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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
 333-121824
333-121824-01
333-121824-02
 Volkswagen Auto Lease Trust 2005-A
  Volkswagen Auto Lease Underwritten Funding, LLC
 
 VW Credit Leasing, Ltd.
  State of Delaware
    
    11-365048-338-673861820-6418328(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification Nos.)3800 Hamlin Road
    
    48326Auburn Hills, Michigan
    
    (Zip Code)(Address of principal executive offices)
 (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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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.SIGNATURESEXHIBIT INDEXCertification 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  FORM 10-K
 
 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
    
    
    572
    
    
    
    10,974b. 61  90 Days Delinquent
    
    
    150
    
    
    
    2,839c. 91 Days or More Delinquent
    
    
    155
    
    
    
    3,0642.
    
    Delinquency Ratio:
    
    
    
    
    
    Amount ($000s)a. Delinquent Balance
    
    
    
    
    
    
    16,877b. Total Pool Balance
    
    
    
    
    
    
    1,209,761c. Delinquency Ratio
    
    
    
    
    
    
    1.40
    %3.
    
    Defaulted Contracts:
    
    Contracts
    
    Amount ($000s)a. For the Year Ended December 31, 2005
    
    
    451
    
    
    
    9,1044.
    
    Aggregate Net Losses For the Year Ended December 31, 2005:
    
    Amount ($000s)a. Original Portfolio
    
    
    
    
    
    
    1,685,393b. Residual Net Losses
    
    
    
    
    
    
    14,618c. Residual Loss Ratio
    
    
    
    
    
    
    0.87
    %d. Credit Net Losses
    
    
    
    
    
    
    2,066e. Credit Loss Ratio
    
    
    
    
    
    
    0.12
    %




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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.
     
 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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##### Table of Contents



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 AUTO LEASE UNDERWRITTEN
FUNDING, LLCBy:
    /s/ Timothy J. FlahertyName:
    Timothy J. FlahertyTitle:
    Assistant TreasurerVOLKSWAGEN AUTO LEASE TRUST 2005-A 
By: VW CREDIT, INC., as AdministratorBy:
    /s/ Bruce HarrisName:
    Bruce HarrisTitle:
    Chief Financial OfficerVW CREDIT LEASING, LTD. 
By: VW CREDIT, INC., as ServicerBy:
    /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: