FCT Ginkgo Sales Finance 2017-1: 26 June 2017
Another cash securitisation of consumer loans extended to borrowers resident in France. The provisional portfolio consists of loans granted for the acquisition of consumer goods and services (new and used vehicle loans, home equipment loans and recreational vehicle loans).
The originator and servicer is CA Consumer Finance, which is fully owned by Crédit Agricole SA.
Eligibility criteria (includes): all loans have been originated in accordance with the applicable lending criteria; the interest rate is fixed; each is denominated and payable in Euros; none is in arrears; not subject to a pre-payment; the borrower is domiciled in a French metropolitan district; each loan has been fully disbursed; at least one instalment has been paid; each Loan Agreement is either: (a) a Home Equipment Sales Finance Agreement, (b) a New Vehicle Sales Finance Agreement, (c) a Used Vehicles Sales Finance Agreement, or (d) a Recreational Vehicle Sales Finance Agreement; no Loan Agreement has been executed with a member of staff of CA Consumer Finance.
As of 31 May 2017, the portfolio of randomly selected receivables comprised 126,380 receivables with an average outstanding principal per loan of Eur5,508. Type of loan agreement (by outstanding balances): used vehicles loan sales finance agreements 38.79%, home equipment 29.73%, recreational vehicles 17.43% and new vehicles 14.05%. Borrower concentration: top 1 – 0.02% of current outstandings, top 5 – 0.08%, top 10 – 0.15%. The WA seasoning is 9.05mnths. Geographic concentration: Ile de France 13.03%, Rhone Alpes 10.95%, Provence Alpes Cote d'Azur 7.97% and Nord Pas de Calais 7.29%.
CRR 405: The Seller has undertaken, for so long as any of the Listed Notes are outstanding, to retain, on an ongoing basis, a material net economic interest not less than 5% in the securitisation transaction as contemplated by Article 405 paragraph (1) of the Regulation (EU) n° 575/2013 of the European Parliament and the Council of 26 June 2013.
Compare/contrast: Ginkgo Sales Finance 2015-1, BPCE Consumer Loans 2016-5, Driver France 3 FCT