10-D

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: 333-233424-01

Commission Index Key Number of issuing entity: 0001809291

Volkswagen Auto Loan Enhanced Trust 2020-1

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

Commission File Number of the depositor: 333-233424

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		85-6192834
(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 Loan Enhanced Trust 2020-1 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 Loan Enhanced Trust 2020-1, 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 Loan Enhanced Trust 2020-1 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 Loan Enhanced Trust 2020-1 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 Loan Enhanced Trust 2020-1 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 LOAN ENHANCED TRUST 2020-1

	By VW Credit, Inc., as Servicer

	By:	/s/ Ina Reetz
	Name: Ina Reetz
	Title: Sr. Director Financial Reporting

EX-99.1


Volkswagen Auto Loan Enhanced Trust 2020-1		Exhibit 99.1
MONTHLY SERVICER CERTIFICATE
For the collection period ended 8-31-2021		PAGE 1

DATES

Begin

End

# days

Determination Date

9/16/2021

Payment Date

9/20/2021

Collection Period

7/31/2021

8/31/2021

Monthly Interest Period - Actual/360

8/20/2021

9/19/2021

Monthly Interest - 30/360

SUMMARY


					*Initial Balance*			*Beginning Balance*		*Principal Payment*		*Ending Balance*		*Note Factor*
6	Class A-1 Notes					215,000,000.00			—		—		—		—
7	Class A-2-A Notes					362,000,000.00			34,043,097.71		28,020,756.27		6,022,341.44		0.0166363
8	Class A-2-B Notes					50,000,000.00			4,702,085.32		3,870,270.20		831,815.12		0.0166363
9	Class A-3 Notes					471,000,000.00			471,000,000.00		—		471,000,000.00		1.0000000
10	Class A-4 Notes					96,570,000.00			96,570,000.00		—		96,570,000.00		1.0000000

11	Total Securities				$	1,194,570,000.00		$	606,315,183.03	$	31,891,026.48	$	574,424,156.55

12	Overcollateralization					53,026,720.93			53,026,720.93				53,026,720.93

13	Adjusted Pool Balance				$	1,247,596,720.93		$	659,341,903.96	$	31,891,026.48	$	627,450,877.48

14	YSOC					43,206,384.64			22,511,442.45				21,442,527.54

15	Net Pool Balance				$	1,290,803,105.57		$	681,853,346.41	$	31,891,026.48	$	648,893,405.02


		*Coupon Rate*			*Libor Rate*			*Interest Pmt Due*		*Per $1000* *Face Amount*		Principal & Interest Payment Due		Per $1000 Face Amount
16	Class A-1 Notes		0.29978	%		N/A			—		—		—		—
17	Class A-2-A Notes		0.93000	%		N/A			26,383.40		0.0728823		28,047,139.67		77.4782864
18	Class A-2-B Notes		0.7183800	%		0.08838	%		2,908.73		0.0581746		3,873,178.93		77.4635787
19	Class A-3 Notes		0.98000	%		N/A			384,650.00		0.8166667		384,650.00		0.8166667
20	Class A-4 Notes		1.26000	%		N/A			101,398.50		1.0500000		101,398.50		1.0500000

21	Total Securities								515,340.63				32,406,367.11


C.	COLLECTIONS AND AVAILABLE FUNDS
22	Scheduled Principal Payments Received	16,894,293.68
23	Scheduled Interest Payments Received	2,554,834.59
24	Prepayments of Principal Received	15,481,339.23
25	Liquidation Proceeds	96,344.85
26	Recoveries Received	364,073.76
27	Other Payments Received to Reduce Principal

28	Subtotal: Total Collections	35,390,886.11

29	Repurchased Receivables	—
30	Reserve Account Excess Amount (Item 88)	64.48

31	Total Available Funds, prior to Servicer Advances	35,390,950.59

32	Servicer Advance (Item 71)	—

33	Total Available Funds + Servicer Advance	35,390,950.59

34	Reserve Account Draw Amount (Item 74)	—

35	Total Available Funds + Servicer Advance and Reserve Account Draw Amount	35,390,950.59


D.	DISTRIBUTIONS
	Distribution Summary:
36	Prior Advance Reimbursement (Item 77)	—
37	Servicing Fees (Item 41)	568,211.12
38	Class A Noteholder Interest (Item 50)	515,340.63
39	Principal Distribution Amount (Item 75)	31,891,026.48
40	Amount Paid to Reserve Account to Reach Specified Balance	—
41	Other Amounts Paid to Trustees	—
42	Certificateholders Principal Distribution Amount	—

43	Remaining Funds to Seller	2,416,372.36

PAGE 2


	Distribution Detail:	Due		Shortfall			Paid
44	Servicing Fees		568,211.12		—			568,211.12


	Pro rata:
45	Class A-1 Interest		—		—			—
46	Class A-2-A Interest		26,383.40		—			26,383.40
47	Class A-2-B Interest		2,908.73					2,908.73
48	Class A-3 Interest		384,650.00		—			384,650.00
49	Class A-4 Interest		101,398.50		—			101,398.50
50	Class A-1 Interest Carryover Shortfall		—		—			—
51	Class A-2-A Interest Carryover Shortfall		—		—			—
52	Class A-2-B Interest Carryover Shortfall		—		—			—
53	Class A-3 Interest Carryover Shortfall		—		—			—
54	Class A-4 Interest Carryover Shortfall		—		—			—

55	Class A Noteholder Interest		515,340.63		—			515,340.63


E.	*CALCULATIONS*
	Calculation of Principal Distribution Amount:
56	Beginning Adjusted Pool Balance							659,341,903.96
57	Beginning Net Pool Balance				681,853,346.41
58	Receipts of Scheduled Principal				(16,894,293.68	)
59	Receipts of Prepaid Principal				(15,481,339.23	)
60	Liquidation Proceeds				(96,344.85	)
61	Other Collections of Principal				—
62	Principal Amount of Repurchases				—
63	Principal Amount of Defaulted Receivables				(487,963.63	)

64	Ending Net Pool Balance				648,893,405.02
65	Yield Supplement Overcollateralization Amount				21,442,527.54

66	Adjusted Pool Balance				627,450,877.48
67	Less: Adjusted Pool Balance - End of Collection Period							627,450,877.48

68	Calculated Principal Distribution Amount							31,891,026.48


	Calculation of Servicer Advance:
69	Available Funds, prior to Servicer Advances (Item 28)							35,390,950.59
70	Less: Prior Advance Reimbursement (Item 33)							—
71	Less: Servicing Fees Paid (Item 34)							568,211.12
72	Less: Interest Paid to Noteholders (Item 35)							515,340.63
73	Less: Calculated Principal Distribution (Item 63)							31,891,026.48

74	Equals: Remaining Available Funds before Servicer Advance							2,416,372.36
75	Monthly Loan Payments Due on Included Units but not received (N/A if Item 69 > 0)							N/A

76	Servicer Advance (If Item 69 < 0, lesser of Item 69 and Item 70, else 0)							—


	Calculation of Reserve Account Draw Amount:
77	Remaining Available Funds, before Reserve Account Draw (Item 69 plus Item 71)							2,416,372.36
78	Available Funds Shortfall Amount (If Item 72 < 0, Item 72, else 0)							—

79	Reserve Account Draw Amount (If Item 73 is > 0, Lesser of Reserve Acct Balance and Item 73)							—

80	Principal Distribution Amount (Item 63 - Available Funds Shortfall + Reserve Account Draw Amt)							31,891,026.48


	Reconciliation of Servicer Advance:
81	Beginning Balance of Servicer Advance							—
82	Less: Prior Advance Reimbursement							—
83	Plus: Additional Servicer Advances for Current Period							—

84	Ending Balance of Servicer Advance							—


F.	*RESERVE ACCOUNT*
	Reserve Account Balances:
85	Specified Reserve Account Balance (Lesser of (a) $12,475,967.21, and (b) the aggregate note balance)							12,475,967.21
86	Initial Reserve Account Balance							12,475,967.21
87	Beginning Reserve Account Balance							12,475,967.21
88	Plus: Net Investment Income for the Collection Period							64.48

89	Subtotal: Reserve Fund Available for Distribution							12,476,031.69
90	Plus: Deposit of Excess Available Funds (Item 37)							—
91	Less: Reserve Account Draw Amount (Item 74)							—

92	Subtotal Reserve Account Balance							12,476,031.69
93	Less: Reserve Account Excess Amount to Available Funds (If Item 87 > Item 80)							64.48

94	Equals: Ending Reserve Account Balance							12,475,967.21

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

PAGE 3


G.	*POOL STATISTICS*
	Collateral Pool Balance Data:	*Initial*			Prior Period			Current Period
96	Net Pool Balance		1,290,803,106			681,853,346			648,893,405
97	Number of Current Contracts		57,735			39,468			38,354
98	Weighted Average Loan Rate		4.46	%		4.40	%		4.40	%
99	Average Remaining Term		55.4			41.3			40.4
100	Average Original Term		64.5			65.0			65.0
101	Monthly Prepayment Rate					1.53	%		1.53	%

	Net Credit Loss and Repossession Activity:				*Units*			Outstanding Principal Balance
102	Aggregate Outstanding Principal Balance of Charged Off Receivables					30			584,308.48
103	Liquidation Proceeds on Related Vehicles								96,344.85
104	Recoveries Received on Receivables Previously Charged Off								364,073.76

105	Net Principal Losses for Current Collection Period					30			123,889.87

106	Beginning Net Principal Losses					659			5,829,364.12
107	Net Principal Losses for Current Collection Period					30			123,889.87

108	Cumulative Net Principal Losses					689			5,953,253.99

109	Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,290,803,105.57)								0.46	%


	Delinquencies Aging Profile - End of Period:	*Percentage*			*Units*			Outstanding Principal Balance
110	Current		99.18	%		38,108			643,560,142.32
111	31 - 60 Days Delinquent		0.61	%		194			3,938,590.54
112	61 - 90 Days Delinquent		0.21	%		52			1,394,672.16
113	91 - 120 Days Delinquent1		0.00	%		—			—

114	Total		100.00	%		38,354			648,893,405.02


H.	*DELINQUENCY AND NET LOSS RATIOS*
115	Ratio of Net Principal Losses to the Pool balance as of Each Collection Period							*Percentage*
116	Current Period								0.02	%
117	Prior Period								-0.01	%
118	Two Periods Prior								0.01	%
119	Three Periods Prior								0.00	%

120	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*
121	Current Period								0.21	%
122	Prior Period								0.16	%
123	Two Periods Prior								0.13	%
124	Three Periods Prior								0.13	%

125	Four Period Average (Current and Three Prior Collection Periods)								0.16	%

126	Delinquency Trigger								4.48	%
127	Delinquency Percentage (61-Day Delinquent Receivables)								0.21	%
128	Delinquency Trigger occurred in this collection Period?								No

I.	*Outstanding Extended/Deferred Accounts Related to Covid-19 Relief*

					*# Contracts*			Securitization value
129	Beginning of Period:					3,825			82,744,000.88
130	Add: New Accounts Extended/Deferred					—			(0.00	)
131	Deduct: Contracts Paid off/Charged-off					(113	)		(2,201,898.08	)
132	Change in Sec. Value					—			(1,601,908.49	)

133	Ending of Period					3,712			78,940,194.31


	*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

1	Any receivable as to which any payment is past due 90 or more days is a Defaulted Receivable and the outstanding principal balance is deemed to be zero. Therefore this item will equal zero in all reporting periods.

VW CREDIT, INC., as Servicer