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Cars Alliance DFP Germany 2017: 27 July 2017

The purpose of the transaction is (a) to be exposed to risks by acquiring from time to time from RCI Banque S.A. Niederlassung Deutschland (the Seller) receivables arising in connection with the purchase and financing by various designated German retail motor vehicle dealers of their new and used branded vehicles and spare parts which satisfy certain eligibility criteria and (b) to fund such risks by issuing notes (titres de créances) and units and by borrowing funds pursuant to the Class B Loan Agreement.

RCI Banque S.A. Niederlassung Deutschland is the German branch of RCI Banque S.A., dedicated to customer and dealer financing activities and services (including deposit business) in Germany.

Dealers Eligibility Criteria (includes): it is in existence and is approved in accordance with the Seller's standard practice regarding the origination of Receivables; it has the centre of its main interest in Germany, is resident in Germany and is acting through its principal office in Germany; no amounts owed by the Dealer to the Seller have been written off as uncollectible; no amounts owed by the Dealer to the Seller have been overdue more than one month in the past 12 months; it is a corporate entity and is not controlled, directly or indirectly, by any government or other public authority; since its appointment as a car dealer or car workshop which is a member of the Renault or Nissan network, it has never undergone a floor-check resulting in discrepancies which were not rectified within 15 days from the date on which such discrepancy was identified.

At cut-off the portfolio consisted of 57,760 receivables, where the average outstanding balance is Eur14,747. Distribution by Product Group (by number / % of current outstanding balance): new cars 21,932 / 55.92%; demo cars 16,661 / 33.33%; used cars 5,124 / 7.80%; spare parts 14,043 / 2.95%. Concentration of Top Debtor Groups (by outstanding balances): Top 1 – 5.93%, Top 5 – 15.67%, Top 10 – 22.02%. The WA seasoning is 69.83 days.

CRR 405: The Seller will retain a material net economic interest of not less than 5% in the securitisation in accordance with the text of each of Article 405(1)(d) of the Capital Requirements Regulation, Article 51(1)(d) of the AIFM Regulation and Article 254(2)(d) of the Solvency II Regulation. As at the Closing Date, such interest will comprise an interest in the first loss tranche.

Compare/contrast: Cars Alliance DFP France (Notes Programme)