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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. 333-34266
 Volkswagen Dealer
Finance, LLC on behalf of
 Volkswagen Credit Auto Master Owner Trust
 (Issuer of the Volkswagen Credit Auto Master Owner Trust Floating Rate Auto Dealer Loan Backed
Notes, Series 2000-1 (the Notes)) (Exact name of registrant as specified in its charter)   State of Delaware
    
    
    
    38-3528063(State or other jurisdiction of
    
    (Registrants IRS Employer Id. Nos.)incorporation)3800 Hamlin Road
    
    

    
    48326Auburn Hills, Michigan
    
    (Zip Code)(Address of principal executive offices)Registrants telephone number, including area code: (248) 754-5000
   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 o
 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). o 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).




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TABLE OF CONTENTS  PART 1Item 1. BusinessItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Submission of Matters To A Vote Of Security HoldersPART IIItem 5. Market for Registrants Common Equity and Related Stockholder MattersItem 6. Selected Financial Data.Item 7. Managements Discussion And Analysis Of Financial Condition And Results Of OperationItem 8. Financial Statements and Supplementary DataItem 9. Changes in and Disagreements On Accounting And Financial DisclosureItem 9A. Controls and ProceduresPART IIIItem 10. Directors and Officers of the RegistrantItem 11. Executive CompensationItem 12. Security Ownership Of Certain Beneficial Owners And ManagementItem 13. Certain Relationships And Related TransactionsItem 14. Principal Accounting Fees and ServicesPART IVItem 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-KSIGNATURESEXHIBIT INDEXCertification of Officer of Servicer Pursuant to Section 302(A)Annual Certificate of VW Credit, Inc., as ServicerReport on the Activities of VW Credit, Inc., as ServicerAnnual Distribution Statement    Table of Contents  FORM 10-K 
 PART 1 
 Item 1. Business. The Volkswagen Credit Auto Master Owner Trust, a New York common law trust (the
Trust) was created pursuant to the Trust Agreement dated August 3, 2000 among Volkswagen
Dealer Finance, LLC (the Company) as transferor, and The Bank of New York as trustee (the
Trustee). The Company has registered with the Securities and Exchange Commission under the
Securities Act of 1933, as amended, and sold to the general public the Series 2000-1,
Floating Rate Auto Dealer Loan Backed Notes in the initial principal amount of $500,000,000.
The Payment Date Statements contain information relating to the Receivables and the
accounts from which the Receivables arise (the Accounts) and are prepared by the Servicer.
The Payment Date Statements containing information relating to the Receivables and the
Accounts for the Collection Periods from and including January 2004 through December 2004
are incorporated by reference from the registrants Current Reports on Form 8-K filed with
the Commission on February 20, 2004, March 22, 2004, April 20, 2004, May 20, 2004, June 21,
2004, July 20, 2004, August 20, 2004, September 20, 2004, October 20, 2004, November 22,
2004, December 20, 2004, and January 20, 2005, respectively. 
 Item 2. Properties. The Trust assets include wholesale receivables (the Receivables) generated from time to
time in a portfolio of revolving financing arrangements with automobile dealers to finance
their automobile inventory and collections on the Receivables. Such property was obtained by
the Company pursuant to the Receivables Purchase Agreement dated as of August 10, 2000
between the Company, as purchaser, and VW Credit, Inc., as seller. 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 owned by the Trust as of December 31, 2004: 1. Delinquent Contracts: Contracts
    

Amount
($000s)a. 31  60 Days Delinquent
    
    
    0
    
    
    
    0b. 61  90 Days Delinquent
    
    
    0
    
    
    
    0
 2. Delinquency Ratio: Amount ($000s)a. Delinquent Balance
    
    
    
    0b. Total Pool Balance
    
    
    
    0c. Delinquency Ratio
    
    
    
    0.00%
 3. Defaulted
Contracts: Contracts
    
    Amount
($000s)a. For the Year Ended December 31, 2004
    
    
    0
    
    
    
    0




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4. Aggregate Net Losses, for the year ended December 31, 2004: Amount
($000s)a. Aggregate Net Losses
    
    
    0b. Original Portfolio
    
    
    0c. Aggregate Loss Ratio
    
    
    0.00
    %
 
 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, the 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 Notes are represented by one or more certificates registered in the name of
Cede & Co., the nominee of The Depository Trust Company. At 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 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.




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Item 11. Executive Compensation. Not Applicable. 
 Item 12. Security Ownership Of Certain Beneficial Owners And Management. None. 
 Item 13. Certain Relationships And Related Transactions. Nothing to Report. 
 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 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 ReportedFebruary 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*March 22, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*April 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*May 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*June 21, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*July 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*August 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*September 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*October 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*November 22, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*December 20, 2004
    
    Items 8.01, 9.01, Monthly Servicer Certificate*January 20, 2005
    
    Items 8.01, 9.01, Monthly Servicer Certificate*
   *Incorporated by reference.  (c)
    The exhibits in response to Item 601 of Regulation S-K are listed
in the Exhibit Index(d)
    Not Applicable.




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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, 2005VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUSTBy: VW CREDIT, INC., as ServicerBy:
    
    /s/  Timothy J. FlahertyName: Timothy J. FlahertyTitle: Assistant TreasurerVOLKSWAGEN DEALER FINANCE, LLCBy: VW CREDIT, INC., as ServicerBy:
    
    /s/  Timothy J. FlahertyName: Timothy J. FlahertyTitle: Assistant Treasurer




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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 Certificate of VW Credit, Inc., as Servicer. 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 Distribution Statement containing information relating to the
Receivables and the Accounts for the Collections Periods from and including January 2004
through December 2004.