Exhibit 99.1

 

Volkswagen Auto Loan Enhanced Trust 2023-1        
MONTHLY SERVICER CERTIFICATE        
For the collection period ended 7-31-2025         PAGE 1

 

A. DATES Begin End # days  
1 Determination Date   8/18/2025    
2 Payment Date   8/20/2025    
3 Collection Period 7/1/2025 7/31/2025 31  
4 Monthly Interest Period - Actual/360 7/21/2025 8/19/2025 30  
5 Monthly Interest - 30/360     30  
6 SOFR Adjustment Date   7/17/2025    

 

B. SUMMARY                              
                                 
      Initial Balance     Beginning Balance     Principal Payment     Ending Balance     Note Factor  
7 Class A-1 Notes     294,000,000.00       -       -       -       -  
8 Class A-2-A Notes     474,000,000.00       -       -       -       -  
9 Class A-2-B Notes     150,000,000.00       -       -       -       -  
10 Class A-3 Notes     492,000,000.00       435,472,505.30       30,987,499.35       404,485,005.95       0.8221240  
11 Class A-4 Notes     90,000,000.00       90,000,000.00       -        90,000,000.00       1.0000000  
12 Total Securities   $ 1,500,000,000.00     $ 525,472,505.30     $ 30,987,499.35     $ 494,485,005.95          
                                           
13 Overcollateralization     46,391,754.61       46,391,754.61               46,391,754.61          
14 Adjusted Pool Balance   $ 1,546,391,754.61     $ 571,864,259.91     $ 30,987,499.35     $ 540,876,760.56          
15 YSOC     161,524,359.74       52,486,166.37               49,425,182.54          
16 Net Pool Balance   $ 1,707,916,114.35     $ 624,350,426.28     $ 30,987,499.35     $ 590,301,943.10          

 

                        Per $1000     Principal& Interest     Per $1000  
      Coupon Rate     SOFR Rate     Interest Pmt Due     Face Amount     Payment Due     Face Amount  
17 Class A-1 Notes     5.49800 %     N/A       -       -       -       -  
18 Class A-2-A Notes     5.50000 %     N/A       -       -       -       -  
19 Class A-2-B Notes     4.86798 %     4.34798 %     -       -       -       -  
20 Class A-3 Notes     5.02000 %     N/A       1,821,726.65       3.7026964       32,809,226.00       66.6854187  
21 Class A-4 Notes     5.01000 %     N/A       375,750.00       4.1750000       375,750.00       4.1750000  
22 Total Securities                     2,197,476.65               33,184,976.00          

 

C. COLLECTIONS AND AVAILABLE FUNDS      
23 Scheduled Principal Payments Received     20,007,688.55  
24 Scheduled Interest Payments Received     2,518,859.42  
25 Prepayments of Principal Received     12,692,630.13  
26 Liquidation Proceeds     217,861.71  
27 Recoveries Received     527,011.76  
28 Other Payments Received to Reduce Principal        
29 Subtotal: Total Collections     35,964,051.57  
30 Repurchased Receivables     -  
31 Reserve Account Excess Amount (Item 94)     13,751.66  
32 Total Available Funds, prior to Servicer Advances     35,977,803.23  
33 Servicer Advance (Item 77)     -  
34 Total Available Funds + Servicer Advance     35,977,803.23  
35 Reserve Account Draw Amount (Item 80)     -  
36 Total Available Funds + Servicer Advance and Reserve Account Draw Amount     35,977,803.23  

 

D. DISTRIBUTIONS      
  Distribution Summary:        
37 Prior Advance Reimbursement (Item 83)     -  
38 Servicing Fees (Item 45)     520,292.02  
39 Class A Noteholder Interest (Item 56)     2,197,476.65  
40 Principal Distribution Amount (Item 81)     30,987,499.35  
41 Amount Paid to Reserve Account to Reach Specified Balance     -  
42 Other Amounts Paid to Trustees     -  
43 Certificateholders Principal Distribution Amount     -  
44 Remaining Funds to Seller     2,272,535.21  

 

 

 

 

PAGE 2

 

  Distribution Detail:   Due     Shortfall     Paid  
45 Servicing Fees     520,292.02       -       520,292.02  
                           
  Pro rata:                        
46 Class A-1 Interest     -       -       -  
47 Class A-2-A Interest     -       -       -  
48 Class A-2-B Interest     -               -  
49 Class A-3 Interest     1,821,726.65       -       1,821,726.65  
50 Class A-4 Interest     375,750.00       -       375,750.00  
51 Class A-1 Interest Carryover Shortfall     -       -       -  
52 Class A-2-A Interest Carryover Shortfall     -       -       -  
53 Class A-2-B Interest Carryover Shortfall     -       -       -  
54 Class A-3 Interest Carryover Shortfall     -       -       -  
55 Class A-4 Interest Carryover Shortfall     -       -       -  
56 Class A Noteholder Interest     2,197,476.65       -       2,197,476.65  

 

E. CALCULATIONS            
  Calculation of Principal Distribution Amount:                
57 Beginning Adjusted Pool Balance             571,864,259.91  
58 Beginning Net Pool Balance     624,350,426.28          
59 Receipts of Scheduled Principal     (20,007,688.55 )        
60 Receipts of Prepaid Principal     (12,692,630.13 )        
61 Liquidation Proceeds     (217,861.71 )        
62 Other Collections of Principal     -          
63 Principal Amount of Repurchases     -          
64 Principal Amount of Defaulted Receivables     (1,130,302.79 )        
65 Ending Net Pool Balance     590,301,943.10          
66 Yield Supplement Overcollateralization Amount     49,425,182.54          
67 Adjusted Pool Balance     540,876,760.56          
68 Less: Adjusted Pool Balance - End of Collection Period             540,876,760.56  
69 Calculated Principal Distribution Amount             30,987,499.35  

 

  Calculation of Servicer Advance:      
70 Available Funds, prior to Servicer Advances (Item 32)     35,977,803.23  
71 Less: Prior Advance Reimbursement (Item 37)     -  
72 Less: Servicing Fees Paid (Item 38)     520,292.02  
73 Less: Interest Paid to Noteholders (Item 39)     2,197,476.65  
74 Less: Calculated Principal Distribution (Item 69)     30,987,499.35  
75 Equals: Remaining Available Funds before Servicer Advance     2,272,535.21  
76 Monthly Loan 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 75 and Item 76, else 0)     -  
         
  Calculation of Reserve Account Draw Amount:      
78 Remaining Available Funds, before Reserve Account Draw (Item 75 plus Item 77)     2,272,535.21  
79 Available Funds Shortfall Amount (If Item 78 < 0, Item 78, else 0)     -  
80 Reserve Account Draw Amount (If Item 79 is > 0, Lesser of Reserve Acct Balance and Item 79)     -  
           
81 Principal Distribution Amount (Item 69 - Available Funds Shortfall + Reserve Account Draw Amt)     30,987,499.35  
           
  Reconciliation of Servicer Advance:      
82 Beginning Balance of Servicer Advance     -  
83 Less: Prior Advance Reimbursement     -  
84 Plus: Additional Servicer Advances for Current Period     -  
85 Ending Balance of Servicer Advance     -  

 

F. RESERVE ACCOUNT      
  Reserve Account Balances:        
86 Specified Reserve Account Balance (Lesser of (a) $3,865,979.39, and (b) the aggregate note balance)     3,865,979.39  
87 Initial Reserve Account Balance     3,865,979.39  
88 Beginning Reserve Account Balance     3,865,979.39  
89 Plus:  Net Investment Income for the Collection Period     13,751.66  
90 Subtotal:  Reserve Fund Available for Distribution     3,879,731.05  
91 Plus:  Deposit of Excess Available Funds (Item 41)     -  
92 Less:  Reserve Account Draw Amount (Item 80)     -  
93 Subtotal Reserve Account Balance     3,879,731.05  
94 Less: Reserve Account Excess Amount to Available Funds (If Item 93 > Item 86)     13,751.66  
95 Equals: Ending Reserve Account Balance     3,865,979.39  
           
96 Change in Reserve Account Balance from Immediately Preceding Payment Date     -  

 

 

 

 

PAGE 3

 

G. POOL STATISTICS                  
  Collateral Pool Balance Data:     Initial       Prior Period       Current Period  
97 Net Pool Balance     1,707,916,114       624,350,426       590,301,943  
98 Number of Current Contracts     50,033       32,025       31,232  
99 Weighted Average Loan Rate     4.83 %     4.87 %     4.88 %
100 Average Remaining Term     57.1       32.5       31.6  
101 Average Original Term     66.8       68.0       68.08  
102 Monthly Prepayment Rate                     1.28 %

 

            Outstanding  
  Net Credit Loss and Repossession Activity:   Units     Principal Balance  
103 Aggregate Outstanding Principal Balance of Charged Off Receivables     47       1,348,164.50  
104 Liquidation Proceeds on Related Vehicles             217,861.71  
105 Recoveries Received on Receivables Previously Charged Off             527,011.76  
106 Net Principal Losses for Current Collection Period     47       603,291.03  
                   
107 Beginning Net Principal Losses     1,625       24,701,099.15  
108 Net Principal Losses for Current Collection Period     47       603,291.03  
109 Cumulative Net Principal Losses     1,672       25,304,390.18  
110 Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,707,916,114.35)             1.48 %

 

                  Outstanding  
  Delinquencies Aging Profile - End of Period:   Percentage     Units     Principal Balance  
111 Current     98.10 %     30,807       579,065,195.45  
112 31 - 60 Days Delinquent     1.59 %     358       9,397,537.39  
113 61 - 90 Days Delinquent     0.31 %     67       1,839,210.26  
114 91-120 Days Delinquent1     0.00 %     -       -  
115 Total     100.00 %     31,232       590,301,943  

 

H. DELINQUENCY AND NET LOSS RATIOS      
  Ratio of Net Principal Losses to the Pool balance as of Each Collection Period     Percentage  
116 Current Period     0.10 %
117 Prior Period     0.08 %
118 Two Periods Prior     -0.01 %
119 Three Periods Prior     0.01 %
120 Four Period Average (Current and Three Prior Collection Periods)     0.04 %

 

  Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period   Percentage  
121 Current Period     0.31 %
122 Prior Period     0.39 %
123 Two Periods Prior     0.32 %
124 Three Periods Prior     0.29 %
125 Four Period Average (Current and Three Prior Collection Periods)     0.33 %
           
126 Delinquncy Trigger     4.48 %
127 Delinquency Percentage (61-Day Delinquent Receivables)     0.31 %
128 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