Form 10-D Volkswagen Auto Loan For: Aug 31

September 20, 2021 1:45 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: 333-233424-01

Commission Index Key Number of issuing entity: 0001809291

 

 

Volkswagen Auto Loan Enhanced Trust 2020-1

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

Commission File Number of the depositor: 333-233424

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   85-6192834

(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
 

Title of class

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

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 Loan Enhanced Trust 2020-1 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 Loan Enhanced Trust 2020-1, 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 Loan Enhanced Trust 2020-1 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 Loan Enhanced Trust 2020-1 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 Loan Enhanced Trust 2020-1 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 LOAN ENHANCED

TRUST 2020-1

      By VW Credit, Inc., as Servicer
      By:  

/s/ Ina Reetz

      Name: Ina Reetz
      Title:   Sr. Director Financial Reporting

 

Volkswagen Auto Loan Enhanced Trust 2020-1    Exhibit 99.1
MONTHLY SERVICER CERTIFICATE   
For the collection period ended 8-31-2021    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/360        8/20/2021          9/19/2021          31  
5    Monthly Interest - 30/360                  30  
B.    SUMMARY                              

 

                Initial Balance     Beginning Balance      Principal Payment      Ending Balance      Note Factor  
6    Class A-1 Notes

 

    215,000,000.00       —          —          —          —    
7    Class A-2-A Notes

 

    362,000,000.00       34,043,097.71        28,020,756.27        6,022,341.44        0.0166363  
8    Class A-2-B Notes

 

    50,000,000.00       4,702,085.32        3,870,270.20        831,815.12        0.0166363  
9    Class A-3 Notes

 

    471,000,000.00       471,000,000.00        —          471,000,000.00        1.0000000  
10    Class A-4 Notes

 

    96,570,000.00       96,570,000.00        —          96,570,000.00        1.0000000  
    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
11    Total Securities

 

  $ 1,194,570,000.00     $ 606,315,183.03      $ 31,891,026.48      $ 574,424,156.55     
    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
12    Overcollateralization

 

    53,026,720.93       53,026,720.93           53,026,720.93     
    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
13    Adjusted Pool Balance

 

  $ 1,247,596,720.93     $ 659,341,903.96      $ 31,891,026.48      $ 627,450,877.48     
    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
14    YSOC

 

    43,206,384.64       22,511,442.45           21,442,527.54     
    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
15    Net Pool Balance

 

  $ 1,290,803,105.57     $ 681,853,346.41      $ 31,891,026.48      $ 648,893,405.02     
    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
          Coupon Rate     Libor Rate     Interest Pmt Due      Per $1000
Face Amount
     Principal & Interest
Payment Due
     Per $1000
Face Amount
 
16    Class A-1 Notes      0.29978     N/A       —          —          —          —    
17    Class A-2-A Notes      0.93000     N/A       26,383.40        0.0728823        28,047,139.67        77.4782864  
18    Class A-2-B Notes      0.7183800     0.08838     2,908.73        0.0581746        3,873,178.93        77.4635787  
19    Class A-3 Notes      0.98000     N/A       384,650.00        0.8166667        384,650.00        0.8166667  
20    Class A-4 Notes      1.26000     N/A       101,398.50        1.0500000        101,398.50        1.0500000  
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
21    Total Securities          515,340.63           32,406,367.11     
     

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

C.    COLLECTIONS AND AVAILABLE FUNDS        
22    Scheduled Principal Payments Received      16,894,293.68  
23    Scheduled Interest Payments Received      2,554,834.59  
24    Prepayments of Principal Received      15,481,339.23  
25    Liquidation Proceeds      96,344.85  
26    Recoveries Received      364,073.76  
27    Other Payments Received to Reduce Principal   
     

 

 

 
28    Subtotal: Total Collections      35,390,886.11  
     

 

 

 
29    Repurchased Receivables      —    
30    Reserve Account Excess Amount (Item 88)      64.48  
     

 

 

 
31    Total Available Funds, prior to Servicer Advances      35,390,950.59  
     

 

 

 
32    Servicer Advance (Item 71)      —    
     

 

 

 
33    Total Available Funds + Servicer Advance      35,390,950.59  
     

 

 

 
34    Reserve Account Draw Amount (Item 74)      —    
     

 

 

 
35    Total Available Funds + Servicer Advance and Reserve Account Draw Amount      35,390,950.59  
     

 

 

 
D.    DISTRIBUTIONS        
   Distribution Summary:   
36    Prior Advance Reimbursement (Item 77)      —    
37    Servicing Fees (Item 41)      568,211.12  
38    Class A Noteholder Interest (Item 50)      515,340.63  
39    Principal Distribution Amount (Item 75)      31,891,026.48  
40    Amount Paid to Reserve Account to Reach Specified Balance      —    
41    Other Amounts Paid to Trustees      —    
42    Certificateholders Principal Distribution Amount      —    
     

 

 

 
43    Remaining Funds to Seller      2,416,372.36  
     

 

 

 


PAGE 2

 

     Distribution Detail:    Due      Shortfall      Paid  
44    Servicing Fees      568,211.12        —          568,211.12  
     

 

 

    

 

 

    

 

 

 
   Pro rata:         
45    Class A-1 Interest      —          —          —    
46    Class A-2-A Interest      26,383.40        —          26,383.40  
47    Class A-2-B Interest      2,908.73           2,908.73  
48    Class A-3 Interest      384,650.00        —          384,650.00  
49    Class A-4 Interest      101,398.50        —          101,398.50  
50    Class A-1 Interest Carryover Shortfall      —          —          —    
51    Class A-2-A Interest Carryover Shortfall      —          —          —    
52    Class A-2-B Interest Carryover Shortfall      —          —          —    
53    Class A-3 Interest Carryover Shortfall      —          —          —    
54    Class A-4 Interest Carryover Shortfall      —          —          —    
     

 

 

    

 

 

    

 

 

 
55    Class A Noteholder Interest      515,340.63        —          515,340.63  
     

 

 

    

 

 

    

 

 

 
E.    CALCULATIONS                           
   Calculation of Principal Distribution Amount:         
56    Beginning Adjusted Pool Balance            659,341,903.96  
57    Beginning Net Pool Balance         681,853,346.41     
58    Receipts of Scheduled Principal         (16,894,293.68   
59    Receipts of Prepaid Principal         (15,481,339.23   
60    Liquidation Proceeds         (96,344.85   
61    Other Collections of Principal         —       
62    Principal Amount of Repurchases         —       
63    Principal Amount of Defaulted Receivables         (487,963.63   
        

 

 

    
64    Ending Net Pool Balance         648,893,405.02     
65    Yield Supplement Overcollateralization Amount         21,442,527.54     
        

 

 

    
66    Adjusted Pool Balance         627,450,877.48     
67    Less: Adjusted Pool Balance - End of Collection Period            627,450,877.48  
           

 

 

 
68    Calculated Principal Distribution Amount            31,891,026.48  
           

 

 

 
   Calculation of Servicer Advance:         
69    Available Funds, prior to Servicer Advances (Item 28)            35,390,950.59  
70    Less: Prior Advance Reimbursement (Item 33)            —    
71    Less: Servicing Fees Paid (Item 34)            568,211.12  
72    Less: Interest Paid to Noteholders (Item 35)            515,340.63  
73    Less: Calculated Principal Distribution (Item 63)            31,891,026.48  
           

 

 

 
74    Equals: Remaining Available Funds before Servicer Advance            2,416,372.36  
75    Monthly Loan Payments Due on Included Units but not received (N/A if Item 69 > 0)

 

        N/A  
           

 

 

 
76    Servicer Advance (If Item 69 < 0, lesser of Item 69 and Item 70, else 0)

 

        —    
           

 

 

 
   Calculation of Reserve Account Draw Amount:         
77    Remaining Available Funds, before Reserve Account Draw (Item 69 plus Item 71)

 

        2,416,372.36  
78    Available Funds Shortfall Amount (If Item 72 < 0, Item 72, else 0)            —    
           

 

 

 
79    Reserve Account Draw Amount (If Item 73 is > 0, Lesser of Reserve Acct Balance and Item 73)

 

     —    
           

 

 

 
80    Principal Distribution Amount (Item 63 - Available Funds Shortfall + Reserve Account Draw Amt)

 

     31,891,026.48  
           

 

 

 
   Reconciliation of Servicer Advance:         
81    Beginning Balance of Servicer Advance            —    
82    Less: Prior Advance Reimbursement            —    
83    Plus: Additional Servicer Advances for Current Period            —    
           

 

 

 
84    Ending Balance of Servicer Advance            —    
           

 

 

 
F.    RESERVE ACCOUNT                           
   Reserve Account Balances:         
85    Specified Reserve Account Balance (Lesser of (a) $12,475,967.21, and (b) the aggregate note balance)

 

     12,475,967.21  
86    Initial Reserve Account Balance            12,475,967.21  
87    Beginning Reserve Account Balance            12,475,967.21  
88    Plus: Net Investment Income for the Collection Period            64.48  
           

 

 

 
89    Subtotal: Reserve Fund Available for Distribution            12,476,031.69  
90    Plus: Deposit of Excess Available Funds (Item 37)            —    
91    Less: Reserve Account Draw Amount (Item 74)            —    
           

 

 

 
92    Subtotal Reserve Account Balance            12,476,031.69  
93    Less: Reserve Account Excess Amount to Available Funds (If Item 87 > Item 80)

 

        64.48  
           

 

 

 
94    Equals: Ending Reserve Account Balance            12,475,967.21  
           

 

 

 
95    Change in Reserve Account Balance from Immediately Preceding Payment Date

 

        —    
           

 

 

 


PAGE 3

 

G.    POOL STATISTICS                      
     Collateral Pool Balance Data:    Initial     Prior Period     Current Period  
96    Net Pool Balance      1,290,803,106       681,853,346       648,893,405  
97    Number of Current Contracts      57,735       39,468       38,354  
98    Weighted Average Loan Rate      4.46     4.40     4.40
99    Average Remaining Term      55.4       41.3       40.4  
100    Average Original Term      64.5       65.0       65.0  
101    Monthly Prepayment Rate        1.53     1.53
     Net Credit Loss and Repossession Activity:          Units     Outstanding
Principal Balance
 
102    Aggregate Outstanding Principal Balance of Charged Off Receivables        30       584,308.48  
103    Liquidation Proceeds on Related Vehicles          96,344.85  
104    Recoveries Received on Receivables Previously Charged Off          364,073.76  
       

 

 

   

 

 

 
105    Net Principal Losses for Current Collection Period        30       123,889.87  
       

 

 

   

 

 

 
106    Beginning Net Principal Losses        659       5,829,364.12  
107    Net Principal Losses for Current Collection Period        30       123,889.87  
       

 

 

   

 

 

 
108    Cumulative Net Principal Losses        689       5,953,253.99  
       

 

 

   

 

 

 
109   

Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,290,803,105.57)

         0.46
         

 

 

 
     Delinquencies Aging Profile - End of Period:    Percentage     Units     Outstanding
Principal Balance
 
110    Current      99.18     38,108       643,560,142.32  
111    31 - 60 Days Delinquent      0.61     194       3,938,590.54  
112    61 - 90 Days Delinquent      0.21     52       1,394,672.16  
113    91 - 120 Days Delinquent1      0.00     —         —    
     

 

 

   

 

 

   

 

 

 
114    Total      100.00     38,354       648,893,405.02  
     

 

 

   

 

 

   

 

 

 
H.    DELINQUENCY AND NET LOSS RATIOS                      
115    Ratio of Net Principal Losses to the Pool balance as of Each Collection Period           Percentage  
116    Current Period          0.02
117    Prior Period          -0.01
118    Two Periods Prior          0.01
119    Three Periods Prior          0.00
         

 

 

 
120    Four Period Average (Current and Three Prior Collection Periods)

 

      0.00
         

 

 

 
     Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the
Pool balance as of Each Collection Period
               Percentage  
121    Current Period          0.21
122    Prior Period          0.16
123    Two Periods Prior          0.13
124    Three Periods Prior          0.13
         

 

 

 
125    Four Period Average (Current and Three Prior Collection Periods)          0.16
         

 

 

 
126    Delinquency Trigger          4.48
127    Delinquency Percentage (61-Day Delinquent Receivables)          0.21
128    Delinquency Trigger occurred in this collection Period?          No  
I.    Outstanding Extended/Deferred Accounts Related to Covid-19 Relief                      
                # Contracts     Securitization
value
 
129    Beginning of Period:        3,825       82,744,000.88  
130    Add: New Accounts Extended/Deferred        —         (0.00
131    Deduct: Contracts Paid off/Charged-off        (113     (2,201,898.08
132    Change in Sec. Value        —         (1,601,908.49
       

 

 

   

 

 

 
133    Ending of Period        3,712       78,940,194.31  
       

 

 

   

 

 

 
   Summary of Material Modifications, Extensions or Waivers

 

 
   None in the current month       
   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       

 

1

Any receivable as to which any payment is past due 90 or more days is a Defaulted Receivable and the outstanding principal balance is deemed to be zero. Therefore this item will equal zero in all reporting periods.

VW CREDIT, INC., as Servicer



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