Driver Germany

Basically a repeat of the Driver Four transaction, being a non replenishing structure that will start to
amotize from day one.

The collateral pool comprises of 82,019 auto loans originated and sold to the issuer by Volkswagen
Bank GmbH (VW Bank). These auto loans comprise of both consumer loan contracts (73.2%) and
business loan contracts (26.8%). The pool is highly granular, with the largest single borrower conc-
entration being only 0.018% and the top 20 loans comprise 0.21% of the portfolio. The average out-
standing balance is Eur12,192. All contracts will be current as of the last day of the month preceding
the closing date, with each borrower having paid at least two installments. Geographically, the four
main regional concentrations are: Nordrhein Westphalia 19.5% of pool, Bayern 13.14%, Baden-
Wurttemberg 11.87%, and Niedersachsen 10.51%.

Note, this deal has been launched within a few weeks of the Euro250mln Private Driver, a private
transaction backed by Schuldschein notes. The structure was essentially the same as the public
Driver series, and the whole deal (one tranche, rated AAA) was placed with one account. Pricing
was not announced, although VW did say it reflected the pricing on the previous VCL 10 deal.


Compare/contrast: Driver Four, VCL 10, Cars Alliance Auto Loans Germany 2007-1
Driver Four GmBHVolkswagen Car Lease No.10 LtdCars Alliance Auto Loans Germany 2007-1