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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, 2005
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
 For the transition period from  to
 333-103709
333-103709-02
 Volkswagen Auto Loan Enhanced Trust 2003-2
  Volkswagen Public Auto Loan Securitization, LLC
  State of Delaware
(State or other jurisdiction of
incorporation)
    
    83-0349353
43-6903059
(I.R.S. Employer Id. Nos.)
 3800 Hamlin Road
Auburn Hills, Michigan
(Address of principal executive offices)
    
    48326
(Zip Code)
 (248) 754-5000
 
 None
 None
 o þ
 o þ
 þ o
 þ
 o o þ
 o þ
 None
 See Item 15(b).




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FORM 10-K
 TABLE OF CONTENTS  PART 1Item 1. Business.Item 1A. Risk Factors.Item 1B. Unresolved Staff Comments.Item 2. Properties.Item 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 and Issuer Purchases of Equity Securities.Item 6. Selected Financial Data.Item 7. Managements Discussion And Analysis Of Financial Condition And Results Of Operation.Item 7A. Quantitative and Qualitative Disclosures About Market Risk.Item 8. Financial Statements and Supplementary Data.Item 9. Changes in and Disagreements With Accountants On Accounting And Financial Disclosure.Item 9A. Controls and Procedures.Item 9B. Other Information.PART IIIItem 10. Directors and Executive Officers of the Registrant.Item 11. Executive Compensation.Item 12. Security Ownership Of Certain Beneficial Owners And Management and Related Stockholder Matters.Item 13. Certain Relationships And Related Transactions.Item 14. Principal Accountant Fees and Services.PART IVItem 15. Exhibits, Financial Statement Schedules.SIGNATURESCertification of Officer of Servicer pursuant to Section 302(A)Annual Statement as to Compliance of the ServicerReport on the Activities of VW Credit, Inc., as ServicerAnnual Aggregate Servicer Statement    Table of Contents  
 PART 1
 
 Item 1. Business.
  
 Item 1A. Risk Factors.
  
 Item 1B. Unresolved Staff Comments.
  
 Item 2. Properties.
    1.
    
    Delinquent Contracts:
    
    Contracts
    
    Amount ($000s)a. 31  60 Days Delinquent
    
    
    355
    
    
    
    4,023b. 61  90 Days Delinquent
    
    
    40
    
    
    
    4432.
    
    Delinquency Ratio:
    
    
    
    
    
    Amount ($000s)a. Delinquent Balance
    
    
    
    
    
    
    4,466b. Total Pool Balance
    
    
    
    
    
    
    501,234c. Delinquency Ratio
    
    
    
    
    
    
    0.89
    %3.
    
    Defaulted Contracts:
    
    Contracts
    
    Amount ($000s)a. For the Year Ended December 31, 2005
    
    
    278
    
    
    
    4,1814.
    
    Aggregate Net Losses, for the year ended December 31, 2005:
    
    Amount ($000s)a. Aggregate Net Losses
    
    
    
    
    
    
    1,448b. Original Portfolio
    
    
    
    
    
    
    1,354,290c. Aggregate Loss Ratio
    
    
    
    
    
    
    0.11
    %




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Item 3. Legal Proceedings.
   
 Item 4. Submission of Matters To A Vote Of Security Holders.
  
 PART II
 
 Item 5. Market for Registrants Common Equity and Related Stockholder Matters and Issuer
Purchases of Equity Securities.
  (a)
    
    The holder of record of all offered Notes as of December 31, 2005 was Cede & Co., the nominee
of The Depository Trust Company in the United States. On December 31, 2005, there were less
than 300 holders of record of each Class of Notes.
 (b)
    
    Not applicable.
 (c)
    
    Not applicable.
 
 Item 6. Selected Financial Data.
  
 Item 7. Managements Discussion And Analysis Of Financial Condition And Results Of Operation.
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 8. Financial Statements and Supplementary Data.
  
 Item 9. Changes in and Disagreements With Accountants On Accounting And Financial Disclosure.
  
 Item 9A. Controls and Procedures.
  
 Item 9B. Other Information.




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PART III
 
 Item 10. Directors and Executive Officers of the Registrant.
  
 Item 11. Executive Compensation.
  
 Item 12. Security Ownership Of Certain Beneficial Owners And Management and Related Stockholder
Matters.
 
 
 Item 13. Certain Relationships And Related Transactions.
  
 Item 14. Principal Accountant Fees and Services.
  
 PART IV
 
 Item 15. Exhibits, 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.
 (b)
    
    Current Reports on Forms 8-K during the year ending December 31,
2005:
 Date
    
    Items ReportedFebruary 22, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*March 21, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*April 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*May 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*June 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*July 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*August 22, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*September 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*October 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*November 21, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*December 20, 2005
    
    Items 8.01, 9.01, Monthly Servicers Report*January 20, 2006
    
    Items 8.01, 9.01, Monthly Servicers Report*
 
 *Incorporated by reference. (c)
    
    The exhibits filed in response to Item 601 of Regulation S-K are
listed in the Exhibit Index.




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SIGNATURES






VOLKSWAGEN PUBLIC AUTO LOAN SECURITIZATION, LLCBy:
    
    /s/ Timothy J. FlahertyName: Timothy J. FlahertyTitle: Assistant TreasurerVOLKSWAGEN AUTO LOAN ENHANCED TRUST 2003-2By:
    
    VW CREDIT, INC., as AdministratorBy:
    
    /s/ Bruce HarrisName: Bruce HarrisTitle: Chief Financial Officer






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EXHIBIT INDEX
 Exhibit 31:
 Exhibit 99.1:
 Exhibit 99.2
 Exhibit 99.3: