Form 10-D Volkswagen Auto Lease For: Aug 31

September 20, 2021 1:40 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-D

 

 

ASSET-BACKED ISSUER DISTRIBUTION REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from

July 31, 2021 to August 31, 2021

Commission File Number of issuing entity: 333-214626-02

Commission Index Key Number of issuing entity: 0001769465

 

 

Volkswagen Auto Lease Trust 2019-A

(Exact name of issuing entity as specified in its charter)

Commission File Number of the depositor: 333-214626

Commission Index Key Number of the depositor: 0001182534

Volkswagen Auto Lease/Loan Underwritten Funding, LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0000833733

VW Credit, Inc.

(Exact name of sponsor as specified in its charter)

 

 

 

Delaware   83-6747337

(State or other jurisdiction of incorporation

or organization of the issuing entity)

 

(I.R.S. Employer

Identification No.)

2200 Woodland Pointe Avenue, Herndon, Virginia   20171
(Address of principal executive offices of the issuing entity)   (Zip Code)

(703) 364-7000

(Telephone number, including area code)

N/A

(Former name, former address, if changed since last report)

 

 

 

     Registered/reporting pursuant to
(check one)
   Name of
exchange

(If Section 12(b))
 

Title of class

   Section 12(b)      Section 12(g)      Section 15(d)

Class A-1 Notes

           

Class A-2-A Notes

           

Class A-2-B Notes

           

Class A-3 Notes

           

Class A-4 Notes

           

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   ☒    No  ☐

 

 

 


PART I—DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the receivables that comprise the assets of Volkswagen Auto Lease Trust 2019-A is set forth in the monthly servicer’s certificate attached as Exhibit 99.1.

Item 1A. Asset-Level Information

The Asset Data File and Asset Related Document filed as Exhibit 102 and Exhibit 103, respectively, to the Form ABS-EE filed by the issuing entity, Volkswagen Auto Lease Trust 2019-A, on September 20, 2021 are hereby incorporated by reference into this Form 10-D.

PART II—OTHER INFORMATION

Item 2. Legal Proceedings.

Not applicable

Item 3. Sales of Securities and Use of Proceeds.

Not applicable

Item 4. Defaults Upon Senior Securities.

Not applicable

Item 5. Submission of Matters to a Vote of Security Holders.

Not applicable

Item 6. Significant Obligors of Pool Assets.

Not applicable

Item 7. Change in Sponsor Interest in Securities.

Not applicable

Item 8. Significant Enhancement Provider Information.

Not applicable

Item 9. Other Information.

No assets securitized by VW Credit, Inc. (the “Securitizer”) and held by Volkswagen Auto Lease Trust 2019-A were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from July 31, 2021 to August 31, 2021. Please refer to the Form ABS-15G dated February 10, 2021 filed by the Securitizer for additional information. The CIK number of the Securitizer is 0000833733.


Item 10. Exhibits.

 

Exhibit 99.1    Monthly Distribution report for the collection period commencing on July 31, 2021 and ending on August 31, 2021.
Exhibit 102    Asset Data File for the reporting period July 31, 2021 to August 31, 2021 (Exhibit 102 to Form ABS-EE filed by Volkswagen Auto Lease Trust 2019-A with the SEC on September 20, 2021 is incorporated by reference herein).
Exhibit 103    Asset Data File for the reporting period July 31, 2021 to August 31, 2021 (Exhibit 103 to Form ABS-EE filed by Volkswagen Auto Lease Trust 2019-A with the SEC on September 20, 2021 is incorporated by reference herein).


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

September 20, 2021       VOLKSWAGEN AUTO LEASE TRUST 2019-A
      By VW Credit, Inc., as Servicer
      By:  

/s/ Ina Reetz

      Name: Ina Reetz
      Title:    Sr. Director Financial Reporting
Volkswagen Auto Lease Trust 2019-A    Exhibit 99.1
MONTHLY SERVICER CERTIFICATE   
For the collection period ended 08-31-21    PAGE 1

 

A.    DATES    Begin      End      # days  
1    Determination Date         9/16/2021     
2    Payment Date         9/20/2021     
3    Collection Period      7/31/2021        8/31/2021        32  
4    Monthly Interest Period - Actual      8/20/2021        9/19/2021        31  
5    Monthly Interest - 30/360            30  
B.    SUMMARY                        

 

                    Principal Payment              
        Initial Balance     Beginning Balance     1st Priority     Regular     Ending Balance     Note Factor  
6   Class A-1 Notes     235,000,000.00       —         —         —         —         —    
7   Class A-2-A Notes     472,000,000.00       —         —         —         —         —    
8   Class A-2-B Notes     60,000,000.00       —         —         —         —         —    
9   Class A-3 Notes     435,000,000.00       339,351,996.75       —         55,378,919.71       283,973,077.04       0.6528117  
10   Class A-4 Notes     98,000,000.00       98,000,000.00       —         —         98,000,000.00       1.0000000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
11   Equals: Total Securities   $ 1,300,000,000.00     $ 437,351,996.75     $ —       $ 55,378,919.71     $ 381,973,077.04    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
12   Overcollateralization     229,411,767.03       233,235,294.47           233,235,294.47    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
13   Total Securitization Value   $ 1,529,411,767.03     $ 670,587,291.22         $ 615,208,371.51    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
14   NPV Lease Payments Receivable     697,731,670.63       130,523,294.01           113,841,904.36    
15   NPV Base Residual     831,680,096.40       540,063,997.21           501,366,467.15    
16   Number of Leases     59,863       34,038           31,429    
        Coupon Rate     Libor Rate     Interest Pmt
Due
    Per $1000
Face Amount
    Principal & Interest
Payment Due
    Per $1000
Face Amount
 
17   Class A-1 Notes     2.12835     N/A       —         —         —         —    
18   Class A-2-A Notes     2.00000     N/A       —         —         —         —    
19   Class A-2-B Notes     0.38838     0.08838     —         —         —         —    
20   Class A-3 Notes     1.99000     N/A       562,758.73       1.2936982       55,941,678.44       128.6015596  
21   Class A-4 Notes     2.02000     N/A       164,966.67       1.6833333       164,966.67       1.6833333  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  Equals: Total Securities         727,725.39         56,106,645.10    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

C.    COLLECTIONS AND AVAILABLE FUNDS              
22   

Lease Payments Received

        15,563,671.89  
23   

Pull Ahead Waived Payments

        125,538.55  
24   

Sales Proceeds - Early Terminations

        27,907,739.20  
25   

Sales Proceeds - Scheduled Terminations

        29,987,409.12  
26   

Security Deposits for Terminated Accounts

        15,200.00  
27   

Excess Wear and Tear Received

        50,683.59  
28   

Excess Mileage Charges Received

        103,779.76  
29   

Proceeds Received on Defaulted Leases and Other Recoveries

        425,661.24  
        

 

 

 
30   

Subtotal: Total Collections

        74,179,683.35  
        

 

 

 
31   

Repurchase Payments

        —    
32   

Postmaturity Term Extension

        —    
33   

Investment Earnings on Collection Account

        3,592.27  
        

 

 

 
34   

Total Available Funds, prior to Servicer Advances

        74,183,275.62  
        

 

 

 
35   

Servicer Advance

        —    
        

 

 

 
36   

Total Available Funds

        74,183,275.62  
        

 

 

 
37   

Reserve Account Draw

        —    
        

 

 

 
38   

Available for Distribution

        74,183,275.62  
        

 

 

 
D.    DISTRIBUTIONS              
39    Payment Date Advance Reimbursement (Item 84)         —    
40    Servicing Fee (Servicing and Administrative Fees paid pro rata):      
41    Servicing Fee Shortfall from Prior Periods         —    
42    Servicing Fee Due in Current Period         558,822.74  
43    Servicing Fee Shortfall         —    
44    Administration Fee (Servicing and Administrative Fees paid pro rata):      
45    Administration Fee Shortfall from Prior Periods         —    
46    Administration Fee Due in Current Period         2,500.00  
47    Administration Fee Shortfall         —    
48    Interest Shortfall from Prior Periods      
49    Interest Paid to Noteholders         727,725.39  
50    First Priority Principal Distribution Amount         —    
51    Amount Paid to Reserve Account to Reach Specified Balance         —    
52    Subtotal: Remaining Available Funds    72,894,227.48   
53    Regular Principal Distribution Amount    55,378,919.71   
54    Regular Principal Paid to Noteholders (lesser of Item 52 and Item 53)         55,378,919.71  
55    Amounts paid to indenture, owner, and origination trustee and asset representations reviewer         —    
     

 

  

 

 

 
56   

Remaining Available Funds

        17,515,307.78  
     

 

  

 

 

 


PAGE 2

 

E.    CALCULATIONS                           
57   

Calculation of First Priority Principal Distribution Amount:

        
58   

Outstanding Principal Amount of the Notes (Beg. Of Collection Period)

           437,351,996.75  
59   

Less: Aggregate Securitization Value (End of Collection Period)

           (615,208,371.51
           

 

 

 
60   

First Priority Principal Distribution Amount (not less than zero)

           —    
           

 

 

 
61   

Calculation of Regular Principal Distribution Amount:

        
62   

Outstanding Principal Amount of the Notes (Beg. Of Collection Period)

           437,351,996.75  
63   

Less: Targeted Note Balance

           (381,973,077.04
64   

Less: First Priority Principal Distribution Amount

           —    
           

 

 

 
65   

Regular Principal Distribution Amount

           55,378,919.71  
           

 

 

 
66   

Calculation of Targeted Note Balance:

        
67   

Aggregate Securitization Value (End of Collection Period)

           615,208,371.51  
68    Less: Targeted Overcollateralization Amount (15.25% of Initial Securitization Value)

 

        (233,235,294.47
           

 

 

 
69   

Targeted Note Balance

           381,973,077.04  
           

 

 

 
70   

Calculation of Servicer Advance:

        
71   

Available Funds, prior to Servicer Advances (Item 34)

           74,183,275.62  
72   

Less: Payment Date Advance Reimbursement (Item 84)

           —    
73   

Less: Servicing Fees Paid (Items 41, 42 and 43)

           558,822.74  
74   

Less: Administration Fees Paid (Items 45, 46 and 47)

           2,500.00  
75   

Less: Interest Paid to Noteholders (Item 49)

           727,725.39  
76   

Less: 1st Priority Principal Distribution (Item 60)

           —    
           

 

 

 
77    Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)

 

     72,894,227.48  
78   

Monthly Lease Payments Due on Included Units but not received (N/A if Item 77 > 0)

           N/A  
           

 

 

 
79    Servicer Advance (If Item 77 < 0, lesser of Item 78 and absolute value of Item 77, else 0)

 

     —    
           

 

 

 
80   

Total Available Funds after Servicer Advance (Item 78 plus Item 79)

           72,894,227.48  
           

 

 

 
81    Reserve Account Draw Amount (If Item 80 is < 0, Lesser of the Reserve Account Balance and Item 80)

 

     —    
           

 

 

 
82   

Reconciliation of Servicer Advance:

        
83   

Beginning Balance of Servicer Advance

           —    
84   

Payment Date Advance Reimbursement

           —    
85   

Additional Payment Advances for current period

           —    
           

 

 

 
86   

Ending Balance of Payment Advance

           —    
           

 

 

 
F.    RESERVE ACCOUNT                           
87   

Reserve Account Balances:

        
88   

Targeted Reserve Account Balance

           3,823,529.42  
89   

Initial Reserve Account Balance

           3,823,529.42  
90   

Beginning Reserve Account Balance

           3,823,529.42  
91   

Plus: Net Investment Income for the Collection Period

           81.53  
           

 

 

 
92   

Subtotal: Reserve Fund Available for Distribution

           3,823,610.95  
93   

Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 51)

           —    
94   

Less: Reserve Account Draw Amount (Item 81)

           —    
           

 

 

 
95   

Subtotal Reserve Account Balance

           3,823,610.95  
96   

Less: Excess Reserve Account Funds to Transferor (If Item 95 > Item 88)

           81.53  
           

 

 

 
97   

Equals: Ending Reserve Account Balance

           3,823,529.42  
           

 

 

 
98    Change in Reserve Account Balance from Immediately Preceding Payment Date

 

     —    
           

 

 

 
                 Units      Amounts  
99    Current Period Net Residual Losses:         
100   

Aggregate Securitization Value for Scheduled Terminated Units

        1,369        23,426,165.54  
101    Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units

 

        (29,621,720.46
102    Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units

 

        (675,626.31
103   

Less: Excess Wear and Tear Received

           (50,683.59
104   

Less: Excess Mileage Received

           (103,779.76
        

 

 

    

 

 

 
105   

Current Period Net Residual Losses/(Gains)

        1,369        (7,025,644.58
        

 

 

    

 

 

 
106   

Cumulative Net Residual Losses:

        
107   

Beginning Cumulative Net Residual Losses

        9,543        (40,826,312.29
108   

Current Period Net Residual Losses (Item 105)

        1,369        (7,025,644.58
        

 

 

    

 

 

 
109   

Ending Cumulative Net Residual Losses

        10,912        (47,851,956.87
        

 

 

    

 

 

 
110    Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value

 

     -3.13
        

 

 

    

 

 

 


PAGE 3

 

G.    POOL STATISTICS                              
                       Initial     Current  
111    Collateral Pool Balance Data          
112    Aggregate Securitization Value           1,529,411,767.03       615,208,371.51  
113    Aggregate Base Residual Value           992,284,335.68       528,465,123.70  
114    Number of Current Contracts           59,863       31,429  
115    Weighted Average Lease Rate           3.59     3.48
116    Average Remaining Term           26.7       6.9  
117    Average Original Term           39.1       39.6  
118    Proportion of Base Prepayment Assumption Realized             114.25
119    Actual Monthly Prepayment Speed             1.59
120    Turn-in Ratio on Scheduled Terminations             85.32
          Sales Proceeds      Units     Book Amount     Securitization Value  
121    Pool Balance - Beginning of Period         34,038       812,237,424.60       670,587,291.22  
122    Depreciation/Payments           (12,077,294.42     (9,856,914.97
123    Gross Credit Losses         (4     (117,314.18     (105,293.29
124    Early Terminations - Purchased by Customer         (126     (2,923,407.00     (2,409,390.19
125    Early Terminations - Sold at Auction         (10     (219,665.79     (180,509.56
126    Early Terminations - Purchased by Dealer         (1,044     (22,364,798.90     (17,993,607.11
127    Early Terminations - Lease Pull Aheads         (56     (1,671,024.44     (1,407,039.04
128    Scheduled Terminations - Purchased by Customer      3,437,704        (201     (4,084,441.94     (3,266,419.44
129    Scheduled Terminations - Sold at Auction      935,218        (34     (848,860.78     (684,202.15
130    Scheduled Terminations - Purchased by Dealer      24,980,052        (1,134     (24,691,190.12     (19,475,543.95
     

 

 

    

 

 

   

 

 

   

 

 

 
131    Pool Balance - End of Period         31,429       743,239,427.03       615,208,371.51  
     

 

 

    

 

 

   

 

 

   

 

 

 
                 Units     Securitization Value     Percentage  
132    Delinquencies Aging Profile - End of Period          
133    Current         31,136       609,415,917.18       99.06
134    31 - 60 Days Delinquent         196       3,783,221.46       0.61
135    61 - 90 Days Delinquent         62       1,274,796.58       0.21
136    91+ Days Delinquent         35       734,436.28       0.12
        

 

 

   

 

 

   

 

 

 
137    Total         31,429       615,208,371.50       100.00
        

 

 

   

 

 

   

 

 

 
138    Delinquency Trigger             6.86
139    Delinquency Percentage (61 - Day Delinquent Receivables)             0.33
140    Delinquency Trigger occurred in this collection Period?             No  
                       Units     Amounts  
141    Credit Losses:          
142    Aggregate Securitization Value on charged-off units           4       105,293.29  
143    Aggregate Liquidation Proceeds on charged-off units             (20,439.29
144    Aggregate Securitization Value on charged-off units previously categorized as Early Terminations             —    
145    Aggregate Liquidation Proceeds on charged-off units previously categorized as Early Terminations             —    
146    Recoveries on charged-off units             (405,221.95
          

 

 

   

 

 

 
147    Current Period Aggregate Net Credit Losses/(Gains)           4       (320,367.95
          

 

 

   

 

 

 
148    Cumulative Net Credit Losses:          
149    Beginning Cumulative Net Credit Losses           504       4,829,457.21  
150    Current Period Net Credit Losses (Item 147)           4       (320,367.95
          

 

 

   

 

 

 
151    Ending Cumulative Net Credit Losses           508       4,509,089.26  
          

 

 

   

 

 

 
152    Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.29
          

 

 

   

 

 

 
                             Units  
153    Aging of Scheduled Maturies Not Sold          
154    0 - 60 Days since Contract Maturity             506  
155    61 - 120 Days since Contract Maturity             79  
156    121+ Days since Contract Maturity             65  
      Summary of Material Modifications, Extensions or Waivers                              
157    Outstanding Extended/Deferred Accounts Related to Covid-19 Relief          
                       # of Contracts     Securitization Value  
158             
159    Beginning of Period           4,669       93,009,022.55  
160    Add: New Accounts Extended/Deferred           —         0.00  
161    Less: Contracts Paid-Off/Charged-Off           (377     (6,754,605.96
162    Less: Change in Securitized Value           —         (1,480,514.53
          

 

 

   

 

 

 
163    Ending of Period:           4,292       84,773,902.06  
   Summary of Material Breaches of Representations or Warranties Related to Eligibility Criteria

 

   None in the current month          
   Summary of Material Breaches by the Issuer of Transaction Covenants

 

   None in the current month          
   Summary of Material Changes in Practices With respect to Charge-Offs, Collections and Management of Delinquent Receivables and the Effect of any Grace Period, Re-Aging, Re-Structuring, Partial Payments or Other Practices on Delinquency and Loss Experience

 

   None in the current month          

VW CREDIT, INC., as Servicer



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