EX-99.1 2 tm2512719d10_ex99-1.htm EX-99.1

 

Exhibit 99.1

 

Volkswagen Auto Loan Enhanced Trust 2021-1          
MONTHLY SERVICER CERTIFICATE          
For the collection period ended 3-31-2025         PAGE 1

 

A.  DATES  Begin   End   # days 
1  Determination Date      4/17/2025     
2  Payment Date      4/21/2025     
3  Collection Period  3/1/2025   3/31/2025   31 
4  Monthly Interest Period - Actual/360  3/20/2025   4/20/2025   32 
5  Monthly Interest - 30/360          30 

 

B.  SUMMARY                        
            Initial Balance    Beginning Balance    Principal Payment    Ending Balance    Note Factor 
6  Class A-1 Notes        324,500,000.00    -    -    -    - 
7  Class A-2 Notes        630,000,000.00    -    -    -    - 
8  Class A-3 Notes        630,000,000.00    8,184,849.15    8,184,849.15    -    - 
9  Class A-4 Notes        165,500,000.00    165,500,000.00    13,074,940.14    152,425,059.86    0.9209973 
10  Total Securities       $1,750,000,000.00   $173,684,849.15   $21,259,789.29   $152,425,059.86      
                                  
11  Overcollateralization        72,922,127.29    72,922,127.29         72,922,127.29      
12  Adjusted Pool Balance       $1,822,922,127.29   $246,606,976.44   $21,259,789.29   $225,347,187.15      
13  YSOC        59,379,670.34    4,789,820.76         4,259,429.04      
14  Net Pool Balance       $1,882,301,797.63   $251,396,797.20   $21,259,789.29   $229,606,616.19      
                                  
                      Per $1000    Principal& Interest    Per $1000 
       Coupon Rate    Libor Rate    Interest Pmt Due    Face Amount    Payment Due    Face Amount 
15  Class A-1 Notes   0.15946%   N/A    -    -    -    - 
16  Class A-2 Notes   0.49000%   N/A    -    -    -    - 
17  Class A-3 Notes   1.02000%   N/A    6,957.12    0.0110430    8,191,806.27    13.0028671 
18  Class A-4 Notes   1.26000%   N/A    173,775.00    1.0500000    13,248,715.14    80.0526595 
19  Total Securities             180,732.12         21,440,521.41      

 

C.  COLLECTIONS AND AVAILABLE FUNDS     
20  Scheduled Principal Payments Received    16,377,925.44 
21  Scheduled Interest Payments Received    547,110.14 
22  Prepayments of Principal Received    5,181,088.77 
23  Liquidation Proceeds    36,137.69 
24  Recoveries Received    330,034.96 
25  Other Payments Received to Reduce Principal      
26  Subtotal: Total Collections    22,472,297.00 
27  Repurchased Receivables    - 
28  Reserve Account Excess Amount (Item 89)    16,478.64 
29  Total Available Funds, prior to Servicer Advances    22,488,775.64 
30  Servicer Advance (Item 72)    - 
31  Total Available Funds + Servicer Advance    22,488,775.64 
32  Reserve Account Draw Amount (Item 75)    - 
33  Total Available Funds + Servicer Advance and Reserve Account Draw Amount    22,488,775.64 

 

D.  DISTRIBUTIONS      
          
   Distribution Summary:      
34  Prior Advance Reimbursement (Item 78)    - 
35  Servicing Fees (Item 42)    209,497.33 
36  Class A Noteholder Interest (Item 51)    180,732.12 
37  Principal Distribution Amount (Item 76)    21,259,789.29 
38  Amount Paid to Reserve Account to Reach Specified Balance    - 
39  Other Amounts Paid to Trustees    - 
40  Certificateholders Principal Distribution Amount    - 
41  Remaining Funds to Seller    838,756.89 

 

 

 

 

PAGE 2

 

   Distribution Detail:  Due   Shortfall  Paid 
42  Servicing Fees  209,497.33   -   209,497.33 
   Pro rata:            
43  Class A-1 Interest  -   -   - 
44  Class A-2-A Interest  -   -   - 
45  Class A-3 Interest  6,957.12   -   6,957.12 
46  Class A-4 Interest  173,775.00   -   173,775.00 
47  Class A-1 Interest Carryover Shortfall  -   -   - 
48  Class A-2 Interest Carryover Shortfall  -   -   - 
49  Class A-3 Interest Carryover Shortfall  -   -   - 
50  Class A-4 Interest Carryover Shortfall  -   -   - 
51   Class A Noteholder Interest  180,732.12   -   180,732.12 

 

E.   CALCULATIONS              
    Calculation of Principal Distribution Amount:                
52     Beginning Adjusted Pool Balance             246,606,976.44  
53     Beginning Net Pool Balance       251,396,797.20        
54     Receipts of Scheduled Principal       (16,377,925.44 )      
55     Receipts of Prepaid Principal       (5,181,088.77 )      
56     Liquidation Proceeds       (36,137.69 )      
57     Other Collections of Principal       -        
58     Principal Amount of Repurchases       -        
59     Principal Amount of Defaulted Receivables       (195,029.11 )      
60     Ending Net Pool Balance       229,606,616.19        
61     Yield Supplement Overcollateralization Amount       4,259,429.04        
62     Adjusted Pool Balance       225,347,187.15        
63     Less: Adjusted Pool Balance - End of Collection Period             225,347,187.15  

64  Calculated Principal Distribution Amount   21,259,789.29 
         
   Calculation of Servicer Advance:     
65  Available Funds, prior to Servicer Advances (Item 29)   22,488,775.64 
66  Less: Prior Advance Reimbursement (Item 34)   - 
67  Less: Servicing Fees Paid (Item 35)   209,497.33 
68  Less: Interest Paid to Noteholders (Item 36)   180,732.12 
69  Less: Calculated Principal Distribution (Item 64)   21,259,789.29 
70  Equals: Remaining Available Funds before Servicer Advance   838,756.89 
71  Monthly Loan Payments Due on Included Units but not received (N/A if Item 70 > 0)    N/A 
72  Servicer Advance (If Item 70 < 0, lesser of Item 70 and Item 71, else 0)   - 
         
   Calculation of Reserve Account Draw Amount:     
73  Remaining Available Funds, before Reserve Account Draw (Item 70 plus Item 72)   838,756.89 
74  Available Funds Shortfall Amount (If Item 73 < 0, Item 73, else 0)   - 
75  Reserve Account Draw Amount (If Item 74 is > 0, Lesser of Reserve Acct Balance and Item 74)   - 
         
76  Principal Distribution Amount (Item 64 - Available Funds Shortfall + Reserve Account Draw Amt)   21,259,789.29 
         
   Reconciliation of Servicer Advance:     
77  Beginning Balance of Servicer Advance   - 
78  Less: Prior Advance Reimbursement   - 
79  Plus: Additional Servicer Advances for Current Period   - 
80  Ending Balance of Servicer Advance   - 
         
F.  RESERVE ACCOUNT     
   Reserve Account Balances:     
81  Specified Reserve Account Balance (Lesser of (a) $4,557,305.32, and (b) the aggregate note balance)   4,557,305.32 
82  Initial Reserve Account Balance   4,557,305.32 
83  Beginning Reserve Account Balance   4,557,305.32 
84  Plus:  Net Investment Income for the Collection Period   16,478.64 
85  Subtotal:  Reserve Fund Available for Distribution   4,573,783.96 
86  Plus:  Deposit of Excess Available Funds (Item 38)   - 
87  Less:  Reserve Account Draw Amount (Item 75)   - 
88  Subtotal Reserve Account Balance   4,573,783.96 
89  Less: Reserve Account Excess Amount to Available Funds (If Item 88 > Item 81)   16,478.64 
90  Equals: Ending Reserve Account Balance   4,557,305.32 
         
91  Change in Reserve Account Balance from Immediately Preceding Payment Date   - 

  

 

 

 

PAGE 3

 

G.  POOL STATISTICS            
   Collateral Pool Balance Data:  Initial   Prior Period   Current Period 
92  Net Pool Balance  1,882,301,798   251,396,797   229,606,616 
93  Number of Current Contracts  74,164   32,583   31,255 
94  Weighted Average Loan Rate  2.98%  2.78%  2.79%
95  Average Remaining Term  54.4   17.2   16.4 
96  Average Original Term  64.7   66.7   66.9 
97  Monthly Prepayment Rate      0.99%  1.06%

 

              Outstanding 
   Net Credit Loss and Repossession Activity:      Units   Principal Balance 
98  Aggregate Outstanding Principal Balance of Charged Off Receivables      22   231,166.80 
99  Liquidation Proceeds on Related Vehicles          36,137.69 
100  Recoveries Received on Receivables Previously Charged Off          330,034.96 
101  Net Principal Losses for Current Collection Period      22   (135,005.85)
                
102  Beginning Net Principal Losses      1,128   11,866,447.34 
103  Net Principal Losses for Current Collection Period      22   (135,005.85)
104  Cumulative Net Principal Losses      1,150   11,731,441.49 
105  Cumulative Net Loss Ratio (Cumulative Net Principal Losses divided by $1,882,301,797.63)          0.62%

              Outstanding 
   Delinquencies Aging Profile - End of Period:  Percentage   Units   Principal Balance 
106  Current  98.55%  30,951   226,273,430.46 
107  31 - 60 Days Delinquent  1.18%  252   2,720,413.06 
108  61 - 90 Days Delinquent  0.27%  52   612,772.67 
109  91-120 Days Delinquent1  0.00%  -   - 
110  Total  100.00%  31,255   229,606,616.19 

                
H.  DELINQUENCY AND NET LOSS RATIOS            
111  Ratio of Net Principal Losses to the Pool balance as of Each Collection Period          Percentage 
112  Current Period          -0.05%
113  Prior Period          -0.04%
114  Two Periods Prior          -0.07%
115  Three Periods Prior          0.09%
116  Four Period Average (Current and Three Prior Collection Periods)          -0.02%
                
   Total Delinquencies - Ratio of Principal Balance of 61-Day Delinquent Receivables to the Pool balance as of Each Collection Period          Percentage 
117  Current Period          0.27%
118  Prior Period          0.24%
119  Two Periods Prior          0.26%
120  Three Periods Prior          0.29%
121  Four Period Average (Current and Three Prior Collection Periods)          0.26%
                
122  Delinquency Trigger          4.48%
123  Delinquency Percentage (61-Day Delinquent Receivables)          0.27%
124  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