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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
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2008
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the transition period from to
 333-133770-05
(Commission File Number of Issuing Entity)
 Volkswagen Auto Loan Enhanced Trust 2008-1
  Volkswagen Auto Lease/Loan Underwritten Funding, LLC
  VW Credit, Inc.
  State of Delaware
    
    11-3650483(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization of
    
    Identification No. of Registrant)Registrant)2200 Ferdinand Porsche DriveHerndon, Virginia
    
    20171(Address of principal executive offices of Registrant)
    
    (Zip Code of Registrant)
 (703) 364-7000
 
  Title of each class
    
    Name of each exchange on which registeredNone
    
    None
 None
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 þ o
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  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer  þ
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ
 None
 None




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TABLE OF CONTENTS  PART 1Item 1B. Unresolved Staff Comments.PART IIItem 9A(T). Controls and ProceduresItem 9B. Other InformationPART IIIPART IVItem 15. Exhibits and Financial Statement SchedulesItem 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information)Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers)Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information)Item 1117 of Regulation AB. Legal ProceedingsItem 1119 of Regulation AB. Affiliations and Certain Relationships and Related TransactionsItem 1122 of Regulation AB. Compliance with Applicable Servicing CriteriaItem 1123 of Regulation AB. Servicer Compliance StatementSIGNATURESEXHIBIT INDEXEX-31EX-33.1EX-33.2EX-34.1EX-34.2EX-35.1    Table of Contents  FORM 10-K
 
 PART 1
 THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:
 (A)
    
    Item 1     Business.
 (B)
    
    Item 1A     Risk Factors.
 (C)
    
    Item 2     Properties.
 (D)
    
    Item 3     Legal Proceedings.
 (E)
    
    Item 4     Submission of Matters to a Vote of Security Holders.
 
 Item 1B. Unresolved Staff Comments.
  
 PART II
 THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:
 (A)
    
    Item 5     Market for Registrants Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities.
 (B)
    
    Item 6     Selected Financial Data.
 (C)
    
    Item 7     Managements Discussion and Analysis of Financial Condition and Results of
Operations.
 (D)
    
    Item 7A     Quantitative and Qualitative Disclosures About Market Risk.
 (E)
    
    Item 8     Financial Statements and Supplementary Data.
 (F)
    
    Item 9     Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.
 (G)
    
    Item 9A     Controls and Procedures.
 
 Item 9A(T). Controls and Procedures.
  
 Item 9B. Other Information.
  
 PART III
 THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:
 (A)
    
    Item 10     Directors, Executive Officers and Corporate Governance.
 (B)
    
    Item 11     Executive Compensation.
 (C)
    
    Item 12     Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
 (D)
    
    Item 13     Certain Relationships and Related Transactions, and Director Independence.
 (E)
    
    Item 14     Principal Accounting Fees and Services.
 
 PART IV
 
 Item 15. Exhibits and Financial Statement Schedules.
 (a)
    
    (1)      Not applicable.
 (2)
    
    Not applicable.(3)
    
    The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit
Index.




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(b)
    
    The exhibits filed in response to Item 601 of Regulation S-K are
listed in the Exhibit Index.(c)
    
    None.
 SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM 10-K:
 
 Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).
  
 Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain
Derivatives Instruments (Information Regarding Significant Enhancement Providers).
  
 Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).
  
 Item 1117 of Regulation AB. Legal Proceedings.
  
 Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.
  
 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
   1.
    
    On October 21, 2008, an error was discovered in the Monthly Servicers Certificate
filed on October 20, 2008. Line 106, Beginning Net Principal Losses and Line 108,
Cumulative Net Principal Losses were incorrectly reported on the Monthly Servicers
Certificate. On October 22, 2008, a restated version of the monthly Servicers Certificate
was delivered to the Indenture Trustee. On October 28, 2008, an amendment to the Form 10-D
was filed in order to replace the exhibit 99.1.2.
    
    On November 1, 2008 a process control deficiency was identified when a payment failed
to transfer to the collection account within the two day requirement, however, sufficient
funds were being transferred on a daily basis resulting in no impact to the Noteholders. A
monthly reconciliation process is in place to identify these types of deposits and the
above mentioned deficiency was detected during our monthly reconciliation process.3.
    
    On January 14, 2009, an error was discovered in the Monthly Servicers Certificates
filed on May 20, 2008, June 20, 2008, July 21, 2008, August 20, 2008, September 22, 2008,
October 20, 2008, November 20, 2008 and December 22, 2008. Line 101, the Actual Monthly
Prepayment Speed, was incorrectly reported on the Monthly Servicers
Certificate. On January 28, 2009, restated versions of the Monthly Servicers Certificates
were delivered to the Indenture Trustee. On February 2, 2009, amendments to the Form 10-D
were filed in order to replace the exhibit 99.1.




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Item 1123 of Regulation AB. Servicer Compliance Statement.




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SIGNATURES
   VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2008-1By:
    VW Credit, Inc., as ServicerBy:
    /s/Andrew StuartAndrew StuartExecutive Vice President & CFO
(senior officer in charge of the servicing function)




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EXHIBIT INDEX
 Exhibit 31
    
    Certification of Senior Officer in Charge of the Servicing Function of the Servicer
Pursuant to Rule 15d-14(d).Exhibit 33.1
    
    Report on Assessment of Compliance with Applicable Servicing Criteria of VW Credit, Inc.Exhibit 33.2
    
    Report on Assessment of Compliance with the Servicing Criteria of Citibank, N.A.Exhibit 34.1
    
    Attestation Report on Assessment of Compliance with the Servicing Criteria of Virchow
Krause & Company, LLP, on behalf of VW Credit, Inc.Exhibit 34.2
    
    Attestation Report on Assessment of Compliance with the Servicing Criteria of KPMG, on
behalf of Citibank, N.A.Exhibit 35.1
    
    Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2008.