Volkswagen Car Lease No.32: 28 March 2021

As per previous transactions under the VCL label from originator/seller Volkswagen Leasing GmbH, the receivables securitising the transaction consist of a static pool of automobile leases to retail and commercial customers in Germany which are secured by new, used and demonstration vehicles.

The number of lessees in the portfolio amounts to 123,724 contracts and the majority of the purchased lease receivables are receivables from lease contracts originated by Volkswagen, Audi, SEAT, Skoda and Volkswagen Nutzfahrzeuge dealers as agents. Customer type (by outstanding balance):- Retail – 83.26%, Commercial – 16.74%. The average discounted balance per contract is Eur8,082 and the largest discounted balance contract is Eur89,346. The largest lessee (with 337 contracts) accounts for 0.16% of lease balances, the top 5 for 0.47% and the top 20 for 1.15%. Closed-end contracts account for 99.82% by balances. Type of Vehicles: new cars - 91.11%. The WA seasoning is 9.51 months. Geographic Mix (Top regions):- North Rhine Westphalia - 22.64%, Bavaria - 16.99%, Baden-Wuertemberg - 15.21%. Top 5 Industries:- Public Administration, Education, Health Care and Public Services - 19.70%, Manufacturing - 15.98%, Other Services - 15.10%, Retail /Wholesale - 14.69% and Construction - 10.86%.

EU Risk Retention: The Seller will, whilst any of the Notes remain outstanding, retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(c) of Regulation (EU) 2017/2402. As at the Closing Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the nominal value of the securitised exposures.

US Risk Retention: The transaction will not involve risk retention by the Seller for the purposes of the U.S. Risk Retention Rules, but rather will be made in reliance on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

STS: Pursuant to Article 27(1) of the Securitisation Regulation, the Seller intends to notify the European Securities Markets Authority that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation.

Compare/contrast: VCL 31, Globaldrive Auto Receivables B.V. 2021-A, Bumper UK 2021-1