Motopark Finance Plc: 25 January 2018
A stand-alone transaction, where the Issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising auto loans (hire purchase agreements and personal contract purchase contracts) originated by FirstRand Bank Limited acting through its London Branch. These hire purchase agreements and personal contract purchase agreements provide for equal monthly payments over the term of the contract or monthly payments and a final bullet payment or, in respect of the personal contract purchase agreements, an additional larger "balloon" final rental payment at the end of the term. (Please note, FirstRank Bank has previously issued auto securitisations via the Turbo Finance name).
Eligibility criteria (includes): each related Financing Contract relates to the financing of the purchase of a single motor vehicle, motorcycle, scooter or light commercial vehicle; each Obligor has made at least one scheduled instalment under the Financing Contract and no more than one scheduled instalment was overdue in respect of each Initial Purchased Receivable; no Initial Purchased Receivable was overdue for more than 30 days at the Initial Cut-Off Date; no Initial Purchased Receivable was a Defaulted Receivable; at least one instalment has been paid in respect of each of the Initial Purchased Receivables; each Initial Purchased Receivable is not to an Obligor who has been declared bankrupt, insolvent or entered into an individual voluntary arrangement pursuant to the Insolvency Act within 3 years prior to the date of origination of the Initial Purchased Receivable.
The provisional pool consists of 63,297 receivables, with an average outstanding balance of £8,531 and a maximum of £49,261. Product type (by current balance): Hire Purchase – 74.65%, Rtl - PCP Product – 19.79%, HP Plus – 5.29% and Hire Purchase with Balloon – 0.27%. Client type: individual – 94.91%, company – 5.09%. Vehicle type: Used – 93.80%, New – 6.20%. The WA original LTV was 89.99% and the WA seasoning is 5.09 months. Regional concentration: North West - 12.23%, South East – 10.74%, Scotland – 9.89%, East of England – 9.70% and Yorks & Humber 9.70%.
CRR 405: The Seller will undertake that it will retain, on an ongoing basis, a material net economic interest which shall in any event not be less than 5% in accordance with Articles 404-410 (inclusive) of the EU Capital Requirements Regulation and Article 254 of Regulation (EU) 2015/35. As at the Closing Date and on each Additional Purchase Date, such interest will be comprised of randomly selected Receivables with an aggregate Principal Balance equal to at least 5% of the Principal Balance of the Purchased Receivables in the Portfolio.
Compare/contrast: Turbo Finance 7 plc, Bavarian Sky UK 1 plc, Motor 2017-1