| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 101.4 | 11.5% | 15.75% | — | — | — | 2027-10-20 | A-1+ | F1+ |
| Class A-2-A | 149.0 | 16.9% | 15.75% | — | — | — | 2029-05-21 | AAA | AAA |
| Class A-2-B | 149.0 | 16.9% | 15.75% | — | floating | — | 2029-05-21 | AAA | AAA |
| Class A-3 | 295.0 | 33.5% | 15.75% | — | — | — | 2030-03-20 | AAA | AAA |
| Class A-4 | 50.8 | 5.8% | 15.75% | — | — | — | 2031-08-20 | 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 | TD Securities, BofA Securities, Citigroup Global Markets, Scotia Capital |
| VWALT 2026-C | VWALT 2026-B | VWALT 2026-A | VWALT 2025-B | VWALT 2025-A | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-11-18 | 2026-09-22 | 2026-03-24 | 2025-09-16 | 2025-06-17 | 424B5 |
| Pool balance | $881.8MM | $1,166.2MM | $1,994.2MM | $1,749.3MM | $1,457.7MM | 424B5 |
| WA Lessee Credit Score | 779+4 | 775 | 774 | 789 | 776 | 424B5 |
| WA original term mo | — | — | — | — | — | 424B5 |
| WA Residual % MSRP | — | 45.9% | 47.3% | 48.5% | 48.5% | calc |
| ALG-marked residuals | — | 99.3% | 97.4% | 97.4% | 99.3% | calc |
| WA Securitization Value | — | $33,466 | $33,479 | $32,179 | $31,797 | calc |
| Top-3 model concentration | — | 48.1% | 48.3% | 49.6% | 51.6% | calc |
| Geo top-3 | CA 20.3% FL 14.6% NY 11.1% | CA 22.5% FL 13.9% NY 10.2% | CA 19.6% FL 14.3% NY 11.8% | CA 16.2% FL 15.5% NY 14.4% | CA 16.1% FL 15.9% NY 13.9% | 424B5 |
| Enhancement beneath the AAA term notes | ||||||
| Enhancement, initial | 15.75%+1.25pp | 15.20% | 14.50% | 14.50% | 14.50% | calc |
| Enhancement, target | 19.05% | 18.70% | 18.00% | 18.00% | 17.50% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| Initial OC | 15.50% | 14.95% | 14.25% | 14.25% | 14.25% | 424B5 |
| Target OC | 18.80% | 18.45% | 17.75% | 17.75% | 17.25% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| Pricing | ||||||
| AAA spread | — | +45 bps A-3 · 2.0y | +54 bps A-3 · 2.0y | +51 bps A-3 · 2.0y | +55 bps A-3 · 2.1y | FWP |
| Terms | ||||||
| Discount rate | 11.15% | 10.45% | 9.95% | 10.00% | 10.00% | 424B5 |
| Tranches | 5 | 5 | 5 | 5 | 5 | 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.
| VWALT 2026-C | MBALT 2026-B | BMWLT 2026-2 | GMALT 2026-3 | NALT 2026-B | FCALT 2026-B | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-11-18 | 2026-10-22 | 2026-10-14 | 2026-08-13 | 2026-07-29 | 2026-07-27 | 424B5 |
| Pool balance | $881.8MM | $1,520.0MM | $1,439.3MM | $1,111.7MM | $1,447.5MM | $1,560.5MM | 424B5 |
| WA Lessee Credit Score | 779−1 | 788 | 796 | 780 | 769 | 763 | 424B5 |
| WA original term mo | — | 38.6 mo | 36.0 mo | 35.0 mo | 37.0 mo | 37.2 mo | 424B5 |
| WA Residual % MSRP | — | 44.4% | 47.6% | 53.2% | 52.2% | 50.4% | calc |
| ALG-marked residuals | — | 94.8% | 100.0% | 93.5% | 99.9% | 90.1% | calc |
| WA Securitization Value | — | $56,153 | $55,578 | $35,155 | $30,965 | $35,768 | calc |
| Top-3 model concentration | — | 31.8% | 24.7% | 38.6% | 49.8% | 56.4% | calc |
| Geo top-3 | CA 20.3% FL 14.6% NY 11.1% | CA 29.4% FL 14.2% NY 11.6% | CA 17.2% FL 14.7% NY 11.1% | MI 24.9% NY 14.1% FL 10.5% | NY 14.8% NJ 14.4% FL 10.9% | FL 100.0% MI 29.2% NY 10.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 15.75%−1.75pp | 13.25% | 13.40% | 18.80% | 17.50% | 20.15% | calc |
| Enhancement, target | 19.05% | 14.75% | 15.90% | 19.80% | — | 22.15% | calc |
| Subordinate notes | 0.0%−6.2pp | 0.0% | 0.0% | 8.5% | 6.2% | 12.9% | calc |
| Initial OC | 15.50% | 13.00% | 13.15% | 10.00% | 10.90% | 7.00% | 424B5 |
| Target OC | 18.80% | 14.50% | 15.65% | 11.00% | — | 9.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 0.25% | 424B5 |
| Pricing | |||||||
| AAA spread | — | +51 bps A-3 · 1.8y | +50 bps A-3 · 2.1y | +42 bps A-3 · 1.8y | +47 bps A-3 · 2.2y | +46 bps A-3 · 2.0y | FWP |
| Terms | |||||||
| Discount rate | 11.15% | 10.60% | 11.25% | 10.00% | 10.00% | 9.05% | 424B5 |
| Tranches | 5 | 5 | 5 | 7 | 7 | 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.