
Volkswagen Auto Loan Enhanced Trust 2003-2
MONTHLY SERVICER CERTIFICATE
For the collection period ended 5-29-2004												PAGE 1


A.	DATES						Begin		End		# days

1	Determination Date									6/17/2004

2	Payment Date									6/21/2004

3	Collection Period							5/2/2004		5/29/2004		28

4	Monthly Interest Period - Actual/360							5/20/2004		6/20/2004		32

5	Monthly Interest - 30/360											30


B.	SUMMARY

		Initial Balance			Beginning Balance		Principal Payment		Ending Balance		Note Factor

6	Class A-1 Notes		269,000,000.00			51,310,759.41		30,250,784.72		21,059,974.69		0.0782899
7	Class A-2 Notes		345,000,000.00			345,000,000.00		—		345,000,000.00		1.0000000
8	Class A-3 Notes		368,000,000.00			368,000,000.00		—		368,000,000.00		1.0000000
9	Class A-4 Notes		279,315,000.00			279,315,000.00		—		279,315,000.00		1.0000000
10	Class B Notes		29,033,164.85			29,033,164.85		—		29,033,164.85		1.0000000

11	Total Securities	$	1,290,348,164.00		$	1,072,658,924.26	$	30,250,784.72	$	1,042,408,139.54

12	Net Pool Balance	$	1,354,290,044.71		$	1,122,536,423.95			$	1,090,410,159.31


							Per $1000		Principal & Interest		Per $1000
		Coupon Rate			Interest Pmt Due		Face Amount		Payment Due		Face Amount

13	Class A-1 Notes		1.1456	%		52,251.68		1.0183378		30,303,036.40		590.5785990
14	Class A-2 Notes		1.5500	%		445,625.00		1.2916667		445,625.00		1.2916667
15	Class A-3 Notes		2.2700	%		696,133.33		1.8916667		696,133.33		1.8916667
16	Class A-4 Notes		2.9400	%		684,321.75		2.4500000		684,321.75		2.4500000

	Total Securities					1,878,331.77				32,129,116.49


C.	COLLECTIONS AND AVAILABLE FUNDS

17	Scheduled Principal Payments Received											21,145,516.03
18	Scheduled Interest Payments Received											2,780,878.21
19	Prepayments of Principal Received											241,661.60
20	Liquidation Proceeds											10,178,486.34
21	Recoveries Received											356,142.64
22	Other Payments Received to Reduce Principal											—

23	Subtotal: Total Collections											34,702,684.82

24	Repurchase Receivables											—
25	Reserve Account Excess Amount (Item 85)											7,654.88

26	Total Available Funds, prior to Servicer Advances											34,710,339.70

27	Servicer Advance (Item 68)											—

28	Total Available Funds + Servicer Advance											34,710,339.70

29	Reserve Account Draw Amount (Item 71)											—

30	Total Available Funds + Servicer Advance and Reserve Account Draw Amount											34,710,339.70


D.	*DISTRIBUTIONS*

	Distribution Summary:
31	Prior Advance Reimbursement (Item 74)											—
32	Servicing Fees (Item 38)											893,882.44
33	Class A Noteholder Interest (Item 47)											1,878,331.77
34	Principal Distribution Amount (Item 72)											30,250,784.72
35	Amount Paid to Reserve Account to Reach Specified Balance											—
36	Other Amounts Paid to Trustee											—

37	Remaining Funds to Certificateholder											1,687,340.78


Volkswagen Auto Loan Enhanced Trust 2003-2 MONTHLY SERVICER CERTIFICATE For the collection period ended 5-29-2004		PAGE 2


	Distribution Detail:	Due		Shortfall			Paid

38	Servicing Fees		893,882.44		—			893,882.44

	Pro rata:
39	Class A-1 Interest		52,251.68		—			52,251.68
40	Class A-2 Interest		445,625.00		—			445,625.00
41	Class A-3 Interest		696,133.33		—			696,133.33
42	Class A-4 Interest		684,321.75		—			684,321.75
43	Class A-1 Interest Carryover Shortfall		—		—			—
44	Class A-2 Interest Carryover Shortfall		—		—			—
45	Class A-3 Interest Carryover Shortfall		—		—			—
46	Class A-4 Interest Carryover Shortfall		—		—			—

47	Class A Noteholder Interest		1,878,331.77		—			1,878,331.77

E	*CALCULATIONS*

	Calculation of Principal Distribution Amount:
48	Beginning Note Balance - All Classes							1,072,658,924.26
49	Beginning Net Pool Balance				1,122,536,423.95
50	Receipts of Scheduled Principal				(21,145,516.03	)
51	Receipts of Prepaid Principal				(241,661.60	)
52	Liquidation Proceeds				(10,178,486.34	)
53	Other Collections of Principal				—
54	Principal Amount of Repurchases				—
55	Principal Amount of Defaulted Receivables				(560,600.67	)

56	Ending Net Pool Balance				1,090,410,159.31
57	Yield Supplement Overcollateralization Amount				48,002,019.77

58	Adjusted Pool Balance				1,042,408,139.54
59	Less: Adjusted Pool Balance - End of Collection Period							1,042,408,139.54

60	Calculated Principal Distribution Amount							30,250,784.72

	Calculation of Servicer Advance:
61	Available Funds, prior to Servicer Advances (Item 26)							34,710,339.70
62	Less: Prior Advance Reimbursement (Item 31)							—
63	Less: Servicing Fees Paid (Item 32)							893,882.44
64	Less: Interest Paid to Noteholders (Item 33)							1,878,331.77
65	Less: Calculated Principal Distribution (Item 60)							30,250,784.72

66	Equals: Remaining Available Funds before Servicer Advance							1,687,340.78
67	Monthly Loan Payments Due on Included Units but not received (N/A if Item 66 > 0)							N/A

68	Servicer Advance (If Item 66 < 0, lesser of Item 66 and Item 67, else 0)							—

	Calculation of Reserve Account Draw Amount:
69	Remaining Available Funds, before Reserve Account Draw (Item 66 plus Item 68)							1,687,340.78
70	Available Funds Shortfall Amount (If Item 69 < 0, Item 69, else 0)							—

71	Reserve Account Draw Amount (If Item 70 is > 0, Lesser of Reserve Acct Balance and Item 70)							—


72	Principal Distribution Amount (Item 60 - Available Funds Shortfall + Reserve Account Draw Amt)							30,250,784.72

	Reconciliation of Servicer Advance:
73	Beginning Balance of Servicer Advance							—
74	Less: Prior Advance Reimbursement							—
75	Plus: Additional Payment Advances for Current Period							—

76	Ending Balance of Payment Advance							—


Volkswagen Auto Loan Enhanced Trust 2003-2 MONTHLY SERVICER CERTIFICATE For the collection period ended 5-29-2004		PAGE 3


F	*RESERVE ACCOUNT*

	Reserve Account Balances:
77	Specified Reserve Account Balance								9,677,611.24
78	Initial Reserve Account Balance								6,451,740.82
79	Beginning Reserve Account Balance								9,677,611.24
80	Plus: Net Investment Income for the Collection Period								7,654.88

81	Subtotal: Reserve Fund Available for Distribution								9,685,266.12
82	Plus: Deposit of Excess Available Funds (Item 35)								—
83	Less: Reserve Account Draw Amount (Item 71)								—

84	Subtotal Reserve Account Balance								9,685,266.12
85	Less: Reserve Account Excess Amount to Available Funds (If Item 84 > Item 77)								7,654.88

86	Equals: Ending Reserve Account Balance								9,677,611.24

87	Change in Reserve Account Balance from Immediately Preceding Payment Date								—

G	*POOL STATISTICS*

	Collateral Pool Balance Data:				*Initial*			Current

88	Net Pool Balance					1,354,290,045			1,090,410,159
89	Number of Current Contracts					68,917			64,533
90	Weighted Average Loan Rate					3.27	%		3.23	%
91	Average Remaining Term					56.1			48.2
92	Average Original Term					58.3			58.6
	Net Credit Loss and Repossession Activity:				*Units*			*Outstanding Principal Balance*

93	Aggregate Outstanding Principal Balance of Charged Off Receivables					32			560,601
94	Liquidation Proceeds on Related Vehicles								—
95	Recoveries Received on Previously Receivables Previously Charged Off								356,143

96	Net Principal Losses for Current Collection Period					32			204,458

97	Beginning Net Principal Losses					151			1,391,618
98	Net Principal Losses for Current Collection Period					32			204,458

99	Cumulative Net Principal Losses					183			1,596,076

	Delinquencies Aging Profile - End of Period:	*Percentage*			*Units*			*Outstanding Principal Balance*

100	Current		99.71	%		64,347			1,087,299,498
101	31 - 60 Days Delinquent		0.26	%		166			2,782,790
102	61 - 90 Days Delinquent		0.03	%		20			327,872

103	Total		100.00	%		64,533			1,090,410,159

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2003-2 8-K