Turbo Finance 8 plc: 08 November 2018
Another auto securitisation from FirstRand (who is the originator and/or acquired the loans) where the issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising auto loans (hire purchase agreements). These hire purchase agreements provide for equal monthly payments over the term of the contract, or monthly payments and a final bullet payment.
The receivables will be administered by FRB London under the trade name MotoNovo Finance. Prior to 14 February 2012, MotoNovo Finance traded under the name of Carlyle Finance.
The provisional pool of receivables comprises 56,590 auto loan contracts, where the average outstanding balance is £7,068 and the largest outstanding balance is £48,675. Product type (by outstanding principal balance): hire purchase 80.60%, PCP Product 14.00%, HP Plus 5.18% and hire purchase with balloon 0.22%. Customer type (by outstanding principal balance): individual 96.08%, company 3.92%. Vehicle type (by outstanding principal balance): used 95.08%, new 4.92%. The WA original LTV was 88.87% and the WA seasoning is 10.70mnths. Regional concentration (by outstanding principal balance): the North West 12.35%, the South East 11.35%, the South West 10.42% and London 10.40%.
EU Risk Retention: The seller will undertake in the Receivables Purchase Agreement that it will retain, on an ongoing basis, a material net economic interest which shall, in any event, not be less than 5% in accordance with Articles 404-410 (inclusive) of the EU Capital Requirements Regulation (the "CRR") and Section 5 of Chapter III of the Commission Delegated Regulation 231/2013 of 19 December 2012. As at the Closing Date and on each Additional Purchase Date, such interest will be comprised of randomly selected Receivables.
Compare/contrast: Turbo Finance 7, Azure Finance No.1 plc, Silver Arrow S.A. Compartment UK 2018-1