Exhibit 99.1

 

Volkswagen Auto Lease Trust 2022-A          
MONTHLY SERVICER CERTIFICATE          
For the collection period ended 03-31-23         PAGE 1
               

 
A.   DATES   Begin   End   # days
1   Determination Date       4/18/2023    
2   Payment Date       4/20/2023    
3   Collection Period   3/1/2023   3/31/2023   31
4   Monthly Interest Period- Actual   3/20/2023   4/19/2023   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     151,000,000.00     —     —     —     —     —  
7   Class A-2 Notes     385,000,000.00     294,493,121.36     —     26,242,434.27     268,250,687.09     0.6967550  
8   Class A-3 Notes     385,000,000.00     385,000,000.00     —     —     385,000,000.00     1.0000000  
9   Class A-4 Notes     79,000,000.00     79,000,000.00     —     —     79,000,000.00     1.0000000  
10   Equals: Total Securities   $ 1,000,000,000.00   $ 758,493,121.36   $ —   $ 26,242,434.27   $ 732,250,687.09        
11   Overcollateralization     162,791,075.45     186,046,572.07                 186,046,572.07        
12   Total Securitization Value   $ 1,162,791,075.45   $ 944,539,693.43         $ 26,242,434.27   $ 918,297,259.16        
13   NPV Lease Payments Receivable     525,552,923.13     313,644,319.33                 291,703,022.66        
14   NPV Base Residual     637,238,152.32     630,895,374.10                 626,594,236.50        
15   Number of Leases     40,751     37,244                 36,688        
                                           
                            Per $1000     Principal & Interest     Per $1000  
          Coupon Rate     Libor Rate     Interest Pmt Due     Face Amount     Payment Due     Face Amount  
16   Class A-1 Notes     1.72100 %   N/A     —     —     —     —  
17   Class A-2 Notes     3.02000 %   N/A     741,141.02     1.9250416     26,983,575.29     70.0872086  
18   Class A-3 Notes     3.44000 %   N/A     1,103,666.67     2.8666667     1,103,666.67     2.8666667  
19   Class A-4 Notes     3.65000 %   N/A     240,291.67     3.0416667     240,291.67     3.0416667  
    Equals:  Total Securities                 2,085,099.36           28,327,533.63        

 

C.   COLLECTIONS AND AVAILABLE FUNDS      
20   Lease Payments Received     20,255,334.38  
21   Pull Ahead Waived Payments     —  
22   Sales Proceeds - Early Terminations     14,818,767.09  
23   Sales Proceeds - Scheduled Terminations     96,832.00  
24   Security Deposits for Terminated Accounts     525.00  
25   Excess Wear and Tear Received     315.00  
26   Excess Mileage Charges Received     603.67  
27   Proceeds Received on Defaulted Leases and Other Recoveries     106,827.58  
28   Subtotal: Total Collections     35,279,204.72  
29   Repurchase Payments     —  
30   Postmaturity Term Extension     —  
31   Investment Earnings on Collection Account     146,086.04  
32   Total Available Funds, prior to Servicer Advances     35,425,290.76  
33   Servicer Advance     —  
34   Total Available Funds     35,425,290.76  
35   Reserve Account Draw     —  
36   Available for Distribution     35,425,290.76  

 

D.   DISTRIBUTIONS          
37   Payment Date Advance Reimbursement (Item 82)           —  
38   Servicing Fee (Servicing and Administrative Fees paid pro rata):              
39     Servicing Fee Shortfall from Prior Periods           —  
40     Servicing Fee Due in Current Period           787,116.41  
41     Servicing Fee Shortfall           —  
42   Administration Fee (Servicing and Administrative Fees paid pro rata):              
43     Administration Fee Shortfall from Prior Periods           —  
44     Administration Fee Due in Current Period           2,500.00  
45     Administration Fee Shortfall           —  
46   Interest Shortfall from Prior Periods              
47   Interest Paid to Noteholders           2,085,099.36  
48   First Priority Principal Distribution Amount           —  
49   Amount Paid to Reserve Account to Reach Specified Balance           —  
50   Subtotal: Remaining Available Funds     32,550,574.99        
51   Regular Principal Distribution Amount     26,242,434.27        
52   Regular Principal Paid to Noteholders (lesser of Item 50 and Item 51)           26,242,434.27  
53   Amounts paid to indenture, owner, and origination trustee and asset representations reviewer           —  
54   Remaining Available Funds           6,308,140.72  

 

 

 

 

Volkswagen Auto Lease Trust 2022-A          
MONTHLY SERVICER CERTIFICATE          
For the collection period ended 03-31-23         PAGE 2
               

 

E.   CALCULATIONS      
55   Calculation of First Priority Principal Distribution Amount:        
56   Outstanding Principal Amount of the Notes (Beg. Of Collection Period)     758,493,121.36  
57   Less: Aggregate Securitization Value (End of Collection Period)     (918,297,259.16 )
58   First Priority Principal Distribution Amount (not less than zero)     —  
             
59   Calculation of Regular Principal Distribution Amount:        
60   Outstanding Principal Amount of the Notes (Beg. Of Collection Period)     758,493,121.36  
61   Less: Targeted Note Balance     (732,250,687.09 )
62   Less: First Priority Principal Distribution Amount     —  
63   Regular Principal Distribution Amount     26,242,434.27  
             
64   Calculation of Targeted Note Balance:        
65   Aggregate Securitization Value (End of Collection Period)     918,297,259.16  
66   Less: Targeted Overcollateralization Amount (16.00% of Initial Securitization Value)     (186,046,572.07 )
67   Targeted Note Balance     732,250,687.09  
             
68   Calculation of Servicer Advance:        
69   Available Funds, prior to Servicer Advances (Item 32)     35,425,290.76  
70   Less: Payment Date Advance Reimbursement (Item 82)     —  
71   Less: Servicing Fees Paid (Items 39, 40 and 41)     787,116.41  
72   Less: Administration Fees Paid (Items 43, 44 and 45)     2,500.00  
73   Less: Interest Paid to Noteholders  (Item 47)     2,085,099.36  
74   Less: 1st Priority Principal Distribution (Item 58)     —  
75   Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)     32,550,574.99  
76   Monthly Lease Payments Due on Included Units but not received (N/A if Item 75 > 0)     N/A  
77   Servicer Advance (If Item 75 < 0, lesser of Item 76 and absolute value of Item 75, else 0)     —  
78   Total Available Funds after Servicer Advance (Item 76plus Item 77)     32,550,574.99  
79   Reserve Account Draw Amount (If Item 78 is < 0, Lesser of the Reserve Account Balance and Item 78)     —  
             
80   Reconciliation of Servicer Advance:        
81   Beginning Balance of Servicer Advance     —  
82   Payment Date Advance Reimbursement     —  
83   Additional Payment Advances for current period     —  
84   Ending Balance of Payment Advance     —  

 

F.   RESERVE ACCOUNT          
85   Reserve Account Balances:              
86   Targeted Reserve Account Balance           2,906,977.69  
87   Initial Reserve Account Balance           2,906,977.69  
88   Beginning Reserve Account Balance           2,906,977.69  
89   Plus:  Net Investment Income for the Collection Period           11,094.41  
90   Subtotal:  Reserve Fund Available for Distribution           2,918,072.10  
91   Plus:  Deposit of Excess Available Funds to reach Specified Balance (Item 49)           —  
92   Less:  Reserve Account Draw Amount (Item 79)           —  
93   Subtotal Reserve Account Balance           2,918,072.10  
94   Less: Excess Reserve Account Funds to Transferor (If Item 93> Item 86)           11,094.41  
95   Equals: Ending Reserve Account Balance           2,906,977.69  
96   Change in Reserve Account Balance from Immediately Preceding Payment Date           —  
                   
97   Current Period Net Residual Losses:     Units     Amounts  
98   Aggregate Securitization Value for Scheduled Terminated Units     6     83,708.32  
99   Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units           (97,978.73 )
100   Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units           —  
101   Less: Excess Wear and Tear Received           (315.00 )
102   Less: Excess Mileage Received           (603.67 )
103   Current Period Net Residual Losses/(Gains)     6     (15,189.08 )
104   Cumulative Net Residual Losses:              
105   Beginning Cumulative Net Residual Losses     5     (48,467.13 )
106   Current Period Net Residual Losses (Item 103)     6     (15,189.08 )
107   Ending Cumulative Net Residual Losses     11     (63,656.21 )
108   Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value           -0.01 %

 

 

 

 

Volkswagen Auto Lease Trust 2022-A          
MONTHLY SERVICER CERTIFICATE          
For the collection period ended 03-31-23         PAGE 3
               

 

G.   POOL STATISTICS                  
109   Collateral Pool Balance Data                 Initial     Current  
110   Aggregate Securitization Value                 1,162,791,075.45     918,297,259.16  
111   Aggregate Base Residual Value                 790,858,748.94     713,808,408.55  
112   Number of Current Contracts                 40,751     36,688  
113   Weighted Average Lease Rate                 2.83 %   2.78 %
114   Average Remaining Term                 26.4     15.5  
115   Average Original Term                 40.5     40.5  
116   Proportion of Base Prepayment Assumption Realized                       49.93 %
117   Actual Monthly Prepayment Speed                       1.05 %
118   Turn-in Ratio on Scheduled Terminations                       83.33 %

 

          Sales Proceeds     Units     Book Amount     Securitization Value  
119   Pool Balance - Beginning of Period           37,244     1,084,335,749.94     944,539,693.43  
120   Depreciation/Payments                 (16,889,116.29 )   (12,662,875.90 )
121   Gross Credit Losses           (18 )   (633,143.70 )   (598,665.94 )
122   Early Terminations - Purchased by Customer           (60 )   (1,684,526.20 )   (1,485,476.53 )
123   Early Terminations - Sold at Auction           (3 )   (120,927.54 )   (108,102.97 )
124   Early Terminations - Purchased by Dealer           (469 )   (12,844,528.04 )   (11,303,604.61 )
125   Early Terminations - Lease Pull Aheads           —     —     —  
126   Scheduled Terminations - Purchased by Customer     10,683     (1 )   (10,683.00 )   (8,950.34 )
127   Scheduled Terminations - Sold at Auction     —     —     —     —  
128   Scheduled Terminations - Purchased by Dealer     86,149     (5 )   (86,835.92 )   (74,757.98 )
129   Pool Balance - End of Period           36,688     1,052,065,989.25     918,297,259.16  

 

130   Delinquencies Aging Profile - End of Period           Units     Securitization Value     Percentage  
131   Current           36,400     910,843,909.13     99.19 %
132   31 - 60 Days Delinquent           217     5,449,379.61     0.59 %
133   61 - 90 Days Delinquent           43     1,223,024.15     0.13 %
134   91+ Days Delinquent           28     780,946.27     0.09 %
135   Total           36,688     918,297,259.16     100.00 %
                               
136   Delinquency Trigger                       6.86 %
137   Delinquency Percentage (61 - Day Delinquent Receivables)                       0.22 %
138   Delinquency Trigger occurred in this collection Period?                       No  

 

139   Credit Losses:                 Units     Amounts  
140   Aggregate Securitization Value on charged-off units                 18     598,665.94  
141   Aggregate Liquidation Proceeds on charged-off units                       (4,097.69 )
142   Aggregate Securitization Value on charged-off units previously categorized as Early Terminations                       —  
143   Aggregate Liquidation Proceeds on charged-off units previously categorized as Early Terminations                       —  
144   Recoveries on charged-off units                       (102,729.89 )
145   Current Period Aggregate Net Credit Losses/(Gains)                 18     491,838.36  
                               
146   Cumulative Net Credit Losses:                          
147   Beginning Cumulative Net Credit Losses                 67     1,342,140.33  
148   Current Period Net Credit Losses (Item 145)                 18     491,838.36  
149   Ending Cumulative Net Credit Losses                 85     1,833,978.69  
150   Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value           0.16 %

 

151   Aging of Scheduled Maturies Not Sold                       Units  
152   1 - 60 Days since Contract Maturity                       1  
153   61 - 120 Days since Contract Maturity                       —  
154   121+ Days since Contract Maturity                       —  

 

  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
   
VW CREDIT, INC., as Servicer