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Driver Japan Six: 04 March 2017

As the name indicates, this will be the sixth transaction from the Volkswagen Japanese franchise and, as per the previous transaction, the originator for this transaction is Volkswagen Financial Services Japan Ltd, whose main shareholder (as of 31 March 2011) is Volkswagen Financial Services AG.

VWFSJ outsources its auto loan operations - including credit and scoring, processing contract applications, and collections - to JACCS and Cedyna, which are Japanese consumer credit companies. JACCS and Cedyna also provide guarantees to VWFSJ against losses from auto loans.

Eligibility criteria (includes): each Auto Loan Agreement has been entered into in connection with a purchased vehicle and is secured by such vehicle; is governed by Japanese law; is a fully disbursed loan; each Obligor is not insolvent and no bankruptcy proceedings or any other insolvency proceedings are pending or threatened against the Obligor; is a fixed interest rate; the Obligor, if a corporate entity, has its permanent establishment in Japan and is not an affiliate of Volkswagen AG and, if an individual, has their place of residence in Japan; at least two monthly payments have been made; is payable in yen; each Auto Loan Agreement relates to one purchased vehicle only; each Auto Loan Receivable is not overdue.

The initial portfolio consists of 20,457 auto loans (Cedyna– 61.38% of balances; Jaccs – 38.62%), with an average outstanding principal balance of Yen2,091,332. The WA seasoning is 13.40mnths. New/Used (by outstanding principal): new 77.22%, used 22.78%. Customer type: retail 85.47%, corporate 14.53%. Credit type: Balloon Type Loan 85.60%, Fully Amortising 14.4%.

Compare/contrast: Driver Japan Five, Driver China Five