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Titrisocram Compartment 2017: 22 October 2017

Titrisocram returns to the market, where the assets in the deal are again a portfolio of fixed-rate amortising loan receivables deriving from vehicle loan contracts (autos, motorcycles and recreational vehicles). All loan contracts are with individuals having the status of consumers domiciled in France. The originator, Socram Banque, is the fourth-largest auto loans lender in France.

Eligibility criteria (includes): each loan contract has been executed between the seller and individual acting for non-business purposes; each loan is fully disbursed; the loan’s maturity does not exceed 84 months; there is a remaining term of at least 12 months; each receivable is paid by automatic direct debit; at least one instalment has been paid .

As at the cut-off date (5 September 2017) the initial portfolio consists of 54,347 receivables advanced to 53,204 borrowers, and all are serviced by direct debit. Car status (by outstanding balance): Used 63.00%, new 37.00%. Type of vehicle (by outstanding balance): car 92.9%, camper car 4.2% and motorcycle 2.8%. The average outstanding balance is Eur8,952 and the largest loan is for Eur69,000. The WA seasoning is 10.0 months. Regional concentration: Ile de France 13.6%, Rhone-Alpes 10.3%, Provence Alpes Cote d’Azur 7.6% and Nord Pas-de-Calais 7.5%.

CRR 405: The Seller, as originator within the meaning of the CRR, shall retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 405 of Regulation 575/2013. As at the Issue Date, such interest will consist of the subscription of the Class B Notes corresponding to not less than 5% of the nominal value of the Initial Receivables.

Compare/contrast: Titrisocram Compartment 2015-1, FCT Ginkgo Sales Finance 2017-1