##### 



EXHIBIT 99.3
 Volkswagen Credit Auto Master Owner Trust, Series 2005-1
Annual Distribution Statement: 2007 Activity
 20-Feb-07
    
    20-Mar-07
    
    20-Apr-07
    
    21-May-07
    
    20-Jun-07
    
    20-Jul-07a.   Aggregate Amount of
Collections
    
    $
    615,442,175.56
    
    
    $
    472,765,354.03
    
    
    $
    566,530,562.90
    
    
    $
    587,186,846.34
    
    
    $
    664,227,037.11
    
    
    $
    585,663,858.55Aggregate Amount of
Non-Principal
Collections
    
    $
    8,618,632.23
    
    
    $
    8,131,285.88
    
    
    $
    6,949,205.66
    
    
    $
    7,489,013.77
    
    
    $
    7,721,642.94
    
    
    $
    7,772,483.28Aggregate Amount of
Principal Collections
    
    $
    606,823,543.33
    
    
    $
    464,634,068.15
    
    
    $
    559,581,357.24
    
    
    $
    579,697,832.57
    
    
    $
    656,505,394.17
    
    
    $
    577,891,375.27Receivable (Pool)
Balance
    
    $
    1,201,266,727.76
    
    
    $
    1,184,584,457.00
    
    
    $
    1,208,697,745.87
    
    
    $
    1,245,918,551.48
    
    
    $
    1,144,874,462.81
    
    
    $
    1,075,511,857.42Residual Participation
Amount
    
    $
    351,266,727.76
    
    
    $
    334,584,457.00
    
    
    $
    358,697,745.87
    
    
    $
    395,918,551.48
    
    
    $
    294,874,462.81
    
    
    $
    225,511,857.42Excess 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
    
    
    70.76
    %
    
    
    71.76
    %
    
    
    70.32
    %
    
    
    68.22
    %
    
    
    74.24
    %
    
    
    79.03
    %Principal Allocation
Percentage
    
    
    70.76
    %
    
    
    71.76
    %
    
    
    70.32
    %
    
    
    68.22
    %
    
    
    74.24
    %
    
    
    79.03
    %c.   Total Amount
Distributed on Series
2005-1
    
    $
    3,656,416.67
    
    
    $
    3,530,333.33
    
    
    $
    3,908,583.33
    
    
    $
    3,908,583.33
    
    
    $
    3,782,500.00
    
    
    $
    3,782,500.00Per $1,000 Original
Principal ($850M)
    
    $
    4.30
    
    
    $
    4.15
    
    
    $
    4.60
    
    
    $
    4.60
    
    
    $
    4.45
    
    
    $
    4.45d.   Amount of Such
Distribution Allocable
to Principal on 2005-1
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Per $1,000 Original
Principal ($850M)
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00e.   Amount of Such
Distribution Allocable
to Interest on 2005-1
    
    $
    3,656,416.67
    
    
    $
    3,530,333.33
    
    
    $
    3,908,583.33
    
    
    $
    3,908,583.33
    
    
    $
    3,782,500.00
    
    
    $
    3,782,500.00f.   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
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33Noteholder Monthly
Servicing Fee
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33j.   Controlled Deposit
Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00k.   Series 2005-1 Invested
Amount at end of
period (Gross)
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00Outstanding Principal
Balance
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00l.   Available Subordinated
Amount
    
    $
    113,172,804.53
    
    
    $
    113,172,804.53
    
    
    $
    114,394,806.28
    
    
    $
    113,172,804.53
    
    
    $
    113,283,752.12
    
    
    $
    115,913,756.84m.   Reserve Account Balance
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00n.   Reallocated Principal
Collections
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00o.   Principal Funding
Account Balance
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00p.   Servicer Advance
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00q.   Per Annum Interest Rate
    
    
    5.34
    %
    
    
    5.34
    %
    
    
    5.34
    %
    
    
    5.34
    %
    
    
    5.34
    %
    
    
    5.34
    %r.   Accumulated Interest
Shortfall
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Change in Interest
Shortfall from
Preceeding Payment
Date
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00s.   Accumulated Principal
Shortfall
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Change in Principal
Shortfall from
Preceeding Payment
Date
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00




---



##### 



Volkswagen Credit Auto Master Owner Trust, Series 2005-1
Annual Distribution Statement: 2007 Activity
 20-Aug-07
    
    20-Sep-07
    
    22-Oct-07
    
    20-Nov-07
    
    20-Dec-07
    
    22-Jan-08
    
    Totala.   Aggregate Amount of
Collections
    
    $
    685,133,600.55
    
    
    $
    697,742,686.98
    
    
    $
    543,348,411.37
    
    
    $
    598,519,539.83
    
    
    $
    568,326,094.58
    
    
    $
    514,191,280.43
    
    
    $
    7,099,077,448.23Aggregate Amount of
Non-Principal
Collections
    
    $
    7,241,319.90
    
    
    $
    7,758,197.81
    
    
    $
    6,868,409.47
    
    
    $
    6,706,691.95
    
    
    $
    6,445,129.11
    
    
    $
    6,763,723.59
    
    
    $
    88,465,735.59Aggregate Amount of
Principal
Collections
    
    $
    677,892,280.65
    
    
    $
    689,984,489.17
    
    
    $
    536,480,001.90
    
    
    $
    591,812,847.88
    
    
    $
    561,880,965.47
    
    
    $
    507,427,556.84
    
    
    $
    7,010,611,712.64Receivable (Pool)
Balance
    
    $
    1,103,843,840.71
    
    
    $
    1,039,586,319.55
    
    
    $
    1,043,191,241.17
    
    
    $
    1,121,142,905.38
    
    
    $
    1,213,245,219.30
    
    
    $
    1,288,540,375.44
    
    
    $
    1,155,866,975.32Residual
Participation
Amount
    
    $
    253,843,840.71
    
    
    $
    189,586,319.55
    
    
    $
    193,191,241.17
    
    
    $
    271,142,905.38
    
    
    $
    363,245,219.30
    
    
    $
    438,540,375.44
    
    
    $
    305,866,975.32Excess 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
    
    
    77.00
    %
    
    
    81.76
    %
    
    
    81.48
    %
    
    
    75.82
    %
    
    
    70.06
    %
    
    
    65.97
    %
    
    
    73.87
    %Principal
Allocation
Percentage
    
    
    77.00
    %
    
    
    81.76
    %
    
    
    81.48
    %
    
    
    75.82
    %
    
    
    70.06
    %
    
    
    65.97
    %
    
    
    73.87
    %c.   Total Amount
Distributed on
Series 2005-1
    
    $
    3,908,583.33
    
    
    $
    4,091,115.64
    
    
    $
    4,167,833.33
    
    
    $
    3,435,593.75
    
    
    $
    3,371,666.67
    
    
    $
    3,871,484.38
    
    
    $
    45,415,193.76Per $1,000 Original
Principal ($850M)
    
    $
    4.60
    
    
    $
    4.81
    
    
    $
    4.90
    
    
    $
    4.04
    
    
    $
    3.97
    
    
    $
    4.55
    
    
    $
    53.43d.   Amount of Such
Distribution
Allocable to
Principal on 2005-1
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Per $1,000 Original
Principal ($850M)
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00e.   Amount of Such
Distribution
Allocable to
Interest on 2005-1
    
    $
    3,908,583.33
    
    
    $
    4,091,115.64
    
    
    $
    4,167,833.33
    
    
    $
    3,435,593.75
    
    
    $
    3,371,666.67
    
    
    $
    3,871,484.38
    
    
    $
    45,415,193.76f.   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
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    8,500,000.00Noteholder Monthly
Servicing Fee
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    8,500,000.00j.   Controlled Deposit
Amount
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00k.   Series 2005-1
Invested Amount at
end of period
(Gross)
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00Outstanding
Principal Balance
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00
    
    
    $
    850,000,000.00l.   Available
Subordinated Amount
    
    $
    113,504,361.69
    
    
    $
    115,711,739.23
    
    
    $
    117,938,047.98
    
    
    $
    113,732,625.17
    
    
    $
    113,172,804.53
    
    
    $
    114,397,731.71
    
    
    $
    114,297,336.60m.   Reserve Account
Balance
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00
    
    
    $
    2,975,000.00n.   Reallocated
Principal
Collections
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00o.   Principal Funding
Account Balance
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00p.   Servicer Advance
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    87,243.97
    
    
    $
    87,243.97q.   Per Annum Interest
Rate
    
    
    5.34
    %
    
    
    5.59
    %
    
    
    5.52
    %
    
    
    5.02
    %
    
    
    4.76
    %
    
    
    4.97
    %
    
    
    5.27
    %r.   Accumulated
Interest Shortfall
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Change in Interest
Shortfall from
Preceeding Payment
Date
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00s.   Accumulated
Principal Shortfall
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Change in Principal
Shortfall from
Preceeding Payment
Date
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00