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Driver Germany Fourteen GmBH: 02 April 2018

The receivables securitised in Driver Fourteen consist of a pool of German retail automobile loans secured by new and used vehicles and originated by Volkswagen, Audi, SEAT, Skoda and Volkswagen Nutzfahrzeuge dealers as agents, as well as by third parties.

Eligibility criteria (includes): the Purchased Receivables constitute legal valid, binding and enforceable rights and claims against the respective Borrowers; are denominated and payable in EUR; no Purchased Receivable is overdue; no Borrower maintains deposits on accounts with VW Bank; the Purchased Receivables are governed by the laws of Germany; at least two instalments have been paid in respect of each of the Purchased Receivables; none of the Borrowers is an employee of VW Bank.

The portfolio consists of 73,312 loan contracts with an average outstanding discounted balance of Eur12,276 and the largest is for Eur159,001. The top 20 customers represent just 0.37% of outstandings. Customer type: retail/corporate 99.57% / 0.43%. Car type: used 49.57%, new 39.82%, demo 10.61%. Credit Type: Balloon 90.86%, Equal Instalment loan 9.14%. The WA seasoning is 24.82mnths. Regional concentration (by outstanding balances): North Rhine Westfalia 20.89%, Bavaria 14.43%, Baden-Wuertemberg 12.51% and Lower Saxony 10.44%.

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 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. Such interest in randomly selected exposures has been and will be equivalent to no less than 5 per cent of the nominal amount of the securitised exposures on an ongoing basis provided that the level of retention may reduce over time in compliance with Article 10 (2) of the Commission's Delegated Regulation 625/2014.

Compare/contrast: Driver Germany 13, Red & Black Auto Germany 5 S.A