07/21/2025 | Press release | Distributed by Public on 07/21/2025 07:56
Volkswagen Auto Lease Trust 2023-A | |||||
MONTHLY SERVICER CERTIFICATE | |||||
For the collection period ended 06-30-25 | PAGE 1 |
A. | DATES | Begin | End | # days | |||||||
1 | Determination Date | 7/17/2025 | |||||||||
2 | Payment Date | 7/21/2025 | |||||||||
3 | Collection Period | 5/31/2025 | 6/30/2025 | 31 | |||||||
4 | Monthly Interest Period- Actual | 6/20/2025 | 7/20/2025 | 31 | |||||||
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 | - | - | - | - | - | |||||||||||||||||||
8 | Class A-2-B Notes | 162,000,000.00 | - | - | - | - | - | |||||||||||||||||||
9 | Class A-3 Notes | 559,000,000.00 | 405,146,164.31 | - | 50,903,660.45 | 354,242,503.87 | 0.6337075 | |||||||||||||||||||
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 | $ | 494,146,164.31 | $ | - | $ | 50,903,660.45 | $ | 443,242,503.87 | |||||||||||||||
12 | Overcollateralization | 244,189,004.05 | 279,070,240.65 | 279,070,240.65 | ||||||||||||||||||||||
13 | Total Securitization Value | $ | 1,744,189,004.05 | $ | 773,216,404.96 | $ | 722,312,744.52 | |||||||||||||||||||
14 | NPV Lease Payments Receivable | 786,561,375.58 | 156,758,483.53 | 137,157,748.77 | ||||||||||||||||||||||
15 | NPV Base Residual | 957,627,628.47 | 616,457,921.43 | 585,154,995.75 | ||||||||||||||||||||||
16 | Number of Leases | 60,086 | 31,130 | 29,290 | ||||||||||||||||||||||
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 | - | - | - | - | ||||||||||||||||||
19 | Class A-2-B Notes | 4.87185 | % | 4.30185 | % | - | - | - | - | |||||||||||||||||
20 | Class A-3 Notes | 5.81000 | % | N/A | 1,961,582.68 | 3.5090924 | 52,865,243.12 | 94.5710968 | ||||||||||||||||||
21 | Class A-4 Notes | 5.80000 | % | N/A | 430,166.67 | 4.8333333 | 430,166.67 | 4.8333333 | ||||||||||||||||||
Equals: Total Securities | 2,391,749.35 | 53,295,409.79 |
C. | COLLECTIONS AND AVAILABLE FUNDS | |||||||||
22 | Lease Payments Received | 18,028,976.12 | ||||||||
23 | Pull Ahead Waived Payments | 43,875.15 | ||||||||
24 | Sales Proceeds - Early Terminations | 27,341,631.24 | ||||||||
25 | Sales Proceeds - Scheduled Terminations | 18,082,770.49 | ||||||||
26 | Security Deposits for Terminated Accounts | 8,400.00 | ||||||||
27 | Excess Wear and Tear Received | 55,835.00 | ||||||||
28 | Excess Mileage Charges Received | 109,931.76 | ||||||||
29 | Proceeds Received on Defaulted Leases and Other Recoveries | 388,485.71 | ||||||||
30 | Subtotal: Total Collections | 64,059,905.47 | ||||||||
31 | Repurchase Payments | - | ||||||||
32 | Postmaturity Term Extension | - | ||||||||
33 | Investment Earnings on Collection Account | 277,723.40 | ||||||||
34 | Total Available Funds, prior to Servicer Advances | 64,337,628.87 | ||||||||
35 | Servicer Advance | - | ||||||||
36 | Total Available Funds | 64,337,628.87 | ||||||||
37 | Reserve Account Draw | - | ||||||||
38 | Available for Distribution | 64,337,628.87 | ||||||||
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 | 644,347.00 | ||||||||
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 | 2,391,749.35 | ||||||||
50 | First Priority Principal Distribution Amount | - | ||||||||
51 | Amount Paid to Reserve Account to Reach Specified Balance | - | ||||||||
52 | Subtotal: Remaining Available Funds | 61,299,032.52 | ||||||||
53 | Regular Principal Distribution Amount | 50,903,660.45 | ||||||||
54 | Regular Principal Paid to Noteholders (lesser of Item 52 and Item 53) | 50,903,660.45 | ||||||||
55 | Amounts paid to indenture, owner, and origination trustee and asset representations reviewer | - | ||||||||
56 | Remaining Available Funds | 10,395,372.08 |
Volkswagen Auto Lease Trust 2023-A | |||||
MONTHLY SERVICER CERTIFICATE | |||||
For the collection period ended 06-30-25 | PAGE 2 |
E. | CALCULATIONS | |||||||||
57 | Calculation of First Priority Principal Distribution Amount: | |||||||||
58 | Outstanding Principal Amount of the Notes (Beg. Of Collection Period) | 494,146,164.31 | ||||||||
59 | Less: Aggregate Securitization Value (End of Collection Period) | (722,312,744.52 | ) | |||||||
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) | 494,146,164.31 | ||||||||
63 | Less: Targeted Note Balance | (443,242,503.87 | ) | |||||||
64 | Less: First Priority Principal Distribution Amount | - | ||||||||
65 | Regular Principal Distribution Amount | 50,903,660.45 | ||||||||
66 | Calculation of Targeted Note Balance: | |||||||||
67 | Aggregate Securitization Value (End of Collection Period) | 722,312,744.52 | ||||||||
68 | Less: Targeted Overcollateralization Amount (16% of Initial Securitization Value) | (279,070,240.65 | ) | |||||||
69 | Targeted Note Balance | 443,242,503.87 | ||||||||
70 | Calculation of Servicer Advance: | |||||||||
71 | Available Funds, prior to Servicer Advances (Item 34) | 64,337,628.87 | ||||||||
72 | Less: Payment Date Advance Reimbursement (Item 84) | - | ||||||||
73 | Less: Servicing Fees Paid (Items 41, 42 and 43) | 644,347.00 | ||||||||
74 | Less: Administration Fees Paid (Items 45, 46 and 47) | 2,500.00 | ||||||||
75 | Less: Interest Paid to Noteholders (Item 49) | 2,391,749.35 | ||||||||
76 | Less: 1st Priority Principal Distribution (Item 60) | - | ||||||||
77 | Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall) | 61,299,032.52 | ||||||||
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) | 61,299,032.52 | ||||||||
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 | 15,023.68 | ||||||||
92 | Subtotal: Reserve Fund Available for Distribution | 4,375,496.19 | ||||||||
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 | 4,375,496.19 | ||||||||
96 | Less: Excess Reserve Account Funds to Transferor (If Item 95 > Item 88) | 15,023.68 | ||||||||
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 | 775 | 17,151,808.13 | |||||||
101 | Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units | (17,008,296.99 | ) | |||||||
102 | Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units | (1,194,801.66 | ) | |||||||
103 | Less: Excess Wear and Tear Received | (55,835.00 | ) | |||||||
104 | Less: Excess Mileage Received | (109,931.76 | ) | |||||||
105 | Current Period Net Residual Losses/(Gains) | 775 | (1,217,057.28 | ) | ||||||
106 | Cumulative Net Residual Losses: | |||||||||
107 | Beginning Cumulative Net Residual Losses | 9,101 | (11,567,295.51 | ) | ||||||
108 | Current Period Net Residual Losses (Item 105) | 775 | (1,217,057.28 | ) | ||||||
109 | Ending Cumulative Net Residual Losses | 9,876 | (12,784,352.79 | ) | ||||||
110 | Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value | -0.73 | % |
Volkswagen Auto Lease Trust 2023-A | |||||
MONTHLY SERVICER CERTIFICATE | |||||
For the collection period ended 06-30-25 | PAGE 3 |
G. | POOL STATISTICS | |||||||||||||||||
111 | Collateral Pool Balance Data | Initial | Current | |||||||||||||||
112 | Aggregate Securitization Value | 1,744,189,004.05 | 722,312,744.52 | |||||||||||||||
113 | Aggregate Base Residual Value | 1,244,482,210.81 | 638,639,183.16 | |||||||||||||||
114 | Number of Current Contracts | 60,086 | 29,290 | |||||||||||||||
115 | Weighted Average Lease Rate | 5.30 | % | 5.94 | % | |||||||||||||
116 | Average Remaining Term | 25.3 | 7.2 | |||||||||||||||
117 | Average Original Term | 39.8 | 39.5 | |||||||||||||||
118 | Proportion of Base Prepayment Assumption Realized | 86.20 | % | |||||||||||||||
119 | Actual Monthly Prepayment Speed | 1.45 | % | |||||||||||||||
120 | Turn-in Ratio on Scheduled Terminations | 81.81 | % | |||||||||||||||
Sales Proceeds | Units | Book Amount | Securitization Value | |||||||||||||||
121 | Pool Balance - Beginning of Period | 31,130 | 936,273,545.50 | 773,216,404.96 | ||||||||||||||
122 | Depreciation/Payments | (12,554,938.75 | ) | (9,985,075.72 | ) | |||||||||||||
123 | Gross Credit Losses | (13 | ) | (382,951.39 | ) | (361,412.64 | ) | |||||||||||
124 | Early Terminations - Purchased by Customer | (53 | ) | (1,432,305.89 | ) | (1,178,024.01 | ) | |||||||||||
125 | Early Terminations - Sold at Auction | (49 | ) | (1,728,225.82 | ) | (1,398,021.69 | ) | |||||||||||
126 | Early Terminations - Purchased by Dealer | (928 | ) | (24,033,033.26 | ) | (20,150,927.92 | ) | |||||||||||
127 | Early Terminations - Lease Pull Aheads | (22 | ) | (832,423.83 | ) | (678,390.34 | ) | |||||||||||
128 | Scheduled Terminations - Purchased by Customer | 1,828,755 | (141 | ) | (3,480,997.39 | ) | (3,205,083.92 | ) | ||||||||||
129 | Scheduled Terminations - Sold at Auction | 1,789,190 | (68 | ) | (2,129,924.79 | ) | (1,891,631.21 | ) | ||||||||||
130 | Scheduled Terminations - Purchased by Dealer | 13,271,862 | (566 | ) | (13,484,772.04 | ) | (12,055,092.99 | ) | ||||||||||
131 | Pool Balance - End of Period | 29,290 | 876,213,972.34 | 722,312,744.52 | ||||||||||||||
132 | Delinquencies Aging Profile - End of Period | Units | Securitization Value | Percentage | ||||||||||||||
133 | Current | 28,958 | 713,933,934.37 | 98.84 | % | |||||||||||||
134 | 31 - 60 Days Delinquent | 222 | 5,434,582.15 | 0.75 | % | |||||||||||||
135 | 61 - 90 Days Delinquent | 72 | 1,934,729.87 | 0.27 | % | |||||||||||||
136 | 91+ Days Delinquent | 38 | 1,009,498.13 | 0.14 | % | |||||||||||||
137 | Total | 29,290 | 722,312,744.52 | 100.00 | % | |||||||||||||
138 | Delinquency Trigger | 6.86 | % | |||||||||||||||
139 | Delinquency Percentage (61 - Day Delinquent Receivables) | 0.41 | % | |||||||||||||||
140 | Delinquency Trigger occurred in this collection Period? | No | ||||||||||||||||
141 | Credit Losses: | Units | Amounts | |||||||||||||||
142 | Aggregate Securitization Value on charged-off units | 13 | 361,412.64 | |||||||||||||||
143 | Aggregate Liquidation Proceeds on charged-off units | (115,718.19 | ) | |||||||||||||||
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 | (272,767.52 | ) | |||||||||||||||
147 | Current Period Aggregate Net Credit Losses/(Gains) | 13 | (27,073.07 | ) | ||||||||||||||
148 | Cumulative Net Credit Losses: | |||||||||||||||||
149 | Beginning Cumulative Net Credit Losses | 428 | 5,230,392.62 | |||||||||||||||
150 | Current Period Net Credit Losses (Item 147) | 13 | (27,073.07 | ) | ||||||||||||||
151 | Ending Cumulative Net Credit Losses | 441 | 5,203,319.55 | |||||||||||||||
152 | Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value | 0.30 | % | |||||||||||||||
153 | Aging of Scheduled Maturies Not Sold | Units | ||||||||||||||||
154 | 1 - 60 Days since Contract Maturity | 302 | ||||||||||||||||
155 | 61 - 120 Days since Contract Maturity | 121 | ||||||||||||||||
156 | 121+ Days since Contract Maturity | 159 | ||||||||||||||||
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 |