Exhibit 99.1

         
Volkswagen Auto Loan Enhanced Trust 2021-1  
MONTHLY SERVICER CERTIFICATE  
 For the collection period ended 8-31-2023   PAGE 1

 

               
               
A.   DATES   Begin  End  # days
1   Determination Date      9/18/2023   
2   Payment Date      9/20/2023   
3   Collection Period   8/1/2023  8/31/2023  31
4   Monthly Interest Period - Actual/360   8/21/2023  9/19/2023  30
5   Monthly Interest - 30/360         30

 

B.SUMMARY

 

       Initial Balance   Beginning Balance   Principal Payment   Ending Balance   Note Factor 
6   Class A-1 Notes   324,500,000.00    -    -    -    - 
7   Class A-2 Notes   630,000,000.00    -    -    -    - 
8   Class A-3 Notes   630,000,000.00    554,036,840.37    35,872,167.98    518,164,672.39    0.8224836 
9   Class A-4 Notes   165,500,000.00    165,500,000.00    -    165,500,000.00    1.0000000 
10   Total Securities  $1,750,000,000.00   $719,536,840.37   $35,872,167.98   $683,664,672.39      
11   Overcollateralization   72,922,127.29    72,922,127.29         72,922,127.29      
12   Adjusted Pool Balance  $1,822,922,127.29   $792,458,967.66   $35,872,167.98   $756,586,799.68      
13   YSOC   59,379,670.34    22,108,438.04         20,852,169.84      
14   Net Pool Balance  $1,882,301,797.63   $814,567,405.70   $35,872,167.98   $777,438,969.52      

 

                  Per $1000   Principal& Interest   Per $1000 
       Coupon Rate   Libor Rate  Interest Pmt Due   Face Amount   Payment Due   Face Amount 
15    Class A-1 Notes  0.15946%  N/A   -    -    -    - 
16    Class A-2 Notes  0.49000%  N/A   -    -    -    - 
17    Class A-3 Notes  1.02000%  N/A   470,931.31    0.7475100    36,343,099.29    57.6874592 
18    Class A-4 Notes  1.26000%  N/A   173,775.00    1.0500000    173,775.00    1.0500000 
19    Total Securities          644,706.31         36,516,874.29      

 

C.   COLLECTIONS AND AVAILABLE FUNDS    
20   Scheduled Principal Payments Received   24,970,178.21 
21   Scheduled Interest Payments Received   1,938,843.44 
22   Prepayments of Principal Received   11,362,052.82 
23   Liquidation Proceeds   148,789.91 
24   Recoveries Received   107,435.35 
25   Other Payments Received to Reduce Principal     
26   Subtotal: Total Collections   38,527,299.73 
27   Repurchased Receivables   - 
28   Reserve Account Excess Amount (Item 89)   20,234.83 
29   Total Available Funds, prior to Servicer Advances   38,547,534.56 
30   Servicer Advance (Item 72)   - 
31   Total Available Funds + Servicer Advance   38,547,534.56 
32   Reserve Account Draw Amount (Item 75)   - 
33   Total Available Funds + Servicer Advance and Reserve Account Draw Amount   38,547,534.56 

 

D.   DISTRIBUTIONS    
    Distribution Summary:     
34   Prior Advance Reimbursement (Item 78)   - 
35   Servicing Fees (Item 42)   678,806.17 
36   Class A Noteholder Interest (Item 51)   644,706.31 
37   Principal Distribution Amount (Item 76)   35,872,167.98 
38   Amount Paid to Reserve Account to Reach Specified Balance   - 
39   Other Amounts Paid to Trustees   - 
40   Certificateholders Principal Distribution Amount   - 
41   Remaining Funds to Seller   1,351,854.10 

 

 

 

 

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    Distribution Detail:  Due   Shortfall   Paid 
42   Servicing Fees   678,806.17    -    678,806.17 
                    
    Pro rata:               
43   Class A-1 Interest   -    -    - 
44   Class A-2-A Interest   -    -    - 
45   Class A-3 Interest   470,931.31    -    470,931.31 
46   Class A-4 Interest   173,775.00    -    173,775.00 
47   Class A-1 Interest Carryover Shortfall   -    -    - 
48   Class A-2 Interest Carryover Shortfall   -    -    - 
49   Class A-3 Interest Carryover Shortfall   -    -    - 
50   Class A-4 Interest Carryover Shortfall   -    -    - 
51    Class A Noteholder Interest   644,706.31    -    644,706.31 

 

E.     CALCULATIONS            
      Calculation of Principal Distribution Amount:            
52       Beginning Adjusted Pool Balance           792,458,967.66
53       Beginning Net Pool Balance     814,567,405.70      
54       Receipts of Scheduled Principal     (24,970,178.21 )    
55       Receipts of Prepaid Principal     (11,362,052.82 )    
56       Liquidation Proceeds     (148,789.91 )    
57       Other Collections of Principal     -      
58       Principal Amount of Repurchases     -      
59       Principal Amount of Defaulted Receivables     (647,415.24 )    
60       Ending Net Pool Balance     777,438,969.52      
61       Yield Supplement Overcollateralization Amount     20,852,169.84      
62       Adjusted Pool Balance     756,586,799.68      
63       Less: Adjusted Pool Balance - End of Collection Period           756,586,799.68
64     Calculated Principal Distribution Amount           35,872,167.98
                   
      Calculation of Servicer Advance:            
65     Available Funds, prior to Servicer Advances (Item 29)           38,547,534.56
66     Less: Prior Advance Reimbursement (Item 34)           -
67     Less: Servicing Fees Paid (Item 35)           678,806.17
68     Less: Interest Paid to Noteholders (Item 36)           644,706.31
69     Less: Calculated Principal Distribution (Item 64)           35,872,167.98
70     Equals: Remaining Available Funds before Servicer Advance           1,351,854.10
71     Monthly Loan Payments Due on Included Units but not received (N/A if Item 70 > 0)            N/A
72     Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, else 0)           -
                   
      Calculation of Reserve Account Draw Amount:            
73     Remaining Available Funds, before Reserve Account Draw (Item 70 plus Item 72)           1,351,854.10
74     Available Funds Shortfall Amount (If Item 73 < 0, Item 73, else 0)           -
75     Reserve Account Draw Amount (If Item 74 is > 0, Lesser of Reserve Acct Balance and Item 74)           -
                   
76     Principal Distribution Amount (Item 64 - Available Funds Shortfall + Reserve Account Draw Amt)           35,872,167.98
                   
      Reconciliation of Servicer Advance:            
77     Beginning Balance of Servicer Advance           -
78     Less: Prior Advance Reimbursement           -
79     Plus: Additional Servicer Advances for Current Period           -
80     Ending Balance of Servicer Advance           -

 

F.   RESERVE ACCOUNT    
    Reserve Account Balances:    
81   Specified Reserve Account Balance (Lesser of (a) $4,557,305.32, and (b) the aggregate note balance)   4,557,305.32 
82   Initial Reserve Account Balance   4,557,305.32 
83   Beginning Reserve Account Balance   4,557,305.32 
84   Plus:  Net Investment Income for the Collection Period   20,234.83 
85   Subtotal:  Reserve Fund Available for Distribution   4,577,540.15 
86   Plus:  Deposit of Excess Available Funds (Item 38)   - 
87   Less:  Reserve Account Draw Amount (Item 75)   - 
88   Subtotal Reserve Account Balance   4,577,540.15 
89   Less: Reserve Account Excess Amount to Available Funds (If Item 88 > Item 81)   20,234.83 
90   Equals: Ending Reserve Account Balance   4,557,305.32 
          
91   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 
92   Net Pool Balance   1,882,301,798    814,567,406    777,438,970 
93   Number of Current Contracts   74,164    50,975    49,844 
94   Weighted Average Loan Rate   2.98%   2.82%   2.81%
95   Average Remaining Term   54.4    33.8    32.9 
96   Average Original Term   64.7    65.3    65.4 
97   Monthly Prepayment Rate        0.95%   1.03%

 

           Outstanding 
    Net Credit Loss and Repossession Activity:  Units   Principal Balance 
98   Aggregate Outstanding Principal Balance of Charged Off Receivables   34    796,205.15 
99   Liquidation Proceeds on Related Vehicles        148,789.91 
100   Recoveries Received on Receivables Previously Charged Off        107,435.35 
101   Net Principal Losses for Current Collection Period   34    539,979.89 
               
102   Beginning Net Principal Losses   592    9,576,918.84 
103   Net Principal Losses for Current Collection Period   34    539,979.89 
104   Cumulative Net Principal Losses   626    10,116,898.73 
105   Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,882,301,797.63)        0.54%

 

               Outstanding 
    Delinquencies Aging Profile - End of Period:  Percentage   Units   Principal Balance 
106   Current   98.85%   49,386    768,530,602.97 
107   31 - 60 Days Delinquent   0.89%   360    6,940,028.70 
108   61 - 90 Days Delinquent   0.25%   98    1,968,337.85 
109   91-120 Days Delinquent1   0.00%   -    - 
110   Total   100.00%   49,844    777,438,969.52 

 

H.   DELINQUENCY AND NET LOSS RATIOS    
111   Ratio of Net Principal Losses to the Pool balance as of Each Collection Period   Percentage 
112   Current Period   0.07%
113   Prior Period   0.06%
114   Two Periods Prior   0.09%
115   Three Periods Prior   0.06%
116   Four Period Average (Current and Three Prior Collection Periods)   0.07%
          
    Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period   Percentage 
117   Current Period   0.25%
118   Prior Period   0.20%
119   Two Periods Prior   0.17%
120   Three Periods Prior   0.16%
121   Four Period Average (Current and Three Prior Collection Periods)   0.20%
          
122   Delinquency Trigger   4.48%
123   Delinquency Percentage (61-Day Delinquent Receivables)   0.25%
124   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          
             
VW CREDIT, INC., as Servicer