##### 



EXHIBIT 99.3
 Volkswagen Auto Loan Enhanced Trust 2005-1
MONTHLY SERVICER CERTIFICATE
For the Collection Period ended 12-26-2005
    
    
    
    
    
    
    
    
    
    
    Nov-05
    
    
    Dec-05
    
    
    TotalB.
    
    SUMMARYInitial Balance
    
    
    12/31/2005 Balance
    
    
    Note Factor
    
    
    Principal Payment
    
    
    Principal Payment
    
    
    Principal Payment6
    
    Class A-1 Notes
    
    
    285,000,000.00
    
    
    
    213,288,672.52
    
    
    
    0.7483813
    
    
    
    35,575,687.98
    
    
    
    36,135,639.50
    
    
    
    71,711,327.487
    
    Class A-2 Notes
    
    
    288,000,000.00
    
    
    
    288,000,000.00
    
    
    
    1.0000000
    
    
    
    
    
    
    
    
    
    
    
    8
    
    Class A-3 Notes
    
    
    435,000,000.00
    
    
    
    435,000,000.00
    
    
    
    1.0000000
    
    
    
    
    
    
    
    
    
    
    
    9
    
    Class A-4 Notes
    
    
    226,188,000.00
    
    
    
    226,188,000.00
    
    
    
    1.0000000
    
    
    
    
    
    
    
    
    
    
    
    10
    
    Subordinated Certificate
    
    
    28,408,655.00
    
    
    
    28,408,655.00
    
    
    
    1.0000000
    
    
    
    
    
    
    
    
    
    
    
    11
    
    Total Securities
    
    $
    1,262,596,655.00
    
    
    $
    1,190,885,327.52
    
    
    
    
    
    
    $
    35,575,687.98
    
    
    $
    36,135,639.50
    
    
    $
    71,711,327.4812
    
    Net Pool Balance
    
    $
    1,364,964,811.90
    
    
    $
    1,285,282,198.96Coupon Rate
    
    
    Interest Pmt Due
    
    
    Interest Pmt Due
    
    
    Interest Pmt Due13
    
    Class A-1 Notes
    
    
    
    
    
    
    
    
    
    
    4.3664
    %
    
    
    1,175,289.33
    
    
    
    937,824.33
    
    
    
    2,113,113.6614
    
    Class A-2 Notes
    
    
    
    
    
    
    
    
    
    
    4.7300
    %
    
    
    1,286,560.00
    
    
    
    1,135,200.00
    
    
    
    2,421,760.0015
    
    Class A-3 Notes
    
    
    
    
    
    
    
    
    
    
    4.8000
    %
    
    
    1,972,000.00
    
    
    
    1,740,000.00
    
    
    
    3,712,000.0016
    
    Class A-4 Notes
    
    
    
    
    
    
    
    
    
    
    4.8600
    %
    
    
    1,038,202.92
    
    
    
    916,061.40
    
    
    
    1,954,264.32Total Securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,472,052.25
    
    
    
    4,729,085.73
    
    
    
    10,201,137.98C.
    
    COLLECTIONS AND
AVAILABLE FUNDS17
    
    Scheduled Principal Payments Received
    
    
    
    
    
    
    
    
    
    
    26,030,735.49
    
    
    
    26,545,042.66
    
    
    
    52,575,778.1518
    
    Scheduled Interest Payments Received
    
    
    
    
    
    
    
    
    
    
    3,555,696.92
    
    
    
    3,526,764.40
    
    
    
    7,082,461.3219
    
    Prepayments of Principal Received
    
    
    
    
    
    
    
    
    
    
    377,386.35
    
    
    
    341,963.13
    
    
    
    719,349.4820
    
    Liquidation Proceeds
    
    
    
    
    
    
    
    
    
    
    13,109,262.85
    
    
    
    12,968,827.41
    
    
    
    26,078,090.2621
    
    Recoveries Received
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    22
    
    Other Payments Received to Reduce Principal
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23
    
    Subtotal: Total Collections
    
    
    
    
    
    
    
    
    
    
    43,073,081.61
    
    
    
    43,382,597.60
    
    
    
    86,455,679.2124
    
    Repurchased Receivables
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25
    
    Reserve Account Excess Amount (Item 86)
    
    
    
    
    
    
    
    
    
    
    10,118.39
    
    
    
    21,772.86
    
    
    
    31,891.2526
    
    Total Available Funds, prior to Servicer Advances
    
    
    
    
    
    
    43,083,200.00
    
    
    
    43,404,370.46
    
    
    
    86,487,570.4627
    
    Servicer Advance (Item 69)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28
    
    Total Available Funds + Servicer Advance
    
    
    
    
    
    
    
    
    
    
    43,083,200.00
    
    
    
    43,404,370.46
    
    
    
    86,487,570.4629
    
    Reserve Account Draw Amount (Item 72)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30
    
    Total Available Funds + Servicer Advance and Reserve Account Draw Amount
    
    
    43,083,200.00
    
    
    
    43,404,370.46
    
    
    
    86,487,570.46D.
    
    DISTRIBUTIONSDistribution Summary:31
    
    Prior Advance Reimbursement (Item 75)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    32
    
    Servicing Fees (Item 39)
    
    
    
    
    
    
    
    
    
    
    1,052,163.88
    
    
    
    1,022,517.47
    
    
    
    2,074,681.3533
    
    Class A Noteholder Interest (Item 48)
    
    
    
    
    
    
    
    
    
    
    5,472,052.25
    
    
    
    4,729,085.73
    
    
    
    10,201,137.9834
    
    Principal Distribution Amount (Item 73)
    
    
    
    
    
    
    
    
    
    
    35,575,687.98
    
    
    
    36,135,639.50
    
    
    
    71,711,327.4835
    
    Amount Paid to Reserve Account to Reach Specified Balance
    
    
    
    
    
    
    983,295.89
    
    
    
    1,517,127.76
    
    
    
    2,500,423.6536
    
    Other Amounts Paid to Trustees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37
    
    Certificateholders Principal Distribution Amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38
    
    Remaining Funds to Seller
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    




---



##### 



EXHIBIT 99.3
 Volkswagen Auto Loan Enhanced Trust 2005-1
MONTHLY SERVICER CERTIFICATE
For the Collection
Period ended 12-26-2005
    
    Nov-05
    
    
    Dec-05
    
    
    TotalDistribution Detail:39
    
    Servicing Fees
    
    
    1,052,163.88
    
    
    
    1,022,517.47
    
    
    
    2,074,681.35Pro rata:40
    
    Class A-1 Interest
    
    
    1,175,289.33
    
    
    
    937,824.33
    
    
    
    2,113,113.6641
    
    Class A-2 Interest
    
    
    1,286,560.00
    
    
    
    1,135,200.00
    
    
    
    2,421,760.0042
    
    Class A-3 Interest
    
    
    1,972,000.00
    
    
    
    1,740,000.00
    
    
    
    3,712,000.0043
    
    Class A-4 Interest
    
    
    1,038,202.92
    
    
    
    916,061.40
    
    
    
    1,954,264.3244
    
    Class A-1 Interest Carryover Shortfall
    
    
    
    
    
    
    
    
    
    
    45
    
    Class A-2 Interest Carryover Shortfall
    
    
    
    
    
    
    
    
    
    
    46
    
    Class A-3 Interest Carryover Shortfall
    
    
    
    
    
    
    
    
    
    
    47
    
    Class A-4 Interest Carryover Shortfall
    
    
    
    
    
    
    
    
    
    
    48
    
    Class A Noteholder Interest
    
    
    5,472,052.25
    
    
    
    4,729,085.73
    
    
    
    10,201,137.98E.
    
    CALCULATIONSCalculation of Principal Distribution Amount:49
    
    Beginning Note Balance - All Classes
    
    
    1,262,596,655.00
    
    
    
    1,227,020,967.02
    
    
    
    1,262,596,655.0050
    
    Beginning Net Pool Balance
    
    
    1,364,964,811.90
    
    
    
    1,325,364,091.30
    
    
    
    1,364,964,811.9051
    
    Receipts of Scheduled Principal
    
    
    (26,030,735.49
    )
    
    
    (26,545,042.66
    )
    
    
    (52,575,778.15
    )52
    
    Receipts of Prepaid Principal
    
    
    (377,386.35
    )
    
    
    (341,963.13
    )
    
    
    (719,349.48
    )53
    
    Liquidation Proceeds
    
    
    (13,109,262.85
    )
    
    
    (12,968,827.41
    )
    
    
    (26,078,090.26
    )54
    
    Other Collections of Principal
    
    
    
    
    
    
    
    
    
    
    55
    
    Principal Amount of Repurchases
    
    
    
    
    
    
    
    
    
    
    56
    
    Principal Amount of Defaulted Receivables
    
    
    (83,335.91
    )
    
    
    (226,059.14
    )
    
    
    (309,395.05
    )57
    
    Ending Net Pool Balance
    
    
    1,325,364,091.30
    
    
    
    1,285,282,198.96
    
    
    
    1,285,282,198.9658
    
    Yield Supplement Overcollateralization Amount
    
    
    98,343,124.28
    
    
    
    94,396,871.44
    
    
    
    94,396,871.4459
    
    Adjusted Pool Balance
    
    
    1,227,020,967.02
    
    
    
    1,190,885,327.52
    
    
    
    1,190,885,327.5260
    
    Less: Adjusted Pool Balance - End of Collection Period61
    
    Calculated Principal Distribution Amount
    
    
    35,575,687.98
    
    
    
    36,135,639.50
    
    
    
    71,711,327.48Calculation of Servicer Advance:62
    
    Available Funds, prior to Servicer Advances (Item 26)
    
    
    43,083,200.00
    
    
    
    43,404,370.4663
    
    Less: Prior Advance Reimbursement (Item 31)
    
    
    
    
    
    
    64
    
    Less: Servicing Fees Paid (Item 32)
    
    
    1,052,163.88
    
    
    
    1,022,517.4765
    
    Less: Interest Paid to Noteholders (Item 33)
    
    
    5,472,052.25
    
    
    
    4,729,085.7366
    
    Less: Calculated Principal Distribution (Item 61)
    
    
    35,575,687.98
    
    
    
    36,135,639.5067
    
    Equals: Remaining Available Funds before Servicer Advance
    
    
    983,295.89
    
    
    
    1,517,127.7668
    
    Monthly Loan Payments Due on Included Units but not received (N/A if Item 67 > 0)
    
    
    N/A
    
    
    
    N/A69
    
    Servicer Advance (If Item 67 < 0, lesser of Item 67 and Item 68, else 0)
    
    
    
    
    
    
    
    
    
    
    Calculation of Reserve Account Draw Amount:70
    
    Remaining Available Funds, before Reserve Account Draw (Item 67 plus Item 69)
    
    
    983,295.89
    
    
    
    1,517,127.76
    
    
    
    2,500,423.6571
    
    Available Funds Shortfall Amount (If Item 70 < 0, Item 70,else 0)
    
    
    
    
    
    
    
    
    
    
    72
    
    Reserve Account Draw Amount (If Item 71 is > 0, Lesser of Reserve Acct Balance and Item 71)
    
    
    
    
    
    
    
    
    
    
    73
    
    Principal Distribution Amount (Item 61 - Available Funds Shortfall + Reserve Account Draw Amt)
    
    
    35,575,687.98
    
    
    
    36,135,639.50
    
    
    
    71,711,327.48Reconciliation of Servicer Advance:74
    
    Beginning Balance of Servicer Advance
    
    
    
    
    
    
    
    
    
    
    75
    
    Less: Prior Advance Reimbursement
    
    
    
    
    
    
    
    
    
    
    76
    
    Plus: Additional Payment Advances for Current Period
    
    
    
    
    
    
    
    
    
    
    77
    
    Ending Balance of Payment Advance
    
    
    
    
    
    
    
    
    
    
    




---



##### 



EXHIBIT 99.3
 Volkswagen Auto Loan Enhanced Trust 2005-1
MONTHLY SERVICER CERTIFICATE
For the Collection Period ended 12-26-2005
    
    Nov-05
    
    
    Dec-05
    
    
    TotalF.
    
    RESERVE ACCOUNTReserve Account Balances:78
    
    Specified Reserve Account Balance (Lesser of (a) $9,469,474.91, and (b) the aggregate note balance)
    
    
    9,469,474.91
    
    
    
    9,469,474.91
    
    
    
    9,469,474.9179
    
    Initial Reserve Account Balance
    
    
    6,312,983.28
    
    
    
    6,312,983.28
    
    
    
    6,312,983.2880
    
    Beginning Reserve Account Balance
    
    
    6,312,983.28
    
    
    
    7,306,397.56
    
    
    
    6,312,983.2881
    
    Plus:  Net Investment Income for the Collection Period
    
    
    10,118.39
    
    
    
    21,772.86
    
    
    
    31,891.2582
    
    Subtotal:  Reserve Fund Available for Distribution
    
    
    6,323,101.67
    
    
    
    7,328,170.42
    
    
    
    6,344,874.5383
    
    Plus:  Deposit of Excess Available Funds (Item 35)
    
    
    983,295.89
    
    
    
    1,517,127.76
    
    
    
    2,500,423.6584
    
    Less:  Reserve Account Draw Amount (Item 72)
    
    
    
    
    
    
    
    
    
    
    85
    
    Subtotal Reserve Account Balance
    
    
    7,306,397.56
    
    
    
    8,845,298.18
    
    
    
    8,845,298.1886
    
    Less: Reserve Account Excess Amount to Available Funds (If Item 85 > Item 78)
    
    
    
    
    
    
    
    
    
    
    87
    
    Equals: Ending Reserve Account Balance
    
    
    7,306,397.56
    
    
    
    8,845,298.18
    
    
    
    8,845,298.1888
    
    Change in Reserve Account Balance from Immediately Preceding Payment Date
    
    
    993,414.28
    
    
    
    1,538,900.62G.
    
    POOL STATISTICSCollateral Pool Balance Data:
    
    Current
    
    
    Current89
    
    Net Pool Balance
    
    
    1,325,364,091
    
    
    
    1,285,282,19990
    
    Number of Current Contracts
    
    
    83,840
    
    
    
    82,84391
    
    Weighted Average Loan Rate
    
    
    3.41
    %
    
    
    3.41
    %92
    
    Average Remaining Term
    
    
    48.4
    
    
    
    47.793
    
    Average Original Term
    
    
    57.9
    
    
    
    58.0Outstanding
    
    
    OutstandingNet Credit Loss and Repossession Activity:
    
    Principal Balance
    
    
    Principal Balance
    
    
    Total94
    
    Aggregate Outstanding Principal Balance of Charged Off Receivables
    
    
    83,336
    
    
    
    226,059
    
    
    
    309,39595
    
    Liquidation Proceeds on Related Vehicles
    
    
    
    
    
    
    
    
    
    
    96
    
    Recoveries Received on Receivables Previously Charged Off
    
    
    
    
    
    
    
    
    
    
    97
    
    Net Principal Losses for Current Collection Period
    
    
    83,336
    
    
    
    226,059
    
    
    
    309,39598
    
    Beginning Net Principal Losses
    
    
    
    
    
    
    83,33699
    
    Net Principal Losses for Current Collection Period
    
    
    83,336
    
    
    
    226,059100
    
    Cumulative Net Principal Losses
    
    
    83,336
    
    
    
    309,395Outstanding
    
    
    OutstandingDelinquencies Aging Profile - End of Period:
    
    Principal Balance
    
    
    Principal Balance101
    
    Current
    
    
    1,319,233,489
    
    
    
    1,277,141,888102
    
    31 - 60 Days Delinquent
    
    
    6,130,602
    
    
    
    7,220,185103
    
    61 - 90 Days Delinquent
    
    
    
    
    
    
    920,126104
    
    Total
    
    
    1,325,364,091
    
    
    
    1,285,282,199