allocation Percentage
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %Floating Allocation Percentage
    
    
    58.72
    %
    
    
    58.30
    %
    
    
    55.54
    %
    
    
    52.76
    %
    
    
    54.52
    %
    
    
    55.46
    %Principal Allocation Percentage
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/Ac.
    
    Total Amount Distributed on Series 2000-1
    
    $
    631,770.83
    
    
    $
    581,388.89
    
    
    $
    639,444.44
    
    
    $
    597,875.28
    
    
    $
    633,993.06
    
    
    $
    541,961.81d.
    
    Amount of Such Distribution Allocable to Principal on 2000-1
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00e.
    
    Amount of Such Distribution Allocable to Interest on 2000-1
    
    $
    631,770.83
    
    
    $
    581,388.89
    
    
    $
    639,444.44
    
    
    $
    597,875.28
    
    
    $
    633,993.06
    
    
    $
    541,961.81f.
    
    Noteholder Default Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00g.
    
    Required Subordinated Draw Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00h.
    
    Noteholder Charge Offs
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Amounts of Reimbursements
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00i.
    
    Monthly Servicing Fee
    
    $
    709,525.16
    
    
    $
    714,657.34
    
    
    $
    750,149.62
    
    
    $
    789,771.25
    
    
    $
    764,179.41
    
    
    $
    751,341.91Noteholder Monthly Servicing Fee
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67j.
    
    Controlled Deposit Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00k.
    
    Series 2000-1 Invested Amount at end of period (Gross)
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00Outstanding Principal Balance
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00l.
    
    Available Subordinated Amount
    
    $
    87,319,985.49
    
    
    $
    88,690,352.45
    
    
    $
    90,770,083.61
    
    
    $
    91,139,902.81
    
    
    $
    89,618,238.07
    
    
    $
    87,141,598.49m.
    
    Carry-over Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00n.
    
    Reserve Account Balance
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00o.
    
    Principal Funding Account Balance
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Yield Supplement Account Balance
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00$
    851,430
    
    
    $
    857,589
    
    
    $
    900,180
    
    
    $
    947,726
    
    
    $
    917,015
    
    
    $
    901,610p.
    
    Receivables 31-60 days past due
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Receivables 61-90 days past due
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Receivables 91+ days past due
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00




---



##### 



Volkswagen Credit Auto Master Owner Trust, Series 2000-1
Annual Distribution Statement: 2003 Activity 21-Aug-03
    
    22-Sep-03
    
    20-Oct-03
    
    20-Nov-03
    
    22-Dec-03
    
    20-Jan-04
    
    Totala.
    
    Aggregate Amount of Collections
    
    $
    385,391,596.81
    
    
    $
    375,043,520.50
    
    
    $
    402,315,913.88
    
    
    $
    373,208,585.60
    
    
    $
    297,617,592.25
    
    
    $
    312,221,567.72
    
    
    $
    4,163,716,793.17Aggregate Amount of Non-Principal Collections
    
    $
    2,732,510.43
    
    
    $
    2,670,101.68
    
    
    $
    2,521,460.60
    
    
    $
    2,361,818.82
    
    
    $
    2,170,366.52
    
    
    $
    2,531,637.45
    
    
    $
    31,740,336.15Aggregate Amount of Principal Collections
    
    $
    382,659,086.38
    
    
    $
    372,373,418.82
    
    
    $
    399,794,453.28
    
    
    $
    370,846,766.78
    
    
    $
    295,447,225.73
    
    
    $
    309,689,930.27
    
    
    $
    4,131,976,457.02Pool Balance
    
    $
    854,867,351.80
    
    
    $
    805,277,743.85
    
    
    $
    777,932,158.61
    
    
    $
    794,525,900.09
    
    
    $
    851,587,568.54
    
    
    $
    898,428,208.88
    
    
    $
    863,180,713.25Residual Participation Account
    
    $
    354,867,351.80
    
    
    $
    305,277,743.85
    
    
    $
    277,932,158.61
    
    
    $
    294,525,900.09
    
    
    $
    351,587,568.54
    
    
    $
    398,428,208.88
    
    
    $
    363,180,713.25Excess Funding Account
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00b.
    
    Series Allocation Percentage
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %
    
    
    100.00
    %Floating Allocation Percentage
    
    
    58.49
    %
    
    
    62.09
    %
    
    
    64.27
    %
    
    
    62.93
    %
    
    
    58.71
    %
    
    
    55.65
    %
    
    
    58.12
    %Principal Allocation Percentage
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    N/Ac.
    
    Total Amount Distributed on Series 2000-1
    
    $
    522,916.67
    
    
    $
    579,791.67
    
    
    $
    495,833.33
    
    
    $
    548,958.33
    
    
    $
    566,666.67
    
    
    $
    525,121.53
    
    
    $
    6,865,722.50d.
    
    Amount of Such Distribution Allocable to Principal on 2000-1
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00e.
    
    Amount of Such Distribution Allocable to Interest on 2000-1
    
    $
    522,916.67
    
    
    $
    579,791.67
    
    
    $
    495,833.33
    
    
    $
    548,958.33
    
    
    $
    566,666.67
    
    
    $
    525,121.53
    
    
    $
    6,865,722.50f.
    
    Noteholder Default Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00g.
    
    Required Subordinated Draw Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00h.
    
    Noteholder Charge Offs
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Amounts of Reimbursements
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00i.
    
    Monthly Servicing Fee
    
    $
    712,389.46
    
    
    $
    671,064.79
    
    
    $
    648,276.80
    
    
    $
    662,104.92
    
    
    $
    709,656.31
    
    
    $
    748,690.17
    
    
    $
    8,631,807.13Noteholder Monthly Servicing Fee
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    416,666.67
    
    
    $
    5,000,000.00j.
    
    Controlled Deposit Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00k.
    
    Series 2000-1 Invested Amount at end of period (Gross)
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00Outstanding Principal Balance
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00
    
    
    $
    500,000,000.00l.
    
    Available Subordinated Amount
    
    $
    93,027,989.59
    
    
    $
    90,939,513.52
    
    
    $
    95,565,230.44
    
    
    $
    86,776,322.61
    
    
    $
    85,961,656.50
    
    
    $
    92,945,465.23
    
    
    $
    89,991,361.57m.
    
    Carry-over Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00n.
    
    Reserve Account Balance
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00o.
    
    Principal Funding Account Balance
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Yield Supplement Account Balance
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00
    
    
    $
    1,750,000.00$
    854,867
    
    
    $
    805,278
    
    
    $
    777,932
    
    
    $
    794,526
    
    
    $
    851,588
    
    
    $
    898,428
    
    
    $
    863,180.71p.
    
    Receivables 31-60 days past due
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Receivables 61-90 days past due
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Receivables 91+ days past due
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00