Exhibit 99.1

 

Volkswagen Auto Loan Enhanced Trust 2021-1
MONTHLY SERVICER CERTIFICATE
For the collection period ended 10-31-2024 PAGE 1

 

A.  DATES   Begin  End  # days 
1  Determination Date      11/18/2024    
2  Payment Date      11/20/2024    
3  Collection Period   10/1/2024  10/31/2024  31 
4  Monthly Interest Period - Actual/360   10/21/2024  11/19/2024  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    126,773,376.98    25,737,473.91    101,035,903.06    0.1603744 
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   $292,273,376.98   $25,737,473.91   $266,535,903.06      
                                     
11  Overcollateralization           72,922,127.29    72,922,127.29         72,922,127.29      
12  Adjusted Pool Balance          $1,822,922,127.29   $365,195,504.27   $25,737,473.91   $339,458,030.35      
13  YSOC           59,379,670.34    8,009,919.63         7,290,006.44      
14  Net Pool Balance          $1,882,301,797.63   $373,205,423.90   $25,737,473.91   $346,748,036.79      

 

      Coupon Rate   Libor Rate   Interest Pmt Due   Per $1000
Face Amount		    Principal& Interest
Payment Due		    Per $1000
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    107,757.37    0.1710434     25,845,231.28     41.0241766 
18  Class A-4 Notes   1.26000%   N/A    173,775.00    1.0500000     173,775.00     1.0500000 
19  Total Securities             281,532.37          26,019,006.28       

 

C.  COLLECTIONS AND AVAILABLE FUNDS      
20  Scheduled Principal Payments Received    18,900,967.64 
21  Scheduled Interest Payments Received    858,088.53 
22  Prepayments of Principal Received    7,129,102.12 
23  Liquidation Proceeds    45,161.57 
24  Recoveries Received    304,801.25 
25  Other Payments Received to Reduce Principal      
26  Subtotal: Total Collections    27,238,121.11 
27  Repurchased Receivables    - 
28  Reserve Account Excess Amount (Item 89)    18,594.16 
29  Total Available Funds, prior to Servicer Advances    27,256,715.27 
30  Servicer Advance (Item 72)    - 
31  Total Available Funds + Servicer Advance    27,256,715.27 
32  Reserve Account Draw Amount (Item 75)    - 
33  Total Available Funds + Servicer Advance and Reserve Account Draw Amount    27,256,715.27 

 

D.  DISTRIBUTIONS      
   Distribution Summary:      
34  Prior Advance Reimbursement (Item 78)    - 
35  Servicing Fees (Item 42)    311,004.52 
36  Class A Noteholder Interest (Item 51)    281,532.37 
37  Principal Distribution Amount (Item 76)    25,737,473.91 
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    926,704.47 

 

 

 

 

PAGE 2

 

   Distribution Detail:    Due    Shortfall     Paid  
42  Servicing Fees    311,004.52    -    311,004.52 
                    
   Pro rata:                
43  Class A-1 Interest    -    -    - 
44  Class A-2-A Interest    -    -    - 
45  Class A-3 Interest    107,757.37    -    107,757.37 
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    281,532.37    -    281,532.37 
                    
E.  CALCULATIONS                
   Calculation of Principal Distribution Amount:                
52    Beginning Adjusted Pool Balance              365,195,504.27 
53    Beginning Net Pool Balance         373,205,423.90      
54    Receipts of Scheduled Principal         (18,900,967.64)     
55    Receipts of Prepaid Principal         (7,129,102.12)     
56    Liquidation Proceeds         (45,161.57)     
57    Other Collections of Principal         -      
58    Principal Amount of Repurchases         -      
59    Principal Amount of Defaulted Receivables         (382,155.78)     
60    Ending Net Pool Balance         346,748,036.79      
61    Yield Supplement Overcollateralization Amount         7,290,006.44      
62    Adjusted Pool Balance         339,458,030.35      
63    Less: Adjusted Pool Balance - End of Collection Period              339,458,030.35 
64  Calculated Principal Distribution Amount              25,737,473.91 
                    
   Calculation of Servicer Advance:                
65  Available Funds, prior to Servicer Advances (Item 29)              27,256,715.27 
66  Less: Prior Advance Reimbursement (Item 34)              - 
67  Less: Servicing Fees Paid (Item 35)              311,004.52 
68  Less: Interest Paid to Noteholders (Item 36)              281,532.37 
69  Less: Calculated Principal Distribution (Item 64)              25,737,473.91 
70  Equals: Remaining Available Funds before Servicer Advance              926,704.47 
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)              926,704.47 
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)        25,737,473.91 
                    
   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              18,594.16 
85  Subtotal:  Reserve Fund Available for Distribution              4,575,899.48 
86  Plus:  Deposit of Excess Available Funds (Item 38)              - 
87  Less:  Reserve Account Draw Amount (Item 75)              - 
88  Subtotal Reserve Account Balance              4,575,899.48 
89  Less: Reserve Account Excess Amount to Available Funds (If Item 88 > Item 81)              18,594.16 
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    373,205,424    346,748,037 
93   Number of Current Contracts    74,164    37,775    36,800 
94   Weighted Average Loan Rate    2.98%   2.78%   2.78%
95   Average Remaining Term    54.4    21.3    20.5 
96   Average Original Term    64.7    66.2    66.3 
97   Monthly Prepayment Rate         1.00%   1.08%
                     
                   Outstanding 
    Net Credit Loss and Repossession Activity:         Units    Principal Balance 
98   Aggregate Outstanding Principal Balance of Charged Off Receivables         27    427,317.35 
99   Liquidation Proceeds on Related Vehicles              45,161.57 
100   Recoveries Received on Receivables Previously Charged Off              304,801.25 
101   Net Principal Losses for Current Collection Period         27    77,354.53 
                     
102   Beginning Net Principal Losses         998    11,655,094.43 
103   Net Principal Losses for Current Collection Period         27    77,354.53 
104   Cumulative Net Principal Losses         1,025    11,732,448.96 
105   Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,882,301,797.63)        0.62%
               
                 Outstanding 
    Delinquencies Aging Profile - End of Period:    Percentage    Units    Principal Balance 
106   Current    98.77%   36,466    342,471,451.47 
107   31 - 60 Days Delinquent    0.95%   259    3,284,612.59 
108   61 - 90 Days Delinquent    0.29%   75    991,972.73 
109   91-120 Days Delinquent1    0.00%   -    - 
110   Total    100.00%   36,800    346,748,036.79 
                     
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              0.00%
114   Two Periods Prior              0.01%
115   Three Periods Prior              -0.02%
116   Four Period Average (Current and Three Prior Collection Periods)              0.00%
                     
    Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period    Percentage 
117   Current Period              0.29%
118   Prior Period              0.26%
119   Two Periods Prior              0.23%
120   Three Periods Prior              0.26%
121   Four Period Average (Current and Three Prior Collection Periods)              0.26%
                     
122   Delinquency Trigger              4.48%
123   Delinquency Percentage (61-Day Delinquent Receivables)              0.29%
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  
     
By:    
     
Title: Team Leader - Structured Finance  
     
Date: November 18, 2024