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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
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    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 fromto
 333-133770-04
(Commission File Number of Issuing Entity)
 Volkswagen Auto Loan Enhanced Trust 2007-1
  Volkswagen Auto Lease/Loan Underwritten Funding, LLC
  VW Credit, Inc.  (Exact name of Sponsor as specified in
its charter)
 State of Delaware
(State or other jurisdiction of 
incorporation or organization of Registrant)
    
    11-3650483
(I.R.S. Employer
Identification No. of Registrant)
 2200 Ferdinand Porsche Drive 
Herndon, 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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  Large accelerated filer o   
    Accelerated filer o
    Non-accelerated filer þ
    Smaller reporting company o(Do not check if a smaller reporting company)
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 None
 None




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TABLE OF CONTENTS  PART 1Item 1B. Unresolved Staff CommentsPART 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)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 February 27, 2008 a process control deficiency was identified (and corrected
February 27, 2008) for the period from January 1, 2008 through February 27, 2008 in the
calculation of the daily amount required to transfer to the collection account, however,
sufficient funds were transferred and there was no impact to the Noteholders.2.
    
    On April 26, 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 transferred and there was 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.




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Item 1123 of Regulation AB. Servicer Compliance Statement.
  
 SIGNATURES
   VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2007-1By:
    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.