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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, 2003
    
    Commission File No. 333-34266
 Volkswagen Dealer Finance, LLCon 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
    
    
    
    48326Auburn 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: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 (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.
þ Yes o No 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.
Yes o No þ Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).
Yes o No þ 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): None Registrant does not have any voting stock.
Documents Incorporated by Reference: None




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TABLE OF CONTENTS  PART 1Item 1. BusinessItem 2. PropertiesItem 3. Legal Proceedings.Item 4. Submission of Matters To A Vote Of Security Holders.PART IIItem 5. Market for Registrants Common Equity and Related Stockholder Matters.Item 6. Selected Financial Data.Item 7. Managements Discussion And Analysis Of Financial Condition And Results Of Operation.Item 8. Financial Statements and Supplementary Data.Item 9. Changes in and Disagreements On Accounting And Financial Disclosure.Item 9A. Controls and ProceduresPART IIIItem 10. Directors and Officers of the Registrant.Item 11. Executive Compensation.Item 12. Security Ownership Of Certain Beneficial Owners And Management.Item 13. Certain Relationships And Related Transactions.Item 14. Principal Accounting Fees and Services.PART IVItem 15. Exhibits, Financial Statement Schedules, And Reports On Form 8-K.SIGNATURESEXHIBIT INDEXCertification of Officer of Servicer to Sec. 302Annual Certificate of VW Credit, Inc., as ServicerReport by PricewaterhouseCoopers L.L.P.Annual Distribution Statement    Table of Contents  FORM 10-K 
 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 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 2003 through December 2003
are incorporated by reference from the registrants Current Reports on
Form 8-K filed with the Commission on February 25, 2003, March 25, 2003,
April 23, 2003, May 20, 2003, June 20, 2003, July 21, 2003, August 21,
2003, September 22, 2003, October 20, 2003, November 20, 2003, December
22, 2003, and January 20, 2004, respectively. 
 Item 2. Properties. 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, 2003: 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, 2003
    
    
    0
    
    
    
    0




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4.
    
    Aggregate Net Losses:
    
    Amount ($000s)a. Cumulative Net Losses
    
    
    0b. Original Portfolio
    
    
    0c. Aggregate Loss Ratio
    
    
    0.00
    %
 
 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. 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. (Cede), the nominee of The
Depository Trust Company (DTC). At December 31, 2003, 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. None. 
 Item 9A. Controls and Procedures Not Applicable. 
 PART III 
 Item 10. Directors and Officers of the Registrant. Not Applicable. 
 Item 11. Executive Compensation. Not Applicable.




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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, 2003: Date
    
    Items ReportedFebruary 25, 2003
    
    Items 5, 7, Monthly Servicer Certificate*March 25, 2003
    
    Items 5, 7, Monthly Servicer Certificate*April 23, 2003
    
    Items 5, 7, Monthly Servicer Certificate*May 20, 2003
    
    Items 5, 7, Monthly Servicer Certificate*June 20, 2003
    
    Items 5, 7, Monthly Servicer Certificate*July 21, 2003
    
    Items 5, 7, Monthly Servicer Certificate*August 21, 2003
    
    Items 5, 7, Monthly Servicer Certificate*September 22, 2003
    
    Items 5, 7, Monthly Servicer Certificate*October 20, 2003
    
    Items 5, 7, Monthly Servicer Certificate*November 20, 2003
    
    Items 5, 7, Monthly Servicer Certificate*December 22, 2003
    
    Items 5, 7, Monthly Servicer Certificate*January 20, 2004
    
    Items 5, 7, 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 29, 2004 VOLKSWAGEN CREDIT AUTO MASTER OWNER TRUSTBy:
    VW CREDIT, INC., as Servicer By: /s/ Timothy J. FlahertyName: Timothy J. FlahertyTitle: Assistant Treasurer
 VOLKSWAGEN DEALER FINANCE, LLCBy:
    VW CREDIT, INC., as Servicer By: /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-Oakley 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 PricewaterhouseCoopers 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 2003 through December 2003.