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EXHIBIT 99.3
 Volkswagen Credit Auto Master Owner Trust, Series 2005-1Annual Distribution Statement: 2005 Activity
    
    20-Sep-05
    
    
    20-Oct-05
    
    
    21-Nov-05
    
    
    20-Dec-05
    
    
    20-Jan-06
    
    
    Totala.
    
    Aggregate Amount of Collections
    
    $
    686,154,489.19
    
    
    $
    607,637,184.03
    
    
    $
    535,348,414.89
    
    
    $
    542,014,658.32
    
    
    $
    558,758,008.44
    
    
    $
    2,929,912,754.87Aggregate Amount of Non-Principal Collections
    
    $
    5,909,963.99
    
    
    $
    5,634,887.80
    
    
    $
    5,926,240.07
    
    
    $
    6,081,139.10
    
    
    $
    6,279,967.96
    
    
    $
    29,832,198.92Aggregate Amount of Principal Collections
    
    $
    680,244,525.20
    
    
    $
    602,002,296.23
    
    
    $
    529,422,174.82
    
    
    $
    535,933,519.22
    
    
    $
    552,478,040.48
    
    
    $
    2,900,080,555.95Receivable (Pool) Balance
    
    $
    1,200,806,022.56
    
    
    $
    1,163,793,006.57
    
    
    $
    1,199,092,503.46
    
    
    $
    1,283,272,922.23
    
    
    $
    1,378,580,253.13
    
    
    $
    1,245,108,941.59Residual Participation Amount
    
    $
    350,806,022.56
    
    
    $
    313,793,006.57
    
    
    $
    349,092,503.46
    
    
    $
    433,272,922.23
    
    
    $
    528,580,253.13
    
    
    $
    395,108,941.59Excess 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
    
    
    70.79
    %
    
    
    73.04
    %
    
    
    70.89
    %
    
    
    66.24
    %
    
    
    61.66
    %
    
    
    68.52
    %Principal Allocation Percentage
    
    
    70.79
    %
    
    
    73.04
    %
    
    
    70.89
    %
    
    
    66.24
    %
    
    
    61.66
    %
    
    
    68.52
    %c.
    
    Total Amount Distributed on Series 2005-1
    
    $
    3,419,644.44
    
    
    $
    2,703,177.08
    
    
    $
    3,037,333.33
    
    
    $
    2,861,714.36
    
    
    $
    3,213,236.11
    
    
    $
    15,235,105.33Per $1,000 Original Principal ($850M)
    
    $
    4.02
    
    
    $
    3.18
    
    
    $
    3.57
    
    
    $
    3.37
    
    
    $
    3.78
    
    
    $
    17.92d.
    
    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
    
    $
    3,419,644.44
    
    
    $
    2,703,177.08
    
    
    $
    3,037,333.33
    
    
    $
    2,861,714.36
    
    
    $
    3,213,236.11
    
    
    $
    15,235,105.33f.
    
    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
    
    
    $
    3,541,666.67Noteholder Monthly Servicing Fee
    
    $
    472,222.22
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    708,333.33
    
    
    $
    3,305,555.55j.
    
    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
    
    $
    115,861,601.31
    
    
    $
    113,172,804.53
    
    
    $
    113,660,678.53
    
    
    $
    113,172,804.53
    
    
    $
    113,202,254.13
    
    
    $
    113,814,028.61m.
    
    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
    
    
    $
    26,082.97
    
    
    $
    26,082.97q.
    
    Per Annum Interest Rate
    
    
    3.62
    %
    
    
    3.82
    %
    
    
    4.02
    %
    
    
    4.18
    %
    
    
    4.39
    %
    
    
    4.01
    %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
    
    
    $
    0.00Receivable Balance (000s)
    
    $
    1,200,806.02
    
    
    $
    1,163,793.01
    
    
    $
    1,199,092.50
    
    
    $
    1,283,272.92
    
    
    $
    1,378,580.25
    
    
    $
    1,245,108.94p.
    
    Receivables 31-60 days past due
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Receivables 61-90 days past due
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0Receivables 91+ days past due
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    0