##### 



Exhibit 99.3

Volkswagen Credit Auto Master Trust 2000-1
Annual Distribution Statement: 2002 Activity



|                                                             |  |           |                |   |           |   |                |           |  |   |                |   |  |   |                |  
|------------------------------------------------------------ |  | --------- | -------------- | - | --------- | - | -------------- | --------- |  | - | -------------- | - |  | - | -------------- | -
|                                                             |  | 20-Feb-02 |                |   | 20-Mar-02 |   |                | 22-Apr-02 |  |   | 20-May-02      |  
|Aggregate Amount of Collections                              |  | $         | 386,100,006.24 |   |           | $ | 280,736,473.70 |           |  | $ | 350,576,159.10 |   |  | $ | 389,268,888.97 |  
|Aggregate Amount of non-Principal Collections                |  | $         | 2,799,733.73   |   |           | $ | 2,948,724.64   |           |  | $ | 2,562,500.18   |   |  | $ | 2,808,191.48   |  
|Aggregate Amount of Principal Collections                    |  | $         | 383,300,272.51 |   |           | $ | 277,787,749.06 |           |  | $ | 348,013,658.92 |   |  | $ | 386,460,697.49 |  
|Pool Balance                                                 |  | $         | 734,975,066.69 |   |           | $ | 756,857,682.30 |           |  | $ | 788,465,170.81 |   |  | $ | 771,968,399.07 |  
|Residual Participation Account                               |  | $         | 234,975,066.69 |   |           | $ | 256,857,682.30 |           |  | $ | 288,465,170.81 |   |  | $ | 271,968,399.07 |  
|Excess Funding Account                                       |  | $         | 0.00           |   |           | $ | 0.00           |           |  | $ | 0.00           |   |  | $ | 0.00           |  
|Series Allocation Percentage                                 |  |           | 100.00         | % |           |   | 100.00         | %         |  |   | 100.00         | % |  |   | 100.00         | %
|Floating Allocation Percentage                               |  |           | 68.03          | % |           |   | 66.06          | %         |  |   | 63.41          | % |  |   | 64.77          | %
|Fixed Allocation Percentage                                  |  |           | N/A            |   |           |   | N/A            |           |  |   | N/A            |   |  |   | N/A            |  
|Total Amount Distributed on Series 2000-1                    |  | $         | 767,291.67     |   |           | $ | 779,722.22     |           |  | $ | 942,447.92     |   |  | $ | 782,638.89     |  
|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  |  | $         | 767,291.67     |   |           | $ | 779,722.22     |           |  | $ | 942,447.92     |   |  | $ | 782,638.89     |  
|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                                        |  | $         | 612,479.22     |   |           | $ | 630,714.74     |           |  | $ | 657,054.31     |   |  | $ | 643,307.00     |  
|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                                |  | $         | 73,884,587.01  |   |           | $ | 70,528,709.27  |           |  | $ | 76,420,222.74  |   |  | $ | 79,182,523.63  |  
|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   |  

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                                             |  |           |                |   |           |   |                |  
|------------------------------------------------------------ |  | --------- | -------------- | - | --------- | - | -------------- | -
|                                                             |  | 20-Jun-02 |                |   | 22-Jul-02 |  
|Aggregate Amount of Collections                              |  | $         | 395,653,817.84 |   |           | $ | 372,721,467.08 |  
|Aggregate Amount of non-Principal Collections                |  | $         | 2,961,114.50   |   |           | $ | 2,786,909.86   |  
|Aggregate Amount of Principal Collections                    |  | $         | 392,692,703.34 |   |           | $ | 369,934,557.22 |  
|Pool Balance                                                 |  | $         | 765,475,315.91 |   |           | $ | 748,755,528.52 |  
|Residual Participation Account                               |  | $         | 265,475,315.91 |   |           | $ | 248,755,528.52 |  
|Excess Funding Account                                       |  | $         | 0.00           |   |           | $ | 0.00           |  
|Series Allocation Percentage                                 |  |           | 100.00         | % |           |   | 100.00         | %
|Floating Allocation Percentage                               |  |           | 65.32          | % |           |   | 66.78          | %
|Fixed Allocation Percentage                                  |  |           | N/A            |   |           |   | N/A            |  
|Total Amount Distributed on Series 2000-1                    |  | $         | 858,958.33     |   |           | $ | 886,111.11     |  
|Amount of Such Distribution Allocable to Principal on 2000-1 |  | $         | 0.00           |   |           | $ | 0.00           |  
|Amount of Such Distribution Allocable to Interest on 2000-1  |  | $         | 858,958.33     |   |           | $ | 886,111.11     |  
|Noteholder Default Amount                                    |  | $         | 0.00           |   |           | $ | 0.00           |  
|Required Subordinated Draw Amount                            |  | $         | 0.00           |   |           | $ | 0.00           |  
|Noteholder Charge Offs                                       |  | $         | 0.00           |   |           | $ | 0.00           |  
|Amounts of Reimbursements                                    |  | $         | 0.00           |   |           | $ | 0.00           |  
|Monthly Servicing Fee                                        |  | $         | 637,896.10     |   |           | $ | 623,962.94     |  
|Noteholder Monthly Servicing Fee                             |  | $         | 416,666.67     |   |           | $ | 416,666.67     |  
|Controlled Distribution Amount                               |  | $         | 0.00           |   |           | $ | 0.00           |  
|Series 2000-1 Invested Amount-end of period (Gross)          |  | $         | 500,000,000.00 |   |           | $ | 500,000,000.00 |  
|Outstanding Principal Balance                                |  | $         | 500,000,000.00 |   |           | $ | 500,000,000.00 |  
|Available Subordinated Amount                                |  | $         | 82,332,135.43  |   |           | $ | 84,074,677.34  |  
|Carry-over Amount                                            |  | $         | 0.00           |   |           | $ | 0.00           |  
|Reserve Balance                                              |  | $         | 1,750,000.00   |   |           | $ | 1,750,000.00   |  
|Principal Funding Account Balance                            |  | $         | 0.00           |   |           | $ | 0.00           |  
|Yield Supplement Account Balance                             |  | $         | 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   |  

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                                             |  |           |                |   |           |   |                |       |  |   |                  |  
|------------------------------------------------------------ |  | --------- | -------------- | - | --------- | - | -------------- | ----- |  | - | ---------------- | -
|                                                             |  | 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     |       |  | $ | 9,681,772.92     |  
|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     |