20/08/2024 | Press release | Distributed by Public on 20/08/2024 19:32
Volkswagen Auto Loan Enhanced Trust 2023-2 | |
MONTHLY SERVICER CERTIFICATE | |
For the collection period ended 7-31-2024 |
PAGE 1 |
A. | DATES | Begin | End | # days | |||||
1 | Determination Date | 8/16/2024 | |||||||
2 | Payment Date | 8/20/2024 | |||||||
3 | Collection Period | 6/29/2024 | 7/31/2024 | 33 | |||||
4 | Monthly Interest Period - Actual/360 | 7/22/2024 | 8/19/2024 | 29 | |||||
5 | Monthly Interest - 30/360 | 30 | |||||||
6 | SOFR Adjustment Date | 7/18/2024 |
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 | 268,766,784.73 | 19,922,529.98 | 248,844,254.75 | 0.8027234 | ||||||||||||||||||||
9 | Class A-2-B Notes | 225,000,000.00 | 195,072,666.34 | 14,459,900.79 | 180,612,765.55 | 0.8027234 | ||||||||||||||||||||
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 | $ | 933,839,451.07 | $ | 34,382,430.77 | $ | 899,457,020.30 | |||||||||||||||||
13 | Overcollateralization | 38,666,430.42 | 38,666,430.42 | 38,666,430.42 | ||||||||||||||||||||||
14 | Adjusted Pool Balance | $ | 1,288,666,430.42 | $ | 972,505,881.49 | $ | 34,382,430.77 | $ | 938,123,450.72 | |||||||||||||||||
15 | YSOC | 130,170,231.38 | 95,401,027.90 | 91,857,952.79 | ||||||||||||||||||||||
16 | Net Pool Balance | $ | 1,418,836,661.80 | $ | 1,067,906,909.39 | $ | 34,382,430.77 | $ | 1,029,981,403.51 |
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 | 1,281,121.67 | 4.1326505 | 21,203,651.65 | 68.3988763 | ||||||||||||||||||
19 | Class A-2-B Notes | 5.97410 | % | 5.34410 | % | 938,781.25 | 4.1723611 | 15,398,682.04 | 68.4385868 | |||||||||||||||||
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 | 4,369,986.25 | 38,752,417.02 |
C. | COLLECTIONS AND AVAILABLE FUNDS | |||||
23 | Scheduled Principal Payments Received | 20,891,431.95 | ||||
24 | Scheduled Interest Payments Received | 5,298,481.38 | ||||
25 | Prepayments of Principal Received | 14,102,511.75 | ||||
26 | Liquidation Proceeds | 779,296.86 | ||||
27 | Recoveries Received | 658,890.37 | ||||
28 | Other Payments Received to Reduce Principal | |||||
29 | Subtotal: Total Collections | 41,730,612.31 | ||||
30 | Repurchased Receivables | - | ||||
31 | Reserve Account Excess Amount (Item 94) | 14,250.41 | ||||
32 | Total Available Funds, prior to Servicer Advances | 41,744,862.72 | ||||
33 | Servicer Advance (Item 77) | - | ||||
34 | Total Available Funds + Servicer Advance | 41,744,862.72 | ||||
35 | Reserve Account Draw Amount (Item 80) | - | ||||
36 | Total Available Funds + Servicer Advance and Reserve Account Draw Amount | 41,744,862.72 |
D. | DISTRIBUTIONS | |||||
Distribution Summary: | ||||||
37 | Prior Advance Reimbursement (Item 83) | - | ||||
38 | Servicing Fees (Item 45) | 889,922.42 | ||||
39 | Class A Noteholder Interest (Item 56) | 4,369,986.25 | ||||
40 | Principal Distribution Amount (Item 81) | 34,382,430.77 | ||||
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 | 2,102,523.28 |
PAGE 2
Distribution Detail: | Due | Shortfall | Paid | |||||||||||
45 | Servicing Fees | 889,922.42 | - | 889,922.42 | ||||||||||
Pro rata: | ||||||||||||||
46 | Class A-1 Interest | - | - | - | ||||||||||
47 | Class A-2-A Interest | 1,281,121.67 | - | 1,281,121.67 | ||||||||||
48 | Class A-2-B Interest | 938,781.25 | 938,781.25 | |||||||||||
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 | 4,369,986.25 | - | 4,369,986.25 |
E. | CALCULATIONS | |||||||||
Calculation of Principal Distribution Amount: | ||||||||||
57 | Beginning Adjusted Pool Balance | 972,505,881.49 | ||||||||
58 | Beginning Net Pool Balance | 1,067,906,909.39 | ||||||||
59 | Receipts of Scheduled Principal | (20,891,431.95 | ) | |||||||
60 | Receipts of Prepaid Principal | (14,102,511.75 | ) | |||||||
61 | Liquidation Proceeds | (779,296.86 | ) | |||||||
62 | Other Collections of Principal | - | ||||||||
63 | Principal Amount of Repurchases | - | ||||||||
64 | Principal Amount of Defaulted Receivables | (2,152,265.32 | ) | |||||||
65 | Ending Net Pool Balance | 1,029,981,403.51 | ||||||||
66 | Yield Supplement Overcollateralization Amount | 91,857,952.79 | ||||||||
67 | Adjusted Pool Balance | 938,123,450.72 | ||||||||
68 | Less: Adjusted Pool Balance - End of Collection Period | 938,123,450.72 | ||||||||
69 | Calculated Principal Distribution Amount | 34,382,430.77 | ||||||||
Calculation of Servicer Advance: | ||||||||||
70 | Available Funds, prior to Servicer Advances (Item 32) | 41,744,862.72 | ||||||||
71 | Less: Prior Advance Reimbursement (Item 37) | - | ||||||||
72 | Less: Servicing Fees Paid (Item 38) | 889,922.42 | ||||||||
73 | Less: Interest Paid to Noteholders (Item 39) | 4,369,986.25 | ||||||||
74 | Less: Calculated Principal Distribution (Item 69) | 34,382,430.77 | ||||||||
75 | Equals: Remaining Available Funds before Servicer Advance | 2,102,523.28 | ||||||||
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) | 2,102,523.28 | ||||||||
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) | 34,382,430.77 | ||||||||
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 | 14,250.41 | ||||
90 | Subtotal: Reserve Fund Available for Distribution | 3,235,916.49 | ||||
91 | Plus: Deposit of Excess Available Funds (Item 41) | - | ||||
92 | Less: Reserve Account Draw Amount (Item 80) | - | ||||
93 | Subtotal Reserve Account Balance | 3,235,916.49 | ||||
94 | Less: Reserve Account Excess Amount to Available Funds (If Item 93 > Item 86) | 14,250.41 | ||||
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 | 1,067,906,909 | 1,029,981,404 | ||||||||||
98 | Number of Current Contracts | 45,971 | 38,227 | 37,212 | ||||||||||
99 | Weighted Average Loan Rate | 5.69 | % | 5.72 | % | 5.73 | % | |||||||
100 | Average Remaining Term | 57.8 | 50.1 | 49.1 | ||||||||||
101 | Average Original Term | 67.4 | 67.8 | 67.8 | ||||||||||
102 | Monthly Prepayment Rate | 1.24 | % |
Outstanding | ||||||||||
Net Credit Loss and Repossession Activity: | Units | Principal Balance | ||||||||
103 | Aggregate Outstanding Principal Balance of Charged Off Receivables | 87 | 2,931,562.18 | |||||||
104 | Liquidation Proceeds on Related Vehicles | 779,296.86 | ||||||||
105 | Recoveries Received on Receivables Previously Charged Off | 658,890.37 | ||||||||
106 | Net Principal Losses for Current Collection Period | 87 | 1,493,374.95 | |||||||
107 | Beginning Net Principal Losses | 440 | 9,367,894.94 | |||||||
108 | Net Principal Losses for Current Collection Period | 87 | 1,493,374.95 | |||||||
109 | Cumulative Net Principal Losses | 527 | 10,861,269.89 | |||||||
110 | Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,418,836,661.80) | 0.77 | % |
Outstanding | ||||||||||||||
Delinquencies Aging Profile - End of Period: | Percentage | Units | Principal Balance | |||||||||||
111 | Current | 98.64 | % | 36,798 | 1,015,959,886.64 | |||||||||
112 | 31 - 60 Days Delinquent | 1.09 | % | 334 | 11,266,280.66 | |||||||||
113 | 61 - 90 Days Delinquent | 0.27 | % | 80 | 2,755,236.21 | |||||||||
114 | 91-120 Days Delinquent1 | 0.00 | % | - | - | |||||||||
115 | Total | 100.00 | % | 37,212 | 1,029,981,403.51 |
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 | 0.14 | % | |||
118 | Prior Period | 0.11 | % | |||
119 | Two Periods Prior | 0.16 | % | |||
120 | Three Periods Prior | 0.06 | % | |||
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 | 0.27 | % | |||
123 | Prior Period | 0.28 | % | |||
124 | Two Periods Prior | 0.24 | % | |||
125 | Three Periods Prior | 0.25 | % | |||
Four Period Average (Current and Three Prior Collection Periods) | 0.26 | % | ||||
126 | Delinquency Trigger | 4.48 | % | |||
127 | Delinquency Percentage (61-Day Delinquent Receivables) | 0.27 | % | |||
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 |