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VW Credit Commences Accumulation Period for Dealer Loan Backed Certificates

9 February 2000

VW Credit, Inc. Commences Accumulation Period for Dealer Loan Backed Certificates, Series 1996-1 Issued By the Volkswagen Credit Auto Master Trust

    AUBURN HILLS, Mich., Feb. 9 -- VW Credit, Inc. today
announced that it had taken all action necessary to commence the Accumulation
Period for the $375,000,000 Floating Rate Dealer Loan Backed Certificates,
Series 1996-1, issued by the Volkswagen Credit Auto Master Trust.
    Under the applicable transaction documents, VW Credit, as Servicer, may
elect to cause principal on the Certificates to be paid in full before the
April 2001 distribution date.  On February 9, 2000, the Servicer notified the
Trustee of the trust that the Servicer had made that election.  Based on that
notice, the "Principal Payment Date Establishment Date" will be March 15, 2000
and the "Initial Accumulation Period Commencement Date" will be April 1, 2000.
This means that on monthly distribution dates with respect to the Accumulation
Period, principal collections on the underlying receivables will be deposited
in the "Principal Funding Account" where those collections will be held (or
"accumulated") for the purpose of paying principal to the holders of the
Certificates.
    It is currently anticipated that principal will be paid in full to the
holders of the Certificates on the June 15, 2000 distribution date.  However,
if insufficient collections are received by the Servicer prior to May 31, 2000
to pay principal in full by the June 15, 2000 distribution date, then it is
anticipated that principal on the Certificates will be paid in full on a
future distribution date on which sufficient funds are available for that
purpose.
    The information in this Press Release summarizes certain provisions of the
transaction documents.  For a more detailed description, please refer to the
Prospectus and Prospectus Supplement dated March 14, 1996.  This letter is
qualified by reference to the terms of the transaction documents.
    The above referenced transaction is part of VW Credit's overall asset
securitization program.  The Company expects asset securitization to maintain
an important role in the Company's overall funding strategy.