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SC Germany Auto 2017-1: 22 June 2017

Santander Consumer Bank AG brings another auto loan transaction to the market with assets similar to previous transactions insofar as they are backed by a portfolio of loan claims secured by security interests in certain passenger cars, motor cycles and trailers located in Germany.

The portfolio eligibility criteria includes: was originated on or after 11 June 2010; is denominated and payable in euro; the loan contract has not been terminated; the relevant contract has been fully drawn by the relevant debtor; has a fixed interest rate and is fully amortising through payment of constant monthly instalments; the receivable is owed by a person who is a consumer (Verbraucher) within the meaning of Section 491(1) of the German Civil Code; is not a delinquent receivable; at least two (2) due loan instalments have been fully paid for the receivable prior to the purchase date; is subject to German law; the debtor is either a private individual resident in Germany or a self-employed individual resident in Germany.

The portfolio consists of 52,667 loans with an average current balance of Eur11,392 (average original balance was Eur13,188). The pool is highly granular with the largest obligor accounting for just 0.0181% of total balances and the top 25 obligors for only 0.2793%. Loan type with Balloon payments: No 46.86%, Yes 53.14%. Purpose of loan (by total balances): used car 60.0%, new car 40.0%. The WA seasoning is 11.37mnths. Regional concentration (by total current balances): Nordrhein-Westfalen 19.05%, Bavaria 11.54%, Baden-Württemberg 10.52% and Lower Saxony 10.48%.

Banco Santander S.A, Barclays Bank plc and UniCredit Bank AG will purchase the notes from the Issuer and will offer the Class A Notes, from time to time, in negotiated transactions or otherwise, at varying prices to be determined at the time of the sale. The Class B Notes will be purchased by Banco Santander S.A. and sold on to the Seller.

CRR/405: With a view to support compliance the seller will retain, in its capacity as originator within the meaning of Article 405 of the CRR, on an ongoing basis until the earlier of (i) the redemption of the Notes in full and (ii) the Legal Maturity Date, a first loss tranche constituted by the claim for repayment of a loan advance of EUR 6,000,000 made available by the Seller in its capacity as Subordinated Loan Provider to the Issuer under the Subordinated Loan Agreement as of the Note Issuance Date.

Compare/contrast: SC Germany Auto 2016-2