Driver Germany

Another securitisation of auto loan receivables originated by Volkswagen Bank GmbH within
Germany ( the deal for Volkswagen earlier this year -VCL No.9- was a securitisation of auto
leases). The transaction is static, in marked contrast to the last two Driver transactions.

VWB’s main activities are to promote the automotive sales of the VW Group (VW, Audi, SEAT
and Skoda) and is the market leader in the German auto-loan market. It holds a banking licence,
is regulated by the German banking supervisor, BAFIN, and is a member of the German Federal
Deposit Insurance Fund.

The collateral consists of 88,839 loan contract receivables, additional rights and the security right
over the financed vehicles. 24% of the preliminary portfolio consists of fully amortising classic
credit loans, while 76% consists of balloon auto credit loans. The average balance is Eur11,256
and new vehicles make up 58.50% of the pool. The portfolio is well distributed across Germany
and shows no significant single borrower concentrations,with the biggest 5 debtors having a
total share of just 0.0705% via 22 loan contracts. Some 62% of the portfolio consists of VW
vehicles, while roughly 33% other VW-group vehicles: Audi (18%), Skoda (9%) and SEAT (6%).

The AAA notes came in line with the guidance of 6a and priced through last month's SC Germany
Auto 2007-1 deal, which had a similar average life (1.7yrs). However, the AA notes stuggled
somewhat in trying to match their guidance of mid-teens. The deal well subscribed and garnered
strong interest from investors particularly in France and Germany.


Compare/contrastL: Driver 3, Golden Bar S.r.l. - Series 4 2007, SC Germany 2007-1