##### 



EXHIBIT 99.3
 Volkswagen Credit Auto Master Owner Trust, Series 2005-1Annual Distribution Statement: 2006 Activity
    
    21-Feb-06
    
    
    20-Mar-06
    
    
    20-Apr-06
    
    
    22-May-06
    
    
    20-Jun-06
    
    
    20-Jul-06a.
    
    Aggregate Amount of Collections
    
    $
    575,022,714.98
    
    
    $
    456,485,773.83
    
    
    $
    600,618,179.97
    
    
    $
    522,295,147.31
    
    
    $
    612,533,807.60
    
    
    $
    602,941,426.99Aggregate Amount of Non-Principal Collections
    
    $
    7,661,095.22
    
    
    $
    7,347,850.33
    
    
    $
    7,100,676.59
    
    
    $
    7,926,328.18
    
    
    $
    8,081,758.57
    
    
    $
    7,989,498.00Aggregate Amount of Principal Collections
    
    $
    567,361,619.76
    
    
    $
    449,137,923.50
    
    
    $
    593,517,503.38
    
    
    $
    514,368,819.13
    
    
    $
    604,452,049.03
    
    
    $
    594,951,928.99Receivable (Pool) Balance
    
    $
    1,307,547,982.19
    
    
    $
    1,329,294,025.51
    
    
    $
    1,361,482,024.94
    
    
    $
    1,390,578,918.12
    
    
    $
    1,305,572,907.43
    
    
    $
    1,216,145,634.16Residual Participation Amount
    
    $
    457,547,982.19
    
    
    $
    479,294,025.51
    
    
    $
    511,482,024.94
    
    
    $
    540,578,918.12
    
    
    $
    455,572,907.43
    
    
    $
    366,145,634.16Excess 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
    
    
    65.01
    %
    
    
    63.94
    %
    
    
    62.43
    %
    
    
    61.13
    %
    
    
    65.11
    %
    
    
    69.89
    %Principal Allocation Percentage
    
    
    65.01
    %
    
    
    63.94
    %
    
    
    62.43
    %
    
    
    61.13
    %
    
    
    65.11
    %
    
    
    69.89
    %c.
    
    Total Amount Distributed on Series 2005-1
    
    $
    3,407,555.56
    
    
    $
    2,926,125.00
    
    
    $
    3,510,588.54
    
    
    $
    3,734,333.33
    
    
    $
    3,492,514.71
    
    
    $
    3,744,873.33Per $1,000 Original Principal ($850M)
    
    $
    4.01
    
    
    $
    3.44
    
    
    $
    4.13
    
    
    $
    4.39
    
    
    $
    4.11
    
    
    $
    4.41d.
    
    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
    
    $
    3,407,555.56
    
    
    $
    2,926,125.00
    
    
    $
    3,510,588.54
    
    
    $
    3,734,333.33
    
    
    $
    3,492,514.71
    
    
    $
    3,744,873.33f.
    
    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
    
    
    $
    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
    
    
    $
    114,356,212.87
    
    
    $
    113,172,804.53
    
    
    $
    113,675,966.59
    
    
    $
    113,172,804.53
    
    
    $
    113,947,404.46m.
    
    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
    
    
    4.51
    %
    
    
    4.59
    %
    
    
    4.80
    %
    
    
    4.94
    %
    
    
    5.10
    %
    
    
    5.29
    %r.
    
    Accumulated Interest Shortfall
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Change in Interest Shortfall from Preceding 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 Preceding Payment Date
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00




---



##### 



Volkswagen Credit Auto Master Owner Trust, Series 2005-1Annual Distribution Statement: 2006 Activity
    
    21-Aug-06
    
    
    20-Sep-06
    
    
    20-Oct-06
    
    
    20-Nov-06
    
    
    20-Dec-06
    
    
    22-Jan-07
    
    
    Totala.
    
    Aggregate Amount of Collections
    
    $
    551,533,124.52
    
    
    $
    612,130,717.41
    
    
    $
    611,121,339.84
    
    
    $
    547,269,099.89
    
    
    $
    515,159,847.82
    
    
    $
    530,317,306.61
    
    
    $
    6,737,428,486.77Aggregate Amount of Non-Principal Collections
    
    $
    8,037,644.26
    
    
    $
    7,598,111.41
    
    
    $
    6,391,185.60
    
    
    $
    7,189,428.80
    
    
    $
    7,373,808.95
    
    
    $
    7,273,206.01
    
    
    $
    89,970,591.92Aggregate Amount of Principal Collections
    
    $
    543,495,480.26
    
    
    $
    604,532,606.00
    
    
    $
    604,730,154.24
    
    
    $
    540,079,671.09
    
    
    $
    507,786,038.87
    
    
    $
    523,044,100.60
    
    
    $
    6,647,457,894.85Receivable (Pool) Balance
    
    $
    1,107,237,802.02
    
    
    $
    1,072,375,314.89
    
    
    $
    1,088,089,962.76
    
    
    $
    1,139,867,365.50
    
    
    $
    1,195,331,249.29
    
    
    $
    1,291,039,632.50
    
    
    $
    1,233,713,568.28Residual Participation Amount
    
    $
    257,237,802.02
    
    
    $
    222,375,314.89
    
    
    $
    238,089,962.76
    
    
    $
    289,867,365.50
    
    
    $
    345,331,249.29
    
    
    $
    441,039,632.50
    
    
    $
    383,713,568.28Excess 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
    
    
    76.77
    %
    
    
    79.26
    %
    
    
    78.12
    %
    
    
    74.57
    %
    
    
    71.11
    %
    
    
    65.84
    %
    
    
    69.43
    %Principal Allocation Percentage
    
    
    76.77
    %
    
    
    79.26
    %
    
    
    78.12
    %
    
    
    74.57
    %
    
    
    71.11
    %
    
    
    65.84
    %
    
    
    69.43
    %c.
    
    Total Amount Distributed on Series 2005-1
    
    $
    4,078,587.11
    
    
    $
    3,786,041.67
    
    
    $
    3,789,583.33
    
    
    $
    3,908,583.33
    
    
    $
    3,782,500.00
    
    
    $
    4,184,125.00
    
    
    $
    44,345,410.92Per $1,000 Original Principal ($850M)
    
    $
    4.80
    
    
    $
    4.45
    
    
    $
    4.46
    
    
    $
    4.60
    
    
    $
    4.45
    
    
    $
    4.92
    
    
    $
    52.17d.
    
    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
    
    $
    4,078,587.11
    
    
    $
    3,786,041.67
    
    
    $
    3,789,583.33
    
    
    $
    3,908,583.33
    
    
    $
    3,782,500.00
    
    
    $
    4,184,125.00
    
    
    $
    44,345,410.92f.
    
    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
    
    $
    116,415,249.91
    
    
    $
    117,259,945.97
    
    
    $
    115,844,566.17
    
    
    $
    114,354,678.54
    
    
    $
    115,114,414.43
    
    
    $
    113,172,804.53
    
    
    $
    1,373,659,657.07m.
    
    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
    
    
    $
    67,477.17
    
    
    $
    67,477.17q.
    
    Per Annum Interest Rate
    
    
    5.40
    %
    
    
    5.35
    %
    
    
    5.35
    %
    
    
    5.34
    %
    
    
    5.34
    %
    
    
    5.37
    %
    
    
    5.11
    %r.
    
    Accumulated Interest Shortfall
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00Change in Interest Shortfall from Preceding 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 Preceding Payment Date
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00
    
    
    $
    0.00