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, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the transition period from  to
 333-160515-02
(Commission File Number of Issuing Entity)
 Volkswagen Auto Loan Enhanced Trust 2010-1
  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
(Address of principal executive offices of Registrant)
    
    20171
(Zip Code of Registrant)
 (703) 364-7000
 
  Title of each class
    
    Name of each exchange on which registeredNone
    
    None
 None
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 o Yes þ No
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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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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.
 
 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.
   Item 1123 of Regulation AB. Servicer Compliance Statement.




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SIGNATURES
   VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2010-1By:
    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 Deutsche Bank Trust
Company Americas.Exhibit 34.1
    
    Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly
Virchow Krause, 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 Deutsche Bank Trust Company Americas.Exhibit 35.1
    
    Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2010.