VW Lease Trust 2024-A Navigates Trustee Litigation in 2025 10-K

TL;DR

**This trust is a compliance machine, but watch out for the trustee litigation — it's a ticking time bomb for the securitization market.**

AI Summary

The Volkswagen Auto Lease Trust 2024-A filed its 10-K for the fiscal year ended December 31, 2025, primarily detailing its compliance with Regulation AB and disclosing ongoing legal proceedings involving its trustees. The trust, a securitization vehicle, reported no revenue or net income in the traditional sense, as its purpose is to hold a beneficial interest in a portfolio of assets from the Origination Trust. Key business changes include the continued operation of the trust with VW Credit, Inc. acting as Sponsor, Originator, Servicer, and Administrator, and Volkswagen Auto Lease/Loan Underwritten Funding, LLC as the Depositor. Significant risks are primarily associated with the legal challenges faced by U.S. Bank Trust Company, National Association (as UTI Trustee, SUBI Trustee, and Administrative Trustee) and Deutsche Bank Trust Company Delaware (as Owner Trustee), stemming from their roles in residential mortgage-backed securities (RMBS) and student loan trusts. These litigations allege failures to enforce repurchase obligations and breaches of servicing standards, though both trustees deny liability and are vigorously contesting the claims. The strategic outlook remains focused on maintaining compliance and managing the existing asset pool, with no new financial products or significant operational shifts indicated.

Why It Matters

This 10-K filing is crucial for investors in Volkswagen Auto Lease Trust 2024-A as it details the operational compliance and, more importantly, the significant legal risks faced by key third-party trustees. While the trust itself isn't directly implicated in the RMBS or student loan lawsuits, the involvement of U.S. Bank Trust Company, National Association and Deutsche Bank Trust Company Delaware in these high-stakes litigations could indirectly impact the trust's administrative stability and investor confidence. Employees of VW Credit, Inc. are less directly affected, but the broader market for asset-backed securities watches these trustee litigations closely for precedents on fiduciary duties and potential systemic risks. Competitively, other auto lease securitization trusts rely on similar third-party trustees, making these legal outcomes relevant across the industry.

Risk Assessment

Risk Level: medium — The risk level is medium due to the extensive legal proceedings disclosed by U.S. Bank Trust Company, National Association and Deutsche Bank Trust Company Delaware, who serve as key trustees for the Volkswagen Auto Lease Trust 2024-A. While these litigations are not directly against the Volkswagen trust, they involve allegations of significant failures in trustee duties for other asset-backed securities, including 'hundreds of millions of dollars in losses' cited in the Commerzbank AG lawsuit against Deutsche Bank Trust Company Americas. These ongoing legal battles, some dating back to 2014 and 2015, could impact the trustees' ability to perform their duties or their financial stability, indirectly affecting the trust.

Analyst Insight

Investors should closely monitor the progress and outcomes of the RMBS and student loan litigations involving U.S. Bank Trust Company, National Association and Deutsche Bank Trust Company Delaware. While the trust itself is compliant, any adverse rulings against these key service providers could introduce unforeseen operational or reputational risks to the Volkswagen Auto Lease Trust 2024-A.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$N/A

total Debt

$N/A

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$N/A

revenue Growth

N/A

Key Numbers

• 2025-12-31 — Fiscal Year End (Reporting period for this 10-K filing)
• 0002010414 — Issuing Entity CIK (Unique identifier for Volkswagen Auto Lease Trust 2024-A)
• 0000833733 — Securitizer CIK (Unique identifier for VW Credit, Inc.)
• 6 — Number of RMBS cases against DBTCA (Deutsche Bank Trust Company Americas has been sued in six RMBS cases)
• 2 — Number of RMBS cases settled by DBTCA (Deutsche Bank Trust Company Americas settled two cases brought by Blackrock and PIMCO)
• 1 — Number of RMBS cases with summary judgment for DBTCA (Deutsche Bank Trust Company Americas obtained summary judgment in one case brought by Phoenix Light SF Limited)
• 12 — Number of IKB trusts remaining in litigation (As of November 21, 2023, 12 trusts remain at issue in the IKB lawsuit against DBNTC and DBTCA)

Key Players & Entities

• Volkswagen Auto Lease Trust 2024-A (company) — Issuing Entity
• VW Credit, Inc. (company) — Sponsor, Originator, Servicer, Administrator
• Volkswagen Auto Lease/Loan Underwritten Funding, LLC (company) — Depositor
• U.S. Bank Trust Company, National Association (company) — UTI Trustee, Transaction SUBI Trustee, Administrative Trustee
• Deutsche Bank Trust Company Delaware (company) — Owner Trustee
• Citibank, N.A. (company) — Indenture Trustee
• The National Collegiate Student Loan Master Trust I (company) — Plaintiff in NCMSLT Action against U.S. Bank N.A.
• Commerzbank AG (company) — Plaintiff in lawsuit against Deutsche Bank Trust Company Americas
• IKB International, S.A. in Liquidation (company) — Plaintiff in lawsuit against DBNTC and DBTCA
• $268 million (dollar_amount) — Damages alleged by IKB against DBNTC and DBTCA

FAQ

Risk Factors

• Trustee Litigation Risk [high — legal]: The trust faces significant legal risks due to ongoing litigation against its trustees, U.S. Bank Trust Company, National Association and Deutsche Bank Trust Company Delaware. These cases, primarily related to RMBS and student loan trusts, allege failures to enforce repurchase obligations and breaches of servicing standards. As of November 21, 2023, 12 trusts remained in litigation against DBNTC and DBTCA related to IKB trusts, and DBTCA faced six RMBS cases, settling two and winning summary judgment in one.
• Regulation AB Compliance [medium — regulatory]: The 10-K filing emphasizes the trust's compliance with Regulation AB, which governs the disclosure requirements for asset-backed securities. Failure to maintain compliance could lead to regulatory scrutiny and potential penalties, impacting the trust's operational integrity and investor confidence.
• Servicer Dependency [medium — operational]: The trust is heavily reliant on VW Credit, Inc. as the Sponsor, Originator, Servicer, and Administrator. Any operational disruptions or failures by VW Credit, Inc. could directly impact the trust's ability to manage its asset pool and fulfill its obligations.

Industry Context

The auto lease securitization market operates within the broader structured finance industry. It is characterized by the pooling of lease receivables to create investment-grade securities. Key players include auto manufacturers' financing arms, specialized trusts, and various financial institutions acting as trustees and servicers. The industry is sensitive to interest rate fluctuations, consumer credit quality, and regulatory changes.

Regulatory Implications

The trust's operations are governed by Regulation AB, requiring specific disclosures to investors. The ongoing litigation against its trustees, stemming from roles in other securitization trusts, highlights potential reputational and operational risks associated with trustee responsibilities in the structured finance sector.

What Investors Should Do

1. Review trustee litigation details
2. Assess servicer performance and stability
3. Monitor compliance with Regulation AB

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, providing the latest financial and operational data.

Glossary

Regulation AB

A regulation by the U.S. Securities and Exchange Commission (SEC) that governs the disclosure requirements for asset-backed securities offerings. (Crucial for understanding the reporting standards and compliance obligations of the Volkswagen Auto Lease Trust 2024-A.)

Securitization Vehicle

An entity created to pool assets and issue securities backed by the cash flows from those assets. (Defines the fundamental nature of the Volkswagen Auto Lease Trust 2024-A and its role in the financial markets.)

Origination Trust

A trust that holds the original pool of assets (in this case, auto leases) before they are transferred to a securitization trust. (Explains the source of the assets managed by the Volkswagen Auto Lease Trust 2024-A.)

RMBS

Residential Mortgage-Backed Securities, which are mortgage loans or other obligations that are pooled together and securitized. (Relevant due to the litigation against the trustees involving similar types of securitized assets, indicating potential systemic risks or past issues in the securitization market.)

Year-Over-Year Comparison

As this is the initial 10-K filing for Volkswagen Auto Lease Trust 2024-A, a direct comparison to a previous filing is not possible. However, the filing establishes the trust's operational framework, its reliance on VW Credit, Inc., and highlights significant legal risks associated with its trustees, which will be critical points of comparison for future filings.

Key Financial Figures

• $268 million — BNTC and DBTCA are liable for over U.S. $268 million in damages. On October 5, 2016, DBNTC a

Filing Documents

• tm261240d3_10k.htm (10-K) — 77KB
• tm261240d3_ex31-1.htm (EX-31.1) — 8KB
• tm261240d3_ex33-1.htm (EX-33.1) — 54KB
• tm261240d3_ex33-2.htm (EX-33.2) — 19KB
• tm261240d3_ex34-1.htm (EX-34.1) — 10KB
• tm261240d3_ex34-2.htm (EX-34.2) — 9KB
• tm261240d3_ex35-1.htm (EX-35.1) — 6KB
• tm2510469d5_ex34-1img001.jpg (GRAPHIC) — 15KB
• tm2510469d5_ex34-2img001.jpg (GRAPHIC) — 7KB
• tm2510469d5_ex34-2img002.jpg (GRAPHIC) — 6KB
• tm261240d3_ex34-2img004.jpg (GRAPHIC) — 5KB
• image_001.jpg (GRAPHIC) — 10KB
• 0001104659-26-035006.txt ( ) — 245KB

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not Applicable.

Mine Safety Disclosures

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: (A) Item 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. (B) Item 6 [Reserved] (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 (F) Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. (G) Item 9A Controls and Procedures.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not Applicable. 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

Executive Compensation. (C) Item 12 Security (D) Item 13 Certain Relationships and Related Transactions, and Director Independence. (E) Item 14 Principal Accountant Fees and Services. PART IV

Exhibits and Financial Statement

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. (b) The exhibits filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index. (c) None.

Form 10-K

Item 16. Form 10-K Summary. Not Applicable. SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM 10-K:

(b) of Regulation AB

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information). Not Applicable.

(b)(2) of Regulation

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers). Not Applicable.

(b) of Regulation AB

Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information). Not Applicable.

of Regulation AB. Legal

Item 1117 of Regulation AB. Legal Proceedings. Except as described below, 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 Lease Trust 2024-A (the “Issuing Entity”)), Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Depositor”), Citibank, N.A. (the “Indenture Trustee”), VW Credit Leasing, Ltd. (the “Origination Trust”), Deutsche Bank Trust Company Delaware (the “Owner Trustee”), U.S. Bank Trust Company, National Association (in its capacity as UTI trustee (the “UTI Trustee”), in its capacity as transaction SUBI trustee (the “Transaction SUBI Trustee”) and in its capacity as administrative trustee (the “Administrative 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. VW Creditand its affiliates are parties to, or are periodically otherwise involved in, reviews, investigations, and proceedings (both formal and informal), and information gathering requests by various federal, state and local government authorities. UTI Trustee, SUBI Trustee and Administrative Trustee Litigation U.S. Bank Trust Company, National Association, as the UTI Trustee, SUBI trustee and the Administrative Trustee has provided the following information for inclusion in this report on Form 10-K: U.S. Bank N.A. and other large financial institutions have been sued in their capacity as trustee or successor trustee for ce

of Regulation AB. Affiliations

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions. The Sponsor is the originator, as contemplated by Item 1110 of Regulation AB, of all of the pool assets owned by the Issuing Entity. The Sponsor is also the Servicer. The Depositor is a wholly-owned subsidiary of the Sponsor and, therefore, a wholly-owned subsidiary of the originator and the Servicer. The Issuing Entity was formed by the Depositor. VW Credit, Inc. is the Administrator of the Issuing Entity and the Depositor is the holder of the Issuing Entity’s Certificate, representing the residual interest in the Issuing Entity. The Sponsor is settlor and initial beneficiary of the Origination Trust. The asset pool represents a portfolio of assets held by the Origination Trust in which the Issuing Entity holds a beneficial interest. Other than as specified in this Item above, none of VW Credit, Inc., the Depositor, the Origination Trust or the Issuing Entity is an affiliate of any of the following parties, and, except as described below, none of the following parties are affiliates of any of the other following parties: (1) Indenture Trustee. (2) Owner Trustee. (3) U.S. Bank Trust Company, National Association (in its capacities as UTI Trustee, Transaction SUBI Trustee and Administrative Trustee). (4) Delaware Trustee. There are no significant obligors contemplated by Item 1112 of Regulation AB, enhancement or support providers contemplated by Item 1114 or 1115 of Regulation AB, or other material parties related to the Notes contemplated by Item 1101(d)(1) of Regulation AB. In addition, to the best of our knowledge, there are no business relationships, agreements, arrangements, transactions or understandings entered into outside the ordinary course of business or on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction involving the issuance of the Notes

of Regulation AB. Compliance

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria. The Servicer and the Indenture Trustee (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.

of Regulation AB. Servicer

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 Exhibit 31.1 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 for Asset-Backed Securities of VW Credit, Inc. Exhibit 33.2 Report on Assessment of Compliance with the Servicing Criteria for Asset-Backed Securities of Citibank, N.A. Exhibit 34.1 Attestation Report on Assessment of Compliance with the Servicing Criteria for Asset-Backed Securities of Baker Tilly US, LLP, on behalf of VW Credit, Inc. Exhibit 34.2 Attestation Report on Assessment of Compliance with the Servicing Criteria for Asset-Backed Securities of KPMG, on behalf of Citibank, N.A. Exhibit 35.1 Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2025.

SIGNATURES

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 26, 2026 VOLKSWAGEN AUTO LEASE TRUST 2024-A By: VW Credit, Inc., as Servicer By: /s/ Garett Miles Garett Miles Head of Securitization and Assistant Treasurer (senior officer in charge of the servicing function)

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View this 10-K filing on SEC EDGAR