Volkswagen AG’s latest auto lease securitization in Europe appears to show the automaker is making progress to repair nearly 11 million vehicles – and maintain its past solid quality securitization performance – in the wake of its diesel-engine emissions testing scandal that broke last September.

The VCL Multi-Compartment S.A., Compartment VLC 23 trust is only the second German lease securitization that Volkswagen Leasing GmbH has issued since last September when the U.S. Environmental Protection Agency alleged the German automaker has installed software in certain diesel engines in Volkswagen and Audi designed to cheat emissions standards around the globe.

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