01/21/2025 | Press release | Distributed by Public on 01/21/2025 13:21
Volkswagen Auto Loan Enhanced Trust 2023-1 | |
MONTHLY SERVICER CERTIFICATE | |
For the collection period ended 12-31-2024 | PAGE 1 |
A. | DATES | Begin | End | # days | |
1 | Determination Date | 1/16/2025 | |||
2 | Payment Date | 1/21/2025 | |||
3 | Collection Period | 11/30/2024 | 12/31/2024 | 32 | |
4 | Monthly Interest Period - Actual/360 | 12/20/2024 | 1/20/2025 | 32 | |
5 | Monthly Interest - 30/360 | 30 | |||
6 | SOFR Adjustment Date | 12/18/2024 |
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 | 130,988,152.98 | 27,260,438.63 | 103,727,714.35 | 0.2188348 | |||||||||||||||
9 | Class A-2-B Notes | 150,000,000.00 | 41,451,947.15 | 8,626,721.09 | 32,825,226.06 | 0.2188348 | |||||||||||||||
10 | Class A-3 Notes | 492,000,000.00 | 492,000,000.00 | - | 492,000,000.00 | 1.0000000 | |||||||||||||||
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 | $ | 754,440,100.13 | $ | 35,887,159.72 | $ | 718,552,940.41 | ||||||||||||
13 | Overcollateralization | 46,391,754.61 | 46,391,754.61 | 46,391,754.61 | |||||||||||||||||
14 | Adjusted Pool Balance | $ | 1,546,391,754.61 | $ | 800,831,854.74 | $ | 35,887,159.72 | $ | 764,944,695.02 | ||||||||||||
15 | YSOC | 161,524,359.74 | 76,406,169.63 | 72,726,067.00 | |||||||||||||||||
16 | Net Pool Balance | $ | 1,707,916,114.35 | $ | 877,238,024.37 | $ | 35,887,159.72 | $ | 837,670,762.02 |
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 | 600,362.37 | 1.2665873 | 27,860,801.00 | 58.7780612 | |||||||||||||||||
19 | Class A-2-B Notes | 5.12460 | % | 4.60460 | % | 188,821.91 | 1.2588127 | 8,815,543.00 | 58.7702867 | ||||||||||||||||
20 | Class A-3 Notes | 5.02000 | % | N/A | 2,058,200.00 | 4.1833333 | 2,058,200.00 | 4.1833333 | |||||||||||||||||
21 | Class A-4 Notes | 5.01000 | % | N/A | 375,750.00 | 4.1750000 | 375,750.00 | 4.1750000 | |||||||||||||||||
22 | Total Securities | 3,223,134.28 | 39,110,294.00 |
C. | COLLECTIONS AND AVAILABLE FUNDS | ||||
23 | Scheduled Principal Payments Received | 22,319,092.80 | |||
24 | Scheduled Interest Payments Received | 3,617,846.23 | |||
25 | Prepayments of Principal Received | 15,286,433.69 | |||
26 | Liquidation Proceeds | 484,345.93 | |||
27 | Recoveries Received | 604,921.57 | |||
28 | Other Payments Received to Reduce Principal | ||||
29 | Subtotal: Total Collections | 42,312,640.22 | |||
30 | Repurchased Receivables | - | |||
31 | Reserve Account Excess Amount (Item 94) | 14,628.33 | |||
32 | Total Available Funds, prior to Servicer Advances | 42,327,268.55 | |||
33 | Servicer Advance (Item 77) | - | |||
34 | Total Available Funds + Servicer Advance | 42,327,268.55 | |||
35 | Reserve Account Draw Amount (Item 80) | - | |||
36 | Total Available Funds + Servicer Advance and Reserve Account Draw Amount | 42,327,268.55 |
D. | DISTRIBUTIONS | ||||
Distribution Summary: | |||||
37 | Prior Advance Reimbursement (Item 83) | - | |||
38 | Servicing Fees (Item 45) | 731,031.69 | |||
39 | Class A Noteholder Interest (Item 56) | 3,223,134.28 | |||
40 | Principal Distribution Amount (Item 81) | 35,887,159.72 | |||
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 | 2,485,942.86 |
PAGE 2
Distribution Detail: | Due | Shortfall | Paid | ||||||||||
45 | Servicing Fees | 731,031.69 | - | 731,031.69 | |||||||||
Pro rata: | |||||||||||||
46 | Class A-1 Interest | - | - | - | |||||||||
47 | Class A-2-A Interest | 600,362.37 | - | 600,362.37 | |||||||||
48 | Class A-2-B Interest | 188,821.91 | 188,821.91 | ||||||||||
49 | Class A-3 Interest | 2,058,200.00 | - | 2,058,200.00 | |||||||||
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 | 3,223,134.28 | - | 3,223,134.28 |
E. | CALCULATIONS | ||||||||
Calculation of Principal Distribution Amount: | |||||||||
57 | Beginning Adjusted Pool Balance | 800,831,854.74 | |||||||
58 | Beginning Net Pool Balance | 877,238,024.37 | |||||||
59 | Receipts of Scheduled Principal | (22,319,092.80 | ) | ||||||
60 | Receipts of Prepaid Principal | (15,286,433.69 | ) | ||||||
61 | Liquidation Proceeds | (484,345.93 | ) | ||||||
62 | Other Collections of Principal | - | |||||||
63 | Principal Amount of Repurchases | - | |||||||
64 | Principal Amount of Defaulted Receivables | (1,477,389.93 | ) | ||||||
65 | Ending Net Pool Balance | 837,670,762.02 | |||||||
66 | Yield Supplement Overcollateralization Amount | 72,726,067.00 | |||||||
67 | Adjusted Pool Balance | 764,944,695.02 | |||||||
68 | Less: Adjusted Pool Balance - End of Collection Period | 764,944,695.02 | |||||||
69 | Calculated Principal Distribution Amount | 35,887,159.72 | |||||||
Calculation of Servicer Advance: | |||||||||
70 | Available Funds, prior to Servicer Advances (Item 32) | 42,327,268.55 | |||||||
71 | Less: Prior Advance Reimbursement (Item 37) | - | |||||||
72 | Less: Servicing Fees Paid (Item 38) | 731,031.69 | |||||||
73 | Less: Interest Paid to Noteholders (Item 39) | 3,223,134.28 | |||||||
74 | Less: Calculated Principal Distribution (Item 69) | 35,887,159.72 | |||||||
75 | Equals: Remaining Available Funds before Servicer Advance | 2,485,942.86 | |||||||
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) | 2,485,942.86 | |||||||
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) | 35,887,159.72 | |||||||
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 | 14,628.33 | |||||||
90 | Subtotal: Reserve Fund Available for Distribution | 3,880,607.72 | |||||||
91 | Plus: Deposit of Excess Available Funds (Item 41) | - | |||||||
92 | Less: Reserve Account Draw Amount (Item 80) | - | |||||||
93 | Subtotal Reserve Account Balance | 3,880,607.72 | |||||||
94 | Less: Reserve Account Excess Amount to Available Funds (If Item 93 > Item 86) | 14,628.33 | |||||||
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 | 877,238,024 | 837,670,762 | |||||||||
98 | Number of Current Contracts | 50,033 | 37,451 | 36,690 | |||||||||
99 | Weighted Average Loan Rate | 4.83 | % | 4.84 | % | 4.84 | % | ||||||
100 | Average Remaining Term | 57.1 | 39.1 | 38.1 | |||||||||
101 | Average Original Term | 66.8 | 67.6 | 67.7 | |||||||||
102 | Monthly Prepayment Rate | 1.29 | % |
Outstanding | |||||||||
Net Credit Loss and Repossession Activity: | Units | Principal Balance | |||||||
103 | Aggregate Outstanding Principal Balance of Charged Off Receivables | 56 | 1,961,735.86 | ||||||
104 | Liquidation Proceeds on Related Vehicles | 484,345.93 | |||||||
105 | Recoveries Received on Receivables Previously Charged Off | 604,921.57 | |||||||
106 | Net Principal Losses for Current Collection Period | 56 | 872,468.36 | ||||||
107 | Beginning Net Principal Losses | 1,231 | 21,907,427.24 | ||||||
108 | Net Principal Losses for Current Collection Period | 56 | 872,468.36 | ||||||
109 | Cumulative Net Principal Losses | 1,287 | 22,779,895.60 | ||||||
110 | Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,707,916,114.35) | 1.33 | % |
Outstanding | |||||||||||||
Delinquencies Aging Profile - End of Period: | Percentage | Units | Principal Balance | ||||||||||
111 | Current | 98.41 | % | 36,235 | 824,367,783.04 | ||||||||
112 | 31 - 60 Days Delinquent | 1.23 | % | 354 | 10,285,518.53 | ||||||||
113 | 61 - 90 Days Delinquent | 0.36 | % | 101 | 3,017,460.45 | ||||||||
114 | 91-120 Days Delinquent1 | 0.00 | % | - | - | ||||||||
115 | Total | 100.00 | % | 36,690 | 837,670,762.02 |
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 | 0.12 | % | ||
118 | Two Periods Prior | 0.09 | % | ||
119 | Three Periods Prior | 0.11 | % | ||
120 | Four Period Average (Current and Three Prior Collection Periods) | 0.11 | % |
Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period | Percentage | ||||
121 | Current Period | 0.36 | % | ||
122 | Prior Period | 0.31 | % | ||
123 | Two Periods Prior | 0.33 | % | ||
124 | Three Periods Prior | 0.34 | % | ||
125 | Four Period Average (Current and Three Prior Collection Periods) | 0.33 | % | ||
126 | Delinquncy Trigger | 4.48 | % | ||
127 | Delinquency Percentage (61-Day Delinquent Receivables) | 0.36 | % | ||
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 |
VW CREDIT, INC., as Servicer