A-Best 16: 04 December 2018
The proceeds of the issue of the notes will be used to fund the purchase of a pool of fixed rate auto loan receivables. Each such purchased receivable was underwritten by FCA Bank Deutschland GmbH with (i) consumers (Verbraucher) resident or (ii) entrepreneurs (Unternehmer) located in the Federal Republic of Germany, and is governed by German law and denominated in EUR.
Eligibility criteria (includes): the Originator is the sole creditor and owner of the Receivable including any Related Claims and Rights and the Loan Collateral; it results from a Loan Agreement that constitutes either a Classic Loan, a Formula Loan or a Balloon Loan; at least one Instalment is recorded as fully paid; no Instalments are due and unpaid; the Borrower is resident or incorporated in Germany and is neither an employee nor an Affiliate (or an employee thereof) of the Originator; the loan is governed by German law; it is denominated in Euro; it amortises on a monthly basis; the Loan was granted solely for the purpose of financing the purchase of a Vehicle.
As at the portfolio cut-off date, the portfolio comprised of 45,205 loans extended to 42,205 borrowers, where the average net present value loan (NPV) is Eur13,769. The largest borrower concentration is of Eur999,824 (representing 0.16% of current balances). Car type (by NPV): new 65.20%, used 34.80%. WA seasoning is 12.98mnths. Regional concentration (by NPV): Baden-Württemberg 18.5%, Bayern 18.5%, Nordrhein-Westfalen 18.0% and Hessen 10.8%.
EU Risk Retention: The Originator will retain for the life of the Transaction a material net economic interest of not less than 5% in the Transaction. As of the Closing Date and thereafter on an on-going basis, the Originator will retain a material net economic interest of not less than 5% of the initial Note Principal Amount of each of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class M Notes (the "Retained Notes"), representing the nominal value of each of the tranches sold or transferred to the investors.
US Risk Retention: The issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules other than the exemption under Section _.20 of the U.S. Risk Retention Rules and no other steps have been taken by the Issuer, the Originator, any of the Arrangers, any of the Joint Lead Managers, or any of their affiliates or any other party to accomplish such compliance.
Compare/contrast: A-Best 11, Driver Germany Fifteen GmBH, PBD Germany Auto 2018