Volkswagen Auto Lease Trust 2026-B Issues $991.83M Asset-Backed Notes

What Happened
Volkswagen Auto Lease Trust 2026-B filed an 8‑K (Item 1.01) disclosing entry into material agreements in connection with the sale and issuance of Class A-1, A-2-A, A-2-B, A-3 and A-4 asset-backed notes with an aggregate initial principal amount of $991,830,000. The notes were issued on the Closing Date, September 22, 2026, and are described in the Final Prospectus dated September 15, 2026. Key parties include VW Credit, Inc. (VCI) as owner/servicer/administrator, Volkswagen Auto Lease/Loan Underwritten Funding, LLC (VALU Funding), the Issuing Entity (Volkswagen Auto Lease Trust 2026-B), Deutsche Bank Trust Company Delaware (Owner Trustee), Citibank, N.A. (Indenture Trustee) and Clayton Fixed Income Services LLC (asset representations reviewer).

Key Details

• Aggregate initial principal amount: $991,830,000 across Class A-1, A-2-A, A-2-B, A-3 and A-4 notes.
• Closing Date: September 22, 2026; Final Prospectus dated September 15, 2026.
• Material agreements filed include the Indenture (with Citibank, N.A.), SUBI supplements to the Origination Trust Agreement and Servicing Agreement, SUBI Sale and SUBI Transfer Agreements (transferring a Transaction SUBI Certificate), an Amended and Restated Trust Agreement, an Administration Agreement, and an Asset Representations Review Agreement.
• The notes are registered under the Securities Act via a Form SF-3 registration statement (Commission File Nos. 333-276654, 333-276654-01).

Why It Matters
This 8‑K records a securitization financing: VW Credit moved lease receivables through a SUBI structure into an issuing trust and sold nearly $992 million of notes backed by those leased vehicles and related assets. For investors considering these notes, the filing and referenced prospectus/exhibits contain the legal documents, payment priorities and representations that determine credit risk and cash flows. For holders or followers of VW Credit financing, this is a material funding transaction (not an earnings or management change) that provides liquidity for lease receivables. Review the Final Prospectus and the filed agreements for full terms and risk factors.