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Driver UK (Series Eight): 31 March 2024

Another issuance event via the Driver UK Master programme and, again, a securitisation backed by auto-loan receivables in the United Kingdom. The seller, Volkswagen Financial Services (UK) Ltd, is a wholly owned subsidiary of Volkswagen Financial Services AG which is in turn wholly owned by Volkswagen AG.

Eligibility criteria (includes): none of the obligors is an affiliate of the seller; the contracts have been entered into exclusively with obligors which, if they are corporate entities, have their registered office in England, Scotland or Wales or, if they are individuals, have their place of residence in England, Scotland or Wales; the receivable is denominated and payable in Sterling; no receivable is overdue.

The initial pool comprises of 30,032 financing contracts, where the average outstanding discounted receivables balance is £20,811 and the largest outstanding balance is for £255,997. Financial Product Split (by current balances): PCP - 92.48%, Hire Purchase- 7.04% and Lease Purchase – 0.48%. Distribution of New/Used Vehicles (by current balances): new - 50.11%, used - 49.89%. Customer Type: retail - 99.10%, corporate - 0.90%. Regional concentration: South East - 15.41%, Scotland - 15.27%, North West - 12.08% and East England - 10.07%.

UK & EU Risk Retention: VWFS shall, whilst any of the Notes remain outstanding, retain for the life of such Notes a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(d) of the UK Securitisation Regulation and Article 6(3)(d) of the EU Securitisation Regulation.

US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section _.20 of the US Risk Retention Rules and no other steps have been taken by the Issuer, the Seller, Arranger, the Joint Lead Managers or any of their affiliates or any other party to accomplish such compliance.

Compare/contrast: Driver UK (Series Six), Bavarian Sky SA German Auto Loans (Comp 13), Pony SA (German Auto Loans 2023-1)