11/20/2024 | Press release | Distributed by Public on 11/20/2024 08:18
Volkswagen Auto Loan Enhanced Trust 2023-2 | |
MONTHLY SERVICER CERTIFICATE | |
For the collection period ended 10-31-2024 | PAGE 1 |
A. | DATES | Begin | End | # days | |||||
1 | Determination Date | 11/182024 | |||||||
2 | Payment Date | 11/20/2024 | |||||||
3 | Collection Period | 10/1/2024 | 10/31/2024 | 31 | |||||
4 | Monthly Interest Period - Actual/360 | 10/21/2024 | 11/19/2024 | 30 | |||||
5 | Monthly Interest - 30/360 | 30 | |||||||
6 | SOFR Adjustment Date | 10/17/2024 |
B. | SUMMARY | |||||||||||||||||||||||||
Initial Balance | Beginning Balance | Principal Payment | Ending Balance | Note Factor | ||||||||||||||||||||||
7 | Class A-1 Notes | 245,000,000.00 | - | - | - | - | ||||||||||||||||||||
8 | Class A-2-A Notes | 310,000,000.00 | 212,345,512.27 | 18,352,705.20 | 193,992,807.07 | 0.6257832 | ||||||||||||||||||||
9 | Class A-2-B Notes | 225,000,000.00 | 154,121,742.77 | 13,320,511.84 | 140,801,230.93 | 0.6257832 | ||||||||||||||||||||
10 | Class A-3 Notes | 420,000,000.00 | 420,000,000.00 | - | 420,000,000.00 | 1.0000000 | ||||||||||||||||||||
11 | Class A-4 Notes | 50,000,000.00 | 50,000,000.00 | - | 50,000,000.00 | 1.0000000 | ||||||||||||||||||||
12 | Total Securities | $ | 1,250,000,000.00 | $ | 836,467,255.04 | $ | 31,673,217.04 | $ | 804,794,038.00 | |||||||||||||||||
13 | Overcollateralization | 38,666,430.42 | 38,666,430.42 | 38,666,430.42 | ||||||||||||||||||||||
14 | Adjusted Pool Balance | $ | 1,288,666,430.42 | $ | 875,133,685.46 | $ | 31,673,217.04 | $ | 843,460,468.42 | |||||||||||||||||
15 | YSOC | 130,170,231.38 | 84,962,597.63 | 81,610,295.99 | ||||||||||||||||||||||
16 | Net Pool Balance | $ | 1,418,836,661.80 | $ | 960,096,283.09 | $ | 31,673,217.04 | $ | 925,070,764.41 |
Per $1000 | Principal& Interest | Per $1000 | ||||||||||||||||||||||||
Coupon Rate | SOFR Rate | Interest Pmt Due | Face Amount | Payment Due | Face Amount | |||||||||||||||||||||
17 | Class A-1 Notes | 5.60100 | % | N/A | - | - | - | - | ||||||||||||||||||
18 | Class A-2-A Notes | 5.72000 | % | N/A | 1,012,180.28 | 3.2650977 | 19,364,885.48 | 62.4673725 | ||||||||||||||||||
19 | Class A-2-B Notes | 5.52028 | % | 4.89028 | % | 708,995.98 | 3.1510932 | 14,029,507.82 | 62.3533681 | |||||||||||||||||
20 | Class A-3 Notes | 5.48000 | % | N/A | 1,918,000.00 | 4.5666667 | 1,918,000.00 | 4.5666667 | ||||||||||||||||||
21 | Class A-4 Notes | 5.57000 | % | N/A | 232,083.33 | 4.6416666 | 232,083.33 | 4.6416666 | ||||||||||||||||||
22 | Total Securities | 3,871,259.59 | 35,544,476.63 |
C. | COLLECTIONS AND AVAILABLE FUNDS | |||||
23 | Scheduled Principal Payments Received | 20,322,905.24 | ||||
24 | Scheduled Interest Payments Received | 4,545,390.10 | ||||
25 | Prepayments of Principal Received | 12,373,832.27 | ||||
26 | Liquidation Proceeds | 666,442.42 | ||||
27 | Recoveries Received | 537,690.65 | ||||
28 | Other Payments Received to Reduce Principal | |||||
29 | Subtotal: Total Collections | 38,446,260.68 | ||||
30 | Repurchased Receivables | - | ||||
31 | Reserve Account Excess Amount (Item 94) | 13,088.48 | ||||
32 | Total Available Funds, prior to Servicer Advances | 38,459,349.16 | ||||
33 | Servicer Advance (Item 77) | - | ||||
34 | Total Available Funds + Servicer Advance | 38,459,349.16 | ||||
35 | Reserve Account Draw Amount (Item 80) | - | ||||
36 | Total Available Funds + Servicer Advance and Reserve Account Draw Amount | 38,459,349.16 |
D. | DISTRIBUTIONS | |||||
Distribution Summary: | ||||||
37 | Prior Advance Reimbursement (Item 83) | - | ||||
38 | Servicing Fees (Item 45) | 800,080.24 | ||||
39 | Class A Noteholder Interest (Item 56) | 3,871,259.59 | ||||
40 | Principal Distribution Amount (Item 81) | 31,673,217.04 | ||||
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 | 2,114,792.29 |
PAGE 2
Distribution Detail: | Due | Shortfall | Paid | |||||||||||
45 | Servicing Fees | 800,080.24 | - | 800,080.24 | ||||||||||
Pro rata: | ||||||||||||||
46 | Class A-1 Interest | - | - | - | ||||||||||
47 | Class A-2-A Interest | 1,012,180.28 | - | 1,012,180.28 | ||||||||||
48 | Class A-2-B Interest | 708,995.98 | 708,995.98 | |||||||||||
49 | Class A-3 Interest | 1,918,000.00 | - | 1,918,000.00 | ||||||||||
50 | Class A-4 Interest | 232,083.33 | - | 232,083.33 | ||||||||||
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 | 3,871,259.59 | - | 3,871,259.59 |
E. | CALCULATIONS | |||||||||
Calculation of Principal Distribution Amount: | ||||||||||
57 | Beginning Adjusted Pool Balance | 875,133,685.46 | ||||||||
58 | Beginning Net Pool Balance | 960,096,283.09 | ||||||||
59 | Receipts of Scheduled Principal | (20,322,905.24 | ) | |||||||
60 | Receipts of Prepaid Principal | (12,373,832.27 | ) | |||||||
61 | Liquidation Proceeds | (666,442.42 | ) | |||||||
62 | Other Collections of Principal | - | ||||||||
63 | Principal Amount of Repurchases | - | ||||||||
64 | Principal Amount of Defaulted Receivables | (1,662,338.75 | ) | |||||||
65 | Ending Net Pool Balance | 925,070,764.41 | ||||||||
66 | Yield Supplement Overcollateralization Amount | 81,610,295.99 | ||||||||
67 | Adjusted Pool Balance | 843,460,468.42 | ||||||||
68 | Less: Adjusted Pool Balance - End of Collection Period | 843,460,468.42 | ||||||||
69 | Calculated Principal Distribution Amount | 31,673,217.04 | ||||||||
Calculation of Servicer Advance: | ||||||||||
70 | Available Funds, prior to Servicer Advances (Item 32) | 38,459,349.16 | ||||||||
71 | Less: Prior Advance Reimbursement (Item 37) | - | ||||||||
72 | Less: Servicing Fees Paid (Item 38) | 800,080.24 | ||||||||
73 | Less: Interest Paid to Noteholders (Item 39) | 3,871,259.59 | ||||||||
74 | Less: Calculated Principal Distribution (Item 69) | 31,673,217.04 | ||||||||
75 | Equals: Remaining Available Funds before Servicer Advance | 2,114,792.29 | ||||||||
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) | 2,114,792.29 | ||||||||
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) | 31,673,217.04 | ||||||||
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) $3,221,666.08, and (b) the aggregate note balance) | 3,221,666.08 | ||||
87 | Initial Reserve Account Balance | 3,221,666.08 | ||||
88 | Beginning Reserve Account Balance | 3,221,666.08 | ||||
89 | Plus: Net Investment Income for the Collection Period | 13,088.48 | ||||
90 | Subtotal: Reserve Fund Available for Distribution | 3,234,754.56 | ||||
91 | Plus: Deposit of Excess Available Funds (Item 41) | - | ||||
92 | Less: Reserve Account Draw Amount (Item 80) | - | ||||
93 | Subtotal Reserve Account Balance | 3,234,754.56 | ||||
94 | Less: Reserve Account Excess Amount to Available Funds (If Item 93 > Item 86) | 13,088.48 | ||||
95 | Equals: Ending Reserve Account Balance | 3,221,666.08 | ||||
96 | Change in Reserve Account Balance from Immediately Preceding Payment Date | - |
PAGE 3 | ||||||||||||||
G. | POOL STATISTICS | |||||||||||||
Collateral Pool Balance Data: | Initial | Prior | Current Period | |||||||||||
97 | Net Pool Balance | 1,418,836,662 | 960,096,283 | 925,070,764 | ||||||||||
98 | Number of Current Contracts | 45,971 | 35,462 | 34,588 | ||||||||||
99 | Weighted Average Loan Rate | 5.69 | % | 5.73 | % | 5.73 | % | |||||||
100 | Average Remaining Term | 57.8 | 47.3 | 46.5 | ||||||||||
101 | Average Original Term | 67.4 | 67.9 | 68.0 | ||||||||||
102 | Monthly Prepayment Rate | 1.16 | % |
Outstanding | ||||||||||
Net Credit Loss and Repossession Activity: | Units | Principal Balance | ||||||||
103 | Aggregate Outstanding Principal Balance of Charged Off Receivables | 70 | 2,328,781.17 | |||||||
104 | Liquidation Proceeds on Related Vehicles | 666,442.42 | ||||||||
105 | Recoveries Received on Receivables Previously Charged Off | 537,690.65 | ||||||||
106 | Net Principal Losses for Current Collection Period | 70 | 1,124,648.10 | |||||||
107 | Beginning Net Principal Losses | 659 | 13,004,838.14 | |||||||
108 | Net Principal Losses for Current Collection Period | 70 | 1,124,648.10 | |||||||
109 | Cumulative Net Principal Losses | 729 | 14,129,486.24 | |||||||
110 | Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,418,836,661.80) | 1.00 | % |
Outstanding | ||||||||||||||
Delinquencies Aging Profile - End of Period: | Percentage | Units | Principal Balance | |||||||||||
111 | Current | 98.57 | % | 34,186 | 911,874,618.06 | |||||||||
112 | 31 - 60 Days Delinquent | 1.16 | % | 324 | 10,755,624.98 | |||||||||
113 | 61 - 90 Days Delinquent | 0.26 | % | 78 | 2,440,521.37 | |||||||||
114 | 91-120 Days Delinquent1 | 0.00 | % | - | - | |||||||||
115 | Total | 100.00 | % | 34,588 | 925,070,764.41 |
H. | DELINQUENCY AND NET LOSS RATIOS | |||||
116 | Ratio of Net Principal Losses to the Pool balance as of Each Collection Period | Percentage | ||||
117 | Current Period | 0.12 | % | |||
118 | Prior Period | 0.13 | % | |||
119 | Two Periods Prior | 0.08 | % | |||
120 | Three Periods Prior | 0.14 | % | |||
Four Period Average (Current and Three Prior Collection Periods) | 0.12 | % | ||||
121 | Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period | Percentage | ||||
122 | Current Period | 0.26 | % | |||
123 | Prior Period | 0.30 | % | |||
124 | Two Periods Prior | 0.31 | % | |||
125 | Three Periods Prior | 0.27 | % | |||
Four Period Average (Current and Three Prior Collection Periods) | 0.28 | % | ||||
126 | Delinquency Trigger | 4.48 | % | |||
127 | Delinquency Percentage (61-Day Delinquent Receivables) | 0.26 | % | |||
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