FWP

Filed Pursuant to Rule 433

Registration Nos. 333-233424

and 333-233424-01

**PRICING DETAILS** $1.2bn Volkswagen Prime Auto Loan (VALET 2020-1)

Joint Active Bookrunners: Barclays (str), BNP, TD

Co-Managers: Citi, Credit Ag, JP Morgan, RBC, Santander

-Anticipated Capital Structure-

CLS

$AMT (MM)

WAL

M/F

L. FNL

E. FNL

Launch

Yld

Cpn

Price

================================================================================

A-1

215.000

0.21

P-1/F1+

05/2021

10/2020

IntL-8

0.29978%

100.00000

A-2A

362.000

0.93

Aaa/AAA

12/2022

11/2021

EDSF+63

0.935%

0.93%

99.99706

A-2B

50.000

0.93

Aaa/AAA

12/2022

11/2021

1mL+63

100.00000

A-3

471.000

2.32

Aaa/AAA

11/2024

09/2023

IntS+73

0.985%

0.98%

99.99317

A-4

96.570

3.48

Aaa/AAA

08/2026

11/2023

IntS+100

1.270%

1.26%

99.97734

================================================================================


Expected Settle : 5/19/2020		Registration : SEC-REG
First Pay Date : 6/22/2020		ERISA Eligible : Yes
Expected Ratings : Moody’s, Fitch		Min Denoms : 100k/1k
Ticker : VALET 2020-1		Bill & Deliver : Barclays
Expected Pricing : PRICED		Pricing Speed : 1.3%ABS, 10% Call

-Available Materials-

* Materials: Prelim Prospectus, Ratings FWP, CDI

* Deal Roadshow Investor Login Details

URL: www.dealroadshow.com

Entry Code (Case Sensitive): VALET201

* IntexNet : bcgvalet2001_1bn

Dealname : X6XU

-Cusips-

A1: 92868JAA4

A2A: 92868JAB2

A2B: 92868JAC0

A3: 92868JAD8

A4: 92868JAE6

———————————————————————————————————————-

THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) FOR THIS OFFERING. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS FOR THIS OFFERING IN THAT REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT THE ISSUER HAS FILED WITH THE SEC, FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY SEARCHING THE SEC ONLINE DATABASE (EDGAR) AT WWW.SEC.GOV. ALTERNATIVELY, YOU MAY OBTAIN A COPY OF THE PROSPECTUS FROM BARCLAYS CAPITAL INC. BY CALLING 1-888-603-5847.