UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

~~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, ~~2016~~2017

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

For the transition period from to

333-185282-07

(Commission File Number of Issuing Entity)

Volkswagen Auto Loan Enhanced Trust 2014-2

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

Central Index Key Number of Issuing Entity: 0001620346

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		83-0349353
(State or other jurisdiction of		(I.R.S. Employer
(State or other jurisdiction of incorporation or organization of Registrant)		(I.R.S. Employer Identification No. of Registrant)
incorporation or organization of Registrant)		Identification No. of Registrant)
2200 Ferdinand Porsche Drive Herndon, Virginia		20171
(Address of principal executive offices of Registrant)		(Zip Code of Registrant)


2200 Ferdinand Porsche Drive
Herndon, Virginia		20171
(Address of principal executive offices of Registrant)		(Zip Code 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		Name of each exchange on which registered
None		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 and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files). ☒ Yes ☐ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, ” “accelerated filer,” ~~and~~ “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer: ☐ Accelerated filer: ☐ Non-accelerated filer: ☒ (Do not check if a smaller reporting company) 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 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.
(C) Item 2		Properties.
(D) Item 3		Legal Proceedings.

Item 1B. Unresolved Staff Comments.

Not Applicable.

Item 4. Mine Safety Disclosures.

Not Applicable.

PART II

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

(A) Item 5		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
(B) Item 6		Selected Financial Data.
(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.

PART III

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

(A) Item 10		Directors, Executive Officers and Corporate Governance.
(B) Item 11		Executive Compensation.
(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.

PART IV

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.

~~SUBSTITUTE~~Item ~~INFORMATION~~16. ~~PROVIDED~~Form ~~IN ACCORDANCE WITH GENERAL INSTRUCTION J(2) TO FORM~~ 10-K: Summary.

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

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

Item ~~1114~~1112(b)~~(2)~~ of Regulation AB. Significant ~~Credit~~Obligors ~~Enhancement~~of ~~and~~Pool ~~Other~~Assets ~~Support, Except for Certain Derivatives Instruments~~ (~~Information~~Financial ~~Regarding Significant Enhancement Providers~~Information).

Not Applicable.

Item ~~1115~~1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (~~Financial~~ Information Regarding Significant Enhancement Providers).

Not Applicable.

Item ~~1117~~1115(b) of Regulation AB. ~~Legal Proceedings~~Certain Derivatives Instruments (Financial Information).

VWNot ~~Credit, Inc~~Applicable. is currently a party to multiple lawsuits by obligors seeking to rescind retail installment sale and lease contracts with VW Credit, Inc. for the purchase or lease of vehicles equipped with TDI diesel engines, to enjoin VW Credit, Inc. from collecting payments on sale or lease contracts with respect to such vehicles and to enjoin VW Credit, Inc. from reporting derogatory information to consumer credit reporting agencies with respect to any missed payments under such contracts. Moreover, VW Credit, Inc. has been sued in various lawsuits, along with Volkswagen Group of America, Inc., arising from the industry-wide recall in the United States of certain Takata airbags installed in certain Volkswagen brand vehicles. VW Credit, Inc. anticipates that all of these lawsuits will be resolved through recourse and/or settlement against the vehicle manufacturer, rather than VW Credit, Inc. With respect to lawsuits relating to TDI engines, VW Credit, Inc. has also received assurances from the affected vehicle manufacturers that VW Credit, Inc. will be fully indemnified for any claims successfully asserted against VW Credit, Inc. for these matters. Accordingly, VW Credit, Inc. does not believe that noteholders will be adversely affected by these lawsuits.

~~Except as described above, 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 1117 ~~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 2014-2 (the “Issuing Entity”)), Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Depositor”), Deutsche Bank Trust Company Americas (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~~Legal ~~asset-backed notes (the “Notes”) or the asset-backed certificate (the “Certificate”)~~Proceedings. ~~No such proceedings are known to be contemplated by governmental authorities.~~

~~Item 1119~~Volkswagen AG and other Volkswagen Group companies, including VW Credit, Inc., have been the subject of ~~Regulation~~intense ABscrutiny, ongoing investigations (civil and criminal) and civil litigation relating to TDI diesel engines. ~~Affiliations~~Volkswagen AG and ~~Certain~~other ~~Relationships~~Volkswagen Group companies have received subpoenas and ~~Related~~inquiries ~~Transactions~~from state attorneys general and other governmental authorities and are responding to such investigations and inquiries. Moreover, investigations by various US regulatory and government authorities, including in areas relating to securities, financing and tax are ongoing.

~~Information~~Except ~~required~~as described above, 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 ~~1119~~1110(b) of Regulation AB ~~has~~(the ~~been~~“Originator”), ~~omitted~~in ~~from~~its ~~this~~capacity ~~report~~as onservicer ~~Form~~(the ~~10-K~~“Servicer”) and in ~~reliance~~its oncapacity as administrator of Volkswagen Auto Loan Enhanced Trust 2014-2 (the “Issuing Entity”)), Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the “Depositor”), Deutsche Bank Trust Company Americas (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 ~~Instruction~~that are or would be material to ~~Item~~holders ~~1119~~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.

Item ~~1122~~1119 of Regulation AB. ~~Compliance~~Affiliations ~~with~~and ~~Applicable~~Certain ~~Servicing~~Relationships ~~Criteria~~and Related Transactions.

~~The~~Information ~~Servicer~~required ~~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~~1119 of Regulation AB ~~applicable~~has tobeen itomitted ~~(each,~~from ~~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,~~on ~~an “Attestation Report”) by a registered public accounting firm, which reports are also attached as exhibits to this~~ Form 10-K. ~~Neither~~in ~~the Indenture~~reliance ~~Trustee’s~~on ~~Servicing Assessment Report nor~~ the Instruction ~~Indenture Trustee’s Attestation Report has identified any material instance of noncompliance with the servicing criteria applicable~~ to ~~the~~Item ~~Indenture Trustee~~1119.

~~The~~Item 1122 ~~Servicer~~of ~~complied~~Regulation inAB. ~~all~~Compliance ~~material respects~~ with ~~the~~Applicable ~~servicing~~Servicing ~~criteria applicable to it~~Criteria.

~~Item 1123~~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 ~~Compliance~~and ~~Statement~~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 ~~has~~complied ~~completed~~in aall ~~statement~~material ofrespects ~~compliance~~ with ~~its activities during~~ the ~~reporting~~servicing ~~period~~criteria ~~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~~it.

~~SIGNATURES~~Item 1123 of Regulation AB. Servicer Compliance Statement.

~~Pursuant~~The toServicer ~~the~~has ~~requirements~~completed a statement of ~~Section 13~~compliance orwith ~~15(d)~~its ofactivities during the ~~Securities~~reporting ~~Exchange~~period ~~Act~~and of ~~1934,~~its ~~the~~performance ~~Depositor~~under ~~has~~the ~~duly~~applicable ~~caused~~servicing agreement ~~this~~(a ~~report~~“Compliance toStatement”), be signed onby ~~its behalf~~an byauthorized officer of the ~~undersigned,~~Servicer. ~~thereunto~~The ~~duly~~Compliance ~~authorized~~Statement is attached as Exhibit 35.1 to this Form 10-K.

~~March 28,~~EXHIBIT ~~2017~~INDEX

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2014-2
Exhibit 31		Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d).
By:		VW Credit, Inc., as Servicer
Exhibit 33.1		Report on Assessment of Compliance with Applicable Servicing Criteria of VW Credit, Inc.
By:		/s/ David Rands
Exhibit 33.2		Report on Assessment of Compliance with the Servicing Criteria of Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas.
		David Rands
Exhibit 34.1		Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly Virchow Krause, LLP, on behalf of VW Credit, Inc.
		Executive Vice President & CFO
Exhibit 34.2		Attestation Report on Assessment of Compliance with the Servicing Criteria of KPMG, on behalf of Deutsche Bank Trust Company Americas.
		(senior officer in charge of the servicing function)
Exhibit 35.1		Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2017.

~~EXHIBIT~~SIGNATURES ~~INDEX~~

Exhibit 31		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 Deutsche Bank National Trust Company and Deutsche Bank Trust Company Americas.
Exhibit 34.1		Attestation Report on Assessment of Compliance with the Servicing Criteria of Baker Tilly Virchow Krause, LLP, on behalf of VW Credit, Inc.
Exhibit 34.2		Attestation Report on Assessment of Compliance with the Servicing Criteria of KPMG, on behalf of Deutsche Bank Trust Company Americas.
Exhibit 35.1		Annual Servicer Compliance Statement of the Servicer for the year ended December 31, 2016.

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 29, 2018


VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2014-2

By:		VW Credit, Inc., as Servicer

By:		/s/ David Rands
		David Rands
		Executive Vice President & CFO
		(senior officer in charge of the servicing function)

Filing Compare · Volkswagen Auto Loan Enhanced Trust 2014-2