Volkswagen Auto Loan Enhanced Trust 2023-2

07/22/2024 | Press release | Distributed by Public on 07/22/2024 06:21

Asset Backed Issuer Distribution Report Form 10 D

Exhibit 99.1

Volkswagen Auto Loan Enhanced Trust 2023-2
MONTHLY SERVICER CERTIFICATE

For the collection period ended 6-28-2024

PAGE 1
A. DATES Begin End # days
1 Determination Date 7/18/2024
2 Payment Date 7/22/2024
3 Collection Period 6/1/2024 6/28/2024 28
4 Monthly Interest Period - Actual/360 6/20/2024 7/21/2024 32
5 Monthly Interest - 30/360 30
6 SOFR Adjustment Date 6/17/2024
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 310,000,000.00 286,085,999.35 17,319,214.62 268,766,784.73 0.8669896
9 Class A-2-B Notes 225,000,000.00 207,643,064.05 12,570,397.71 195,072,666.34 0.8669896
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 $ 963,729,063.40 $ 29,889,612.33 $ 933,839,451.07
13 Overcollateralization 38,666,430.42 38,666,430.42 38,666,430.42
14 Adjusted Pool Balance $ 1,288,666,430.42 $ 1,002,395,493.82 $ 29,889,612.33 $ 972,505,881.49
15 YSOC 130,170,231.38 99,007,959.44 95,401,027.90
16 Net Pool Balance $ 1,418,836,661.80 $ 1,101,403,453.26 $ 29,889,612.33 $ 1,067,906,909.39
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 1,363,676.60 4.3989568 18,682,891.22 60.2673910
19 Class A-2-B Notes 5.96300 % 5.33300 % 1,100,600.53 4.8915579 13,670,998.24 60.7599922
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 4,614,360.46 34,503,972.79
C. COLLECTIONS AND AVAILABLE FUNDS
23 Scheduled Principal Payments Received 19,543,357.27
24 Scheduled Interest Payments Received 4,872,906.90
25 Prepayments of Principal Received 11,817,095.60
26 Liquidation Proceeds 464,447.99
27 Recoveries Received 442,344.25
28 Other Payments Received to Reduce Principal
29 Subtotal: Total Collections 37,140,152.01
30 Repurchased Receivables -
31 Reserve Account Excess Amount (Item 94) 13,792.15
32 Total Available Funds, prior to Servicer Advances 37,153,944.16
33 Servicer Advance (Item 77) -
34 Total Available Funds + Servicer Advance 37,153,944.16
35 Reserve Account Draw Amount (Item 80) -
36 Total Available Funds + Servicer Advance and Reserve Account Draw Amount 37,153,944.16
D. DISTRIBUTIONS
Distribution Summary:
37 Prior Advance Reimbursement (Item 83) -
38 Servicing Fees (Item 45) 917,836.21
39 Class A Noteholder Interest (Item 56) 4,614,360.46
40 Principal Distribution Amount (Item 81) 29,889,612.33
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 1,732,135.16
PAGE 2
Distribution Detail: Due Shortfall Paid
45 Servicing Fees 917,836.21 - 917,836.21
Pro rata:
46 Class A-1 Interest - - -
47 Class A-2-A Interest 1,363,676.60 - 1,363,676.60
48 Class A-2-B Interest 1,100,600.53 1,100,600.53
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 4,614,360.46 - 4,614,360.46
E. CALCULATIONS
Calculation of Principal Distribution Amount:
57 Beginning Adjusted Pool Balance 1,002,395,493.82
58 Beginning Net Pool Balance 1,101,403,453.26
59 Receipts of Scheduled Principal (19,543,357.27 )
60 Receipts of Prepaid Principal (11,817,095.60 )
61 Liquidation Proceeds (464,447.99 )
62 Other Collections of Principal -
63 Principal Amount of Repurchases -
64 Principal Amount of Defaulted Receivables (1,671,643.01 )
65 Ending Net Pool Balance 1,067,906,909.39
66 Yield Supplement Overcollateralization Amount 95,401,027.90
67 Adjusted Pool Balance 972,505,881.49
68 Less: Adjusted Pool Balance - End of Collection Period 972,505,881.49
69 Calculated Principal Distribution Amount 29,889,612.33
Calculation of Servicer Advance:
70 Available Funds, prior to Servicer Advances (Item 32) 37,153,944.16
71 Less: Prior Advance Reimbursement (Item 37) -
72 Less: Servicing Fees Paid (Item 38) 917,836.21
73 Less: Interest Paid to Noteholders (Item 39) 4,614,360.46
74 Less: Calculated Principal Distribution (Item 69) 29,889,612.33
75 Equals: Remaining Available Funds before Servicer Advance 1,732,135.16
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) 1,732,135.16
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) 29,889,612.33
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 13,792.15
90 Subtotal: Reserve Fund Available for Distribution 3,235,458.23
91 Plus: Deposit of Excess Available Funds (Item 41) -
92 Less: Reserve Account Draw Amount (Item 80) -
93 Subtotal Reserve Account Balance 3,235,458.23
94 Less: Reserve Account Excess Amount to Available Funds (If Item 93 > Item 86) 13,792.15
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 1,101,403,453 1,067,906,909
98 Number of Current Contracts 45,971 39,109 38,227
99 Weighted Average Loan Rate 5.69 % 5.72 % 5.72 %
100 Average Remaining Term 57.8 50.9 50.1
101 Average Original Term 67.4 67.7 67.8
102 Monthly Prepayment Rate 1.05 %
Outstanding
Net Credit Loss and Repossession Activity: Units Principal Balance
103 Aggregate Outstanding Principal Balance of Charged Off Receivables 56 2,136,091.00
104 Liquidation Proceeds on Related Vehicles 464,447.99
105 Recoveries Received on Receivables Previously Charged Off 442,344.25
106 Net Principal Losses for Current Collection Period 56 1,229,298.76
107 Beginning Net Principal Losses 384 8,138,596.18
108 Net Principal Losses for Current Collection Period 56 1,229,298.76
109 Cumulative Net Principal Losses 440 9,367,894.94
110 Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,418,836,661.80) 0.66 %
Outstanding
Delinquencies Aging Profile - End of Period: Percentage Units Principal Balance
111 Current 98.73 % 37,825 1,054,314,479.02
112 31 - 60 Days Delinquent 1.00 % 314 10,645,247.04
113 61 - 90 Days Delinquent 0.28 % 88 2,947,183.33
114 91-120 Days Delinquent1 0.00 % - -
115 Total 100.00 % 38,227 1,067,906,909.39
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 0.11 %
118 Prior Period 0.16 %
119 Two Periods Prior 0.06 %
120 Three Periods Prior 0.09 %
Four Period Average (Current and Three Prior Collection Periods) 0.10 %
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 0.28 %
123 Prior Period 0.24 %
124 Two Periods Prior 0.25 %
125 Three Periods Prior 0.15 %
Four Period Average (Current and Three Prior Collection Periods) 0.23 %
126 Delinquency Trigger 4.48 %
127 Delinquency Percentage (61-Day Delinquent Receivables) 0.28 %
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