Driver Australia Five: 30 April 2018
As the name suggests, this will be the fifth public issuance of notes backed by a pool of small balance auto loan receivables originated by Volkswagen Financial Services Australia Pty Ltd (which is a wholly owned subsidiary of Volkswagen AG) to individuals and small business customers.
Eligibility criteria for acceptance in the pool (includes): the Purchased Receivable is denominated and payable in Australian dollars in Australia; is not in arrears; the total outstanding amount with any one Debtor does not exceed A$500,000; at least two instalments have been paid.
The pool contains 26,849 receivables contracts, where the average outstanding discounted principal balance is A$27,934 and the largest is for A$472,934. The top 5 debtors account for 0.28% of current balances and the top 20 for 0.95%. Customer type (by outstanding balance): retail 100%. Product Type: Consumer Loan Contract 62.34%, Chattel Mortgage Contract 37.54% and Hire Purchase Contract 0.12%. Balloon Split: Balloon 37.35%, No Balloon 62.65%. Regional concentration: NSW 38.71%, Victoria 24.40% and Queensland 19.13%.
CRD 405: VWFS Australia, as originator, 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 paragraph 1(c) of Article 405 of the CRR, through retention of the first loss tranche.
Compare/contrast: Driver Australia Four