Volkswagen Auto Loan Enhanced Trust 2023-1        Exhibit 99.1
MONTHLY SERVICER CERTIFICATE        
For the collection period ended 5-31-2023       PAGE 1

 

A.  DATES  Begin  End   # days 
1  Determination Date     6/15/2023     
2  Payment Date     6/20/2023     
3  Collection Period  4/29/2023  5/31/2023   33 
4  Monthly Interest Period - Actual/360  6/13/2023  6/19/2023   7 
5  Monthly Interest - 30/360  6/13/2023  6/19/2023   7 
6  SOFR Adjustment Date     6/9/2023     

 

B.  SUMMARY                    
                        
      Initial Balance   Beginning Balance   Principal Payment   Ending Balance   Note Factor 
7  Class A-1 Notes   294,000,000.00    294,000,000.00    49,239,659.43    244,760,340.57    0.8325182 
8  Class A-2-A Notes   474,000,000.00    474,000,000.00    -    474,000,000.00    1.0000000 
9  Class A-2-B Notes   150,000,000.00    150,000,000.00    -    150,000,000.00    1.0000000 
10  Class A-3 Notes   492,000,000.00    492,000,000.00    -    492,000,000.00    1.0000000 
11  Class A-4 Notes   90,000,000.00    90,000,000.00    -    90,000,000.00    1.0000000 
12  Total Securities  $1,500,000,000.00   $1,500,000,000.00   $49,239,659.43   $1,450,760,340.57      
                             
13  Overcollateralization   46,391,754.61    46,391,754.61         46,391,754.61      
14  Adjusted Pool Balance  $1,546,391,754.61   $1,546,391,754.61   $49,239,659.43   $1,497,152,095.18      
15  YSOC   161,524,359.74    161,524,359.74         156,377,344.75      
16  Net Pool Balance  $1,707,916,114.35   $1,707,916,114.35   $49,239,659.43   $1,653,529,439.93      

 

                  Per $1000   Principal& Interest   Per $1000 
      Coupon Rate   SOFR Rate   Interest Pmt Due   Face Amount   Payment Due   Face Amount 
17  Class A-1 Notes   5.49800%   N/A    314,302.33    1.0690555    49,553,961.76    168.5508903 
18  Class A-2-A Notes   5.50000%   N/A    506,916.67    1.0694445    506,916.67    1.0694445 
19  Class A-2-B Notes   5.58696%   5.06696%   162,953.00    1.0863533    162,953.00    1.0863533 
20  Class A-3 Notes   5.02000%   N/A    480,246.67    0.9761111    480,246.67    0.9761111 
21  Class A-4 Notes   5.01000%   N/A    87,675.00    0.9741667    87,675.00    0.9741667 
22  Total Securities             1,552,093.67         50,791,753.10      

 

C.  COLLECTIONS AND AVAILABLE FUNDS    
23  Scheduled Principal Payments Received   27,573,106.77 
24  Scheduled Interest Payments Received   7,122,189.26 
25  Prepayments of Principal Received   25,207,703.44 
26  Liquidation Proceeds   1,064,767.82 
27  Recoveries Received   - 
28  Other Payments Received to Reduce Principal     
29  Subtotal: Total Collections   60,967,767.29 
30  Repurchased Receivables   - 
31  Reserve Account Excess Amount (Item 94)   - 
32  Total Available Funds, prior to Servicer Advances   60,967,767.29 
33  Servicer Advance (Item 77)   - 
34  Total Available Funds + Servicer Advance   60,967,767.29 
35  Reserve Account Draw Amount (Item 80)   - 
36  Total Available Funds + Servicer Advance and Reserve Account Draw Amount   60,967,767.29 

 

D.  DISTRIBUTIONS     
   Distribution Summary:     
37  Prior Advance Reimbursement (Item 83)   - 
38  Servicing Fees (Item 45)   1,423,263.43 
39  Class A Noteholder Interest (Item 56)   1,552,093.67 
40  Principal Distribution Amount (Item 81)   49,239,659.43 
41  Amount Paid to Reserve Account to Reach Specified Balance   - 
42  Other Amounts Paid to Trustees   - 
43  Certificateholders Principal Distribution Amount   - 
44  Remaining Funds to Seller   8,752,750.76 

 

 

 

 

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   Distribution Detail:  Due   Shortfall   Paid 
45  Servicing Fees   1,423,263.43    -    1,423,263.43 
                   
   Pro rata:               
46  Class A-1 Interest   314,302.33    -    314,302.33 
47  Class A-2-A Interest   506,916.67    -    506,916.67 
48  Class A-2-B Interest   162,953.00         162,953.00 
49  Class A-3 Interest   480,246.67    -    480,246.67 
50  Class A-4 Interest   87,675.00    -    87,675.00 
51  Class A-1 Interest Carryover Shortfall   -    -    - 
52  Class A-2-A Interest Carryover Shortfall   -    -    - 
53  Class A-2-B Interest Carryover Shortfall   -    -    - 
54  Class A-3 Interest Carryover Shortfall   -    -    - 
55  Class A-4 Interest Carryover Shortfall   -          -    - 
56   Class A Noteholder Interest   1,552,093.67    -    1,552,093.67 

 

E.  CALCULATIONS        
   Calculation of Principal Distribution Amount:          
57  Beginning Adjusted Pool Balance        1,546,391,754.61 
58  Beginning Net Pool Balance   1,707,916,114.35      
59  Receipts of Scheduled Principal   (27,573,106.77)     
60  Receipts of Prepaid Principal   (25,207,703.44)     
61  Liquidation Proceeds   (1,064,767.82)     
62  Other Collections of Principal   -      
63  Principal Amount of Repurchases   -      
64  Principal Amount of Defaulted Receivables   (541,096.39)     
65  Ending Net Pool Balance   1,653,529,439.93      
66 Yield Supplement Overcollateralization Amount   156,377,344.75      
67  Adjusted Pool Balance   1,497,152,095.18      
68  Less: Adjusted Pool Balance - End of Collection Period        1,497,152,095.18 
69  Calculated Principal Distribution Amount        49,239,659.43 
                 
   Calculation of Servicer Advance:            
70  Available Funds, prior to Servicer Advances (Item 32)           60,967,767.29 
71  Less: Prior Advance Reimbursement (Item 37)           - 
72  Less: Servicing Fees Paid (Item 38)           1,423,263.43 
73  Less: Interest Paid to Noteholders (Item 39)           1,552,093.67 
74  Less: Calculated Principal Distribution (Item 69)           49,239,659.43 
75  Equals: Remaining Available Funds before Servicer Advance           8,752,750.76 
76  Monthly Loan 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 75 and Item 76, else 0)           - 
                 
   Calculation of Reserve Account Draw Amount:             
78  Remaining Available Funds, before Reserve Account Draw (Item 75 plus Item 77)           8,752,750.76 
79  Available Funds Shortfall Amount (If Item 78 < 0, Item 78, else 0)           - 
80  Reserve Account Draw Amount (If Item 79 is > 0, Lesser of Reserve Acct Balance and Item 79)           - 
81  Principal Distribution Amount (Item 69 - Available Funds Shortfall + Reserve Account Draw Amt)           49,239,659.43 
                 
   Reconciliation of Servicer Advance:             
82  Beginning Balance of Servicer Advance           - 
83  Less: Prior Advance Reimbursement           - 
84  Plus: Additional Servicer Advances for Current Period           - 
85  Ending Balance of Servicer Advance           - 

 

F.  RESERVE ACCOUNT     
   Reserve Account Balances:     
86  Specified Reserve Account Balance (Lesser of (a) $3,865,979.39, and (b) the aggregate note balance)   3,865,979.39 
87  Initial Reserve Account Balance   3,865,979.39 
88  Beginning Reserve Account Balance   3,865,979.39 
89  Plus:  Net Investment Income for the Collection Period   - 
90  Subtotal:  Reserve Fund Available for Distribution   3,865,979.39 
91  Plus:  Deposit of Excess Available Funds (Item 41)   - 
92  Less:  Reserve Account Draw Amount (Item 80)   - 
93  Subtotal Reserve Account Balance   3,865,979.39 
94  Less: Reserve Account Excess Amount to Available Funds (If Item 93 > Item 86)   - 
95  Equals: Ending Reserve Account Balance   3,865,979.39 
96  Change in Reserve Account Balance from Immediately Preceding Payment Date   - 

 

 

 

 

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G.  POOL STATISTICS            
   Collateral Pool Balance Data:   Initial    Prior Period    Current Period 
97  Net Pool Balance   1,707,916,114    1,707,916,114    1,653,529,440 
98  Number of Current Contracts   50,033    50,033    49,342 
99  Weighted Average Loan Rate   4.83%   4.83%   4.83%
100  Average Remaining Term   57.1    57.1    56.1 
101  Average Original Term   66.8    66.8    66.9 
102  Monthly Prepayment Rate             1.40%

 

          Outstanding 
   Net Credit Loss and Repossession Activity:  Units   Principal Balance 
103  Aggregate Outstanding Principal Balance of Charged Off Receivables   36    1,605,864.21 
104  Liquidation Proceeds on Related Vehicles        1,064,767.82 
105  Recoveries Received on Receivables Previously Charged Off        - 
106  Net Principal Losses for Current Collection Period   36    541,096.39 
              
107  Beginning Net Principal Losses   -    - 
108  Net Principal Losses for Current Collection Period   36    541,096.39 
109  Cumulative Net Principal Losses   36    541,096.39 
110  Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,707,916,114.35)        0.03%

 

              Outstanding 
   Delinquencies Aging Profile - End of Period:  Percentage   Units   Principal Balance 
111  Current   99.67%   49,201    1,648,136,364.89 
112  31 - 60 Days Delinquent   0.33%   141    5,393,075.04 
113  61 - 90 Days Delinquent   0.00%   -    - 
114  91-120 Days Delinquent1   0.00%   -    - 
115  Total   100.00%   49,342    1,653,529,439.93 

 

H.  DELINQUENCY AND NET LOSS RATIOS    
   Ratio of Net Principal Losses to the Pool balance as of Each Collection Period   Percentage 
116  Current Period   0.03%
117  Prior Period   N/A 
118  Two Periods Prior   N/A 
119  Three Periods Prior   N/A 
120  Four Period Average (Current and Three Prior Collection Periods)   0.03%

 

   Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period  Percentage 
121  Current Period   0.00%
122  Prior Period   N/A 
123  Two Periods Prior   N/A 
124  Three Periods Prior   N/A 
125  Four Period Average (Current and Three Prior Collection Periods)   0.00%
         
126  Delinquncy Trigger   4.48%
127  Delinquency Percentage (61-Day Delinquent Receivables)   0.00%
128  Delinquency Trigger occurred in this collection Period?   No 

 

  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
   
  Credit Risk Retention Information (To appear on the first servicing certificate after closing)
  Pursuant to the Securities and Exchange Commission’s credit risk retention rules, 17 C.F.R. Part 246 (“Regulation RR”), VW Credit, Inc. is required to retain an economic interest in the credit risk of the receivables with a fair value of at least 5% of the aggregate fair value of the notes and the certificate on the Closing Date. Volkswagen Auto Lease/Loan Underwritten Funding, LLC, the depositor and a wholly-owned affiliate of VW Credit, Inc., retained all of the certificates as of the Closing Date as an “eligible horizontal residual interest” (“EHRI”).  VW Credit, Inc. recalculated the fair value of EHRI as of the Closing Date, and no changes in the fair value methodology or inputs and assumptions described in the prospectus were made. As of the Closing Date, the approximate fair value of the EHRI retained by the depositor was equal to $145,812,808.84 (8.86% expressed as a percentage of the fair value of the EHRI and the Notes). The depositor is retaining a sufficient portion of the certificates necessary to satisfy the requirements of Regulation RR.

 

VW CREDIT, INC., as Servicer