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Volkswagen Car Lease No.27 Ltd: 29 November 2018

As per previous transactions under the VCL label from originator/seller Volkswagen Leasing GmbH, the receivables securitising the transaction consist of a static pool of automobile leases to retail and commercial customers in Germany which are secured by new, used and demonstration vehicles.

The number of lessees in the portfolio amounts to 94,478 contracts and the majority of the purchased lease receivables are receivables from lease contracts originated by Volkswagen, Audi, SEAT, Skoda and Volkswagen Nutzfahrzeuge dealers as agents. Customer type (by outstanding balance):- Retail – 68.66%, Commercial – 31.34%. The average discounted balance per contract is Eur10,134 and the largest discounted balance contract is Eur109,965. The largest lessee (with 46 contracts) accounts for 0.06% of lease balances, the top 5 for 0.25% and the top 20 for 0.81%. Closed-end contracts account for 99.25% by balances. Type of Vehicles: new cars 95.38%. The WA seasoning is 7.19 months. Geographic Mix (Top regions):- North Rhine Westphalia 22.01%, Bavaria 17.70%, Baden-Wuertemberg 16.20%. Top 5 Industries:- Manufacturing 17.93%, Other Services 17.14%, Retail /Wholesale 16.75%, Public Administration, Education, Health Care and Public Services 15.45% and Construction 10.89%.

CRR/405: The seller 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 Article 405 of Regulation (EU) No. 575/2013 of the European Parliament. As of the issue date such interest will, in accordance with Article 405 paragraph 1 sub (c) CRR and Article 51 paragraph 1 sub (c) AIFM Regulation, be comprised of an interest in randomly selected exposures equivalent to no less than 5.0% of the nominal amount of the securitised exposures.

US Risk Retention: The transaction will not involve risk retention by the Seller for the purposes of the U.S. Risk Retention Rules, but rather will be made in reliance on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: VCL 26