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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, 2000        Commission File No. 33-80055

                Volkswagen Credit Auto Receivables Corporation
                                 On behalf of
                      Volkswagen Credit Auto Master Trust

(Issuer of the Volkswagen Credit Auto Master Trust Floating Rate Dealer Loan
Backed Certificates, Series 1996-1 (the "Certificates"))

            (Exact name of registrant as specified in its charter)

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     State of Delaware                                              38-2748796
     (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) 340-4938

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

Securities registered pursuant to Section 12(g) of the Act:
         Form 8-A was filed with the Securities and Exchange Commission (the
"Commission") registering the Series of Certificates pursuant to Section 12(g)
of the Securities Exchange Act of 1934 (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     _______
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         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

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         * On May 9, 1997, the registrant was issued a no-action letter (the
"No-Action Letter") by the commission with respect to certain of the
registrant's reporting requirements pursuant to Section 13 or 15(d) of the Act.
This Form 10-K has been prepared in accordance with the terms of such No-Action
Letter.
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                   FORM 10-K (Pursuant to No-Action Letter)

                                    PART 1

Item 1.   Business.

                  The Volkswagen Credit Auto Master Trust (the "Trust") was
         created pursuant to the Pooling and Servicing Agreement (the "Pooling
         Agreement") dated February 29, 1996 among Volkswagen Credit Auto
         Receivables Corporation (the (Company") as seller, VW Credit, Inc., as
         servicer, and Citibank, N.A., 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
         February 29, 1996 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 1996-1, Floating Rate Auto Loan Asset
         Backed Certificates in the initial principal amount of $375,000,000.
         The Monthly Certificates contain information relating to the
         Receivables and the accounts from which the Receivables arise (the
         "Accounts") and are prepared by the Servicer and delivered to the
         Trustee pursuant to Section 3.04 of the Pooling Agreement. The Monthly
         Certificates containing information relating to the Receivables and the
         Accounts for the Collection Periods from and including January 2000
         through May 2000 are incorporated by reference from the registrant's
         Current Reports on Form 8-K filed with the Commission on February 15,
         2000, March 13, 2000, April 17, 2000, May 15, 2000, and March 22, 2001,
         respectively.

                  The invested amount of Series 1996-1 is now zero and the
         Volkswagen Credit Auto Master Trust has terminated pursuant to Section
         12.01 of the pooling and servicing agreement relating thereto.


Item 2.   Properties.

                  For information regarding the property of the Trust, see the
         Pooling and Servicing Agreement and the Current Reports on Form 8-K
         incorporated by reference herein. For additional information regarding
         the Certificates, see Exhibit 99.

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 Certificates.

           (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").

           (c) Omitted pursuant to the No-Action Letter.

Item 6.   Selected Financial Data.

           Omitted pursuant to the No-Action Letter.
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Item 7.   Management's Discussion And Analysis Of Financial Condition And
          Results Of Operation.

                  Omitted pursuant to the No-Action Letter.


Item 8.   Financial Statements and Supplementary Data.

                  Omitted pursuant to the No-Action Letter.

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

                  None.

                                   PART III

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

                  (a) The Certificates are represented by one or more
         certificates registered in the name of Cede, the nominee of DTC, and an
         investor holding an interest in the Trust is not entitled to receive a
         certificate representing such interest except in limited circumstances
         set forth in the Pooling Agreement. Accordingly, Cede is the sole
         holder of record of Certificates, which it holds on behalf of brokers,
         dealers, bank, and other direct participants in the DTC system. Such
         direct participants may hold Certificates for their own accounts or for
         the accounts of their customers. The name and address of Cede is Cede &
         Co., c/o The Depository Trust Company, Seven Hanover Square, New York,
         NY 10004.

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 pursuant to the No-Action Letter.

                  (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, in
                       accordance with the No-Action Letter, on February 15,
                       2000, March 13, 2000, April 17, 2000, May 15, 2000, and
                       March 22, 2001, respectively.

                  (c)  3.1  The Articles of Incorporation and By-Laws of the
                            registrant are incorporated by reference from
                            Exhibits 3.1 and 3.2, respectively, of the
                            registrant's Registration Statement on Form S-3
                            (File No. 33-80055).

                       4.1  The Pooling Agreement and the Series 1996-1
                            Supplement thereto are incorporated by reference
                            from Exhibits 2.2 and 2.3, respectively, of the
                            registrant's Form 8A filed with the Commission on
                            September 13, 1996.

                     5.1     The opinion of Cravath, Swaine & Moore with respect
                             to certain matters involving the Certificates is
                             incorporated by reference from Exhibit 5.1 of the
                             registrant's Registration Statement on Form S-3
                             (File No. 33-80055).

                     8.1     The opinion of Cravath, Swaine & Moore with respect
                             to federal tax matters s incorporated by reference
                             from Exhibit 8.1 of the registrant's Registration
                             Statement on Form S-3 (File No. 33-80055).
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                     8.2     The opinion of Honigman, Miller Schwartz & Cohn
                             with respect to Michigan state tax matters is
                             incorporated by reference from Exhibit 8.2 of the
                             registrant's Registration Statement on Form S-3
                             (File No. 33-80055).

                     23.1    The consent of Cravath, Swaine & Moore is
                             incorporated by reference from Exhibit 23.1 of the
                             registrant's Registration Statement on Form S-3
                             (File 33-80055).

                     23.2    The Consent of Honigman, Miller, Schwartz & Cohn is
                             incorporated by reference from Exhibit 23.2 of the
                             registrant's Registration Statement on Form S-3
                             (File No. 33-80055).

                     99.1    The Annual Certificate of VW Credit, Inc., as
                             Servicer is attached hereto as Exhibit 99.1

                     99.2    The Monthly Certificates containing information
                             relating to the Receivables and the Accounts for
                             the Collection Periods from and including January
                             2000 through May 2000 are incorporated by reference
                             from the registrant's Current Reports on Form 8-K
                             filed with the Commission , on February 15, 2000,
                             March 13, 2000, April 17, 2000, May 15, 2000, and
                             March 22, 2001, respectively.