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Fuyuan 2018-1 Retail Auto Mortgage Loan: 03 February 2018

The eighth in a series of transactions where the notes will be backed by a pool of individual auto mortgage loans originated in the People's Republic of China by Ford Automotive Finance (China) Limited.

Eligibility Criteria for the Loans (include): the borrower was a citizen of the PRC or a resident of Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan, or was a resident of a foreign country who had continuously resided within the territory of the PRC for a period of at least one year at the time the loan was originated; the loan is denominated and payable in RMB; the financed vehicle was manufactured by Ford, CAF or their affiliates, including joint ventures, or is a Ford-brand vehicle; was a new vehicle at the time the loan was originated; the loan requires the borrower to make equal monthly payments of interest and principal which amortise the outstanding principal balance of the loan to zero over its term; at least two scheduled monthly payments have been made on the loan.

The pool (as at 1 December 2017 cut-off) consists of 60,558 floating rate “Standard Retail Loan” contracts advanced to 60,556 borrowers, where the average outstanding principal balance is Rmb66,052 and the largest is for Rmb401,923. The WA LTV ratio at origination was 59.61% and the WA seasoning is 6.99 months.

Risk Retention: The Subordinated Notes, which are 8.11% of the initial principal balance of all notes issued by the Trustee, will be held by the Settlor and will satisfy the risk retention requirements of the PBOC and the CBRC for credit asset securitisation. The Settlor intends to hold the Subordinated Notes until maturity and will not transfer the Subordinated Notes at any time.

Compare/contrast: Fuyuan 2017-2, Bavarian Sky China 2017-3, Driver China Eight