Volkswagen Auto Lease Trust 2022-A

03/20/2023 | Press release | Distributed by Public on 03/20/2023 10:07

Asset-Backed Issuer Distribution Report - Form 10-D

Volkswagen Auto Lease Trust 2022-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 02-28-23 PAGE 1
A. DATES Begin End # days
1 Determination Date 3/16/2023
2 Payment Date 3/20/2023
3 Collection Period 2/1/2023 2/28/2023 28
4 Monthly Interest Period- Actual 2/21/2023 3/19/2023 27
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 151,000,000.00 - - - - -
7 Class A-2 Notes 385,000,000.00 315,672,723.65 - 21,179,602.29 294,493,121.36 0.7649172
8 Class A-3 Notes 385,000,000.00 385,000,000.00 - - 385,000,000.00 1.0000000
9 Class A-4 Notes 79,000,000.00 79,000,000.00 - - 79,000,000.00 1.0000000
10 Equals: Total Securities $ 1,000,000,000.00 $ 779,672,723.65 $ - $ 21,179,602.29 $ 758,493,121.36
11 Overcollateralization 162,791,075.45 186,046,572.07 186,046,572.07
12 Total Securitization Value $ 1,162,791,075.45 $ 965,719,295.72 $ 21,179,602.29 $ 944,539,693.43
13 NPV Lease Payments Receivable 525,552,923.13 333,461,073.90 313,644,319.33
14 NPV Base Residual 637,238,152.32 632,258,221.82 630,895,374.10
15 Number of Leases 40,751 37,627 37,244
Per $1000 Principal & Interest Per $1000
Coupon Rate Libor Rate Interest Pmt Due Face Amount Payment Due Face Amount
16 Class A-1 Notes 1.72100 % N/A - - - -
17 Class A-2 Notes 3.02000 % N/A 794,443.02 2.0634884 21,974,045.31 57.0754424
18 Class A-3 Notes 3.44000 % N/A 1,103,666.67 2.8666667 1,103,666.67 2.8666667
19 Class A-4 Notes 3.65000 % N/A 240,291.67 3.0416667 240,291.67 3.0416667
Equals: Total Securities 2,138,401.35 23,318,003.64
C. COLLECTIONS AND AVAILABLE FUNDS
20 Lease Payments Received 19,291,593.39
21 Pull Ahead Waived Payments -
22 Sales Proceeds - Early Terminations 10,255,944.28
23 Sales Proceeds - Scheduled Terminations 50,549.55
24 Security Deposits for Terminated Accounts 300.00
25 Excess Wear and Tear Received 148.00
26 Excess Mileage Charges Received 7,177.03
27 Proceeds Received on Defaulted Leases and Other Recoveries 134,592.27
28 Subtotal: Total Collections 29,740,304.52
29 Repurchase Payments -
30 Postmaturity Term Extension -
31 Investment Earnings on Collection Account 128,226.70
32 Total Available Funds, prior to Servicer Advances 29,868,531.22
33 Servicer Advance -
34 Total Available Funds 29,868,531.22
35 Reserve Account Draw -
36 Available for Distribution 29,868,531.22
D. DISTRIBUTIONS
37 Payment Date Advance Reimbursement (Item 82) -
38 Servicing Fee (Servicing and Administrative Fees paid pro rata):
39 Servicing Fee Shortfall from Prior Periods -
40 Servicing Fee Due in Current Period 804,766.08
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 2,138,401.35
48 First Priority Principal Distribution Amount -
49 Amount Paid to Reserve Account to Reach Specified Balance -
50 Subtotal: Remaining Available Funds 26,922,863.79
51 Regular Principal Distribution Amount 21,179,602.29
52 Regular Principal Paid to Noteholders (lesser of Item 50 and Item 51) 21,179,602.29
53 Amounts paid to indenture, owner, and origination trustee and asset representations reviewer -
54 Remaining Available Funds 5,743,261.50
Volkswagen Auto Lease Trust 2022-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 02-28-23 PAGE 2
E. CALCULATIONS
55 Calculation of First Priority Principal Distribution Amount:
56 Outstanding Principal Amount of the Notes (Beg. Of Collection Period) 779,672,723.65
57 Less: Aggregate Securitization Value (End of Collection Period) (944,539,693.43 )
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) 779,672,723.65
61 Less: Targeted Note Balance (758,493,121.36 )
62 Less: First Priority Principal Distribution Amount -
63 Regular Principal Distribution Amount 21,179,602.29
64 Calculation of Targeted Note Balance:
65 Aggregate Securitization Value (End of Collection Period) 944,539,693.43
66 Less: Targeted Overcollateralization Amount (16.00% of Initial Securitization Value) (186,046,572.07 )
67 Targeted Note Balance 758,493,121.36
68 Calculation of Servicer Advance:
69 Available Funds, prior to Servicer Advances (Item 32) 29,868,531.22
70 Less: Payment Date Advance Reimbursement (Item 82) -
71 Less: Servicing Fees Paid (Items 39, 40 and 41) 804,766.08
72 Less: Administration Fees Paid (Items 43, 44 and 45) 2,500.00
73 Less: Interest Paid to Noteholders (Item 47) 2,138,401.35
74 Less: 1st Priority Principal Distribution (Item 58) -
75 Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) 26,922,863.79
76 Monthly Lease 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 76 and absolute value of Item 75, else 0) -
78 Total Available Funds after Servicer Advance (Item 76plus Item 77) 26,922,863.79
79 Reserve Account Draw Amount (If Item 78 is < 0, Lesser of the Reserve Account Balance and Item 78) -
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 2,906,977.69
87 Initial Reserve Account Balance 2,906,977.69
88 Beginning Reserve Account Balance 2,906,977.69
89 Plus: Net Investment Income for the Collection Period 9,705.26
90 Subtotal: Reserve Fund Available for Distribution 2,916,682.95
91 Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 49) -
92 Less: Reserve Account Draw Amount (Item 79) -
93 Subtotal Reserve Account Balance 2,916,682.95
94 Less: Excess Reserve Account Funds to Transferor (If Item 93> Item 86) 9,705.26
95 Equals: Ending Reserve Account Balance 2,906,977.69
96 Change in Reserve Account Balance from Immediately Preceding Payment Date -
97 Current Period Net Residual Losses: Units Amounts
98 Aggregate Securitization Value for Scheduled Terminated Units 2 47,529.71
99 Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units (52,416.47 )
100 Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units -
101 Less: Excess Wear and Tear Received (148.00 )
102 Less: Excess Mileage Received (7,177.03 )
103 Current Period Net Residual Losses/(Gains) 2 (12,211.79 )
104 Cumulative Net Residual Losses:
105 Beginning Cumulative Net Residual Losses 3 (36,255.34 )
106 Current Period Net Residual Losses (Item 103) 2 (12,211.79 )
107 Ending Cumulative Net Residual Losses 5 (48,467.13 )
108 Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value 0.00 %
Volkswagen Auto Lease Trust 2022-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 02-28-23 PAGE 3
G. POOL STATISTICS
109 Collateral Pool Balance Data Initial Current
110 Aggregate Securitization Value 1,162,791,075.45 944,539,693.43
111 Aggregate Base Residual Value 790,858,748.94 724,218,803.75
112 Number of Current Contracts 40,751 37,244
113 Weighted Average Lease Rate 2.83 % 2.79 %
114 Average Remaining Term 26.4 16.4
115 Average Original Term 40.5 40.5
116 Proportion of Base Prepayment Assumption Realized 50.61 %
117 Actual Monthly Prepayment Speed 0.78 %
118 Turn-in Ratio on Scheduled Terminations 50.00 %
Sales Proceeds Units Book Amount Securitization Value
119 Pool Balance - Beginning of Period 37,627 1,112,184,275.99 965,719,295.72
120 Depreciation/Payments (17,157,756.32 ) (11,757,880.22 )
121 Gross Credit Losses (14 ) (434,125.08 ) (404,780.25 )
122 Early Terminations - Purchased by Customer (54 ) (1,634,055.65 ) (1,427,569.31 )
123 Early Terminations - Sold at Auction - - -
124 Early Terminations - Purchased by Dealer (313 ) (8,570,905.62 ) (7,541,842.80 )
125 Early Terminations - Lease Pull Aheads - - -
126 Scheduled Terminations - Purchased by Customer 29,760 (1 ) (30,893.38 ) (30,038.99 )
127 Scheduled Terminations - Sold at Auction - - - -
128 Scheduled Terminations - Purchased by Dealer 20,790 (1 ) (20,790.00 ) (17,490.72 )
129 Pool Balance - End of Period 37,244 1,084,335,749.94 944,539,693.43
130 Delinquencies Aging Profile - End of Period Units Securitization Value Percentage
131 Current 36,954 936,299,297.59 99.13 %
132 31 - 60 Days Delinquent 210 5,970,924.45 0.63 %
133 61 - 90 Days Delinquent 51 1,379,572.52 0.15 %
134 91+ Days Delinquent 29 889,898.87 0.09 %
135 Total 37,244 944,539,693.43 100.00 %
136 Delinquency Trigger 6.86 %
137 Delinquency Percentage (61 - Day Delinquent Receivables) 0.24 %
138 Delinquency Trigger occurred in this collection Period? No
139 Credit Losses: Units Amounts
140 Aggregate Securitization Value on charged-off units 14 404,780.25
141 Aggregate Liquidation Proceeds on charged-off units (97,651.13 )
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 (36,941.14 )
145 Current Period Aggregate Net Credit Losses/(Gains) 14 270,187.98
146 Cumulative Net Credit Losses:
147 Beginning Cumulative Net Credit Losses 53 1,071,952.35
148 Current Period Net Credit Losses (Item 145) 14 270,187.98
149 Ending Cumulative Net Credit Losses 67 1,342,140.33
150 Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value 0.12 %
151 Aging of Scheduled Maturies Not Sold Units
152 1 - 60 Days since Contract Maturity 1
153 61 - 120 Days since Contract Maturity -
154 121+ Days since Contract Maturity -
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