<PAGE>

                       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, 2002        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        (I.R.S. Employer Identification No.)
     incorporation or organization)

     3800 Hamlin Road                                                      48326
     Auburn Hills, Michigan                                           (Zip Code)
     (Address of principal executive offices)

         Registrant's telephone number, including area code: (248) 340-6550

                                ----------------

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

Securities registered pursuant to Section 12(g) of the Act:
         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 (the "Act") 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.

         YES     x      NO  _______
              -------

         State the aggregate market value of the voting stock held by
non-affiliates of the registrant. The aggregate market value shall be computed
by reference to the price at which the stock was sold, or the average bid and
asked price of such stock, as of a specific date within 60 days prior to the
date of filing. (See definition of affiliate in Rule 405, 17 C.F.R. 230.405):

         NOT APPLICABLE

                       ----------------------------------

                                    FORM 10-K

<PAGE>

                                     PART 1

Item 1.  Business.

               The Volkswagen Credit Auto Master Owner Trust (the "Trust") was
         created pursuant to the Trust Agreement (the "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
         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.

               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 Loan Asset
         Backed Certificates 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 2002
         through December 2002 are incorporated by reference from the
         registrant's Current Reports on Form 8-K filed with the Commission on
         February 21, 2002, March 21, 2002, April 18, 2002, May 22, 2002, June
         25, 2002, July 24, 2002, August 23, 2002, September 26, 2002, October
         29, 2002, November 22, 2002, December 30, 2002, and January 23, 2003,
         respectively.

Item 2.  Properties.

               Omitted.

Item 3.  Legal Proceedings.

               Nothing to Report.

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

               None.

                                     PART II

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

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

               (b)  The Certificates are represented by one or more certificates
                    registered in the name of Cede & Co. ("Cede"), the nominee
                    of The Depository Trust Company ("DTC").

Item 6.  Selected Financial Data.

               Omitted.

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

               Omitted.

Item 8.  Financial Statements and Supplementary Data.

<PAGE>

               Omitted.

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

               None.

                                    PART III

Item 10. Directors and Officers of the Registrant.

               Omitted.

Item 11. Executive Compensation.

               Omitted.

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

               Omitted.

Item 13. Certain Relationships And Related Transactions.

               Nothing to Report.

                                     PART IV

Item 14. Exhibits, Financial Statement Schedules, And Reports On Form 8-K.

               (a)  Omitted.

               (b)  The registrant has filed Current Reports on Form 8-K
                    containing certain financial information with regard to the
                    Trust, the Receivables and the Accounts, on February 21,
                    2002, March 21, 2002, April 18, 2002, May 22, 2002, June 25,
                    2002, July 24, 2002, August 23, 2002, September 26, 2002,
                    October 29, 2002, November 22, 2002, December 30, 2002, and
                    January 23, 2003, respectively.

                    99.1   Annual Certificate of VW Credit, Inc., as Servicer.

                    99.2   Report on the activities of VW Credit, Inc., as
                           Servicer, prepared by PricewaterhouseCoopers L.L.P.

                    99.3   The Payment Date Statements containing information
                           relating to the Receivables and the Accounts for the
                           Collection Periods from and including January 2002
                           through December 2002 are incorporated by reference
                           from the registrant's Current Reports on Form 8-K
                           filed with the Commission on February 21, 2002, March
                           21, 2002, April 18, 2002, May 22, 2002, June 25,
                           2002, July 24, 2002, August 23, 2002, September 26,
                           2002, October 29, 2002, November 22, 2002, December
                           30, 2002, and January 23, 2003, respectively.

<PAGE>

                   Volkswagen Credit Auto Master Trust 2000-1
                  Annual Distribution Statement: 2002 Activity

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
                                                                  20-Feb-02            20-Mar-02            22-Apr-02
<S>                                                         <C>                  <C>                  <C>
Aggregate Amount of Collections                             $386,100,006.24      $280,736,473.70      $350,576,159.10
Aggregate Amount of non-Principal Collections               $  2,799,733.73      $  2,948,724.64      $  2,562,500.18
Aggregate Amount of Principal Collections                   $383,300,272.51      $277,787,749.06      $348,013,658.92
Pool Balance                                                $734,975,066.69      $756,857,682.30      $788,465,170.81
Residual Participation Account                              $234,975,066.69      $256,857,682.30      $288,465,170.81
Excess Funding Account                                      $          0.00      $          0.00      $          0.00

Series Allocation Percentage                                         100.00%              100.00%              100.00%
Floating Allocation Percentage                                        68.03%               66.06%               63.41%
Fixed Allocation Percentage                                             N/A                  N/A                  N/A

Total Amount Distributed on Series 2000-1                   $    767,291.67      $    779,722.22      $    942,447.92

Amount of Such Distribution Allocable to Principal
on 2000-1                                                   $          0.00      $          0.00      $          0.00

Amount of Such Distribution Allocable to Interest on
2000-1                                                      $    767,291.67      $    779,722.22      $    942,447.92

Noteholder Default Amount                                   $          0.00      $          0.00      $          0.00
Required Subordinated Draw Amount                           $          0.00      $          0.00      $          0.00

Noteholder Charge Offs                                      $          0.00      $          0.00      $          0.00
Amounts of Reimbursements                                   $          0.00      $          0.00      $          0.00

Monthly Servicing Fee                                       $    612,479.22      $    630,714.74      $    657,054.31
Noteholder Monthly Servicing Fee                            $    416,666.67      $    416,666.67      $    416,666.67

Controlled Distribution Amount                              $          0.00      $          0.00      $          0.00

Series 2000-1 Invested Amount-end of period (Gross)         $500,000,000.00      $500,000,000.00      $500,000,000.00
Outstanding Principal Balance                               $500,000,000.00      $500,000,000.00      $500,000,000.00

Available Subordinated Amount                               $ 73,884,587.01      $ 70,528,709.27      $ 76,420,222.74

Carry-over Amount                                           $          0.00      $          0.00      $          0.00

Reserve Balance                                             $  1,750,000.00      $  1,750,000.00      $  1,750,000.00

Principal Funding Account Balance                           $          0.00      $          0.00      $          0.00
Yield Supplement Account Balance                            $  1,750,000.00      $  1,750,000.00      $  1,750,000.00

<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
                                                                  20-May-02            20-Jun-02             22-Jul-02
<S>                                                         <C>                  <C>                   <C>
Aggregate Amount of Collections                             $389,268,888.97      $395,653,817.84       $372,721,467.08
Aggregate Amount of non-Principal Collections               $  2,808,191.48      $  2,961,114.50       $  2,786,909.86
Aggregate Amount of Principal Collections                   $386,460,697.49      $392,692,703.34       $369,934,557.22
Pool Balance                                                $771,968,399.07      $765,475,315.91       $748,755,528.52
Residual Participation Account                              $281,968,399.07      $265,475,315.91       $248,755,528.52
Excess Funding Account                                      $          0.00      $          0.00       $          0.00

Series Allocation Percentage                                         100.00%              100.00%               100.00%
Floating Allocation Percentage                                        64.77%               65.32%                66.78%
Fixed Allocation Percentage                                             N/A                  N/A                   N/A

Total Amount Distributed on Series 2000-1                   $    782,638.89      $    858,958.33       $    886,111.11

Amount of Such Distribution Allocable to Principal
on 2000-1                                                   $          0.00      $          0.00       $          0.00

Amount of Such Distribution Allocable to Interest on
2000-1                                                      $    782,638.89      $    858,958.33       $    886,111.11

Noteholder Default Amount                                   $          0.00      $          0.00       $          0.00
Required Subordinated Draw Amount                           $          0.00      $          0.00       $          0.00

Noteholder Charge Offs                                      $          0.00      $          0.00       $          0.00
Amounts of Reimbursements                                   $          0.00      $          0.00       $          0.00

Monthly Servicing Fee                                       $    643,307.00      $    637,896.10       $    623,962.94
Noteholder Monthly Servicing Fee                            $    416,666.67      $    416,666.67       $    416,666.67

Controlled Distribution Amount                              $          0.00      $          0.00       $          0.00

Series 2000-1 Invested Amount-end of period (Gross)         $500,000,000.00      $500,000,000.00       $500,000,000.00
Outstanding Principal Balance                               $500,000,000.00      $500,000,000.00       $500,000,000.00

Available Subordinated Amount                               $ 79,182,523.63      $ 82,332,135.43       $ 84,074,677.34

Carry-over Amount                                           $          0.00      $          0.00       $          0.00

Reserve Balance                                             $  1,750,000.00      $  1,750,000.00       $  1,750,000.00

Principal Funding Account Balance                           $          0.00      $          0.00       $          0.00
Yield Supplement Account Balance                            $  1,750,000.00      $  1,750,000.00       $  1,750,000.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                             Volkswagen Credit Auto Master Trust 2000-1
                                            Annual Distribution Statement: 2002 Activity
-----------------------------------------------------------------------------------------------------------------------------
                                                             20-Aug-02         20-Sep-02          21-Oct-02         20-Nov-02
<S>                                                    <C>               <C>                <C>               <C>
Aggregate Amount of Collections                        $420,126,153.18   $396,181,571.30    $355,007,640.33   $360,823,957.38
Aggregate Amount of non-Principal Collections          $  2,724,844.92   $  2,701,484.85    $  2,557,764.18   $ $2,595,810.17
Aggregate Amount of Principal Collections              $417,401,308.26   $393,480,086.45    $352,449,876.15   $358,228,147.21
Pool Balance                                           $695,286,982.62   $699,281,421.47    $719,874,009.41   $752,395,921.94
Residual Participation Account                         $195,286,982.62   $199,281,421.47    $219,874,009.41   $252,395,921.94
Excess Funding Account                                 $          0.00   $          0.00    $          0.00

Series Allocation Percentage                                    100.00%           100.00%            100.00%           100.00%
Floating Allocation Percentage                                   71.91%            71.50%             69.46%            66.45%
Fixed Allocation Percentage                                        N/A               N/A                N/A               N/A

Total Amount Distributed on Series 2000-1              $    803,541.67   $    840,659.72    $    850,347.22   $    827,083.33

Amount of Such Distribution Allocable to Principal
on 2000-1                                              $          0.00   $          0.00    $          0.00   $          0.00

Amount of Such Distribution Allocable to Interest
on 2000-1                                              $    803,541.67   $    840,659.72    $    850,347.22   $    827,083.33

Noteholder Default Amount                              $          0.00   $          0.00    $          0.00   $          0.00

Required Subordinated Draw Amount                      $          0.00   $          0.00    $          0.00   $          0.00

Noteholder Charge Offs                                 $          0.00   $          0.00    $          0.00   $          0.00
Amounts of Reimbursements                              $          0.00   $          0.00    $          0.00   $          0.00

Monthly Servicing Fee                                  $    579,405.82   $    582,734.52    $    599,895.01   $    626,996.60
Noteholder Monthly Servicing Fee                       $    416,666.67   $    416,666.67    $    416,666.67   $    416,666.67

Controlled Distribution Amount                         $          0.00   $          0.00    $          0.00             $0.00

Series 2000-1 Invested Amount-end of period (Gross)    $500,000,000.00   $500,000,000.00    $500,000,000.00   $500,000,000.00
Outstanding Principal Balance                          $500,000,000.00   $500,000,000.00    $500,000,000.00   $500,000,000.00

Available Subordinated Amount                          $ 88,487,851.66   $ 86,998,882.77    $ 84,096,444.21   $ 81,148,413.09

Carry-over Amount                                      $          0.00   $          0.00    $          0.00   $          0.00

Reserve  Balance                                       $  1,750,000.00   $  1,750,000.00    $  1,750,000.00   $  1,750,000.00

Principal Funding Account Balance                      $          0.00   $          0.00    $          0.00   $          0.00
Yield Supplement Account Balance                       $  1,750,000.00   $  1,750,000.00    $  1,750,000.00   $  1,750,000.00

<CAPTION>
-------------------------------------------------------------------------------------------------------------
                                                             20-Dec-02         21-Jan-03                Total
<S>                                                    <C>               <C>                <C>
Aggregate Amount of Collections                        $290,285,944.09   $282,918,889.46    $4,280,400,968.67
Aggregate Amount of non-Principal Collections          $  2,779,563.49   $  2,493,556.33    $   32,720,198.33
Aggregate Amount of Principal Collections              $287,506,380.60   $280,425,333.13    $4,247,680,770.34
Pool Balance                                           $813,046,330.19   $878,646,937.15    $  760,419,063.84
Residual Participation Account                         $313,046,330.19   $378,646,937.15    $  260,419,063.84
Excess Funding Account                                 $          0.00   $          0.00    $            0.00

Series Allocation Percentage                                    100.00%           100.00%              100.00%
Floating Allocation Percentage                                   61.50%            56.91%               66.01%
Fixed Allocation Percentage                                        N/A               N/A                  N/A

Total Amount Distributed on Series 2000-1              $    642,970.83   $    700,000.00    $    9,681,772.92

Amount of Such Distribution Allocable to Principal
on 2000-1                                              $          0.00   $          0.00    $            0.00

Amount of Such Distribution Allocable to Interest
on 2000-1                                              $    642,970.83   $    700,000.00    $    7,681,772.92

Noteholder Default Amount                              $          0.00   $          0.00    $            0.00

Required Subordinated Draw Amount                      $          0.00   $          0.00    $            0.00

Noteholder Charge Offs                                 $          0.00   $          0.00    $            0.00
Amounts of Reimbursements                              $          0.00   $          0.00    $            0.00

Monthly Servicing Fee                                  $    677,538.61   $    732,205.78    $    7,604,190.64
Noteholder Monthly Servicing Fee                       $    416,666.67   $    416,666.67    $    5,000,000.00

Controlled Distribution Amount                         $          0.00   $          0.00    $            0.00

Series 2000-1 Invested Amount-end of period (Gross)    $500,000,000.00   $500,000,000.00    $  500,000,000.00
Outstanding Principal Balance                          $500,000,000.00   $500,000,000.00    $  500,000,000.00

Available Subordinated Amount                          $ 79,137,801.49   $ 84,942,578.81    $   80,936,235.62

Carry-over Amount                                      $          0.00   $          0.00    $            0.00

Reserve  Balance                                       $  1,750,000.00   $  1,750,000.00    $    1,750,000.00

Principal Funding Account Balance                      $          0.00   $          0.00    $            0.00
Yield Supplement Account Balance                       $  1,750,000.00   $  1,750,000.00    $    1,750,000.00
</TABLE>