UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-D

 

 

ASSET-BACKED ISSUER DISTRIBUTION REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from

July 31, 2021 to August 31, 2021

Commission File Number of issuing entity: 333-214626-03

Commission Index Key Number of issuing entity: 0001830486

 

 

Volkswagen Auto Lease Trust 2020-A

(Exact name of issuing entity as specified in its charter)

Commission File Number of the depositor: 333-214626

Commission Index Key Number of the depositor: 0001182534

Volkswagen Auto Lease/Loan Underwritten Funding, LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0000833733

VW Credit, Inc.

(Exact name of sponsor as specified in its charter)

 

 

 

Delaware   85-6651887

(State or other jurisdiction of incorporation

or organization of the issuing entity)

 

(I.R.S. Employer

Identification No.)

2200 Woodland Pointe Avenue Herndon, Virginia   20171
(Address of principal executive offices of the issuing entity)   (Zip Code)

(703) 364-7000

(Telephone number, including area code)

N/A

(Former name, former address, if changed since last report)

 

 

 

     Registered/reporting pursuant to
(check one)
   Name of
exchange

Title of class

   Section 12(b)    Section 12(g)    Section 15(d)    (If Section 12(b))

Class A-1 Notes

           

Class A-2-A Notes

           

Class A-2-B Notes

           

Class A-3 Notes

           

Class A-4 Notes

           

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

 

 


PART I—DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the receivables that comprise the assets of Volkswagen Auto Lease Trust 2020-A is set forth in the monthly servicer’s certificate attached as Exhibit 99.1.

Item 1A. Asset-Level Information

The Asset Data File and Asset Related Document filed as Exhibit 102 and Exhibit 103, respectively, to the Form ABS-EE filed by the issuing entity, Volkswagen Auto Lease Trust 2020-A, on September 20, 2021 are hereby incorporated by reference into this Form 10-D.

PART II—OTHER INFORMATION

Item 2. Legal Proceedings.

Not applicable

Item 3. Sales of Securities and Use of Proceeds.

Not applicable

Item 4. Defaults Upon Senior Securities.

Not applicable

Item 5. Submission of Matters to a Vote of Security Holders.

Not applicable

Item 6. Significant Obligors of Pool Assets.

Not applicable

Item 7. Change in Sponsor Interest in Securities.

Not applicable

Item 8. Significant Enhancement Provider Information.

Not applicable

Item 9. Other Information.

No assets securitized by VW Credit, Inc. (the “Securitizer”) and held by Volkswagen Auto Lease Trust 2020-A were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from July 31, 2021 to August 31, 2021. Please refer to the Form ABS-15G dated February 10, 2021 filed by the Securitizer for additional information. The CIK number of the Securitizer is 0000833733.


Item 10. Exhibits.

 

Exhibit 99.1    Monthly Distribution report for the collection period commencing on July 31, 2021 and ending on August 31, 2021.
Exhibit 102    Asset Data File for the reporting period July 31, 2021 to August 31, 2021 (Exhibit 102 to Form ABS-EE filed by Volkswagen Auto Lease Trust 2020-A with the SEC on September 20, 2021 is incorporated by reference herein).
Exhibit 103    Asset Data File for the reporting period July 31, 2021 to August 31, 2021 (Exhibit 103 to Form ABS-EE filed by Volkswagen Auto Lease Trust 2020-A with the SEC on September 20, 2021 is incorporated by reference herein).


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

September 20, 2021       VOLKSWAGEN AUTO LEASE TRUST 2020-A
      By VW Credit, Inc., as Servicer
      By:  

/s/ Ina Reetz

      Name:  Ina Reetz
      Title:    Sr. Director Financial Reporting

 


EX-99.1
Volkswagen Auto Lease Trust 2020-A   Exhibit 99.1
MONTHLY SERVICER CERTIFICATE  
For the collection period ended 08-31-21   PAGE 1

 

A.    DATES      Begin        End        # days  
1    Determination Date             9/16/2021       
2    Payment Date             9/20/2021       
3    Collection Period        7/31/2021          8/31/2021          32  
4    Monthly Interest Period - Actual        8/20/2021          9/19/2021          31  
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     198,000,000.00       —         —         —         —         —    
7   Class A-2 Notes     369,000,000.00       325,991,683.48       —         26,694,306.05       299,297,377.43       0.8111040  
8   Class A-3 Notes     359,000,000.00       359,000,000.00       —         —         359,000,000.00       1.0000000  
9   Class A-4 Notes     74,000,000.00       74,000,000.00       —         —         74,000,000.00       1.0000000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
10   Equals: Total Securities   $ 1,000,000,000.00     $ 758,991,683.48     $ —       $ 26,694,306.05     $ 732,297,377.43    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
11   Overcollateralization     162,803,597.32       177,327,548.59           177,327,548.59    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
12   Total Securitization Value   $ 1,162,803,597.32     $ 936,319,232.07         $ 909,624,926.02    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
13   NPV Lease Payments Receivable     538,370,204.51       324,372,523.59           302,466,628.49    
14   NPV Base Residual     624,433,392.81       611,946,708.48           607,158,297.53    
15   Number of Leases     41,732       38,700           38,167    
        Coupon Rate     Libor Rate     Interest
Pmt Due
    Per $1000
Face Amount
    Principal & Interest
Payment Due
    Per $1000
Face Amount
 
16   Class A-1 Notes     0.18492     N/A       —         —         —         —    
17   Class A-2 Notes     0.27000     N/A       73,348.13       0.1987754       26,767,654.18       72.5410682  
18   Class A-3 Notes     0.39000     N/A       116,675.00       0.3250000       116,675.00       0.3250000  
19   Class A-4 Notes     0.45000     N/A       27,750.00       0.3750000       27,750.00       0.3750000  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  Equals: Total Securities         217,773.13         26,912,079.18    
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

C.    COLLECTIONS AND AVAILABLE FUNDS                
20    Lease Payments Received         19,528,963.81  
21    Pull Ahead Waived Payments         85,156.90  
22    Sales Proceeds - Early Terminations         14,321,239.97  
23    Sales Proceeds - Scheduled Terminations         126,579.74  
24    Security Deposits for Terminated Accounts         15,450.00  
25    Excess Wear and Tear Received         539.00  
26   

Excess Mileage Charges Received

        9,590.35  
27   

Proceeds Received on Defaulted Leases and Other Recoveries

        122,467.88  
        

 

 

 
28   

Subtotal: Total Collections

        34,209,987.65  
        

 

 

 
29   

Repurchase Payments

        —    
30   

Postmaturity Term Extension

        —    
31   

Investment Earnings on Collection Account

        441.37  
        

 

 

 
32   

Total Available Funds, prior to Servicer Advances

        34,210,429.02  
        

 

 

 
33   

Servicer Advance

        —    
        

 

 

 
34   

Total Available Funds

        34,210,429.02  
        

 

 

 
35   

Reserve Account Draw

        —    
        

 

 

 
36   

Available for Distribution

        34,210,429.02  
        

 

 

 
D.    DISTRIBUTIONS                
37    Payment Date Advance Reimbursement (Item 84)         —    
38    Servicing Fee (Servicing and Administrative Fees paid pro rata):      
39   

Servicing Fee Shortfall from Prior Periods

        —    
40   

Servicing Fee Due in Current Period

        780,266.03  
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         217,773.13  
48    First Priority Principal Distribution Amount         —    
49    Amount Paid to Reserve Account to Reach Specified Balance         —    
50    Subtotal: Remaining Available Funds      33,209,889.86     
51    Regular Principal Distribution Amount      26,694,306.05     
52    Regular Principal Paid to Noteholders (lesser of Item 52 and Item 53)         26,694,306.05  
53    Amounts paid to indenture, owner, and origination trustee and asset representations reviewer         —    
        

 

 

 
54    Remaining Available Funds         6,515,583.81  
        

 

 

 


PAGE 2

 

E.   CALCULATIONS                  
55   Calculation of First Priority Principal Distribution Amount:      
56   Outstanding Principal Amount of the Notes (Beg. Of Collection Period)         758,991,683.48  
57   Less: Aggregate Securitization Value (End of Collection Period)         (909,624,926.02
       

 

 

 
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)         758,991,683.48  
61   Less: Targeted Note Balance         (732,297,377.43
62   Less: First Priority Principal Distribution Amount         —    
       

 

 

 
63   Regular Principal Distribution Amount         26,694,306.05  
       

 

 

 
64   Calculation of Targeted Note Balance:      
65  

Aggregate Securitization Value (End of Collection Period)

        909,624,926.02  
66  

Less: Targeted Overcollateralization Amount (15.25% of Initial Securitization Value)

        (177,327,548.59
       

 

 

 
67  

Targeted Note Balance

        732,297,377.43  
       

 

 

 
68  

Calculation of Servicer Advance:

     
69  

Available Funds, prior to Servicer Advances (Item 34)

        34,210,429.02  
70  

Less: Payment Date Advance Reimbursement (Item 84)

        —    
71  

Less: Servicing Fees Paid (Items 41, 42 and 43)

        780,266.03  
72  

Less: Administration Fees Paid (Items 45, 46 and 47)

        2,500.00  
73  

Less: Interest Paid to Noteholders (Item 49)

        217,773.13  
74  

Less: 1st Priority Principal Distribution (Item 60)

        —    
       

 

 

 
75  

Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)

        33,209,889.86  
76  

Monthly Lease Payments Due on Included Units but not received (N/A if Item 77 > 0)

        N/A  
       

 

 

 
77   Servicer Advance (If Item 77 < 0, lesser of Item 78 and absolute value of Item 77, else 0)         —    
       

 

 

 
78  

Total Available Funds after Servicer Advance (Item 78 plus Item 79)

        33,209,889.86  
       

 

 

 
79   Reserve Account Draw Amount (If Item 80 is < 0, Lesser of the Reserve Account Balance and Item 80)         —    
       

 

 

 
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         2,907,008.99  
87   Initial Reserve Account Balance         2,907,008.99  
88   Beginning Reserve Account Balance         2,907,008.99  
89   Plus: Net Investment Income for the Collection Period         14.84  
       

 

 

 
90   Subtotal: Reserve Fund Available for Distribution         2,907,023.83  
91   Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 51)         —    
92   Less: Reserve Account Draw Amount (Item 81)         —    
       

 

 

 
93   Subtotal Reserve Account Balance         2,907,023.83  
94  

Less: Excess Reserve Account Funds to Transferor (If Item 95 > Item 88)

        14.84  
       

 

 

 
95  

Equals: Ending Reserve Account Balance

        2,907,008.99  
       

 

 

 
96   Change in Reserve Account Balance from Immediately Preceding Payment Date         —    
       

 

 

 
         Units      Amounts  
97   Current Period Net Residual Losses:      
98  

Aggregate Securitization Value for Scheduled Terminated Units

     5        95,465.58  
99   Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units         (129,903.59
100  

Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units

        —    
101  

Less: Excess Wear and Tear Received

        (539.00
102  

Less: Excess Mileage Received

        (9,590.35
    

 

 

    

 

 

 
103  

Current Period Net Residual Losses/(Gains)

     5        (44,567.36
    

 

 

    

 

 

 
104  

Cumulative Net Residual Losses:

     
105  

Beginning Cumulative Net Residual Losses

     3        (58,459.94
106  

Current Period Net Residual Losses (Item 105)

     5        (44,567.36
    

 

 

    

 

 

 
107  

Ending Cumulative Net Residual Losses

                               8        (103,027.30
    

 

 

    

 

 

 
108   Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value         -0.01
    

 

 

    

 

 

 


PAGE 3

 

G.    POOL STATISTICS                              
                       Initial     Current  
109    Collateral Pool Balance Data          
110    Aggregate Securitization Value           1,162,803,597.32       909,624,926.02  
111    Aggregate Base Residual Value           731,412,531.60       669,225,677.76  
112    Number of Current Contracts           41,732       38,167  
113    Weighted Average Lease Rate           2.85     2.76
114    Average Remaining Term           27.0       16.2  
115    Average Original Term           39.7       39.7  
116    Proportion of Base Prepayment Assumption Realized             144.41
117    Actual Monthly Prepayment Speed             1.02
118    Turn-in Ratio on Scheduled Terminations             100.00
          Sales Proceeds      Units     Book Amount     Securitization Value  
119    Pool Balance - Beginning of Period         38,700       1,103,376,806.95       936,319,232.07  
120    Depreciation/Payments           (16,683,574.29     (14,183,126.61
121    Gross Credit Losses         (11     (335,108.51     (310,655.94
122    Early Terminations - Purchased by Customer         (66     (1,589,830.31     (1,343,077.51
123    Early Terminations - Sold at Auction         (4     (126,552.34     (109,662.79
124    Early Terminations - Purchased by Dealer         (427     (11,684,334.02     (10,064,984.59
125    Early Terminations - Lease Pull Aheads         (20     (676,628.89     (587,333.03
126    Scheduled Terminations - Purchased by Customer      —          —         —         —    
127    Scheduled Terminations - Sold at Auction      —          —         —         —    
128    Scheduled Terminations - Purchased by Dealer      126,580        (5     (114,022.41     (95,465.58
     

 

 

    

 

 

   

 

 

   

 

 

 
129    Pool Balance - End of Period         38,167       1,072,166,756.18       909,624,926.02  
     

 

 

    

 

 

   

 

 

   

 

 

 
                 Units     Securitization Value     Percentage  
130    Delinquencies Aging Profile - End of Period          
131    Current         38,016       905,918,896.44       99.59
132    31 - 60 Days Delinquent         108       2,648,860.84       0.29
133    61 - 90 Days Delinquent         30       698,762.96       0.08
134    91+ Days Delinquent         13       358,405.78       0.04
        

 

 

   

 

 

   

 

 

 
135    Total         38,167       909,624,926.02       100.00
        

 

 

   

 

 

   

 

 

 
136    Delinquency Trigger             6.86
137    Delinquency Percentage (61 - Day Delinquent Receivables)             0.12
138    Delinquency Trigger occurred in this collection Period?             No  
                       Units     Amounts  
139    Credit Losses:          
140    Aggregate Securitization Value on charged-off units           11       310,655.94  
141    Aggregate Liquidation Proceeds on charged-off units             (121,728.66
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             (739.22
          

 

 

   

 

 

 
145    Current Period Aggregate Net Credit Losses/(Gains)           11       188,188.06  
          

 

 

   

 

 

 
146    Cumulative Net Credit Losses:          
147    Beginning Cumulative Net Credit Losses           51       372,197.14  
148    Current Period Net Credit Losses (Item 147)           11       188,188.06  
          

 

 

   

 

 

 
149    Ending Cumulative Net Credit Losses           62       560,385.20  
          

 

 

   

 

 

 
150    Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.05
            

 

 

 
                             Units  
151    Aging of Scheduled Maturies Not Sold          
152    0 - 60 Days since Contract Maturity             —    
153    61 - 120 Days since Contract Maturity             —    
154    121+ Days since Contract Maturity             —    
     Summary of Material Modifications, Extensions or Waivers  
157    Outstanding Extended/Deferred Accounts Related to Covid-19 Relief

 

   
                       # of Contracts     Securitization Value  
158             
159    Beginning of Period           196       4,840,847.19  
160    Add: New Accounts Extended/Deferred           —         0.00  
161    Less: Contracts Paid-Off/Charged-Off           (5     (110,983.48
162    Less: Change in Securitized Value           —         (74,925.13
          

 

 

   

 

 

 
163    Ending of Period:           191       4,654,938.58  
   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