Driver UK (Series Six): 26 September 2017
Another issuance event via the Driver UK Master programme and, again, a securitisation backed by auto-loan receivables in the United Kingdom. The seller, Volkswagen Financial Services (UK) Ltd, is a wholly owned subsidiary of Volkswagen Financial Services AG which is in turn wholly owned by Volkswagen AG.
Eligibility criteria (includes): none of the obligors is an affiliate of the seller; the contracts have been entered into exclusively with obligors which, if they are corporate entities, have their registered office in England, Scotland or Wales or, if they are individuals, have their place of residence in England, Scotland or Wales; the receivable is denominated and payable in Sterling; no receivable is overdue.
The initial pool comprises of 24,463 financing contracts, where the average outstanding discounted receivables balance is £18,395 and the largest outstanding balance is for £233,472. Financial Product Split (by current balances): PCP 93.38%, Hire Purchase 6.62%. Distribution of New/Used Vehicles (by current balances): new 69.85%, used 30.15%. Customer Type: retail 97.02%, corporate 2.98%. Regional concentration: South East 21.36%, North West 12.25%, Scotland 10.76%, West Midlands 10.02% and Yorks & Humber 8.94%.
CRR/405: The Seller will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 405 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 and Article 51 of Regulation (EU) No 231/2013.
Compare/contrast: Driver UK Master Prog (Compartment 2), Driver UK 5, E-Carat PLC - Series 8, Motor 2017-1