EX-99.1 2 d51241dex991.htm EX-99.1 EX-99.1
Volkswagen Auto Lease Trust 2019-A      Exhibit 99.1  
MONTHLY SERVICER CERTIFICATE   
For the collection period ended 08-31-20      PAGE 1  

 

A.    DATES      Begin        End        # days  
1    Determination Date             9/17/2020       
2    Payment Date             9/21/2020       
3    Collection Period        8/1/2020          8/31/2020          31  
4    Monthly Interest Period - Actual        8/20/2020          9/20/2020          32  
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      235,000,000.00       —         —          —          —          —    
7    Class A-2-A Notes      472,000,000.00       398,277,904.76       —          33,875,685.13        364,402,219.62        0.7720386  
8    Class A-2-B Notes      60,000,000.00       50,628,547.21       —          4,306,231.16        46,322,316.05        0.7720386  
9    Class A-3 Notes      435,000,000.00       435,000,000.00       —          —          435,000,000.00        1.0000000  
10    Class A-4 Notes      98,000,000.00       98,000,000.00       —          —          98,000,000.00        1.0000000  
     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
11    Equals: Total Securities    $ 1,300,000,000.00     $ 981,906,451.97     $ —        $ 38,181,916.30      $ 943,724,535.68     
     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
12    Overcollateralization      229,411,767.03       248,529,412.14             248,529,412.14     
     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
13    Total Securitization Value    $ 1,529,411,767.03     $ 1,230,435,864.11           $ 1,192,253,947.82     
     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
14    NPV Lease Payments Receivable      697,731,670.63       409,432,694.94             383,273,974.65     
15    NPV Base Residual      831,680,096.40       821,003,169.17             808,979,973.16     
16    Number of Leases      59,863       54,782             53,611     
          Coupon Rate     Libor Rate     Interest Pmt
Due		      Per $1000
Face Amount		      Principal & Interest
Payment Due		      Per $1000
Face Amount		  
17    Class A-1 Notes      2.12835 %      N/A       —          —          —          —    
18    Class A-2-A Notes      2.00000 %      N/A       663,796.51        1.4063485        34,539,481.64        73.1768679  
19    Class A-2-B Notes      0.45800 %      0.15800 %      20,611.44        0.3435241        4,326,842.61        72.1140434  
20    Class A-3 Notes      1.99000 %      N/A       721,375.00        1.6583333        721,375.00        1.6583333  
21    Class A-4 Notes      2.02000 %      N/A       164,966.67        1.6833333        164,966.67        1.6833333  
     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  
   Equals: Total Securities          1,570,749.62           39,752,665.91     
     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

C.    COLLECTIONS AND AVAILABLE FUNDS                
22   

Lease Payments Received

         24,916,141.19  
23   

Pull Ahead Waived Payments

         95,040.69  
24   

Sales Proceeds - Early Terminations

         17,203,836.48  
25   

Sales Proceeds - Scheduled Terminations

         7,962,128.60  
26   

Security Deposits for Terminated Accounts

         10,775.00  
27   

Excess Wear and Tear Received

         28,517.17  
28   

Excess Mileage Charges Received

         54,235.03  
29   

Proceeds Received on Defaulted Leases and Other Recoveries

         378,390.11  
        

 

 

  
30   

Subtotal: Total Collections

         50,649,064.27  
        

 

 

  
31   

Repurchase Payments

         —    
32   

Postmaturity Term Extension

         —    
33   

Investment Earnings on Collection Account

         4,453.47  
        

 

 

  
34   

Total Available Funds, prior to Servicer Advances

         50,653,517.74  
        

 

 

  
35   

Servicer Advance

         —    
        

 

 

  
36   

Total Available Funds

         50,653,517.74  
        

 

 

  
37   

Reserve Account Draw

         —    
        

 

 

  
38   

Available for Distribution

         50,653,517.74  
        

 

 

  
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

         1,025,363.22  
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

         1,570,749.62  
50   

First Priority Principal Distribution Amount

         —    
51   

Amount Paid to Reserve Account to Reach Specified Balance

         —    
52   

Subtotal: Remaining Available Funds

      48,054,904.90     
53   

Regular Principal Distribution Amount

      38,181,916.30     
54   

Regular Principal Paid to Noteholders (lesser of Item 52 and Item 53)

      38,181,916.30     
55   

Amounts paid to indenture, owner, and origination trustee and asset representations reviewer

         —    
     

 

 

     

 

 

  
56   

Remaining Available Funds

         9,872,988.60  
     

 

 

     

 

 

  

Volkswagen Auto Lease Trust 2019-A   
MONTHLY SERVICER CERTIFICATE   
For the collection period ended 08-31-20    PAGE 2

 

E.    CALCULATIONS                  
57   

Calculation of First Priority Principal Distribution Amount:

      
58   

Outstanding Principal Amount of the Notes (Beg. Of Collection Period)

         981,906,451.97  
59   

Less: Aggregate Securitization Value (End of Collection Period)

         (1,192,253,947.82 ) 
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)

         981,906,451.97  
63   

Less: Targeted Note Balance

         (943,724,535.68 ) 
64   

Less: First Priority Principal Distribution Amount

         —    
65   

Regular Principal Distribution Amount

         38,181,916.30  
        
66    Calculation of Targeted Note Balance:      
67    Aggregate Securitization Value (End of Collection Period)         1,192,253,947.82  
68    Less: Targeted Overcollateralization Amount (16.25% of Initial Securitization Value)         (248,529,412.14 ) 
        

 

 

  
69   

Targeted Note Balance

         943,724,535.68  
        

 

 

  
70    Calculation of Servicer Advance:      
71   

Available Funds, prior to Servicer Advances (Item 34)

         50,653,517.74  
72   

Less: Payment Date Advance Reimbursement (Item 84)

         —    
73   

Less: Servicing Fees Paid (Items 41, 42 and 43)

         1,025,363.22  
74   

Less: Administration Fees Paid (Items 45, 46 and 47)

         2,500.00  
75   

Less: Interest Paid to Noteholders (Item 49)

         1,570,749.62  
76   

Less: 1st Priority Principal Distribution (Item 60)

         —    
        

 

 

  
77   

Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)

         48,054,904.90  
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 78 plus Item 79)

         48,054,904.90  
        

 

 

  
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

 

      3,823,529.42  
89   

Initial Reserve Account Balance

         3,823,529.42  
90   

Beginning Reserve Account Balance

         3,823,529.42  
91   

Plus: Net Investment Income for the Collection Period

         162.40  
        

 

 

  
92   

Subtotal: Reserve Fund Available for Distribution

         3,823,691.82  
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

         3,823,691.82  
96   

Less: Excess Reserve Account Funds to Transferor (If Item 95 > Item 88)

 

      162.40  
        

 

 

  
97   

Equals: Ending Reserve Account Balance

         3,823,529.42  
        

 

 

  
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

      453        6,866,769.24  
101   

Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units

         (7,877,285.63 ) 
102   

Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units

         (156,321.11 ) 
103   

Less: Excess Wear and Tear Received

         (28,517.17 ) 
104   

Less: Excess Mileage Received

         (54,235.03 ) 
     

 

 

     

 

 

  
105   

Current Period Net Residual Losses/(Gains)

      453        (1,249,589.70 ) 
     

 

 

     

 

 

  
106   

Cumulative Net Residual Losses:

      
107   

Beginning Cumulative Net Residual Losses

      850        (1,770,078.66 ) 
108   

Current Period Net Residual Losses (Item 105)

      453        (1,249,589.70 ) 
109   

Ending Cumulative Net Residual Losses

      1,303        (3,019,668.36 ) 
     

 

 

     

 

 

  
110   

Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value

         -0.20 % 
     

 

 

     

 

 

  

Volkswagen Auto Lease Trust 2019-A   
MONTHLY SERVICER CERTIFICATE   
For the collection period ended 08-31-20    PAGE 3

 

 

G.    POOL STATISTICS                              
111    Collateral Pool Balance Data                 Initial     Current  
112    Aggregate Securitization Value           1,529,411,767.03       1,192,253,947.82  
113    Aggregate Base Residual Value           992,284,335.68       897,782,085.01  
114    Number of Current Contracts           59,863       53,611  
115    Weighted Average Lease Rate           3.59 %      3.57 % 
116    Average Remaining Term           26.7       15.3  
117    Average Original Term           39.1       39.1  
118    Proportion of Base Prepayment Assumption Realized             109.95 % 
119    Actual Monthly Prepayment Speed             0.93 % 
120    Turn-in Ratio on Scheduled Terminations             81.68 % 
          Sales Proceeds      Units     Book Amount     Securitization Value  
121    Pool Balance - Beginning of Period         54,782       1,496,829,912.98       1,230,435,864.11  
122    Depreciation/Payments           (20,740,769.98 )      (16,767,787.43 ) 
123    Gross Credit Losses         (16 )      (434,932.32 )      (393,358.44 ) 
124    Early Terminations - Purchased by Customer         (77 )      (1,949,671.80 )      (1,565,710.11 ) 
125    Early Terminations - Sold at Auction         (34 )      (857,468.60 )      (718,698.36 ) 
126    Early Terminations - Purchased by Dealer         (552 )      (13,324,166.91 )      (10,832,288.24 ) 
127    Early Terminations - Lease Pull Aheads         (39 )      (1,260,342.29 )      (1,037,304.48 ) 
128    Scheduled Terminations - Purchased by Customer      507,596        (83 )      (1,277,779.74 )      (1,011,012.09 ) 
129    Scheduled Terminations - Sold at Auction      1,025,600        (50 )      (1,072,231.96 )      (878,986.54 ) 
130    Scheduled Terminations - Purchased by Dealer      6,278,907        (320 )      (6,265,312.36 )      (4,976,770.60 ) 
        

 

 

    

 

 

    

 

 

  
131    Pool Balance - End of Period         53,611       1,449,647,237.02       1,192,253,947.82  
        

 

 

    

 

 

    

 

 

  
132    Delinquencies Aging Profile - End of Period           Units     Securitization Value     Percentage  
133    Current         53,255       1,184,331,529.13       99.34 % 
134    31 - 60 Days Delinquent         249       5,608,611.46       0.47 % 
135    61 - 90 Days Delinquent         71       1,529,125.78       0.13 % 
136    91+ Days Delinquent         36       784,681.45       0.07 % 
        

 

 

    

 

 

    

 

 

  
137    Total         53,611       1,192,253,947.82       100.00 % 
        

 

 

    

 

 

    

 

 

  
138    Delinquency Trigger             6.86 % 
139    Delinquency Percentage (61 - Day Delinquent Receivables)             0.19 % 
140    Delinquency Trigger occurred in this collection Period?             No  
141    Credit Losses:                 Units     Amounts  
142    Aggregate Securitization Value on charged-off units           16       393,358.44  
143    Aggregate Liquidation Proceeds on charged-off units             (165,204.97 ) 
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             (213,185.14 ) 
          

 

 

    

 

 

  
147    Current Period Aggregate Net Credit Losses/(Gains)           16       14,968.33  
          

 

 

    

 

 

  
148    Cumulative Net Credit Losses:          
149    Beginning Cumulative Net Credit Losses           236       3,199,563.32  
150    Current Period Net Credit Losses (Item 147)           16       14,968.33  
          

 

 

    

 

 

  
151    Ending Cumulative Net Credit Losses           252       3,214,531.65  
          

 

 

    

 

 

  
152    Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value             0.21 % 
            

 

 

  
153    Aging of Scheduled Maturies Not Sold                       Units  
154    0 - 60 Days since Contract Maturity             263  
155    61 - 120 Days since Contract Maturity             106  
156    121+ Days since Contract Maturity             50  
     Summary of Material Modifications, Extensions or Waivers                                  
157    Outstanding Extended/Deferred Accounts Related to Covid-19 Relief                              
158                      # of Contracts     Securitization Value  
159    Beginning of Period           6,409       148,636,420.31  
160    Add: New Accounts Extended/Deferred           123       2,278,940.97  
161    Less: Contracts Paid-Off/Charged-Off           (131 )      (2,577,979.70 ) 
162    Less: Change in Securitized Value           —         (1,688,494.17 ) 
          

 

 

    

 

 

  
163    Ending of Period:           6,401       146,648,887.41  
          

 

 

    

 

 

  
   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