**EXHIBIT 99.3**
**Volkswagen Credit Auto Master Owner Trust, Series 2000-1****Annual DistributionStatement: 2004 Activity**                                                             **20-Feb-04**  **22-Mar-04**  **20-Apr-04**  **20-May-04**  **21-Jun-04**  **20-Jul-04**  **20-Aug-04**  **20-Sep-04**  **20-Oct-04**  **22-Nov-04**  **20-Dec-04**  **20-Jan-05**  **Total**  a. Aggregate Amount of Collections $320,636,833.04  $277,492,946.80  $361,759,276.55  $354,053,201.52  $348,386,116.48  $378,511,616.51  $352,167,753.99  $341,960,014.65  $314,189,970.47  $300,149,903.00  $300,342,732.46  $308,217,053.10  $3,957,867,418.57   Aggregate Amount of Non-Principal Collections $2,660,325.37  $2,461,614.39  $2,437,080.22  $2,583,228.44  $2,670,459.22  $2,737,880.95  $2,350,331.74  $2,647,602.41  $2,210,750.50  $2,242,511.89  $2,683,121.75  $2,578,102.72  $30,263,009.60   Aggregate Amount of Principal Collections $317,976,507.67  $275,031,332.41  $359,322,196.33  $351,469,973.08  $345,715,657.26  $375,773,735.56  $349,817,422.25  $339,312,412.24  $311,979,219.97  $297,907,391.11  $297,659,610.71  $305,638,950.38  $3,927,604,408.97   Pool Balance $873,075,248.69  $857,228,996.40  $879,610,167.65  $899,341,829.29  $875,063,667.84  $819,590,453.00  $753,368,729.00  $682,495,526.09  $689,268,239.12  $728,275,373.08  $757,595,267.20  $785,241,662.36  $800,012,929.98   Residual Participation Account $373,075,248.69  $357,228,996.40  $379,610,167.65  $399,341,829.29  $375,063,667.84  $319,590,453.00  $253,368,729.00  $182,495,526.09  $189,268,239.12  $228,275,373.08  $257,595,267.20  $285,241,662.36  $300,012,929.98   Excess Funding Account $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        b. Series Allocation Percentage  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  100.00%  Floating Allocation Percentage  57.27%  58.33%  56.84%  55.60%  57.14%  61.01%  66.37%  73.26%  72.54%  68.66%  66.00%  63.67%  63.06%  Principal Allocation Percentage  N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A                                                        c. Total Amount Distributed on Series 2000-1 $540,347.22  $536,579.86  $501,458.33  $522,916.67  $557,777.78  $577,986.11  $678,125.00  $755,625.00  $819,270.83  $946,458.33  $892,500.00  $1,104,375.00  $8,433,420.14                                                        d. Amount of Such Distribution Allocable to Principal on 2000-1 $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        e. Amount of Such Distribution Allocable to Interest on 2000-1 $540,347.22  $536,579.86  $501,458.33  $522,916.67  $557,777.78  $577,986.11  $678,125.00  $755,625.00  $819,270.83  $946,458.33  $892,500.00  $1,104,375.00  $8,433,420.14                                                        f. Noteholder Default Amount $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        g. Required Subordinated Draw Amount $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        h. Noteholder Charge Offs $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00   Amounts of Reimbursements $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        i. Monthly Servicing Fee $727,562.71  $714,357.50  $733,008.47  $749,451.52  $729,219.72  $682,992.04  $627,807.27  $568,746.27  $574,390.20  $606,896.14  $631,329.39  $654,368.05  $8,000,129.30   Noteholder Monthly Servicing Fee $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $416,666.67  $5,000,000.00                                                        j. Controlled Deposit Amount $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        k. 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  $500,000,000.00  $500,000,000.00  $500,000,000.00  $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  $500,000,000.00  $500,000,000.00  $500,000,000.00  $500,000,000.00  $500,000,000.00  $500,000,000.00  $500,000,000.00  $500,000,000.00  $500,000,000.00                                                        l. Available Subordinated Amount $96,291,914.03  $88,551,847.75  $99,209,029.73  $108,967,437.48  $102,768,065.98  $104,807,316.72  $111,119,537.56  $117,778,639.74  $110,415,790.02  $105,455,287.30  $107,619,972.80  $106,457,616.84  $104,953,538.00                                                        m. Carry-over Amount $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00                                                        n. 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  $1,750,000.00  $1,750,000.00  $1,750,000.00  $1,750,000.00  $1,750,000.00  $1,750,000.00  $1,750,000.00                                                        o. Principal Funding Account Balance $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $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  $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  $1,750,000.00  $1,750,000.00     $873,075  $857,229  $879,610  $899,342  $875,064  $819,590  $753,369  $682,496  $689,268  $728,275  $757,595  $785,242  $800,012.93                                                        p. Receivables 31-60 days past due $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00       Receivables 61-90 days past due $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00       Receivables 91+ days past due $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00  $0.00