Driver Espana Four: 03 July 2017
This will actually be the fifth transaction (see Private Driver Espana 2013-1) from the Volkswagen Spanish franchise, where the originator for this transaction is Volkswagen Finance SA, EFC. VW Finance is a wholly owned subsidiary of Seat SA, which in turn is owned by Volkswagen AG.
The static portfolio (non-replenishing) will consist of loan receivables derived from auto loan contracts concluded by VW Finance with retail consumers in Spain (private 85.53%, freelance 12.04% and companies 4.43%). The portfolio is highly granular and comprises 89,240 loans granted to individuals having their place of residence or corporate entities having their registered office in Spain. Vehicle type: new - 82.91%, used cars - 17.09%.
The average discounted outstanding balance is Eur11,206 with the largest borrowing being Eur76,273. The top 20 borrowers account for just 0.1345% of current balances. Type of credit (by discounted principal balance): classic credit 91.45%, auto credit 8.55%. WA seasoning is 10.27mnths. Regional concentration (by discounted principal balance): Catalonia 20.63%, Andalucia 16.56% and Madrid 16.51%.
CRR 405: The Seller will retain for the life of the transaction a material net economic interest of not less than 5.0% in the transaction in accordance with Article 405 and Article 51. As of the date of incorporation, such interest will, in accordance with Article 405 paragraph 1 sub (c) CRR and Article 51 paragraph 1 sub (c) AIFM Regulation, be comprised of an interest in randomly selected exposures equivalent to no less than 5.0% of the nominal amount of the securitised exposures.
Compare/contrast: Driver Espana 3, A-Best 13