# EDGAR Filing Document

**Accession Number:** 0001182534
**File Stem:** 0001104659-23-038952
**Filing Date:** 2023-3
**Character Count:** 64432
**Document Hash:** bbb24a019473cca4a5941ef9298361f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-038952.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001104659-23-038952

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Volkswagen Auto Loan Enhanced Trust 2021-1
- **CENTRAL INDEX KEY:** 0001878944
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-233424-02
- **FILM NUMBER:** 23778875

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 FERDINAND PORSCHE DR.
- **CITY:** HERNDON
- **STATE:** VA
- **ZIP:** 20171
- **BUSINESS PHONE:** (703) 364-7325

**MAIL ADDRESS:**
- **STREET 1:** 2200 FERDINAND PORSCHE DR.
- **CITY:** HERNDON
- **STATE:** VA
- **ZIP:** 20171
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC
- **CENTRAL INDEX KEY:** 0001182534
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 113650483
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-99199
- **FILM NUMBER:** 23778876

**BUSINESS ADDRESS:**
- **STREET 1:** 2200 WOODLAND POINTE AVENUE
- **CITY:** HERNDON
- **STATE:** VA
- **ZIP:** 20171
- **BUSINESS PHONE:** (703) 364-7325

**MAIL ADDRESS:**
- **STREET 1:** 2200 WOODLAND POINTE AVENUE
- **CITY:** HERNDON
- **STATE:** VA
- **ZIP:** 20171

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VOLKSWAGEN AUTO LEASE UNDERWRITTEN FUNDING LLC
- **DATE OF NAME CHANGE:** 20020823

**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**

⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 <br>◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from<u> </u> to

**333-233424-02**

(Commission File Number of Issuing Entity)

**Volkswagen Auto Loan Enhanced Trust 2021-1**

(Exact name of Issuing Entity as specified in its charter)

Central Index Key Number of Issuing Entity: **0001878944**

**Volkswagen Auto Lease/Loan Underwritten Funding, LLC**

(Exact name of Depositor as specified in its charter)

Central Index Key Number of Depositor: **0001182534**

**VW Credit, Inc.**

(Exact name of Sponsor as specified in its charter)

Central Index Key Number of Securitizer: **0000833733**

---

| | |
|:---|:---|
| **State of Delaware** | **30-6681231** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization of <br> Registrant) | Identification No. of Registrant) |
| **2200 Woodland Pointe Avenue** | **20171** |
| **Herndon, Virginia** | (Zip Code of Registrant) |
| (Address of principal executive offices of Registrant) |  |

---

**(703) 364-7000**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Title of each class | &nbsp;&nbsp; Trading Symbol(s) | &nbsp;&nbsp; Name of each exchange on which registered |
| &nbsp;&nbsp;None | &nbsp;&nbsp;N/A | &nbsp;&nbsp; None<br>|

---

Securities registered pursuant to Section 12(g) of the Securities Exchange Act: **None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ◻ Yes ⌧ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act. ◻ Yes ⌧ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ⌧ Yes ◻ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

⌧ Yes ◻ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer: ◻ | Accelerated filer: ◻ |
| Non-accelerated filer: ⌧ | Smaller reporting company: ◻ |
|  | Emerging growth company: ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻ Not Applicable

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). Yes ◻ No ⌧

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. **None**

Documents incorporated by reference: **None**

**FORM 10-K**

**PART 1**

**THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Item 1** **Business.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Item 1A** **Risk Factors.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** **Item 2** **Properties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** **Item 3** **Legal Proceedings.** 

**Item 1B. Unresolved Staff Comments.**

Not Applicable.

**Item 4. Mine Safety Disclosures.**

Not Applicable.

**PART II**

**THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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 9B. Other Information.**

None.

**PART III**

**THE FOLLOWING ITEMS HAVE BEEN OMITTED IN ACCORDANCE WITH GENERAL INSTRUCTION J(1) TO FORM 10-K:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** **Item 10** **Directors, Executive Officers and Corporate Governance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** **Item 11** **Executive Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)** **Item 12** **Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** **Item 13** **Certain Relationships and Related Transactions, and Director Independence.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)** **Item 14** **Principal Accountant Fees and Services.** 

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None.

**Item 16. Form 10-K Summary.**

Not Applicable.

**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).**

Not Applicable.

**Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).**

Not Applicable.

**Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).**

Not Applicable.

**Item 1117 of Regulation AB. Legal Proceedings.**

Volkswagen Aktiengesellschaft ("Volkswagen AG") and affiliates of Volkswagen AG (collectively, "Volkswagen Group Companies"), including VW Credit, Inc. ("VW Credit"), have been the subject of intense scrutiny, ongoing investigations (civil and criminal) and civil litigation relating to TDI diesel engines. Volkswagen AG and other Volkswagen Group Companies have received subpoenas and inquiries from state attorneys general and other governmental and regulatory authorities and are responding to such investigations and inquiries, including in areas relating to securities, financing and tax.

One such legal action to which VW Credit was subject, or to which certain other Volkswagen Group Companies are still subject, is a civil action brought by the SEC pursuant to a complaint filed in the U.S. District Court for the Northern District of California on March 14, 2019. The complaint alleged that VW Credit, its indirect 100% parent, Volkswagen AG, an affiliate, Volkswagen Group of America Finance, LLC, and the former Chief Executive Officer of Volkswagen AG, Martin Winterkorn, violated certain provisions of the U.S. federal securities laws by selling certain bonds and asset-based securities without disclosure concerning the existence of defeat devices, as defined under U.S. law, in certain diesel vehicles, and related exposures.

On August 20, 2020, the U.S. District Court for the Northern District of California granted in part the Volkswagen defendants' motion to dismiss the complaint, dismissing all claims against VW Credit related to its issuance of automotive asset-backed securities ("ABS"). With respect to VW Credit, the court held that the SEC's claims had already been released by virtue of Volkswagen AG, Volkswagen Group of America Finance, LLC and VW Credit's settlement with the U.S. Department of Justice for claims made under the Financial Institutions Reform, Recovery and Enforcement Act, 12 U.S.C. § 1833a, related to VW Credit and the ABS.

On September 4, 2020, the SEC filed an amended complaint and removed its claims against VW Credit. On December 7, 2020, the Volkswagen Group Companies entities named in the amended complaint filed an answer to the operative complaint denying liability for the claims asserted by the SEC and raising affirmative defenses. To date, the SEC has not sought to pursue a direct appeal as to the claims against VW Credit; however, the SEC may attempt to appeal after the resolution of all remaining claims in the amended complaint. The other Volkswagen Group Companies named in the amended complaint intend to continue to contest the claims asserted in the SEC's amended complaint and the relief sought by the SEC.

***Indenture Trustee Litigation***

 ****

U.S. Bank Trust Company, National Association, as the Indenture Trustee, has provided the following information for inclusion in this report on Form 10-K:

U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

Except as described above, no legal proceedings are pending against any of VW Credit, Inc. (in its capacity as the sponsor (the "Sponsor"), in its capacity as an originator contemplated by Item 1110(b) of Regulation AB (the "Originator"), in its capacity as servicer (the "Servicer") and in its capacity as administrator of Volkswagen Auto Loan Enhanced Trust 2021-1 (the "Issuing Entity")), Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the "Depositor"), U.S. Bank Trust Company, National Association (the "Indenture Trustee"), Citicorp Trust Delaware, National Association (the "Issuer Delaware Trustee"), Citibank, N.A. (the "Owner Trustee"), or the Issuing Entity or of which any property of the foregoing is the subject that are or would be material to holders of the asset-backed notes (the "Notes") or the asset-backed certificate (the "Certificate"). No such proceedings are known to be contemplated by governmental authorities.

**Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.**

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

**Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.**

The Servicer, the Indenture Trustee and U.S. Bank National Association (collectively, the "Servicing Parties") have each been identified by the Depositor as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity. Each of the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria set forth in paragraph (d) of Item 1122 of Regulation AB applicable to it (each, a "Servicing Assessment Report"), which Servicing Assessment Reports are attached as exhibits to this Form 10-K. In addition, each of the Servicer and the Indenture Trustee has provided an attestation report (each, an "Attestation Report") by a registered public accounting firm, which reports are also attached as exhibits to this Form 10-K. Neither the Indenture Trustee's Servicing Assessment Report nor the Indenture Trustee's Attestation Report has identified any material instance of noncompliance with the servicing criteria applicable to the Indenture Trustee.

The Servicer complied in all material respects with the servicing criteria applicable to it.

**Item 1123 of Regulation AB. Servicer Compliance Statement.**

The Servicer has completed a statement of compliance with its activities during the reporting period and of its performance under the applicable servicing agreement (a "Compliance Statement"), signed by an authorized officer of the Servicer. The Compliance Statement is attached as Exhibit 35.1 to this Form 10-K.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[**Exhibit 31.1**](tm2310809d2_ex31-1.htm) | &nbsp;&nbsp;[Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d).](tm2310809d2_ex31-1.htm) |
| &nbsp;&nbsp;[**Exhibit 33.1**](tm2310809d2_ex33-1.htm) | &nbsp;&nbsp;[Report on Assessment of Compliance with Applicable Servicing Criteria of VW Credit, Inc.](tm2310809d2_ex33-1.htm) |
| &nbsp;&nbsp;[**Exhibit 33.2**](tm2310809d2_ex33-2.htm) | &nbsp;&nbsp;[Report on Assessment of Compliance with the Servicing Criteria of U.S. Bank Trust Company, National Association and U.S. Bank National Association.](tm2310809d2_ex33-2.htm) |
| &nbsp;&nbsp;[**Exhibit 34.1**](tm2310809d2_ex34-1.htm) | &nbsp;&nbsp;[Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly US, LLP, on behalf of VW Credit, Inc.](tm2310809d2_ex34-1.htm) |
| &nbsp;&nbsp;[**Exhibit 34.2**](tm2310809d2_ex34-2.htm) | &nbsp;&nbsp;[Attestation Report on Assessment of Compliance with the Servicing Criteria of Ernst & Young LLP, on behalf of U.S. Bank Trust Company, National Association and U.S. Bank National Association.](tm2310809d2_ex34-2.htm) |
| &nbsp;&nbsp;[**Exhibit 35.1**](tm2310809d2_ex35-1.htm) | &nbsp;&nbsp;[Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2022.](tm2310809d2_ex35-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

March 30, 2023

---

| | |
|:---|:---|
| VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1 | VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1 |
| By: | VW Credit, Inc., as Servicer |
| By: | /s/ Garett Miles |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garett Miles<br> Head of Securitization and Assistant Treasurer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garett Miles<br> Head of Securitization and Assistant Treasurer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(senior officer in charge of the servicing function) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(senior officer in charge of the servicing function) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF SENIOR OFFICER IN CHARGE OF THE SERVICING FUNCTION OF THE SERVICER PURSUANT TO Rule 15d-14(d)**

I, Garett Miles, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered
by this report on Form 10-K of Volkswagen Auto Loan Enhanced Trust 2021-1 (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the
period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;4. I am responsible for reviewing the activities performed by the servicer and based on my knowledge and the compliance review conducted
in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the
Exchange Act periodic reports, the servicer has fulfilled its obligations under the servicing agreement in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with
Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise
disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: U.S. Bank Trust Company, National Association.

March 30, 2023

---

| |
|:---|
| /s/ Garett Miles |
| Garett Miles |
| Head of Securitization and Assistant Treasurer |
| (senior officer in charge of the servicing function) |

---

## Exhibit 33.1

**EXHIBIT 33.1**

**Report on Assessment of Compliance with Applicable Servicing Criteria of VW Credit, Inc.**

March 30, 2023

1. VW Credit, Inc. ("VCI") is responsible for assessing compliance with the servicing criteria applicable to it set forth in paragraph (d) of Item 1122 of Regulation AB as of December 31, 2022 and for the period from January 1, 2022 through December 31, 2022 (the "Reporting Period") as set forth in Exhibit A hereto. This report does not include asset backed securities transactions for which VCI acted as servicer involving retail auto loans consummated prior to the effectiveness of Regulation AB. The sole asset-backed securities transaction covered by this report was the Volkswagen Auto Loan Enhanced Trust 2021-1.

2. Except as set forth in paragraph 3 below, VCI used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess compliance with the applicable servicing criteria.

3. VCI has determined that the criteria in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto (collectively, the "Inapplicable Servicing Criteria") are not applicable to VCI based on the activities VCI performs with respect to asset backed securities transactions involving retail auto loans other than transactions consummated prior to the effectiveness of Regulation AB. The criteria set forth in paragraph (d) of Item 1122 of Regulation AB other than the Inapplicable Servicing Criteria are referred to as the "Applicable Servicing Criteria".

4. VCI has complied, in all material respects, with the Applicable Servicing Criteria as of December 31, 2022 and for the Reporting Period with respect to its asset backed securities transactions involving retail auto loans other than transactions consummated prior to the effectiveness of Regulation AB.

5. Baker Tilly US, LLP, an independent registered public accounting firm, has issued an attestation report on VCI's assessment of compliance with the Applicable Servicing Criteria as of December 31, 2022 and for the Reporting Period.

VW CREDIT, INC.

---

| | |
|:---|:---|
| By: | /s/ Garett Miles |
|  | Garett Miles |
|  | Head of Securitization and Assistant Treasurer |

---

**<u>EXHIBIT A</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**SERVICING CRITERIA** | &nbsp;&nbsp;<br>**SERVICING CRITERIA** | &nbsp;&nbsp;<br> **APPLICABLE**<br> **SERVICING CRITERIA** | &nbsp;&nbsp;<br> **APPLICABLE**<br> **SERVICING CRITERIA** | &nbsp;&nbsp;**INAPPLICABLE<br> SERVICING<br> CRITERIA** |
| &nbsp;&nbsp;<br> **Reference** | &nbsp;&nbsp;<br> **Criteria** | &nbsp;&nbsp;**Performed**<br> **by Servicer** | &nbsp;&nbsp;**Performed <br> By Trustee** |  |
| &nbsp;&nbsp; **General Servicing Criteria** | &nbsp;&nbsp; **General Servicing Criteria** | &nbsp;&nbsp; **General Servicing Criteria** | &nbsp;&nbsp; **General Servicing Criteria** | &nbsp;&nbsp; **General Servicing Criteria** |
| &nbsp;&nbsp;1122(d)(1)(i) | &nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(1)(ii) | &nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | &nbsp;&nbsp;✔**- No material servicing activities outsourced except indentured trustee who is required to provide the certifications and annual reports concerning criteria 1122 (d) (2) (iii), (iv) & (v)** |  |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | &nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. | &nbsp;&nbsp;✔**- Transaction documents do not require a back-up servicer** |  |  |
| &nbsp;&nbsp;1122(d)(1)(iv) | &nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(1)(v) | &nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp; **Cash Collection and Administration** | &nbsp;&nbsp; **Cash Collection and Administration** | &nbsp;&nbsp; **Cash Collection and Administration** | &nbsp;&nbsp; **Cash Collection and Administration** | &nbsp;&nbsp; **Cash Collection and Administration** |
| &nbsp;&nbsp;1122(d)(2)(i) | &nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(2)(ii) | &nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | &nbsp;&nbsp;✔ | &nbsp;&nbsp;✔ |  |
| &nbsp;&nbsp;1122(d)(2)(iii) | &nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(2)(iv) | &nbsp;&nbsp;The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(2)(v) | &nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | &nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(2)(vii) | &nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp; **Investor Remittances and Reporting** | &nbsp;&nbsp; **Investor Remittances and Reporting** | &nbsp;&nbsp; **Investor Remittances and Reporting** | &nbsp;&nbsp; **Investor Remittances and Reporting** | &nbsp;&nbsp; **Investor Remittances and Reporting** |
| &nbsp;&nbsp;1122(d)(3)(i) | &nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the Trustsee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(3)(ii) | &nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | &nbsp;&nbsp;✔- except with respect to remittances | &nbsp;&nbsp;✔ |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;1122(d)(3)(iii) | &nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. |  | &nbsp;&nbsp;✔ |  |
| &nbsp;&nbsp;1122(d)(3)(iv) | &nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. |  | &nbsp;&nbsp;✔ |  |
| &nbsp;&nbsp; **Pool Asset Administration** | &nbsp;&nbsp; **Pool Asset Administration** | &nbsp;&nbsp; **Pool Asset Administration** | &nbsp;&nbsp; **Pool Asset Administration** | &nbsp;&nbsp; **Pool Asset Administration** |
| &nbsp;&nbsp;1122(d)(4)(i) | &nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(ii) | &nbsp;&nbsp;Pool assets and related documents are safeguarded as required by the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(iii) | &nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(iv) | &nbsp;&nbsp;Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(v) | &nbsp;&nbsp;The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(vi) | &nbsp;&nbsp;Changes with respect to the terms or status of an obligor's pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(vii) | &nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(viii) | &nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(ix) | &nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(4)(x) | &nbsp;&nbsp;Regarding any funds held in Trusts for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(4)(xi) | &nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, *provided* that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(4)(xii) | &nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(4)(xiii) | &nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |  | &nbsp;&nbsp;✔ |
| &nbsp;&nbsp;1122(d)(4)(xiv) | &nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | &nbsp;&nbsp;✔ |  |  |
| &nbsp;&nbsp;1122(d)(4)(xv) | &nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | &nbsp;&nbsp;✔**- No escrow accounts managed for obligors** |  |  |

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## Exhibit 33.2

**Exhibit 33.2**

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2022 with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform<sup>1</sup> (the "Platform")**

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;2. Except as set forth in paragraph 3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB
to assess its compliance with the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;3. The criteria listed in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto are inapplicable to
U.S. Bank based on the servicing activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;4. U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of and for the year ended December 31,
2022; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S. Bank's assessment
of compliance with the applicable servicing criteria as of and for the year ended December 31, 2022.

<sup>1</sup> The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.

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| Corporate Trust ABS Platform (A) |

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|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| /s/ John Stern |
| Name: John Stern |
| Title: Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| /s/ John Stern |
| Name: John Stern |
| Title: Executive Vice President |
| Dated: February 27, 2023 |

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|:---|
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| Corporate Trust ABS Platform (A) |

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**EXHIBIT A to Management's Assertion**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** | &nbsp;&nbsp; **Inapplicable<br> Servicing<br> Criteria**<br>|
| &nbsp;&nbsp; <br> **<u>General Servicing Considerations</u>** | &nbsp;&nbsp; <br> **<u>General Servicing Considerations</u>** | &nbsp;&nbsp; <br> **<u>General Servicing Considerations</u>** | &nbsp;&nbsp; <br> **<u>General Servicing Considerations</u>** |
| &nbsp;&nbsp; <br> 1122(d)(1)(i) | &nbsp;&nbsp; <br> Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(1)(ii) | &nbsp;&nbsp; <br> If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.<br>| &nbsp;&nbsp; <br> **X<sup>2</sup>** |  |
| &nbsp;&nbsp; <br> 1122(d)(1)(iii) | &nbsp;&nbsp; <br> Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(1)(iv) | &nbsp;&nbsp; <br> A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(1)(v) | &nbsp;&nbsp; <br> Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.<br>| &nbsp;&nbsp; <br> **X<sup>3</sup>** |  |
| &nbsp;&nbsp; <br> **<u>Cash Collection and Administration</u>** | &nbsp;&nbsp; <br> **<u>Cash Collection and Administration</u>** | &nbsp;&nbsp; <br> **<u>Cash Collection and Administration</u>** | &nbsp;&nbsp; <br> **<u>Cash Collection and Administration</u>** |
| &nbsp;&nbsp; <br> 1122(d)(2)(i) | &nbsp;&nbsp; <br> Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(2)(ii) | &nbsp;&nbsp; <br> Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(2)(iii) | &nbsp;&nbsp; <br> Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X<sup>4</sup>** |  |
| &nbsp;&nbsp; <br> 1122(d)(2)(iv) | &nbsp;&nbsp; <br> The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(2)(v) | &nbsp;&nbsp; <br> Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(2)(vi) | &nbsp;&nbsp; <br> Unissued checks are safeguarded so as to prevent unauthorized access.<br>| &nbsp;&nbsp; <br> **X** |  |

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<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

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|:---|
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| Corporate Trust ABS Platform (A) |

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| | | | |
|:---|:---|:---|:---|
| **Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable <br> Servicing<br> Criteria** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 1122(d)(2)(vii)<br>| &nbsp;&nbsp; <br> Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> **<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp; <br> **<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp; <br> **<u>Investor Remittances and Reporting</u>** | &nbsp;&nbsp; <br> **<u>Investor Remittances and Reporting</u>** |
| &nbsp;&nbsp; <br> 1122(d)(3)(i) | &nbsp;&nbsp; <br> Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of Pool Assets serviced by the Servicer.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(3)(ii) | &nbsp;&nbsp; <br> Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X**  |  |
| &nbsp;&nbsp; <br> 1122(d)(3)(iii) | &nbsp;&nbsp; <br> Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(3)(iv) | &nbsp;&nbsp; <br> Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.<br>| &nbsp;&nbsp; <br> **X** |  |
| <br> **<u>Pool Asset Administration</u>** | <br> **<u>Pool Asset Administration</u>** | <br> **<u>Pool Asset Administration</u>** | <br> **<u>Pool Asset Administration</u>** |
| &nbsp;&nbsp; <br> 1122(d)(4)(i)  | &nbsp;&nbsp; <br> Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(ii) | &nbsp;&nbsp; <br> Pool assets and related documents are safeguarded as required by the transaction agreements.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(iii) | &nbsp;&nbsp; <br> Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |
| &nbsp;&nbsp; <br> 1122(d)(4)(iv) | &nbsp;&nbsp; <br> Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.<br>|  | &nbsp;&nbsp; <br> **X** |

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|:---|
| |
| Corporate Trust ABS Platform (A) |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reference** | &nbsp;&nbsp;**Servicing Criteria** | &nbsp;&nbsp;**Applicable Servicing Criteria** | &nbsp;&nbsp;**Inapplicable<br> Servicing <br> Criteria** |
| &nbsp;&nbsp; <br> 1122(d)(4)(v) | &nbsp;&nbsp; <br> The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(vi) | &nbsp;&nbsp; <br> Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(vii) | &nbsp;&nbsp; <br> Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(viii) | &nbsp;&nbsp; <br> Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(ix) | &nbsp;&nbsp; <br> Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.<br>|  | &nbsp;&nbsp; <br> **X**<br>|
| &nbsp;&nbsp; <br> 1122(d)(4)(x) | &nbsp;&nbsp; <br> Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements.<br>|  | &nbsp;&nbsp; <br> **X**<br>|
| &nbsp;&nbsp; <br> 1122(d)(4)(xi) | &nbsp;&nbsp; <br> Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(xii) | &nbsp;&nbsp; <br> Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(xiii) | &nbsp;&nbsp; <br> Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements.<br>|  | &nbsp;&nbsp; <br> **X**<br>|
| &nbsp;&nbsp; <br> 1122(d)(4)(xiv)  | &nbsp;&nbsp; <br> Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.<br>|  | &nbsp;&nbsp; <br> **X** |
| &nbsp;&nbsp; <br> 1122(d)(4)(xv) | &nbsp;&nbsp; <br> Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.<br>| &nbsp;&nbsp; <br> **X** |  |

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|:---|
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| Corporate Trust ABS Platform (A) |

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## Exhibit 34.1

**Exhibit 34.1**

![](tm2310809d2_ex34-1img01.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of<br> VW Credit, Inc.

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that VW Credit, Inc. (the Company) complied with the servicing criteria set forth in Title 17, Section 229.1122(d) of the Securities and Exchange Commission's Regulation AB (the Servicing Criteria) for the asset-backed securities transactions involving retail automotive loans registered with the Securities Exchange Commission for which the Company acted as servicer (the Regulation AB Platform), as of December 31, 2022, as well as the period ended December 31, 2022 for Volkswagen Auto Loan Enhanced Trust 2021-1, Volkswagen Auto Loan Enhanced Trust 2020-1, and for the period from June 14, 2022 (the date of issuance) through December 31, 2022 for Volkswagen Auto Lease Trust 2022-A except for the servicing criteria set forth in Sections 229.1122(d)(1)(iv), 229.1122(d)(2)(vi), 229.1122(d)(3)(ii) with respect to remittances, 229.1122(d)(3)(iii)-(iv), 229.1122(d)(4)(ix)-(xiii) and 229.112(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Regulation AB Platform. With respect to applicable servicing criteria 1122(d)(2)(iii), the Company has determined that there were no activities performed during the year ended December 31, 2022 with the respect to the Regulation AB Platform, because there were no occurrences of events that would require the Company to perform such activities. Appendix A to the Report on Assessment of Compliance with Applicable Servicing Criteria identifies the individual asset-backed transactions and securities defined by management as constituting the Regulation AB Platform. Management of VW Credit, Inc. is responsible for its assertion and for the Company's compliance with the Servicing Criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the Servicing Criteria based on our examination.

Our examination was conducted in accordance with attestation standards of the Public Company Accounting Oversight Board (United States) and in accordance with the attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion regarding the Company's compliance with the Servicing Criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of selected asset-backed transactions and securities that comprise the Regulation AB Platform, testing selected servicing activities related to the Regulation AB Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Servicing Criteria. Our procedures were limited to the selected transactions and servicing activities performed by the Company during the periods covered by this report. Our procedures were not designed to detect noncompliance arising from errors that may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides, and that the evidence we obtained is sufficient and appropriate to provide, a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Servicing Criteria.

![](tm2310809d2_ex34-1img01.jpg)

As described in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, for servicing criteria 1122(d)(2)(i) and 1122(d)(4)(iv), the Company has engaged various vendors to perform the activities required by theses servicing criteria. The Company has determined that none of these vendors are considered a "servicer" as defined in Item 1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SEC's Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers ("C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors' activities comply in all material respects with the servicing criteria applicable to each vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200-06 for the vendors and related servicing criteria as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06.

Our examination does not provide a legal determination on the Company's compliance with the Servicing Criteria.

In our opinion, management's assertion that VW Credit, Inc. complied with the aforementioned Servicing Criteria as of December 31, 2022 and for the year ended December 31, 2022 noted above, for asset-backed securities transactions involving automotive loan transactions completed and registered with the Securities Exchange Commission for which the Company acted as servicer is fairly stated, in all material respects.

![](tm2310809d2_ex34-1img02.jpg)

/s/ Baker Tilly US, LLP

Milwaukee, Wisconsin

March 24, 2023

## Exhibit 34.2

**Exhibit 34.2**![](tm2310809d2_ex34-2img001.jpg)

**Report of Independent Registered Public Accounting Firm** 

The Board of Directors

U.S. Bank National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2022, except for servicing criteria Items 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those servicing criteria. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2022 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2022, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

**/S/ Ernst & Young LLP**

Minneapolis, Minnesota

February 27, 2023

## Exhibit 35.1

**<u>EXHIBIT 35.1</u>**

**VW Credit, Inc. Servicer Compliance Statement Under Section 3.9 of the Sale and Servicing Agreement and Item 1123 of Regulation AB**

___________________________________________

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1

The undersigned, a duly authorized officer of VW Credit, Inc. ("VCI"), as Servicer under the Sale and Servicing Agreement dated as of December 13, 2021 (as amended and supplemented, or otherwise modified and in effect from time to time, the "Sale and Servicing Agreement"), by and among Volkswagen Auto Loan Enhanced Trust 2021-1, as Issuer, Volkswagen Auto Lease/Loan Underwritten Funding, LLC, as Seller, VW Credit, Inc., as Servicer, and U.S. Bank Trust Company, National Association (as successor by assignment to U.S. Bank National Association), as Indenture Trustee, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the activities of the Servicer during the period from January 1, 2022 through December 31, 2022, and of its
performance under the Sale and Servicing Agreement, was conducted under my supervision.

&nbsp;&nbsp;&nbsp;&nbsp;2. To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Sale and Servicing
Agreement in all material respects throughout such period.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate on behalf of the Servicer this 30th day of March, 2023.

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| |
|:---|
| /s/ Garett Miles |
| Garett Miles |
| Head of Securitization and Assistant Treasurer |

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