Exhibit 99.1

 

Volkswagen Auto Lease Trust 2023-A  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 12-29-23 PAGE 1

 

A.  DATES  Begin  End  # days
1  Determination Date     1/18/2024   
2  Payment Date     1/22/2024   
3  Collection Period  12/1/2023  12/29/2023  29
4  Monthly Interest Period- Actual  12/20/2023  1/21/2024  33
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     220,000,000.00       67,304,189.94       -       29,095,627.39       38,208,562.55       0.1736753  
7   Class A-2-A Notes     470,000,000.00       470,000,000.00       -       -       470,000,000.00       1.0000000  
8   Class A-2-B Notes     162,000,000.00       162,000,000.00       -       -       162,000,000.00       1.0000000  
9   Class A-3 Notes     559,000,000.00       559,000,000.00       -       -       559,000,000.00       1.0000000  
10   Class A-4 Notes     89,000,000.00       89,000,000.00       -       -       89,000,000.00       1.0000000  
11   Equals: Total Securities   $ 1,500,000,000.00     $ 1,347,304,189.94     $ -     $ 29,095,627.39     $ 1,318,208,562.55          
12   Overcollateralization     244,189,004.05       279,070,240.65                       279,070,240.65          
13   Total Securitization Value   $ 1,744,189,004.05     $ 1,626,374,430.59                     $ 1,597,278,803.20          
                                                     
14   NPV Lease Payments Receivable     786,561,375.58       659,847,645.86                       629,573,188.78          
15   NPV Base Residual     957,627,628.47       966,526,784.73                       967,705,614.42          
16   Number of Leases     60,086       58,172                       57,647          
                                                     
                                Per $1000     Principal& Interest     Per $1000  
        Coupon Rate     SOFR Rate     Interest Pmt Due     Face Amount     Payment Due     Face Amount  
17   Class A-1 Notes     5.63300 %     N/A       347,530.79       1.5796854       29,443,158.18       133.8325372  
18   Class A-2-A Notes     5.87000 %     N/A       2,299,083.33       4.8916667       2,299,083.33       4.8916667  
19   Class A-2-B Notes     5.90774 %     5.33774 %     877,299.39       5.4154283       877,299.39       5.4154283  
20   Class A-3 Notes     5.81000 %     N/A       2,706,491.67       4.8416667       2,706,491.67       4.8416667  
21   Class A-4 Notes     5.80000 %     N/A       430,166.67       4.8333333       430,166.67       4.8333333  
    Equals:  Total Securities                     6,660,571.85               35,756,199.24          

  

C.  COLLECTIONS AND AVAILABLE FUNDS    
22  Lease Payments Received   31,839,263.17 
23  Pull Ahead Waived Payments   - 
24  Sales Proceeds - Early Terminations   14,925,475.46 
25  Sales Proceeds - Scheduled Terminations   - 
26  Security Deposits for Terminated Accounts   425.00 
27  Excess Wear and Tear Received   - 
28  Excess Mileage Charges Received   10,776.23 
29  Proceeds Received on Defaulted Leases and Other Recoveries   131,892.58 
30  Subtotal: Total Collections   46,907,832.44 
31  Repurchase Payments   - 
32  Postmaturity Term Extension   - 
33  Investment Earnings on Collection Account   260,291.56 
34  Total Available Funds, prior to Servicer Advances   47,168,124.00 
35  Servicer Advance   - 
36  Total Available Funds   47,168,124.00 
37  Reserve Account Draw   - 
38  Available for Distribution   47,168,124.00 

 

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        1,355,312.03 
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        6,660,571.85 
50  First Priority Principal Distribution Amount        - 
51  Amount Paid to Reserve Account to Reach Specified Balance        - 
52  Subtotal: Remaining Available Funds   39,149,740.12      
53  Regular Principal Distribution Amount   29,095,627.39      
54  Regular Principal Paid to Noteholders (lesser of Item 52 and Item 53)        29,095,627.39 
55  Amounts paid to indenture, owner, and origination trustee and asset representations reviewer        - 
56  Remaining Available Funds        10,054,112.73 

 

 

 

 

Volkswagen Auto Lease Trust 2023-A  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 12-29-23 PAGE 2

 

E.  CALCULATIONS    
57  Calculation of First Priority Principal Distribution Amount:     
58  Outstanding Principal Amount of the Notes (Beg. Of Collection Period)   1,347,304,189.94 
59  Less: Aggregate Securitization Value (End of Collection Period)   (1,597,278,803.20)
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)   1,347,304,189.94 
63  Less: Targeted Note Balance   (1,318,208,562.55)
64  Less: First Priority Principal Distribution Amount   - 
65  Regular Principal Distribution Amount   29,095,627.39 
         
66  Calculation of Targeted Note Balance:     
67  Aggregate Securitization Value (End of Collection Period)   1,597,278,803.20 
68  Less: Targeted Overcollateralization Amount (16% of Initial Securitization Value)   (279,070,240.65)
69  Targeted Note Balance   1,318,208,562.55 
         
70  Calculation of Servicer Advance:     
71  Available Funds, prior to Servicer Advances (Item 34)   47,168,124.00 
72  Less: Payment Date Advance Reimbursement (Item 84)   - 
73  Less: Servicing Fees Paid (Items 41, 42 and 43)   1,355,312.03 
74  Less: Administration Fees Paid (Items 45, 46 and 47)   2,500.00 
75  Less: Interest Paid to Noteholders  (Item 49)   6,660,571.85 
76  Less: 1st Priority Principal Distribution (Item 60)   - 
         
77  Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)   39,149,740.12 
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 77 plus Item 78)   39,149,740.12 
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        4,360,472.51 
89  Initial Reserve Account Balance        4,360,472.51 
90  Beginning Reserve Account Balance        4,360,472.51 
91  Plus:  Net Investment Income for the Collection Period        19,425.02 
92  Subtotal:  Reserve Fund Available for Distribution        4,379,897.53 
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        4,379,897.53 
96  Less: Excess Reserve Account Funds to Transferor (If Item 95 > Item 88)        19,425.02 
97  Equals: Ending Reserve Account Balance        4,360,472.51 
98  Change in Reserve Account Balance from Immediately Preceding Payment Date        - 
              
99  Current Period Net Residual Losses:  Units   Amounts 
100  Aggregate Securitization Value for Scheduled Terminated Units   -    - 
101  Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units        - 
102  Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units        - 
103  Less: Excess Wear and Tear Received        - 
104  Less: Excess Mileage Received        (10,776.23)
105  Current Period Net Residual Losses/(Gains)   -    (10,776.23)
106  Cumulative Net Residual Losses:          
107  Beginning Cumulative Net Residual Losses   -    (19,458.52)
108  Current Period Net Residual Losses (Item 105)   -    (10,776.23)
109  Ending Cumulative Net Residual Losses   -    (30,234.75)
110  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value        0.00%

 

 

 

 

Volkswagen Auto Lease Trust 2023-A  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 12-29-23 PAGE 3

 

G.  POOL STATISTICS        
111  Collateral Pool Balance Data  Initial   Current 
112  Aggregate Securitization Value   1,744,189,004.05    1,597,278,803.20 
113  Aggregate Base Residual Value   1,244,482,210.81    1,198,303,041.05 
114  Number of Current Contracts   60,086    57,647 
115  Weighted Average Lease Rate   5.30%   5.32%
116  Average Remaining Term   25.3    20.6 
117  Average Original Term   39.8    39.7 
118  Proportion of Base Prepayment Assumption Realized        106.90%
119  Actual Monthly Prepayment Speed        0.69%
120  Turn-in Ratio on Scheduled Terminations        0.00%
 
      Sales Proceeds   Units   Book Amount   Securitization Value 
121  Pool Balance - Beginning of Period        58,172    1,966,730,215.89    1,626,374,430.59 
122  Depreciation/Payments             (25,166,462.96)   (15,983,207.47)
123  Gross Credit Losses        (13)   (446,762.08)   (407,514.59)
124  Early Terminations - Purchased by Customer        (62)   (2,008,994.17)   (1,657,596.13)
125  Early Terminations - Sold at Auction        (9)   (308,547.90)   (268,392.19)
126  Early Terminations - Purchased by Dealer        (441)   (12,589,813.16)   (10,778,917.01)
127  Early Terminations - Lease Pull Aheads        -    -    - 
128  Scheduled Terminations - Purchased by Customer   -    -    -    - 
129  Scheduled Terminations - Sold at Auction   -    -    -    - 
130  Scheduled Terminations - Purchased by Dealer   -    -    -    - 
131  Pool Balance - End of Period        57,647    1,926,209,635.62    1,597,278,803.20 
 
132  Delinquencies Aging Profile - End of Period  Units   Securitization Value   Percentage 
133  Current   57,310    1,587,353,262.64    99.38%
134  31 - 60 Days Delinquent   247    7,067,775.53    0.44%
135  61 - 90 Days Delinquent   59    1,847,126.40    0.12%
136  91+ Days Delinquent   31    1,010,638.63    0.06%
137  Total   57,647    1,597,278,803.20    100.00%
                   
138  Delinquency Trigger             6.86%
139  Delinquency Percentage (61 - Day Delinquent Receivables)             0.18%
140  Delinquency Trigger occurred in this collection Period?             No 
 
141  Credit Losses:  Units   Amounts 
142  Aggregate Securitization Value on charged-off units   13    407,514.59 
143  Aggregate Liquidation Proceeds on charged-off units        (131,842.58)
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        (50.00)
147  Current Period Aggregate Net Credit Losses/(Gains)   13    275,622.01 
              
148  Cumulative Net Credit Losses:          
149  Beginning Cumulative Net Credit Losses   9    61,145.41 
150  Current Period Net Credit Losses (Item 147)   13    275,622.01 
151  Ending Cumulative Net Credit Losses   22    336,767.42 
152  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value        0.02%
 
153  Aging of Scheduled Maturies Not Sold  Units 
154  0 - 60 Days since Contract Maturity   - 
155  61 - 120 Days since Contract Maturity   - 
156  121+ Days since Contract Maturity   - 

 

    Summary of Material Modifications, Extensions or Waivers
     
     
    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