Exhibit 99.1

 

Volkswagen Auto Loan Enhanced Trust 2021-1  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 2-29-2024 PAGE 1

 

A.    DATES              Begin   End   # days 
1    Determination Date                       3/18/2024      
2    Payment Date                       3/20/2024      
3    Collection Period                  2/1/2024    2/29/2024    29 
4    Monthly Interest Period - Actual/360          2/20/2024    3/19/2024    29 
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    354,626,960.59    30,021,101.46    324,605,859.12    0.5152474 
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   $520,126,960.59   $30,021,101.46   $490,105,859.12      
                                    
11    Overcollateralization     72,922,127.29    72,922,127.29         72,922,127.29      
12    Adjusted Pool Balance   $1,822,922,127.29   $593,049,087.88   $30,021,101.46   $563,027,986.41      
13    YSOC        59,379,670.34    15,143,876.63         14,117,302.25      
14    Net Pool Balance       $1,882,301,797.63   $608,192,964.51   $30,021,101.46   $577,145,288.66      
                                    
                       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    301,432.92    0.4784650    30,322,534.38    48.1310070 
18    Class A-4 Notes   1.26000%   N/A    173,775.00    1.0500000    173,775.00    1.0500000 
19    Total Securities             475,207.92         30,496,309.38      
                                    
C.    COLLECTIONS AND AVAILABLE FUNDS          
20    Scheduled Principal Payments Received               22,281,239.70 
21    Scheduled Interest Payments Received               1,424,356.72 
22    Prepayments of Principal Received               8,219,366.12 
23    Liquidation Proceeds               52,903.56 
24    Recoveries Received               400,140.97 
25    Other Payments Received to Reduce Principal                 
26    Subtotal: Total Collections              32,378,007.07 
27    Repurchased Receivables               - 
28    Reserve Account Excess Amount (Item 89)               18,912.55 
29    Total Available Funds, prior to Servicer Advances               32,396,919.62 
30    Servicer Advance (Item 72)               - 
31    Total Available Funds + Servicer Advance               32,396,919.62 
32    Reserve Account Draw Amount (Item 75)               - 
33    Total Available Funds + Servicer Advance and Reserve Account Draw Amount       32,396,919.62 
                                    
D.    DISTRIBUTIONS                              
     Distribution Summary:                      
34    Prior Advance Reimbursement (Item 78)            - 
35    Servicing Fees (Item 42)               506,827.47 
36    Class A Noteholder Interest (Item 51)               475,207.92 
37    Principal Distribution Amount (Item 76)               30,021,101.46 
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               1,393,782.77 

 

 

 

 

PAGE 2

 

     Distribution Detail:                  Due    Shortfall    Paid  
42    Servicing Fees                 506,827.47   -   506,827.47 
                                    
     Pro rata:                              
43    Class A-1 Interest                  -    -    - 
44    Class A-2-A Interest                  -    -    - 
45    Class A-3 Interest                  301,432.92    -    301,432.92 
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     475,207.92    -    475,207.92 
                                    
E.    CALCULATIONS                              
     Calculation of Principal Distribution Amount:                 
52      Beginning Adjusted Pool Balance               593,049,087.88 
53      Beginning Net Pool Balance          608,192,964.51      
54      Receipts of Scheduled Principal          (22,281,239.70)     
55      Receipts of Prepaid Principal               (8,219,366.12)     
56      Liquidation Proceeds                       (52,903.56)     
57      Other Collections of Principal               -      
58      Principal Amount of Repurchases               -      
59      Principal Amount of Defaulted Receivables               (494,166.47)     
60      Ending Net Pool Balance               577,145,288.66      
61      Yield Supplement Overcollateralization Amount            14,117,302.25      
62      Adjusted Pool Balance          563,027,986.41      
63      Less: Adjusted Pool Balance - End of Collection Period               563,027,986.41 
64    Calculated Principal Distribution Amount               30,021,101.46 
                                    
     Calculation of Servicer Advance:                 
65    Available Funds, prior to Servicer Advances (Item 29)               32,396,919.62 
66    Less: Prior Advance Reimbursement (Item 34)               - 
67    Less: Servicing Fees Paid (Item 35)               506,827.47 
68    Less: Interest Paid to Noteholders (Item 36)               475,207.92 
69    Less: Calculated Principal Distribution (Item 64)               30,021,101.46 
70    Equals: Remaining Available Funds before Servicer Advance               1,393,782.77 
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)          1,393,782.77 
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)     30,021,101.46 
                                    
     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               18,912.55 
85    Subtotal:  Reserve Fund Available for Distribution            4,576,217.87 
86    Plus:  Deposit of Excess Available Funds (Item 38)               - 
87    Less:  Reserve Account Draw Amount (Item 75)               - 
88    Subtotal Reserve Account Balance               4,576,217.87 
89    Less: Reserve Account Excess Amount to Available Funds (If Item 88 > Item 81)     18,912.55 
90    Equals: Ending Reserve Account Balance               4,557,305.32 
                                    
91    Change in Reserve Account Balance from Immediately Preceding Payment Date            - 

 

 

 

 

PAGE 3

 

G.    POOL STATISTICS                              
     Collateral Pool Balance Data:    Initial   Prior Period   Current Period 
92    Net Pool Balance                  1,882,301,798    608,192,965    577,145,289 
93    Number of Current Contracts     74,164    45,501    44,637 
94    Weighted Average Loan Rate     2.98%   2.79%   2.79%
95    Average Remaining Term        54.4    28.4    27.5 
96    Average Original Term                  64.7    65.7    65.7 
97    Monthly Prepayment Rate               1.10%   0.95%
                                    
                                  Outstanding 
     Net Credit Loss and Repossession Activity:     Units    Principal Balance 
98    Aggregate Outstanding Principal Balance of Charged Off Receivables     26    547,070.03 
99    Liquidation Proceeds on Related Vehicles               52,903.56 
100    Recoveries Received on Receivables Previously Charged Off          400,140.97 
101    Net Principal Losses for Current Collection Period          26    94,025.50 
                                    
102    Beginning Net Principal Losses          799    11,475,661.19 
103    Net Principal Losses for Current Collection Period          26    94,025.50 
104    Cumulative Net Principal Losses          825    11,569,686.69 
105    Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,882,301,797.63)     0.61%
             
                                  Outstanding 
     Delinquencies Aging Profile - End of Period:     Percentage    Units    Principal Balance 
106    Current                  99.05%   44,324    571,677,533.13 
107    31 - 60 Days Delinquent                  0.73%   241    4,188,663.09 
108    61 - 90 Days Delinquent                  0.22%   72    1,279,092.44 
109    91-120 Days Delinquent1     0.00%   -    - 
110    Total                  100.00%   44,637    577,145,288.66 
                                    
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                            0.02%
113    Prior Period                            -0.03%
114    Two Periods Prior                            0.02%
115    Three Periods Prior                            0.03%
116    Four Period Average (Current and Three Prior Collection Periods)          0.01%
                                    
     Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period  Percentage 
117    Current Period                            0.22%
118    Prior Period                            0.25%
119    Two Periods Prior                            0.24%
120    Three Periods Prior                            0.22%
121    Four Period Average (Current and Three Prior Collection Periods)          0.23%
                                    
122    Delinquency Trigger                            4.48%
123    Delinquency Percentage (61-Day Delinquent Receivables)          0.22%
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