| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 205.6 | 18.0% | 4.25% | 0.20 | 4.03% | +15 I-curve | 2026-11-20 | P-1 | F1+ |
| Class A-2-A | 230.9 | 20.2% | 4.25% | 0.98 | 4.00% | +37 I-curve | 2028-08-21 | Aaa | AAA |
| Class A-2-B | 129.7 | 11.4% | 4.25% | 0.98 | floating | +37 SOFR | 2028-08-21 | Aaa | AAA |
| Class A-3 | 360.5 | 31.6% | 4.25% | 2.29 | 3.92% | +38 I-curve | 2030-03-20 | Aaa | AAA |
| Class A-4 | 73.3 | 6.4% | 4.25% | 3.31 | 4.05% | +49 I-curve | 2032-09-20 | 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 | Bank Trust Company, National Association |
| Owner Trustee | Fixed Income Services LLC |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, RBC Capital Markets, U.S. Bancorp Investments, Citigroup Global Markets, Mizuho Securities, Scotia Capital |
| VALET 2025-2 | VALET 2025-1 | VALET 2024-1 | VALET 2023-2 | VALET 2023-1 | VALET 2021-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-11-25 | 2025-03-25 | 2024-11-26 | 2023-11-21 | 2023-06-13 | 2021-12-13 | 424B5 |
| Pool balance | $1,141.3MM | $1,427.5MM | $1,749.4MM | $1,418.8MM | $1,707.9MM | $1,882.3MM | 424B5 |
| WA Credit Score | 773+1 | 772 | 774 | 770 | 768 | 777 | 424B5 |
| WA APR | 5.03%+0.20pp | 5.43% | 4.67% | 5.69% | 4.83% | 2.98% | 424B5 |
| WA original term mo | — | — | — | — | — | — | 424B5 |
| % new vehicles | 78.4% | 79.0% | 80.0% | 73.4% | 69.2% | 58.4% | 424B5 |
| Geo top-3 | TX 14.2% CA 11.5% FL 7.3% | TX 16.3% FL 8.5% CA 7.8% | TX 13.9% CA 10.6% FL 8.3% | TX 14.8% CA 13.6% FL 9.6% | CA 17.4% TX 13.4% FL 10.6% | CA 15.0% TX 11.3% FL 8.5% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%0.00pp | 4.25% | 4.25% | 3.25% | 3.25% | 4.25% | calc |
| Enhancement, target | 5.00% | — | — | — | — | 4.25% | calc |
| Subordinate notes | 0.0%0.0pp | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | calc |
| OC (initial) | 4.00% | 4.00% | 4.00% | 3.00% | 3.00% | 4.00% | 424B5 |
| OC target | 4.75% | — | — | — | — | 4.00% | 424B5 |
| OC floor | 4.75% | — | — | — | — | 4.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.73% | 8.78% | 10.68% | 9.17% | 9.46% | 3.15% | 424B5 |
| Pricing | |||||||
| AAA spread | +38 bps−29bps A-3 · 2.3y | +52 bps A-3 · 2.4y | — | +90 bps A-3 · 2.8y | +82 bps A-3 · 2.7y | +7 bps A-3 · 2.2y | FWP |
| Terms | |||||||
| Tranches | 5 | 5 | 5 | 5 | 5 | 4 | 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.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| VALET 2025-2 | FCAOT 2025-C | NAROT 2025-B | HAROT 2025-4 | HART 2025-D | GMCAR 2025-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-11-25 | 2025-11-25 | 2025-11-25 | 2025-11-12 | 2025-11-12 | 2025-11-05 | 424B5 |
| Pool balance | $1,141.3MM | $1,096.6MM | $1,381.3MM | $2,483.2MM | $2,171.9MM | $951.1MM | 424B5 |
| WA Credit Score | 7730 | 752 | 795 | 769 | 773 | 781 | 424B5 |
| WA APR | 5.03%−0.12pp | 5.15% | 4.60% | 4.93% | 5.36% | 6.53% | 424B5 |
| WA original term mo | — | 65.9 mo | — | 61.9 mo | 67.9 mo | 13.0 mo | 424B5 |
| % new vehicles | 78.4% | 93.7% | 10.0% | 86.0% | 99.9% | 87.9% | 424B5 |
| Geo top-3 | TX 14.2% CA 11.5% FL 7.3% | TX 16.6% CA 8.8% FL 8.4% | TX 17.5% FL 7.4% CA 6.5% | CA 16.9% TX 9.9% FL 6.5% | TX 13.1% FL 10.2% CA 8.0% | TX 14.1% FL 7.1% CA 7.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.25%−1.00pp | 5.25% | 4.25% | 2.75% | 7.55% | 6.10% | calc |
| Enhancement, target | 5.00% | 7.25% | 4.25% | — | 8.05% | 6.10% | calc |
| Subordinate notes | 0.0%−3.1pp | 5.0% | 1.6% | 0.0% | 4.8% | 3.1% | calc |
| OC (initial) | 4.00% | 0.00% | 2.35% | 2.50% | 2.50% | 2.75% | 424B5 |
| OC target | 4.75% | 2.00% | 2.35% | — | 3.00% | 2.75% | 424B5 |
| OC floor | 4.75% | 2.00% | 2.35% | — | 3.00% | 2.75% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | 8.73% | 4.01% | 7.33% | n.a. | 5.68% | 2.68% | 424B5 |
| Pricing | |||||||
| AAA spread | +38 bps−1bps A-3 · 2.3y | +35 bps A-3 · 2.3y | +45 bps A-3 · 2.2y | +39 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +38 bps A-3 · 2.6y | FWP |
| Terms | |||||||
| Tranches | 5 | 7 | 6 | 5 | 7 | 7 | 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.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (210 series across 9 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
VW Credit, Inc. — ticker VALET.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.