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Driver Espana Five: 26 February 2018

This will actually be the sixth 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 83.90%, freelance 12.24% and companies 3.86%). The portfolio is highly granular and comprises 86,320 loans granted to individuals having their place of residence or corporate entities having their registered office in Spain. Vehicle type: new - 82.44%, used – 17.56%.

The average discounted outstanding balance is Eur11,584 with the largest borrowing being Eur85,407. The top 20 borrowers account for just 0.0551% of current balances. Type of credit (by discounted principal balance): classic credit 91.10%, auto credit 8.90%. WA seasoning is 10.04mnths. Regional concentration (by discounted principal balance): Catalonia 20.28%, Andalucia 17.18% and Madrid 16.13%.

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 4, BBVA Consumo 9 FTA