Volkswagen Auto Lease Trust 2023-A

02/20/2025 | Press release | Distributed by Public on 02/20/2025 09:43

Asset-Backed Issuer Distribution Report (Form 10-D)

Volkswagen Auto Lease Trust 2023-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 01-31-25 PAGE 1
A. DATES Begin End # days
1 Determination Date 2/18/2025
2 Payment Date 2/20/2025
3 Collection Period 1/1/2025 1/31/2025 31
4 Monthly Interest Period- Actual 1/21/2025 2/19/2025 30
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 220,000,000.00 - - - - -
7 Class A-2-A Notes 470,000,000.00 101,274,124.64 - 45,695,695.26 55,578,429.38 0.1182520
8 Class A-2-B Notes 162,000,000.00 34,907,251.47 - 15,750,431.13 19,156,820.34 0.1182520
9 Class A-3 Notes 559,000,000.00 559,000,000.00 - - 559,000,000.00 1.0000000
10 Class A-4 Notes 89,000,000.00 89,000,000.00 - - 89,000,000.00 1.0000000
11 Equals: Total Securities $ 1,500,000,000.00 $ 784,181,376.12 $ - $ 61,446,126.39 $ 722,735,249.72
12 Overcollateralization 244,189,004.05 279,070,240.65 279,070,240.65
13 Total Securitization Value $ 1,744,189,004.05 $ 1,063,251,616.77 $ 1,001,805,490.37
14 NPV Lease Payments Receivable 786,561,375.58 271,409,058.77 246,361,668.79
15 NPV Base Residual 957,627,628.47 791,842,558.00 755,443,821.59
16 Number of Leases 60,086 41,783 39,543
Per $1000 Principal& Interest Per $1000
Coupon Rate SOFR Rate Interest Pmt Due Face Amount Payment Due Face Amount
17 Class A-1 Notes 5.63300 % N/A - - - -
18 Class A-2-A Notes 5.87000 % N/A 495,399.26 1.0540410 46,191,094.52 98.2789245
19 Class A-2-B Notes 4.94310 % 4.37310 % 143,791.70 0.8876031 15,894,222.83 98.1124866
20 Class A-3 Notes 5.81000 % N/A 2,706,491.67 4.8416667 2,706,491.67 4.8416667
21 Class A-4 Notes 5.80000 % N/A 430,166.67 4.8333333 430,166.67 4.8333333
Equals: Total Securities 3,775,849.29 65,221,975.68
C. COLLECTIONS AND AVAILABLE FUNDS
22 Lease Payments Received 24,381,186.71
23 Pull Ahead Waived Payments -
24 Sales Proceeds - Early Terminations 28,841,561.61
25 Sales Proceeds - Scheduled Terminations 22,004,640.35
26 Security Deposits for Terminated Accounts 3,075.00
27 Excess Wear and Tear Received 42,979.74
28 Excess Mileage Charges Received 117,705.72
29 Proceeds Received on Defaulted Leases and Other Recoveries 308,215.06
30 Subtotal: Total Collections 75,699,364.19
31 Repurchase Payments -
32 Postmaturity Term Extension -
33 Investment Earnings on Collection Account 340,151.22
34 Total Available Funds, prior to Servicer Advances 76,039,515.41
35 Servicer Advance -
36 Total Available Funds 76,039,515.41
37 Reserve Account Draw -
38 Available for Distribution 76,039,515.41
D. DISTRIBUTIONS
39 Payment Date Advance Reimbursement (Item 84) -
40 Servicing Fee (Servicing and Administrative Fees paid pro rata):
41 Servicing Fee Shortfall from Prior Periods -
42 Servicing Fee Due in Current Period 886,043.01
43 Servicing Fee Shortfall -
44 Administration Fee (Servicing and Administrative Fees paid pro rata):
45 Administration Fee Shortfall from Prior Periods -
46 Administration Fee Due in Current Period 2,500.00
47 Administration Fee Shortfall -
48 Interest Shortfall from Prior Periods
49 Interest Paid to Noteholders 3,775,849.29
50 First Priority Principal Distribution Amount -
51 Amount Paid to Reserve Account to Reach Specified Balance -
52 Subtotal: Remaining Available Funds 71,375,123.11
53 Regular Principal Distribution Amount 61,446,126.39
54 Regular Principal Paid to Noteholders (lesser of Item 52 and Item 53) 61,446,126.39
55 Amounts paid to indenture, owner, and origination trustee and asset representations reviewer -
56 Remaining Available Funds 9,928,996.71
Volkswagen Auto Lease Trust 2023-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 01-31-25 PAGE 2
E. CALCULATIONS
57 Calculation of First Priority Principal Distribution Amount:
58 Outstanding Principal Amount of the Notes (Beg. Of Collection Period) 784,181,376.12
59 Less: Aggregate Securitization Value (End of Collection Period) (1,001,805,490.37 )
60 First Priority Principal Distribution Amount (not less than zero) -
61 Calculation of Regular Principal Distribution Amount:
62 Outstanding Principal Amount of the Notes (Beg. Of Collection Period) 784,181,376.12
63 Less: Targeted Note Balance (722,735,249.72 )
64 Less: First Priority Principal Distribution Amount -
65 Regular Principal Distribution Amount 61,446,126.39
66 Calculation of Targeted Note Balance:
67 Aggregate Securitization Value (End of Collection Period) 1,001,805,490.37
68 Less: Targeted Overcollateralization Amount (16% of Initial Securitization Value) (279,070,240.65 )
69 Targeted Note Balance 722,735,249.72
70 Calculation of Servicer Advance:
71 Available Funds, prior to Servicer Advances (Item 34) 76,039,515.41
72 Less: Payment Date Advance Reimbursement (Item 84) -
73 Less: Servicing Fees Paid (Items 41, 42 and 43) 886,043.01
74 Less: Administration Fees Paid (Items 45, 46 and 47) 2,500.00
75 Less: Interest Paid to Noteholders (Item 49) 3,775,849.29
76 Less: 1st Priority Principal Distribution (Item 60) -
77 Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) 71,375,123.11
78 Monthly Lease Payments Due on Included Units but not received (N/A if Item 77 > 0) N/A
79 Servicer Advance (If Item 77 < 0, lesser of Item 78 and absolute value of Item 77, else 0) -
80 Total Available Funds after Servicer Advance (Item 77 plus Item 78) 71,375,123.11
81 Reserve Account Draw Amount (If Item 80 is < 0, Lesser of the Reserve Account Balance and Item 80) -
82 Reconciliation of Servicer Advance:
83 Beginning Balance of Servicer Advance -
84 Payment Date Advance Reimbursement -
85 Additional Payment Advances for current period -
86 Ending Balance of Payment Advance -
F. RESERVE ACCOUNT
87 Reserve Account Balances:
88 Targeted Reserve Account Balance 4,360,472.51
89 Initial Reserve Account Balance 4,360,472.51
90 Beginning Reserve Account Balance 4,360,472.51
91 Plus: Net Investment Income for the Collection Period 15,991.83
92 Subtotal: Reserve Fund Available for Distribution 4,376,464.34
93 Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 51) -
94 Less: Reserve Account Draw Amount (Item 81) -
95 Subtotal Reserve Account Balance 4,376,464.34
96 Less: Excess Reserve Account Funds to Transferor (If Item 95 > Item 88) 15,991.83
97 Equals: Ending Reserve Account Balance 4,360,472.51
98 Change in Reserve Account Balance from Immediately Preceding Payment Date -
99 Current Period Net Residual Losses: Units Amounts
100 Aggregate Securitization Value for Scheduled Terminated Units 1,060 21,605,386.91
101 Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units (21,848,789.13 )
102 Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units (337,679.40 )
103 Less: Excess Wear and Tear Received (42,979.74 )
104 Less: Excess Mileage Received (117,705.72 )
105 Current Period Net Residual Losses/(Gains) 1,060 (741,767.08 )
106 Cumulative Net Residual Losses:
107 Beginning Cumulative Net Residual Losses 4,240 (5,350,328.63 )
108 Current Period Net Residual Losses (Item 105) 1,060 (741,767.08 )
109 Ending Cumulative Net Residual Losses 5,300 (6,092,095.72 )
110 Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value -0.35 %
Volkswagen Auto Lease Trust 2023-A
MONTHLY SERVICER CERTIFICATE
For the collection period ended 01-31-25 PAGE 3
G. POOL STATISTICS
111 Collateral Pool Balance Data Initial Current
112 Aggregate Securitization Value 1,744,189,004.05 1,001,805,490.37
113 Aggregate Base Residual Value 1,244,482,210.81 848,856,433.74
114 Number of Current Contracts 60,086 39,543
115 Weighted Average Lease Rate 5.30 % 5.79 %
116 Average Remaining Term 25.3 10.4
117 Average Original Term 39.8 39.6
118 Proportion of Base Prepayment Assumption Realized 88.77 %
119 Actual Monthly Prepayment Speed 1.39 %
120 Turn-in Ratio on Scheduled Terminations 81.60 %
Sales Proceeds Units Book Amount Securitization Value
121 Pool Balance - Beginning of Period 41,783 1,274,981,554.31 1,063,251,616.77
122 Depreciation/Payments (17,166,196.58 ) (13,463,889.26 )
123 Gross Credit Losses (19 ) (527,193.64 ) (498,817.04 )
124 Early Terminations - Purchased by Customer (93 ) (2,404,251.75 ) (2,032,835.13 )
125 Early Terminations - Sold at Auction (67 ) (2,168,728.83 ) (1,854,394.27 )
126 Early Terminations - Purchased by Dealer (1,001 ) (25,319,020.26 ) (21,990,803.79 )
127 Early Terminations - Lease Pull Aheads - - -
128 Scheduled Terminations - Purchased by Customer 2,566,993 (195 ) (4,441,462.14 ) (4,082,303.04 )
129 Scheduled Terminations - Sold at Auction 2,006,433 (80 ) (2,227,986.33 ) (2,029,901.30 )
130 Scheduled Terminations - Purchased by Dealer 17,103,321 (785 ) (17,212,780.06 ) (15,493,182.57 )
131 Pool Balance - End of Period 39,543 1,203,513,934.72 1,001,805,490.37
132 Delinquencies Aging Profile - End of Period Units Securitization Value Percentage
133 Current 39,149 991,331,307.34 98.95 %
134 31 - 60 Days Delinquent 255 6,568,120.94 0.66 %
135 61 - 90 Days Delinquent 84 2,378,596.81 0.24 %
136 91+ Days Delinquent 55 1,527,465.30 0.15 %
137 Total 39,543 1,001,805,490.39 100.00 %
138 Delinquency Trigger 6.86 %
139 Delinquency Percentage (61 - Day Delinquent Receivables) 0.39 %
140 Delinquency Trigger occurred in this collection Period? No
141 Credit Losses: Units Amounts
142 Aggregate Securitization Value on charged-off units 19 498,817.04
143 Aggregate Liquidation Proceeds on charged-off units (65,040.39 )
144 Aggregate Securitization Value on charged-off units previously categorized as Early Terminations -
145 Aggregate Liquidation Proceeds on charged-off units previously categorized as Early Terminations -
146 Recoveries on charged-off units (243,174.67 )
147 Current Period Aggregate Net Credit Losses/(Gains) 19 190,601.98
148 Cumulative Net Credit Losses:
149 Beginning Cumulative Net Credit Losses 304 4,730,337.17
150 Current Period Net Credit Losses (Item 147) 19 190,601.98
151 Ending Cumulative Net Credit Losses 323 4,920,939.15
152 Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value 0.28 %
153 Aging of Scheduled Maturies Not Sold Units
154 1 - 60 Days since Contract Maturity 295
155 61 - 120 Days since Contract Maturity 125
156 121+ Days since Contract Maturity 94
Summary of Material Modifications, Extensions or Waivers
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
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