UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004 Commission File No. 333-103709-02

Volkswagen Auto Loan Enhanced Trust 2003-2

(Issuer with respect to the Notes)

Volkswagen Public Auto Loan Securitization, LLC

(Exact name of registrant as specified in its charter)

State of Delaware
	83-0349353
	43-6903059
(State or other jurisdiction of	(I.R.S. Employer Id. Nos.)
incorporation)
3800 Hamlin Road	48326
Auburn Hills, Michigan	(Zip Code)
(Address of principal executive offices)

(248) 754-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes ¨ No þ

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. None

Issuer does not have any voting stock. Documents Incorporated by Reference: See Item 15(b).

TABLE OF CONTENTS

PART 1
	Item 1. Business
	Item 2. Properties
	Item 3. Legal Proceedings
	Item 4. Submission of Matters To A Vote Of Security Holders
PART II
	Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
	Item 6. Selected Financial Data
	Item 7. Management’s Discussion And Analysis Of Financial Condition And Results Of Operation
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk
	Item 8. Financial Statements and Supplementary Data
	Item 9. Changes in and Disagreements On Accounting And Financial Disclosure
	Item 9A. Controls and Procedures
PART III
	Item 10. Directors and Officers of the Registrant
	Item 11. Executive Compensation
	Item 12. Security Ownership Of Certain Beneficial Owners And Management
	Item 13. Certain Relationships And Related Transactions
	Item 14. Principal Accounting Fees and Services
PART IV
	Item 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-K
SIGNATURES
EXHIBIT INDEX
Certification of Officer of Servicer Pursuant to 302(A)
Annual Statement as to Compliance of the Servicer
Report on the Activities of VW Credit, Inc., as Servicer
Annual Aggregate Servicer Statement

FORM 10-K

PART 1

Item 1. Business.

This Annual Report on Form 10-K is filed with respect to Volkswagen Auto Loan Enhanced Trust 2003-2 (the “Trust”), a Delaware statutory trust formed pursuant to an Amended and Restated Trust Agreement, dated as of October 29, 2003, between Volkswagen Public Auto Loan Securitization, LLC (the “Transferor”) and The Bank of New York Delaware, as owner trustee (the “Owner Trustee”). The Trust issued $1,261,315,000 in aggregate principal amount of asset-backed notes, Classes A-1, A-2, A-3 and A-4 (the “Notes”) pursuant to an Indenture, dated as of October 29, 2003 (the “Indenture”), between the Trust and JPMorgan Chase Bank, as indenture trustee (the “Indenture Trustee”). Pursuant to the Indenture, the Trust also issued $29,033,164.85 in aggregate principal amount of asset-backed notes, Class B, which were not offered to the public.

Item 2. Properties.

The principal assets of the Trust are a pool of motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles and light-duty trucks.

See item 15.

The following tables sets forth the number and aggregate principal amount of delinquent and defaulted loan contracts, the delinquency rates, and aggregate net losses on the loan contracts of the Volkswagen Auto Loan Enhanced Trust 2003-2 as of December 31, 2004:

1. Delinquent Contracts:

	Contracts		Amount ($000’s)
a. 31 – 60 Days Delinquent		306		4,521
b. 61 – 90 Days Delinquent		35		538

2. Delinquency Ratio:

	Amount ($000’s)
a. Delinquent Balance		5,059
b. Total Pool Balance		861,862
c. Delinquency Ratio		0.59	%

3. Defaulted Contracts:

	Contracts		Amount ($000’s)
a. For the Year Ended December 31, 2003		334		6,201

4. Aggregate Net Losses, for the year ended December 31, 2004:

	Amount ($000’s)
a. Aggregate Net Losses		3,312
b. Original Portfolio		1,354,290
c. Aggregate Loss Ratio		0.24	%

Item 3. Legal Proceedings.

There were no material legal proceedings involving the Trust, or to the extent relating to the Trust, the Transferor, the Indenture Trustee, VW Credit, Inc., as servicer, or the Owner Trustee, which were pending at December 31, 2004, or as of the date of this report.

Item 4. Submission of Matters To A Vote Of Security Holders.

No votes or consents of Noteholders were solicited during fiscal year 2004 for any purpose.

PART II

Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters.

To the best knowledge of the registrant, there is no established public trading market for the Notes.

(a)   The holder of record of all offered Notes as of December 31, 2004 was Cede & Co., the nominee of The Depository Trust Company in the United States. On December 31, 2004, there were less than 300 holders of record of each Class of Notes.

(b) Not applicable

Item 6. Selected Financial Data.

Not applicable.

Item 7. Management’s Discussion And Analysis Of Financial Condition And Results Of Operation.

Not applicable.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8. Financial Statements and Supplementary Data.

Not applicable.

Item 9. Changes in and Disagreements On Accounting And Financial Disclosure.

Not applicable.

Item 9A. Controls and Procedures.

Not applicable.

PART III

Item 10. Directors and Officers of the Registrant.

Not applicable.

Item 11. Executive Compensation.

Not applicable.

Item 12. Security Ownership Of Certain Beneficial Owners And Management.

The Transferor owns 100% of the Certificates issued by the Trust. While some noteholder’s positions in the Trust exceeded 5% of the outstanding principal balance of the Notes, such securities do not constitute voting securities within the meaning of Item 403 of Regulation S-K.

Item 13. Certain Relationships And Related Transactions.

None.

Item 14. Principal Accounting Fees and Services.

Not applicable.

PART IV

Item 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-K.

(a)   (1) Not applicable.

(2)	Not applicable.
(3)	The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

(b)   Current Reports on Forms 8-K during the year ending December 31, 2004:

Date	Items Reported
February 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
March 22, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
April 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
May 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
June 21, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
July 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
August 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
September 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
October 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
November 22, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
December 20, 2004	Items 8.01, 9.01, Monthly Servicer’s Report*
January 20, 2005	Items 8.01, 9.01, Monthly Servicer’s Report*

* Incorporated by reference.

(c)	The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.
(d)	Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

March 30, 2005

VOLKSWAGEN PUBLIC AUTO LOAN SECURITIZATION, LLC
By:	VW CREDIT, INC., as Servicer
By:	/s/ Timothy J. Flaherty
	Name: Timothy J. Flaherty
	Title: Assistant Treasurer
VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2003-2
By:	VW CREDIT, INC., as Servicer
By:	/s/ Timothy J. Flaherty
	Name: Timothy J. Flaherty
	Title: Assistant Treasurer

EXHIBIT INDEX

Exhibit 31: Certification of officer of Servicer pursuant to Section 302(A) of the Sarbanes-Oxley Act of 2002.

Exhibit 99.1: Annual Statement as to Compliance of the Servicer for the year ended December 31, 2004.

Exhibit 99.2: Report on the activities of VW Credit, Inc., as Servicer, prepared by Virchow Krause and Company, L.L.P.

Exhibit 99.3: Annual Aggregate Servicer Statement containing information relating to the Receivables and the Accounts for the Collection Periods from and including January 2004 through December 2004.