| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 197.5 | 13.5% | 14.50% | 0.27 | 4.47% | +13 I-curve | 2026-06-22 | A-1+ | F1+ |
| Class A-2-A | 272.5 | 18.7% | 14.50% | 1.27 | 4.43% | — | 2027-12-20 | AAA | AAA |
| Class A-2-B | 241.2 | 16.5% | 14.50% | 1.27 | floating | +40 SOFR | 2027-12-20 | AAA | AAA |
| Class A-3 | 451.2 | 31.0% | 14.50% | 2.06 | 4.50% | +55 I-curve | 2028-06-20 | AAA | AAA |
| Class A-4 | 87.5 | 6.0% | 14.50% | 2.46 | 4.56% | +62 I-curve | 2030-03-20 | AAA | AAA |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | VW Credit, Inc. |
|---|---|
| Servicer | VW Credit, Inc. |
| Depositor / Transferor | Volkswagen Auto Lease/Loan Underwritten Funding, LLC |
| Indenture Trustee | Deutsche Bank Trust Company Delaware |
| Owner Trustee | U.S. Bank Trust Company, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, Wells Fargo Securities, U.S. Bancorp Investments, Scotia Capital, Citigroup Global Markets, Mizuho Securities |
Earliest Volkswagen Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| VWALT 2025-A | BMWLT 2025-1 | GMALT 2025-2 | MBALT 2025-A | WOALT 2025-A | FCALT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-06-17 | 2025-06-10 | 2025-05-29 | 2025-05-21 | 2025-03-12 | 2025-01-27 | 424B5 |
| Pool balance | $1,457.7MM | $1,554.4MM | $1,455.6MM | $1,460.0MM | $1,038.4MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 776−4 | 800 | 780 | 786 | 742 | 764 | 424B5 |
| WA original term mo | — | 36.0 mo | 35.0 mo | 40.4 mo | 37.4 mo | 35.1 mo | 424B5 |
| WA Residual % MSRP | 48.5% | 48.0% | 51.8% | 44.3% | 57.0% | 50.2% | calc |
| ALG-marked residuals | 99.3% | 100.0% | 96.0% | 94.0% | 100.0% | 80.1% | calc |
| WA Securitization Value | $31,797 | $56,797 | $32,776 | $53,940 | $33,344 | $34,773 | calc |
| Top-3 model concentration | 51.6% | 17.3% | 35.0% | 21.5% | 36.7% | 53.6% | calc |
| Geo top-3 | CA 16.1% FL 15.9% NY 13.9% | CA 18.0% FL 15.0% NY 9.3% | MI 29.3% NY 14.1% FL 7.6% | CA 22.9% FL 16.3% NY 12.6% | FL 63.0% NC 14.6% GA 7.9% | MI 38.9% NY 10.8% CA 7.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 14.50%−4.30pp | 13.40% | 18.80% | 11.75% | 19.65% | 20.15% | calc |
| Enhancement, target | 17.50% | 15.90% | 19.80% | 13.25% | 21.40% | 22.95% | calc |
| Subordinate notes | 0.0%−5.5pp | 0.0% | 8.5% | 0.0% | 5.5% | 12.9% | calc |
| Initial OC | 14.25% | 13.15% | 10.00% | 11.50% | 13.65% | 7.00% | 424B5 |
| Target OC | 17.25% | 15.65% | 11.00% | 13.00% | 15.40% | 9.80% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.50% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps+2bps A-3 · 2.1y | +51 bps A-3 · 2.0y | +64 bps A-3 · 1.8y | +62 bps A-3 · 2.4y | +53 bps A-3 · 2.2y | +48 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 10.00% | 10.85% | 9.25% | 10.80% | 10.00% | 9.40% | 424B5 |
| Tranches | 5 | 5 | 7 | 5 | 6 | 8 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
| Latest CRR | 138.82% |
|---|---|
| Realized G/L (% of scheduled) | 38.82% |
| Returned vehicles to date | 6,049 |
CRR = realized residual ÷ scheduled residual on returned vehicles. >100% = pool recovered above booked residuals.