FORM 10-K

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 Form 10-K

 (Mark One)

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31,
2024

 or

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from
 to__________

 Commission File
Number 333-270851-01

 SIGECO
Securitization I, LLC

 (Exact name of registrant (issuing entity) as
specified in its charter)

 Central Index Key Number (CIK): 0001968445

 Southern Indiana Gas and Electric Company

 (Exact name of depositor and sponsor as specified
in its charter)

 Central Index Key Number (CIK): 0000092195

 Delaware

 92-2762878

 (State or other jurisdiction of

incorporation
or organization)

 (I.R.S. Employer

Identification Number)

 211 NW Riverside Drive, Suite 800-04

 Evansville, Indiana 47708

 (812) 491-4141

 (Address and zip code of principal executive offices)

 (Registrant's telephone number, including area code)

 Securities registered pursuant to Section 12(b) of
the Act: None

 Securities registered pursuant to Section 12(g) of
the 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 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.

 If securities are registered pursuant to Section 12(b) of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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

 The aggregate market value of the member's
equity held by non-affiliates of the registrant as of June 30, 2024: None

 Documents incorporated by reference: A
portion of the proxy statement relating to the 2025 Annual Meeting of Shareholders of CenterPoint Energy, Inc. is incorporated by
reference in Item 11 of Part III of this report.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

 Item 5. Market for Registrant's Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.

 Item 7A. Quantitative and Qualitative Disclosures about Market
Risk.

 Item 8. Financial Statements and Supplementary Data.

 Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosures.

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections.

 Item 10. Directors, Executive Officers and Corporate Governance.

 As of the date of this Annual Report on Form 10-K,
SIGECO Securitization I, LLC (the "Issuing Entity") has four managers. Pursuant to the Issuing Entity's Amended and
Restated Limited Liability Company Agreement (the "LLC Agreement"), the Issuing Entity will be managed by managers to be appointed
from time to time by the Member (currently Southern Indiana Gas and Electric Company ("SIGECO")). At all times during which
any of the Issuing Entity's Series 2023-A Senior Secured Securitization Bonds are
Outstanding, and the Indenture remains in full force and effect (and otherwise in accordance with the Indenture) the Issuing Entity
shall have at least one Independent Manager. Currently, Mr. Corrigan serves as the Independent Manager of the Issuing Entity. Capitalized
terms used in this paragraph and the following paragraph have the meanings assigned to them in the LLC Agreement.

 Independent Manager is
defined in the LLC Agreement as a natural person who (1) has prior experience as an independent director, independent manager or
independent member for special-purpose entities, (2) is employed by a nationally-recognized company that provides professional independent
managers and other corporate services in the ordinary course of its business, (3) is duly appointed as an Independent Manager of
the Issuing Entity and (4) is not and has not been for at least five years from the date of his or her or its appointment, and while
serving as an Independent Manager of the Issuing Entity will not be, any of the following;

 (i) a member, partner,
or equity holder, manager, director, officer, agent, consultant, attorney, accountant, advisor or employee of the Issuing Entity, the
Member or any of their respective equityholders or affiliates (other than as an Independent Manager or Special Member of the Issuing Entity
or similar roles for any other special purpose bankruptcy-remote entity); provided, that the indirect or beneficial ownership of stock
of the Member or its affiliates through a mutual fund or similar diversified investment vehicle with respect to which the owner does not
have discretion or control over the investments held by such diversified investment vehicle shall not preclude such owner from being an
Independent Manager;

 (ii) a creditor,
supplier or service provider (including provider of professional services) to the Issuing Entity, the Member or any of their respective
equityholders or affiliates (other than a nationally-recognized company that routinely provides professional independent managers and
other corporate services to the Issuing Entity, the Member or any of their affiliates in the ordinary course of its business);

 (iii) a family member
of any such Person described in clauses (i) or (ii) above; or

 (iv) a Person that controls (whether directly,
indirectly or otherwise) any of clauses (i), (ii) or (iii) above.

 The following are the managers of the Issuing
Entity as of the date of this Annual Report on Form 10-K:

 Name

 Age

 Background

 Darin M. Carroll

 Manager and President of the Issuing Entity since July 26, 2024. Director and President of SIGECO since July 26, 2024. Vice President of SIGECO from February 2019 to January 2024. Senior Vice President, Electric Business of CenterPoint Energy, Inc. (the ultimate holding company of SIGECO) since July 2024. Senior Vice President, Natural Gas Business of CenterPoint Energy, Inc. from January 2023 to July 2024. Senior Vice President, Operations Support at CenterPoint Energy, Inc. from January 2022 to January 2023. Vice President, Operations Support at CenterPoint Energy, Inc. from February 2019 to January 2022. Mr. Carroll served in various roles of increasing responsibility at Vectren Corp. from February 2008 to February 2019, when that entity was acquired by CenterPoint Energy, Inc.

 Kristie L. Colvin

 Manager and Vice President and Chief Accounting Officer of the Issuing Entity since October 2023. Vice President of SIGECO since October 2023 and from February 2019 to December 2021. Senior Vice President and Chief Accounting Officer of CenterPoint Energy, Inc. since October 2023. Other offices held at CenterPoint Energy, Inc. include Senior Vice President Regulatory Planning, Reporting and Electric Services from March 2022 until October 2023, Senior Vice President, Finance from December 2021 until March 2022, Senior Vice President and Chief Accounting Officer from September 2014 until December 2021 and, in addition to this role, Interim Executive Vice President and Chief Financial Officer from April 2020 to September 2020, Division Vice President Finance, Regulated Operations from July 2010 until September 2014, and Senior Director, Financial Planning and Performance Measurement from August 2007 through June 2010.

 Patricia L. Martin

 Manager and Vice President and Treasurer of the Issuing Entity since April 2024. Vice President and Treasurer of SIGECO since April 2024. Vice President and Treasurer of CenterPoint Energy, Inc. since April 2024. Ms. Martin served in various roles of increasing responsibility at Xcel Energy from 2016 to 2024, including as Assistant Treasurer from 2019 to 2024.

 Kevin J. Corrigan (Independent Manager)

 Manager of the Issuing Entity since June 2023. Senior Vice President of Global Securitization Services, LLC since April 2017.

 Code of Conduct

 The Issuing Entity is a wholly owned subsidiary
of SIGECO which in turn is an indirect wholly owned subsidiary of CenterPoint Energy, Inc. ("CenterPoint Energy"). CenterPoint
Energy has adopted a code of ethics for its Chief Executive Officer and Senior Financial Officers, which group consists of its Chief Financial
Officer, Chief Accounting Officer, Treasurer, Controller and other senior financial officers. CenterPoint Energy has also adopted an Ethics
and Compliance Code applicable to all directors, officers and employees, including those of its subsidiaries. CenterPoint Energy
maintains a corporate governance page on its website which includes key information about its corporate governance initiatives, including
its Ethics and Compliance Code and its Code of Ethics for Chief Financial Officer and Senior Financial Officers. The corporate governance
page can be found at

 Item 11. Executive Compensation.

 Other than the annual independent managers fee
of $3,500 paid to Global Securitization Services, LLC, the Issuing Entity does not pay any compensation to its executive officers or managers.

 The information required by this item with respect
to SIGECO is incorporated herein by reference to the material under Compensation Discussion and Analysis of the definitive proxy
statement of CenterPoint Energy for its 2025 annual meeting of shareholders filed with the Securities and Exchange Commission on March 5,
2025.

 Item 12. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters.

 None.

 Item 13. Certain Relationships and Related Transactions, and
Director Independence.

 None.

 Item 14. Principal Accountant Fees and Services.

 Item 15. Exhibits and Financial Statement Schedules.

 (a)
 Documents filed as a part of this report:

 1.
 Financial Statements.

 2.
 Financial Statement Schedules.

 3.
 Exhibits required by Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith and the others are incorporated
by reference):

 3.1

 Certificate of Formation of SIGECO Securitization I, LLC filed with the Delaware
 Secretary of State on February 16, 2023.

 3.2

 Amended and Restated Limited Liability Company Agreement of SIGECO Securitization
 I, LLC dated as of June 29, 2023.

 4.1

 Indenture by and among SIGECO Securitization I, LLC, U.S. Bank Trust Company, National
 Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary (including the forms of the Issuing
 Entity's Series 2023-A Senior Secured Securitization Bonds and the Series Supplement)
 dated as of June 29, 2023.

 4.2

 Series Supplement between SIGECO Securitization I, LLC and U.S. Bank Trust
 Company, National Association, as Indenture Trustee, dated as of June 29, 2023.

 *31.1

 Certification.

 *33.1

 Report on assessment of compliance with servicing
 criteria for asset-backed securities for Southern Indiana Gas and Electric Company.

 *33.2

 Assertion of compliance with applicable servicing
 criteria for U.S. Bank Trust Company, National Association.

 *34.1

 Attestation report on assessment of compliance with
 servicing criteria for asset-backed securities of Deloitte & Touche LLP on behalf of Southern Indiana Gas and Electric Company.

 *34.2

 Attestation report on assessment of compliance with
 servicing criteria for asset-backed securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company, National Association.

 *35.1

 Servicer compliance statement.

 99.1

 Securitization Property Servicing Agreement between SIGECO Securitization I, LLC
 and Southern Indiana Gas and Electric Company, as Servicer, dated as of June 29, 2023.

 99.2

 Securitization Property Purchase and Sale Agreement between SIGECO Securitization
 I, LLC and Southern Indiana Gas and Electric Company, as Seller, dated as of June 29, 2023.

 99.3

 Administration Agreement between SIGECO Securitization I, LLC and Southern Indiana
 Gas and Electric Company, as Administrator, dated as of June 29, 2023.

 (b)
 Exhibits required by this Form and Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith):

 3.1

 Certificate of Formation of SIGECO Securitization I, LLC filed with the Delaware
 Secretary of State on February 16, 2023 (incorporated by reference to exhibit 3.1 included as an exhibit to the Issuing Entity's
 Registration Statement on Form SF-1 filed March 24, 2023 (Registration No. 333-270851-01)).

 3.2

 Amended and Restated Limited Liability Company Agreement of SIGECO Securitization
 I, LLC dated as of June 29, 2023 (incorporated by reference to exhibit 3.1 included as an exhibit to the Issuing Entity's
 Current Report on Form 8-K filed June 29, 2023 (File No. 333-270851-01)).

 4.1

 Indenture by and among SIGECO Securitization I, LLC, U.S. Bank Trust Company, National
 Association, as Indenture Trustee, and U.S. Bank National Association, as Securities Intermediary (including the forms of the Issuing
 Entity's Series 2023-A Senior Secured Securitization Bonds and the Series Supplement)
 dated as of June 29, 2023 (incorporated by reference to exhibit 4.1 included as an exhibit to the Issuing Entity's Current
 Report on Form 8-K filed June 29, 2023 (File No. 333-270851-01)).

 4.2

 Series Supplement between SIGECO Securitization I, LLC and U.S. Bank Trust
 Company, National Association, as Indenture Trustee, dated as of June 29, 2023 (incorporated by reference to exhibit 4.2 included
 as an exhibit to the Issuing Entity's Current Report on Form 8-K filed June 29, 2023 (File No. 333-270851-01)).

 *31.1

 Certification.

 *33.1

 Report on assessment of compliance with servicing criteria for asset-backed securities
 for Southern Indiana Gas and Electric Company.

 *33.2

 Assertion of compliance with applicable servicing criteria for U.S. Bank Trust Company,
 National Association.

 *34.1

 Attestation report on assessment of compliance with servicing criteria for asset-backed
 securities of Deloitte & Touche LLP on behalf of Southern Indiana Gas and Electric Company.

 *34.2

 Attestation report on assessment of compliance with servicing criteria for asset-backed
 securities of Ernst & Young LLP on behalf of U.S. Bank Trust Company, National Association.

 *35.1

 Servicer compliance statement.

 99.1

 Securitization Property Servicing Agreement between SIGECO Securitization I, LLC
 and Southern Indiana Gas and Electric Company, as Servicer, dated as of June 29, 2023 (incorporated by reference to exhibit
 10.1 included as an exhibit to the Issuing Entity's Current Report on Form 8-K filed June 29, 2023 (File No. 333-270851-01)).

 99.2

 Securitization Property Purchase and Sale Agreement between SIGECO Securitization
 I, LLC and Southern Indiana Gas and Electric Company, as Seller, dated as of June 29, 2023 (incorporated by reference to exhibit
 10.2 included as an exhibit to the Issuing Entity's Current Report on Form 8-K filed June 29, 2023 (File No. 333-270851-01)).

 99.3

 Administration Agreement between SIGECO Securitization I, LLC and Southern Indiana
 Gas and Electric Company, as Administrator, dated as of June 29, 2023 (incorporated by reference to exhibit 10.3 included as
 an exhibit to the Issuing Entity's Current Report on Form 8-K filed June 29, 2023 (File No. 333-270851-01)).

 (c)

 Item 16. Form 10-K Summary.

 None.

 Item 1112(b). Significant Obligors of Pool Assets.

 None.

 Item 1114(b)(2). Credit Enhancement and Other Support, Except
for Certain Derivatives Instruments.

 None.

 Item 1115(b). Certain Derivatives Instruments.

 None.

 Item 1117. Legal Proceedings.

 None.

 Item 1119. Affiliations and Certain Relationships and Related
Transactions.

 The Issuing Entity is a wholly owned subsidiary
of Southern Indiana Gas and Electric Company.

 Item 1122. Compliance with Applicable Servicing Criteria.

 See Exhibits 33.1, 33.2, 34.1 and 34.2 under Item 15.

 Item 1123. Servicer Compliance Statement.

 See Exhibit 35.1 under Item 15.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized on the 27th day of March, 2025.

 SIGECO SECURITIZATION I, LLC,

 as Issuing Entity

 By:

 SOUTHERN INDIANA GAS AND
 ELECTRIC COMPANY, as servicer

 By:

 /s/ Patricia L. Martin

 Name:

 Patricia L. Martin

 Title:

 Vice President and Treasurer

 (Senior officer in charge of the servicing function of the servicer)

 Supplemental Information to be Furnished With Reports Filed Pursuant
to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.

 No such annual report, proxy statement, form of proxy or other proxy
soliciting material has been sent to the Registrant's security holders. The Registrant will not be sending an annual report or any
proxy material to its security holders subsequent to the filing of this Annual Report on Form 10-K.


FORM 10-K

 UNITED
STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 FORM 10-K

 (Mark One)

 ANNUAL
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024
or

 TRANSITION
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ________to________

 Commission
 File

 Number

 Central
 Index Key

 Registrant, State of Incorporation or Organization,

 Address and Telephone Number

 I.R.S.
 Employer

 Identification No.

 333-223108-01

 0001730300

 PSNH
 FUNDING LLC 3

 (Issuing Entity)

 (a Delaware limited liability company)

 C/O Public Service Company of New Hampshire

 Energy Park

 780 North Commercial Street

 Manchester, New Hampshire 03101-1134

 (800) 286-5000

 82-4087442

 1-6392

 0000315256

 PUBLIC
 SERVICE COMPANY OF NEW HAMPSHIRE

 (Depositor and Sponsor)

 (a New Hampshire corporation)

 Energy Park

 780 North Commercial Street

 Manchester, New Hampshire 03101-1134

 (800) 286-5000

 02-0181050

 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF
THE ACT:

 Title
 of each class

 Trading
 Symbol(s)

 Name
 of each exchange on which registered

 None

 N/A

 N/A

 SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF
THE ACT: None

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 PSNH
 Funding LLC 3

 Yes No

 Public
 Service Company of New Hampshire

 Yes
 No

by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange
Act. (Response applicable to all registrants). Yes No

by check mark whether the registrants (1) have 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) have been subject to such filing requirements for the past 90 days. Yes
 No

by check mark whether the registrants have 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

by check mark whether 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. (Response applicable to all
registrants):

 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.

 If securities are registered pursuant to Section 12(b) of
the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers
during the relevant recovery period pursuant to § 240.10D-1(b).

by check mark whether the registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
 No

 DOCUMENTS INCORPORATED BY REFERENCE: None

 The following Items have been omitted pursuant to General Instruction
J of Form 10-K:

 Item
 1. Business.

 Item
 1A. Risk Factors.

 Item 1C. Cybersecurity

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 4. Mine Safety Disclosures.

 None.

 The following Items have been omitted pursuant to General Instruction
J of Form 10-K:

 Item
 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases
 of Equity Securities.

 Item 6. [Reserved].

 Item 7. Management's
 Discussion and Analysis of Financial Condition and Results of Operations.

 Item 7A. Quantitative
 and Qualitative Disclosures About Market Risk.

 Item 8. Financial
 Statements and Supplementary Data.

 Item 9. Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosure.

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections.

 Not applicable.

 Item 10. Directors, Executive Officers and Corporate Governance.

 Information about our Executive Officers

 Following are the managers and executive officers of PSNH Funding
LLC 3 (the "Issuing Entity") as of March 27, 2025:

 Name

 Age

 Background

 Jay
S. Buth

 Vice President,
Controller and Chief Accounting Officer of the Issuing Entity since its inception in January 2018, and of Eversource and PSNH since
April 2012. As the Controller of Eversource, Mr. Buth has executive financial oversight over the internal controls, accounting,
tax and financial reporting of Eversource and PSNH. Mr. Buth is a Certified Public Accountant.

 John
M. Moreira

 President,
Chief Financial Officer and Treasurer and a Manager of the Issuing Entity since May 2022. Prior to this, Mr. Moreira served
as Senior Vice President-Finance and Regulatory and Treasurer and a Manager of the Issuing Entity from September 2018 until May 2022.
Mr. Moreira has also served as Executive Vice President, Chief Financial Officer and Treasurer of Eversource and PSNH since May 2022. Prior
to this, Mr. Moreira served as Executive Vice President, Finance and Regulatory and Treasurer of Eversource and PSNH from September 2018
until May 2022. As the Treasurer of Eversource, Mr. Moreira has executive oversight of Eversource and PSNH's capital structure,
liquidity, and financing activities. Mr. Moreira also has executive oversight for ensuring the compliance with regulatory requirements
in the states in which Eversource operates, as well as responsibility for filing rate and regulatory activities in those states. Mr. Moreira
is a Certified Public Accountant. Based on his experience described above, Mr. Moreira has the skills and qualifications necessary
to serve as a Manager of the Issuing Entity.

 Emilie
G. O'Neil

 Assistant
Treasurer and a Manager of the Issuing Entity since its inception in January 2018; Assistant Treasurer of Eversource since May 2017,
and Assistant Treasurer-Corporate Finance and Cash Management of PSNH since March 2017. Ms. O'Neil is responsible for
assisting the Treasurer in all aspects of the Treasury operations, cash management, rating agency presentations and lender relationships.
Based on her experience described above, Ms. O'Neil has the skills and qualifications necessary to serve as a Manager of the
Issuing Entity.

 Michelle
A. Dreyer

 Independent
Manager of the Issuing Entity since May 2018. She joined Corporation Service Company in 1999 and has served as a Manager of Independent
Director Services since 2005 and Managing Director since 2019. In that capacity, Ms. Dreyer has gained the experience necessary
to be qualified to serve as a Manager of the Issuing Entity.

 The Issuing Entity is a wholly owned, bankruptcy remote subsidiary
of PSNH, which in turn is a wholly owned subsidiary of Eversource.

 Code of Conduct

 Eversource has adopted a Code of Ethics for Senior Financial Officers
(Chief Executive Officer, Chief Financial Officer and Controller) and a Code of Business Conduct which include requirements applicable
in whole or in part to all of the Trustees, directors, officers, employees, contractors and agents of Eversource and its subsidiaries.
The Code of Ethics is available on Eversource's website at www.eversource.com/content/residential/about/investors/corporate-governance/code-of-ethics-for-senior-financial-officers,
and Eversource's Code of Business Conduct is available on its website at www.eversource.com/Content/docs/default-source/Investors/Code_of_business_conduct.

 You may obtain a printed copy of the Code of Ethics and the Code of
Business Conduct, without charge, by contacting Eversource's Secretary at the following address:

 James W. Hunt, III

Executive Vice President – Corporate Relations and Sustainability and Secretary

Eversource Energy

800 Boylston Street, 17 th Floor

Boston, Massachusetts 02199-7050

 Any amendments to or waivers under the Code of Ethics or the Code
of Business Conduct will be posted to Eversource's website at www.eversource.com/Content/general/about/investors/corporate-governance.

 Item 11. Executive Compensation.

 Other than the annual independent manager fee of $2,500 paid to Corporation
Service Company, the Issuing Entity does not pay any compensation to its managers or executive officers.

 Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters.

 None.

 Item 13. Certain Relationships and Related Transactions, and Director
Independence.

 None.

 The following Item has been omitted pursuant to General Instruction
J of Form 10-K:

 Item 14. Principal Accountant
 Fees and Services.

 Item 15. Exhibits and Financial Statement Schedules.

 (a)(1) and (a)(2)

 Financial Statements and Financial
 Statement Schedules are omitted pursuant to General Instruction J of Form 10-K as listed under Item 8 of this report.

 (a)(3) and (b)

 Exhibits filed herewith are
 designated by an asterisk (*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.

 Exhibit No.

 Description
 of Exhibit

 3.1

 Certificate of Formation
 of PSNH Funding LLC 3 (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SF-1 of Public Service
 Company of New Hampshire and PSNH Funding LLC 3 (File Nos. 333-223108 and 333-223108-01) filed on February 20, 2018)

 3.2

 Amended and Restated Limited
 Liability Company Agreement of PSNH Funding LLC 3, dated and effective as of May 8, 2018 (incorporated by reference to Exhibit 3.2
 to the Current Report on Form 8-K of Public Service Company of New Hampshire and PSNH Funding LLC 3 filed on May 11, 2018)

 4.1

 Indenture, dated as of
 May 8, 2018, by and between PSNH Funding LLC 3 and The Bank of New York Mellon, as Indenture Trustee and Securities Intermediary
 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Public Service Company of New Hampshire
 and PSNH Funding LLC 3 filed on May 11, 2018)

 4.2

 Series Supplement,
 dated as of May 8, 2018, by and between PSNH Funding LLC 3 and The Bank of New York Mellon, as Indenture Trustee and Securities
 Intermediary (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Public Service Company
 of New Hampshire and PSNH Funding LLC 3 filed on May 11, 2018)

 10.1

 Servicing Agreement, dated
 as of May 8, 2018, by and between PSNH Funding LLC 3 and Public Service Company of New Hampshire, as Servicer (incorporated
 by reference to Exhibit 10.1 to the Current Report on Form 8-K of Public Service Company of New Hampshire and PSNH Funding
 LLC 3 filed on May 11, 2018)

 10.2

 Purchase and Sale Agreement,
 dated as of May 8, 2018, by and between PSNH Funding LLC 3 and Public Service Company of New Hampshire as Seller (incorporated
 by reference to Exhibit 10.2 to the Current Report on Form 8-K of Public Service Company of New Hampshire and PSNH Funding
 LLC 3 filed on May 11, 2018)

 10.3

 Administration Agreement,
 dated as of May 8, 2018, by and between PSNH Funding LLC 3 and Public Service Company of New Hampshire as Administrator (incorporated
 by reference to Exhibit 10.3 to the Current Report on Form 8-K of Public Service Company of New Hampshire and PSNH Funding
 LLC 3 filed on May 11, 2018)

 *31.1

 Rule 13a-14(d)/15d-14(d) Certification

 *33.1

 Report
 on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Public Service Company of New Hampshire, as Servicer

 *33.2

 Report
 on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for The Bank of New York Mellon, as Indenture Trustee

 *34.1

 Attestation Report on Assessment
 of Compliance With Servicing Criteria For Asset-Backed Securities of Deloitte & Touche LLP on behalf of Public Service Company
 of New Hampshire, as Servicer

 *34.2

 Attestation
 Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York
 Mellon, as Indenture Trustee

 *35.1

 Servicer Compliance Statement

 (c)

 Not applicable.

 Item 16. Form 10-K Summary.

 None.

 SUBSTITUTE INFORMATION PROVIDED IN ACCORDANCE
WITH GENERAL

 INSTRUCTION J TO FORM 10-K

 Item 1112(b). Significant Obligors of Pool Assets.

 None.

 Item 1114(b)(2). Credit Enhancement and Other Support, Except For
Certain Derivative Instruments.

 None.

 Item 1115(b). Certain Derivative Instruments.

 None.

 Item 1117. Legal Proceedings.

 None.

 Item 1119. Affiliations and Certain Relationships and Related Transactions.

 See
 "Affiliations and Certain Relationships and Related Transactions" in the Prospectus, dated May 1, 2018, of the
Issuing Entity, CIK 0001730300, File Number 333-223108-01, relating to the Rate Reduction Bonds, Series 2018-1, filed with the Securities
and Exchange Commission pursuant to Rule 424(b)(1) of the Securities Act of 1933 on May 2, 2018.

 Item 1122. Compliance With Applicable Servicing Criteria.

 PSNH (in its role as servicer) and The Bank of New York Mellon (the
 "Indenture Trustee" and together with PSNH, the "Servicing Parties") have each been identified by the registrants
as a party participating in the servicing function with respect to the assets backing securities issued by the Issuing Entity. Each of
the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria applicable to it (each, a "Servicing
Report"), which Servicing Reports are attached as Exhibits 33.1 and 33.2 to this Form 10-K. In addition, each of the Servicing
Parties has provided an attestation report (each, an "Attestation Report") by registered public accounting firms, which Attestation
Reports are also attached as Exhibits 34.1 and 34.2 to this Form 10-K. Except as indicated below, neither of the Servicing Reports
prepared by PSNH or the Indenture Trustee, or the Attestation Reports provided by PSNH or the Indenture Trustee, has identified any material
instance of noncompliance with the servicing criteria applicable to the respective Servicing Party.

 Exceptions:

 Indenture Trustee: The Bank of New York Mellon's Servicing Report
and the related Attestation Report prepared by KPMG LLP have identified material noncompliance with one servicing criterion applicable
to The Bank of New York Mellon.

 Servicing criterion 1122(d)(3)(ii) requires that amounts due
to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
agreements.

 Noncompliance:
The Indenture Trustee has indicated that during the reporting period, the first distribution for a transaction with a securitization
entity for which the Indenture Trustee serves as trustee due on September 3, 2024 ($82,421,673.75) was remitted one day late.

 Remediation:

 The Indenture Trustee has identified the following remediation measures:

 The Indenture Trustee has implemented a daily report, which is distributed
daily to its Management, that identifies outstanding deal onboarding items serving as a reminder of tasks not yet completed as another
check in the process aimed at preventing missed payments. Additionally, programmers are working to build a status report at an individual
level, rather than a group level, flagging individuals that have deal onboarding tasks to complete.

 The Indenture Trustee has also confirmed that none of the identified
instances of noncompliance involved the assets backing the securities issued by the Issuing Entity.

 The registrants have not independently verified the accuracy of the
Indenture Trustee's assertions or the adequacy of its remediation efforts.

 Item 1123. Servicer Compliance Statement.

 See Exhibit 35.1 of this Form 10-K.

 SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT

 No such annual report, proxy statement, form of proxy or other proxy
soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or
proxy material to its security holders subsequent to the filing of this form.

 SIGNATURES

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

 Date: March 27, 2025

 PSNH FUNDING LLC 3, as
 Issuing Entity

 BY: PUBLIC SERVICE COMPANY OF NEW
 HAMPSHIRE, as Servicer

 By:

 /s/
 Emilie G. O'Neil

 Emilie G. O'Neil

 Assistant Treasurer – Corporate Finance
 and Cash Management


FORM 10-K

 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, 2024

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from
 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

 Identification No. of Registrant)

 Registrant)

 1950 Opportunity Way, Suite 1500

 20190

 Reston, 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:

 Title
 of each class

 Trading
 Symbol(s)

 Name
 of each exchange on which registered

 None

 N/A

 None

 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

 If securities are registered pursuant to Section 12(b) of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 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:

 (A)
 Item 1

 Business.

 (B)
 Item 1A

 Risk Factors and Item 1C, Cybersecurity.

 (C)
 Item 2

 Properties.

 (D)
 Item 3

 Legal Proceedings.

 Item 1B.
 Unresolved
 Staff Comments.

 Item 4.
 Mine
 Safety Disclosures.

 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 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.

 Item 9C.
 Disclosure
 Regarding Foreign Jurisdictions that Prevent Inspections.

 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 Accountant Fees and Services.

 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.

 Item 16. Form 10-K Summary.

 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.

 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 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.

 VW Credit and 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.

 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 N.A. 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 N.A. 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 N.A. 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 N.A. 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 N.A. 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 N.A. concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

 U.S. Bank N.A. 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 N.A. 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.

 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 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.

 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 of VW Credit, Inc.

 Exhibit 33.2

 Report on Assessment of Compliance with the Servicing Criteria of U.S. Bank Trust Company, National
 Association.

 Exhibit 34.1

 Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly US,
 LLP, on behalf of VW Credit, Inc.

 Exhibit 34.2

 Attestation Report on Assessment of Compliance with the Servicing Criteria of Ernst &
 Young LLP, on behalf of U.S. Bank Trust Company, National Association.

 Exhibit 35.1

 Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2024.

 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 28, 2025

 VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1

 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)


FORM 10-K

 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, 2024

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934

 For the transition period from
 to

 333-269194-01

 (Commission File Number of Issuing Entity)

 Volkswagen Auto
Loan Enhanced Trust 2023-1

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

 Central Index Key Number of Issuing Entity: 0001976946

 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

 35-7370702

 (State or other jurisdiction of

 (I.R.S. Employer

 incorporation or organization of

Registrant)

 Identification No. of Registrant)

 1950 Opportunity Way, Suite 1500

 20190

 Reston, 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:

 Title of each
 class

 Trading Symbol(s)

 Name of each
 exchange on which registered

 None

 N/A

 None

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

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

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

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.

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

 If securities are registered pursuant to Section 12(b) of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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:

 (A)
 Item 1

 Business.

 (B)
 Item 1A

 Risk Factors and Item 1C, Cybersecurity.

 (C)
 Item 2

 Properties.

 (D)
 Item 3

 Legal Proceedings.

 Item 1B. Unresolved Staff Comments.

 Item 4. Mine Safety Disclosures.

 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 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.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections.

 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 Accountant Fees and Services.

 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.

 Item 16. Form 10-K Summary.

 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.

 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 Loan Enhanced Trust 2023-1 (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.

 VW Credit and 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.

 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 N.A. 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 N.A. 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 N.A. 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 N.A. 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 N.A. 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 N.A. concerning special
servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

 U.S. Bank N.A. 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 N.A. 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.

 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 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.

 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 of VW Credit, Inc.

 Exhibit 33.2

 Report on Assessment of Compliance with the Servicing Criteria of U.S. Bank Trust Company, National Association.

 Exhibit 34.1

 Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly US, LLP, on behalf of VW Credit, Inc.

 Exhibit 34.2

 Attestation Report on Assessment of Compliance with the Servicing Criteria of Ernst & Young LLP, on behalf of U.S. Bank Trust Company, National Association.

 Exhibit 35.1

 Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2024.

 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 28, 2025

 VOLKSWAGEN
 AUTO LOAN ENHANCED TRUST 2023-1

 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)


FORM 10-K

 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, 2024

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
 THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from
 to

 333-249906-03

 (Commission File Number of Issuing Entity)

 Volkswagen Auto
Lease Trust 2023-A

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

 Central Index Key Number of Issuing Entity: 0001990353

 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

 93-6597347

 (State or other jurisdiction of

 (I.R.S. Employer

 incorporation or organization of Registrant)

 Identification No.

 of Registrant)

 1950
 Opportunity Way, Suite 1500

 20190

 Reston,
 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:

 Title of each
 class

 Trading Symbol(s)

 Name of each
 exchange on which registered

 None

 N/A

 None

 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, o 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

 If securities are registered pursuant to Section 12(b) of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 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:

 (A)
 Item

 Business.

 (B)
 Item
 1A

 Risk Factors and Item 1C,
 Cybersecurity.

 (C)
 Item

 Properties.

 (D)
 Item

 Legal Proceedings.

 Item 1B. Unresolved Staff Comments.

 Item 4. Mine Safety Disclosures.

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

 (A)
 Item

 Market
 for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
 Equity Securities.

 (B)
 Item

 [Reserved]

 (C)
 Item

 Management's
 Discussion and Analysis of Financial Condition and Results of Operations.

 (D)
 Item
 7A

 Quantitative
 and Qualitative Disclosures About Market Risk.

 (E)
 Item

 Financial
 Statements and Supplementary Data.

 (F)
 Item

 Changes
 in and Disagreements with Accountants on Accounting and Financial Disclosure.

 (G)
 Item
 9A

 Controls
 and Procedures.

 Item 9B. Other Information.

 None.

 Item 9C. Disclosure Regarding Foreign
Jurisdictions that Prevent Inspections.

 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

 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 Accountant Fees
 and Services.

 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.

 Item 16.
 Form 10-K Summary.

 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.

 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 2023-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 Credit and 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 certain residential mortgage-backed securities ("RMBS")
trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank N.A. 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 N.A. 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 N.A. 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 N.A. 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 N.A. concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

 U.S. Bank N.A. 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 N.A. 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.

 Owner Trustee Litigation

 Deutsche Bank Trust Company Delaware,
as the Owner Trustee, has provided the following information for inclusion in this report on Form 10-K:

 In 2014 and 2015, several investors sued several trustees of residential
mortgage-backed securities ("RMBS") trusts, including Deutsche Bank Trust Company Americas ("DBTCA"), concerning
the trustees' administration of RMBS trusts. These cases generally alleged that the RMBS trustees failed to perform purported duties,
as trustees for private-label RMBS trusts, to enforce breaches of representations and warranties as to mortgage loans held by the trusts
and to enforce breaches by servicers of their mortgage loan servicing obligations for the trusts. Investors have sued DBTCA in six of
these cases. DBTCA has settled two cases brought by funds managed by Blackrock Advisors, LLC, PIMCO-Advisors, L.P. and others; and obtained
summary judgment in one case, brought by certain special purpose entities including Phoenix Light SF Limited. In addition, the two cases
described below remain active.

 On November 30, 2017, DBTCA was added as a defendant to a case brought
by Commerzbank AG ("Commerzbank") in the U.S. District Court for the Southern District of New York, in which Commerzbank previously
alleged incorrectly that Deutsche Bank National Trust Company ("DBNTC") served as trustee for all 50 of the trusts at issue.
On November 30, 2017, Commerzbank filed a second amended complaint that names DBTCA as a defendant in addition to DBNTC. DBTCA serves
as trustee for 1 of the 50 trusts at issue. DBNTC serves as trustee for the other 49 trusts at issue. Commerzbank's second amended
complaint brings claims for violation of the U.S. Trust Indenture Act of 1939 ("TIA"); breach of contract; breach of fiduciary
duty; negligence; violation of the New York Streit Act ("Streit Act"); and breach of the covenant of good faith. However,
in the second amended complaint, Commerzbank acknowledges that, before DBTCA was added to the case, the court dismissed Commerzbank's
TIA claims for the trusts governed by pooling and servicing agreements, as well as its Streit Act claims and claims for breach of the
covenant of good faith, and Commerzbank only includes these claims to preserve any rights on appeal. The second amended complaint alleges
that DBNTC and DBTCA caused Commerzbank to suffer "hundreds of millions of dollars in losses," but the complaint does not
include a demand for money damages in a sum certain. On January 29, 2018, DBNTC and DBTCA filed an answer to the second amended complaint.
On December 7, 2018, DBNTC and DBTCA filed a motion for summary judgment. Also on December 7, 2018, Commerzbank, jointly with the Phoenix
Light plaintiffs, filed a motion for partial summary judgment. On February 8, 2022, the court issued an order in which it granted in part
DBNTC and DBTCA's motion for summary judgment and denied plaintiffs' motion for partial summary judgment. As a result of that
order, many of plaintiffs' claims and theories were dismissed with prejudice. On September 26, 2024, DBNTC and DBTCA filed a motion
for summary judgment, which has been fully briefed.

 On December 30, 2015, IKB International, S.A. in Liquidation and IKB
Deutsche Industriebank A.G. (collectively, "IKB"), as an investor in 37 RMBS trusts, filed a summons with notice in the Supreme
Court of the State of New York, New York County, against DBNTC and DBTCA as trustees of the trusts. On May 27, 2016, IKB served its complaint
asserting claims for breach of contract, breach of fiduciary duty, breach of duty to avoid conflicts of interest, violation of the Streit
Act, violation of the TIA, violation of Regulation AB, and violation of Section 9 of the Uniform Commercial Code. IKB alleges that DBNTC
and DBTCA are liable for over U.S. $268 million in damages. On October 5, 2016, DBNTC and DBTCA, together with several other trustees
defending lawsuits by IKB, filed a joint motion to dismiss. On January 6, 2017, IKB filed a notice of discontinuance, voluntarily dismissing
with prejudice all claims as to three trusts. On June 20, 2017, the parties filed a stipulation, voluntarily dismissing with prejudice
all claims as to four additional trusts. On January 27, 2021, the court granted in part and denied in part DBNTC and DBTCA's motion
to dismiss. The court granted the motion to dismiss with respect to IKB's claims for violations of the Streit Act, Regulation AB,
and Section 9 of the Uniform Commercial Code, as well as certain aspects of IKB's claims for breach of contract, breach of fiduciary
duty, and violation of the TIA. The court denied the remainder of the motion to dismiss. IKB's remaining claims for breach of contract,
breach of fiduciary duty, breach of duty to avoid conflicts of interest, and violation of the TIA will proceed. On May 10, 2021, DBNTC
and DBTCA filed a notice of appeal with the New York Supreme Court Appellate Division, First Department, regarding certain aspects of
the court's order on the motion to dismiss. On May 20, 2021, IKB filed a notice of cross appeal with respect to other aspects of
that order. On August 30, 2022, the New York Supreme Court, Appellate Division, First Department affirmed in part and reversed in part
the court's order on the motion to dismiss. After DBNTC and DBTCA appealed the First Department's decision, on June 15, 2023,
the New York Court of Appeals reversed the First Department's decision in part, dismissing certain additional contract claims, as
well as IKB's claims for breach of fiduciary duty and breach of duty to avoid conflicts of interest. On June 2, 2021, IKB filed
a motion for re-argument regarding certain aspects of the court's order on the motion to dismiss, which the court denied on August
3, 2021. On May 13, 2021, DBNTC and DBTCA filed an answer to the complaint. On October 28, 2021, the parties filed a stipulation, voluntarily
dismissing with prejudice all claims as to seven additional trusts. On December 29, 2021, the parties filed a stipulation, voluntarily
dismissing with prejudice all claims as to one additional trust. On April 22, 2022, the parties filed a stipulation, voluntarily dismissing
with prejudice all claims as to 17 certificates at issue, including all claims as to 5 trusts. On February 28, 2023, the parties filed
a stipulation, voluntarily dismissing with prejudice all claims as to two trusts, leaving 15 trusts at issue. On November 21, 2023, the
parties filed a stipulation, voluntarily dismissing with prejudice all claims as to three trusts, leaving 12 trusts at issue. On November
14, 2024, DBNTC and DBTCA filed a motion for summary judgment. Also on November 14, 2024, IKB filed a motion for partial summary judgment.
Those motions are being briefed.

 It is DBTCA's belief that it has no pending legal proceedings (including, based on DBTCA's current evaluation, the litigation
disclosed in the foregoing paragraphs) that would materially affect its ability to perform its duties under the Amended and Restated Trust
Agreement for this transaction.

 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 and the Certificate by
the Issuing Entity, between VW Credit, Inc. (in its capacities as Sponsor, Originator, Servicer or Administrator), the Depositor, the
Origination Trust, the Indenture Trustee, the Owner Trustee, U.S. Bank Trust Company, National Association (in its capacities as UTI Trustee,
Transaction SUBI Trustee and Administrative Trustee), the Delaware Trustee and the Issuing Entity, or any affiliates of such parties,
that currently exists or that existed during the past two years and that is material to an investor's understanding of the Notes.

 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.

 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, 2024.

 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 28, 2025

 VOLKSWAGEN
 AUTO LEASE TRUST 2023-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)