Exhibit 99.1

 

Volkswagen Auto Lease Trust 2022-A  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 03-29-24 PAGE 1

 

A.  DATES  Begin  End  # days  
1  Determination Date     4/18/2024     
2  Payment Date     4/22/2024     
3  Collection Period  3/1/2024  3/29/2024  29  
4  Monthly Interest Period- Actual  3/20/2024  4/21/2024  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   151,000,000.00    -    -    -    -    - 
7  Class A-2 Notes   385,000,000.00    -    -    -    -    - 
8  Class A-3 Notes   385,000,000.00    260,596,416.91    -    44,481,111.31    216,115,305.60    0.5613385 
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   $339,596,416.91   $        -   $44,481,111.31   $295,115,305.60     
11  Overcollateralization   162,791,075.45    186,046,572.07             186,046,572.07      
12  Total Securitization Value  $1,162,791,075.45   $525,642,988.98        $44,481,111.31   $481,161,877.67      
                                  
13  NPV Lease Payments Receivable   525,552,923.13    96,268,072.21              84,213,952.13      
14  NPV Base Residual   637,238,152.32    429,374,916.76              396,947,925.54      
15  Number of Leases   40,751    23,998              22,284      

 

                  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    -    -    -    - 
18  Class A-3 Notes   3.44000%   N/A    747,043.06    1.9403716    45,228,154.37    117.4757256 
19  Class A-4 Notes   3.65000%   N/A    240,291.67    3.0416667    240,291.67    3.0416667 
   Equals:  Total Securities             987,334.73         45,468,446.04     

 

C.  COLLECTIONS AND AVAILABLE FUNDS    
20  Lease Payments Received   11,230,831.61 
21  Pull Ahead Waived Payments   - 
22  Sales Proceeds - Early Terminations   20,776,404.03 
23  Sales Proceeds - Scheduled Terminations   19,782,472.91 
24  Security Deposits for Terminated Accounts   32,400.00 
25  Excess Wear and Tear Received   31,074.19 
26  Excess Mileage Charges Received   80,220.77 
27  Proceeds Received on Defaulted Leases and Other Recoveries   418,431.02 
28  Subtotal: Total Collections   52,351,834.53 
29  Repurchase Payments   - 
30  Postmaturity Term Extension   - 
31  Investment Earnings on Collection Account   278,829.50 
32  Total Available Funds, prior to Servicer Advances  52,630,664.03 
33  Servicer Advance   - 
34  Total Available Funds   52,630,664.03 
35  Reserve Account Draw   - 
36  Available for Distribution   52,630,664.03 

 

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        438,035.82 
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        987,334.73 
48  First Priority Principal Distribution Amount        - 
49  Amount Paid to Reserve Account to Reach Specified Balance        - 
50  Subtotal: Remaining Available Funds   51,202,793.48      
51  Regular Principal Distribution Amount   44,481,111.31      
52  Regular Principal Paid to Noteholders (lesser of Item 50 and Item 51)        44,481,111.31 
53  Amounts paid to indenture, owner, and origination trustee and asset representations reviewer        - 
54  Remaining Available Funds       6,721,682.17 

 

 

 

 

Volkswagen Auto Lease Trust 2022-A  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 03-29-24 PAGE 2

 

E.  CALCULATIONS        
55  Calculation of First Priority Principal Distribution Amount:          
56  Outstanding Principal Amount of the Notes (Beg. Of Collection Period)        339,596,416.91 
57  Less: Aggregate Securitization Value (End of Collection Period)        (481,161,877.67)
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)        339,596,416.91 
61  Less: Targeted Note Balance        (295,115,305.60)
62  Less: First Priority Principal Distribution Amount        - 
63  Regular Principal Distribution Amount        44,481,111.31 
              
64  Calculation of Targeted Note Balance:          
65  Aggregate Securitization Value (End of Collection Period)        481,161,877.67 
66  Less: Targeted Overcollateralization Amount (16.00% of Initial Securitization Value)        (186,046,572.07)
67  Targeted Note Balance        295,115,305.60 
              
68  Calculation of Servicer Advance:          
69  Available Funds, prior to Servicer Advances (Item 32)        52,630,664.03 
70  Less: Payment Date Advance Reimbursement (Item 82)        - 
71  Less: Servicing Fees Paid (Items 39, 40 and 41)        438,035.82 
72  Less: Administration Fees Paid (Items 43, 44 and 45)        2,500.00 
73  Less: Interest Paid to Noteholders  (Item 47)        987,334.73 
74  Less: 1st Priority Principal Distribution (Item 58)        - 
              
75  Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)        51,202,793.48 
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)        51,202,793.48 
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        12,845.61 
90  Subtotal:  Reserve Fund Available for Distribution        2,919,823.30 
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        2,919,823.30 
94  Less: Excess Reserve Account Funds to Transferor (If Item 93> Item 86)        12,845.61 
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   827    18,447,923.82 
99  Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units        (19,588,518.11)
100  Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units        (299,161.98)
101  Less: Excess Wear and Tear Received        (31,074.19)
102  Less: Excess Mileage Received        (80,220.77)
103  Current Period Net Residual Losses/(Gains)   827    (1,551,051.23)
104  Cumulative Net Residual Losses:          
105  Beginning Cumulative Net Residual Losses   3,631    (6,141,134.65)
106  Current Period Net Residual Losses (Item 103)   827    (1,551,051.23)
107  Ending Cumulative Net Residual Losses   4,458    (7,692,185.88)
108  Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value        -0.66%

 

 

 

 

Volkswagen Auto Lease Trust 2022-A  
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 03-29-24 PAGE 3

 

G.  POOL STATISTICS        
109  Collateral Pool Balance Data  Initial   Current 
110  Aggregate Securitization Value   1,162,791,075.45    481,161,877.67 
111  Aggregate Base Residual Value   790,858,748.94    422,170,137.97 
112  Number of Current Contracts   40,751    22,284 
113  Weighted Average Lease Rate   2.83%   2.87%
114  Average Remaining Term   26.4    6.6 
115  Average Original Term   40.5    41.2 
116  Proportion of Base Prepayment Assumption Realized        33.94%
117  Actual Monthly Prepayment Speed        1.62%
118  Turn-in Ratio on Scheduled Terminations        81.38%

 

      Sales Proceeds   Units   Book Amount   Securitization Value 
119  Pool Balance - Beginning of Period        23,998    586,010,814.44    525,642,988.98 
120  Depreciation/Payments             (9,754,899.90)   (6,808,694.49)
121  Gross Credit Losses        (18)   (463,175.36)   (450,581.69)
122  Early Terminations - Purchased by Customer        (76)   (1,740,388.95)   (1,571,134.65)
123  Early Terminations - Sold at Auction        (13)   (409,854.60)   (366,418.30)
124  Early Terminations - Purchased by Dealer        (780)   (18,623,279.05)   (16,836,358.36)
125  Early Terminations - Lease Pull Aheads        -    -    - 
126  Scheduled Terminations - Purchased by Customer   3,238,665    (154)   (3,662,445.95)   (3,401,341.24)
127  Scheduled Terminations - Sold at Auction   1,865,662    (67)   (1,976,939.80)   (1,824,819.61)
128  Scheduled Terminations - Purchased by Dealer   14,392,400    (606)   (14,409,055.38)   (13,221,762.97)
129  Pool Balance - End of Period        22,284    534,970,775.45    481,161,877.67 

 

130  Delinquencies Aging Profile - End of Period   Units    Securitization Value    Percentage 
131  Current   22,006    474,526,012.29    98.62%
132  31 - 60 Days Delinquent   191    4,442,683.78    0.92%
133  61 - 90 Days Delinquent   48    1,180,094.09    0.25%
134  91+ Days Delinquent   39    1,013,087.51    0.21%
135  Total   22,284    481,161,877.67    100.00%
                   
136  Delinquency Trigger             6.86%
137  Delinquency Percentage (61 - Day Delinquent Receivables)             0.46%
138  Delinquency Trigger occurred in this collection Period?             No 

 

139  Credit Losses:   Units    Amounts 
140  Aggregate Securitization Value on charged-off units   18    450,581.69 
141  Aggregate Liquidation Proceeds on charged-off units        (165,890.55)
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        (252,540.47)
145  Current Period Aggregate Net Credit Losses/(Gains)   18    32,150.67 
              
146  Cumulative Net Credit Losses:          
147  Beginning Cumulative Net Credit Losses   267    4,094,736.45 
148  Current Period Net Credit Losses (Item 145)   18    32,150.67 
149  Ending Cumulative Net Credit Losses   285    4,126,887.12 
150  Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value        0.35%

 

151  Aging of Scheduled Maturies Not Sold   Units 
152  1 - 60 Days since Contract Maturity   259 
153  61 - 120 Days since Contract Maturity   45 
154  121+ Days since Contract Maturity   16 

 

    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