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Exhibit 10.7







February 13, 2007






Volkswagen Auto Loan Enhanced Trust 2007-1 (“Party B”)
c/o Deutsche Bank Trust Company Delaware, as Owner Trustee
1011 Centre Road, 2
nd Floor
Wilmington, Delaware 19805
Attention: Elizabeth Ferry
Facsimile: (302) 636-3399






HSBC Bank USA, National Association (“Party A”)
452 5
th Avenue
New York, NY 10018
Attention: Christian McGreevy
Telephone: 212-525-8710
Facsimile: 212-525-5517




Ref. No.



Dear Sir or Madam:

The purpose of this letter (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions contained in (i) the 2000 ISDA Definitions (the “ISDA Definitions”), as published by the International Swaps and Derivatives Association, Inc, and (ii) the Sale and Servicing Agreement dated as of February 13, 2007 (the “Sale and Servicing Agreement”) between Party B, Volkswagen Auto Lease/Loan Underwritten Funding, LLC, VW Credit, Inc. and Citibank, N.A. relating to the issuance by Party B of certain debt obligations, are incorporated into this Confirmation. In the event of any inconsistency between the ISDA Definitions and this Confirmatio

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