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: 333-205992-01

Commission Index Key Number of issuing entity: 0001720749

 

 

Volkswagen Auto Loan Enhanced Trust 2018-1

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

Commission File Number of the depositor: 333-205992

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   82-6650865

(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 2018-1 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 2018-1, 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 2018-1 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 2018-1 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 2018-1 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 2018-1

    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 2018-1    Exhibit 99.1
MONTHLY SERVICER CERTIFICATE   
For the collection period ended 8-31-2021    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/360

        8/20/2021          9/19/2021          31  
5   

Monthly Interest - 30/360

                  30  
B.    SUMMARY                              

 

              Initial Balance     Beginning Balance     Principal Payment     Ending Balance     Note Factor  
6   Class A-1 Notes       307,000,000.00       —         —         —         —    
7   Class A-2-A Notes       420,000,000.00       —         —         —         —    
8   Class A-2-B Notes       100,000,000.00       —         —         —         —    
9   Class A-3 Notes       369,000,000.00       50,777,914.11       16,687,477.94       34,090,436.17       0.0923860  
10   Class A-4 Notes       104,000,000.00       104,000,000.00       —         104,000,000.00       1.0000000  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
11   Total Securities     $ 1,300,000,000.00     $ 154,777,914.11     $ 16,687,477.94     $ 138,090,436.17    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
12   Overcollateralization       40,210,498.92       40,210,498.92         40,210,498.92    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
13   Adjusted Pool Balance     $ 1,340,210,498.92     $ 194,988,413.03     $ 16,687,477.94     $ 178,300,935.09    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
14   YSOC       104,720,886.52       8,944,025.99         8,016,343.88    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
15   Net Pool Balance     $ 1,444,931,385.44     $ 203,932,439.02     $ 16,687,477.94     $ 186,317,278.97    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
        Coupon Rate     Libor Rate     Interest Pmt Due     Per $1000
Face Amount		     Principal& Interest
Payment Due		     Per $1000
Face Amount		  
16   Class A-1 Notes     2.42428 %      N/A       —         —         —         —    
17   Class A-2-A Notes     2.81000 %      N/A       —         —         —         —    
18   Class A-2-B Notes     0.26838 %      0.08838 %      —         —         —         —    
19   Class A-3 Notes     3.02000 %      N/A       127,791.08       0.3463173       16,815,269.02       45.5698347  
20   Class A-4 Notes     3.15000 %      N/A       273,000.00       2.6250000       273,000.00       2.6250000  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
21   Total Securities         400,791.08         17,088,269.02    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

C.    COLLECTIONS AND AVAILABLE FUNDS        
22    Scheduled Principal Payments Received      11,969,394.15  
23    Scheduled Interest Payments Received      603,319.61  
24    Prepayments of Principal Received      5,469,097.01  
25    Liquidation Proceeds      13,524.87  
26    Recoveries Received      255,937.66  
27    Other Payments Received to Reduce Principal   
     

 

 

  
28   

Subtotal: Total Collections

      18,311,273.30  
     

 

 

  
29   

Repurchased Receivables

      —    
30   

Reserve Account Excess Amount (Item 88)

      170.79  
     

 

 

  
31   

Total Available Funds, prior to Servicer Advances

      18,311,444.09  
     

 

 

  
32   

Servicer Advance (Item 76)

      —    
     

 

 

  
33   

Total Available Funds + Servicer Advance

      18,311,444.09  
     

 

 

  
34   

Reserve Account Draw Amount (Item 79)

      —    
     

 

 

  
35   

Total Available Funds + Servicer Advance and Reserve Account Draw Amount

      18,311,444.09  
     

 

 

  

 

D.    DISTRIBUTIONS        
   Distribution Summary:   
36    Prior Advance Reimbursement (Item 82)      —    
37    Servicing Fees (Item 44)      169,943.70  
38    Class A Noteholder Interest (Item 55)      400,791.08  
39    Principal Distribution Amount (Item 68)      16,687,477.94  
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

      1,053,231.37  
     

 

 

  

PAGE 2

 

     Distribution Detail:    Due      Shortfall     Paid  
44   

Servicing Fees

      169,943.70        —         169,943.70  
     

 

 

     

 

 

    

 

 

  
   Pro rata:        
45   

Class A-1 Interest

      —          —         —    
46   

Class A-2-A Interest

      —          —         —    
47   

Class A-2-B Interest

      —          —         —    
48   

Class A-3 Interest

      127,791.08        —         127,791.08  
49   

Class A-4 Interest

      273,000.00        —         273,000.00  
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      400,791.08        —         400,791.08  
     

 

 

     

 

 

    

 

 

  
E.    CALCULATIONS                          
  

Calculation of Principal Distribution Amount:

        
56    Beginning Adjusted Pool Balance           194,988,413.03  
57    Beginning Net Pool Balance         203,932,439.02    
58    Receipts of Scheduled Principal         (11,969,394.15 )   
59    Receipts of Prepaid Principal         (5,469,097.01 )   
60    Liquidation Proceeds         (13,524.87 )   
61    Other Collections of Principal         —      
62    Principal Amount of Repurchases         —      
63    Principal Amount of Defaulted Receivables         (163,144.02 )   
        

 

 

    
64    Ending Net Pool Balance         186,317,278.97    
65    Yield Supplement Overcollateralization Amount         8,016,343.88    
        

 

 

    
66    Adjusted Pool Balance         178,300,935.09    
67    Less: Adjusted Pool Balance - End of Collection Period           178,300,935.09  
          

 

 

  
68   

Calculated Principal Distribution Amount

           16,687,477.94  
          

 

 

  
   Calculation of Servicer Advance:        
69    Available Funds, prior to Servicer Advances (Item 31)           18,311,444.09  
70    Less: Prior Advance Reimbursement (Item 36)           —    
71    Less: Servicing Fees Paid (Item 44)           169,943.70  
72    Less: Interest Paid to Noteholders (Item 55)           400,791.08  
73    Less: Calculated Principal Distribution (Item 68)           16,687,477.94  
          

 

 

  
74   

Equals: Remaining Available Funds before Servicer Advance

           1,053,231.37  
75    Monthly Loan Payments Due on Included Units but not received (N/A if Item 74 > 0)

 

        N/A  
          

 

 

  
76    Servicer Advance (If Item 74 < 0, lesser of Item 74 and Item 75, else 0)

 

        —    
          

 

 

  
   Calculation of Reserve Account Draw Amount:        
77    Remaining Available Funds, before Reserve Account Draw (Item 74 plus Item 76)

 

        1,053,231.37  
78   

Available Funds Shortfall Amount (If Item 77 < 0, Item 77, else 0)

           —    
          

 

 

  
79    Reserve Account Draw Amount (If Item 78 is > 0, Lesser of Reserve Acct Balance and Item 78)

 

     —    
          

 

 

  
80    Principal Distribution Amount (Item 68 — Available Funds Shortfall + Reserve Account Draw Amt)

 

     16,687,477.94  
          

 

 

  
   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) $6,701,052.49, and (b) the aggregate note balance)

 

        6,701,052.49  
86    Initial Reserve Account Balance           1,340,210.50  
87    Beginning Reserve Account Balance           6,701,052.49  
88   

Plus: Net Investment Income for the Collection Period

           170.79  
          

 

 

  
89   

Subtotal: Reserve Fund Available for Distribution

           6,701,223.28  
90   

Plus: Deposit of Excess Available Funds (Item 40)

           —    
91   

Less: Reserve Account Draw Amount (Item 79)

           —    
          

 

 

  
92   

Subtotal Reserve Account Balance

           6,701,223.28  
93    Less: Reserve Account Excess Amount to Available Funds (If Item 92 > Item 85)

 

        170.79  
          

 

 

  
94    Equals: Ending Reserve Account Balance           6,701,052.49  
          

 

 

  
95    Change in Reserve Account Balance from Immediately Preceding Payment Date

 

        —    
          

 

 

  

PAGE 3

 

G.    POOL STATISTICS                      
     Collateral Pool Balance Data:    Initial     Prior Period     Current  
96    Net Pool Balance      1,444,931,385       203,932,439       186,317,278.97  
97    Number of Current Contracts      69,296       27,241       25,895  
98    Weighted Average Loan Rate      3.33 %      3.48 %      3.49 % 
99    Average Remaining Term      52.1       19.3       18.5  
100    Average Original Term      63.9       65.9       66.0  
101    Monthly Prepayment Rate        1.16 %      1.20 % 
     Net Credit Loss and Repossession Activity:          Units     Outstanding
Principal Balance		  
102    Aggregate Outstanding Principal Balance of Charged Off Receivables        20       176,668.89  
103    Liquidation Proceeds on Related Vehicles          13,524.87  
104    Recoveries Received on Receivables Previously Charged Off          255,937.66  
       

 

 

    

 

 

  
105    Net Principal Losses for Current Collection Period        20       (92,793.64 ) 
       

 

 

    

 

 

  
106    Beginning Net Principal Losses        1,778       10,384,812.92  
       

 

 

    

 

 

  
107    Net Principal Losses for Current Collection Period        20       (92,793.64 ) 
       

 

 

    

 

 

  
108    Cumulative Net Principal Losses        1,798       10,292,019.28  
       

 

 

    

 

 

  
109   

Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,444,931,385.44)

          0.71 % 
         

 

 

  
     Delinquencies Aging Profile - End of Period:    Percentage     Units     Outstanding
Principal Balance		  
110    Current      98.92 %      25,703       184,308,404.32  
111    31 - 60 Days Delinquent      0.85 %      151       1,590,060.99  
112    61 - 90 Days Delinquent      0.22 %      41       418,813.66  
113    91-120 Days Delinquent1      0.00 %      —         —    
     

 

 

    

 

 

    

 

 

  
114    Total      100.00 %      25,895       186,317,278.97  
     

 

 

    

 

 

    

 

 

  
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          -0.05 % 
117    Prior Period          -0.05 % 
118    Two Periods Prior          -0.04 % 
119    Three Periods Prior          -0.06 % 
         

 

 

  
120    Four Period Average (Current and Three Prior Collection Periods)

 

     -0.05 % 
         

 

 

  
     Total Delinquencies — Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of
Each Collection Period		           Percentage  
121    Current Period          0.22 % 
122    Prior Period          0.24 % 
123    Two Periods Prior          0.18 % 
124    Three Periods Prior          0.12 % 
         

 

 

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

 

     0.19 % 
         

 

 

  
126    Delinquncy Trigger          4.48 % 
127    Delinquency Percentage (61-Day Delinquent Receivables)          0.22 % 
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:        2,465       25,442,169.71  
130    Add: New Accounts Extended/Deferred        —         0.00  
131    Deduct: Contracts Paid off/Charged-off        (104 )      (1,003,995.56 ) 
132    Change in Sec. Value        —         (1,059,107.32 ) 
       

 

 

    

 

 

  
133    Ending of Period        2,361       23,379,066.83  
       

 

 

    

 

 

  
   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