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SC Germany Auto 2018-1: 24 June 2018

Santander Consumer Bank AG brings another auto loan transaction to the market with assets similar to previous transactions insofar as they are backed by a portfolio of loan claims secured by security interests in certain passenger cars, motor cycles and trailers located in Germany.

The portfolio eligibility criteria includes: was originated on or after 11 June 2010; is denominated and payable in euro; the loan contract has not been terminated; the relevant contract has been fully drawn by the relevant debtor; has a fixed interest rate and is fully amortising through payment of constant monthly instalments; the receivable is owed by a person who is a consumer (Verbraucher) within the meaning of Section 491(1) of the German Civil Code; is not a delinquent receivable; at least two (2) due loan instalments have been fully paid for the receivable prior to the purchase date; is subject to German law; the debtor is either a private individual resident in Germany or a self-employed individual resident in Germany.

The Notes will be governed by the laws of the Federal Republic of Germany.

The portfolio consists of 45,593 loans with an average current balance of Eur13,159 (average original balance was Eur14,914). The pool is highly granular with the largest obligor accounting for just 0.0168% of total balances and the top 25 obligors for only 0.3265%. Loan type with Balloon payments: No 29.28%, Yes 70.72%. Purpose of loan (by total balances): used car 60.0%, new car 40.0%. The WA seasoning is 10.42mnths. Regional concentration (by total current balances): Nordrhein-Westfalen 20.00%, Bavaria 12.82%, Baden-Württemberg 11.14% and Lower Saxony 10.55%.

Banco Santander S.A, UniCredit Bank AG and Societe Generale will purchase the notes from the Issuer and will offer the Class A Notes, from time to time, in negotiated transactions or otherwise, at varying prices to be determined at the time of the sale. The Class B Notes will be purchased by Banco Santander S.A. and sold on to the Seller.

CRR/405: For the purposes of compliance with the requirements of Article 405 paragraph (1)(d) of the CRR by the relevant investor, the Seller will retain, in its capacity as originator within the meaning of Article 405 of the CRR, on an ongoing basis until the earlier of (i) the redemption of the Notes in full and (ii) the Legal Maturity Date, a first loss tranche constituted by the claim for repayment of a loan advance of EUR 5,610,000 made available by the Seller in its capacity as Subordinated Loan Provider to the Issuer under the Subordinated Loan Agreement as of the Note Issuance Date.

Compare/contrast: SC Germany Auto 2017-1, Bavarian Sky S.A German Auto Loans (Compartment 8), RevoCar 2018