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Auto ABS French Leases 2018: 26 November 2018

AUTO ABS FRENCH LEASES 2018 is the French fonds commun de titrisation (FCT), where the purpose of the FCT is to be exposed to risks (including in particular credit risks) by purchasing Series of Receivables from Compagnie Générale de Crédit aux Particuliers (Crédipar) and by issuing Notes and Residual Units.

On the Closing Date and on each Subsequent Purchase Date thereafter during the Revolving Period, the FCT will purchase from the Seller a portfolio comprising a series of receivables arising from or relating to auto lease contracts entered into by the Seller with certain lessees which are individuals, individuals acting in a commercial or professional capacity or corporate debtors in respect of new cars of brands Peugeot, Citroën or DS Automobiles, including the receivables arising from the sale of such Cars to the relevant lessee or to third parties in circumstances in which such Cars are not purchased by the lessees together with any related guarantee, security or ancillary rights.

Eligibility criteria (includes): the relevant Auto Lease Contract, which is a LOA Agreement, was entered into between the Seller and the Private Debtor in accordance with the applicable provisions of the French Consumer Code and all other applicable legal and regulatory provisions; the relevant Auto Lease Contract was executed in connection with the leasing of a Car (i) branded "Peugeot", "Citroën" or "DS" and (ii) purchased by the Seller from a PSA Car Dealer on a Car by Car basis (and not under a master sale agreement); was executed in connection with the leasing of only one Car; under the relevant Auto Lease Contract, the Debtor has the option to purchase the relevant Car either at term (Residual Value Purchase Option) or prior term (Purchase Option) (provided that, when exercising such option, the Debtor may be entitled to substitute a third party (including a PSA Car Dealer)); is subject to French law; at least one Rental Payment Receivable has been paid in full by the relevant Debtor such that the Outstanding Balance of the relevant Auto Lease Contract is lower than its original initial amount; no Rental Payment Receivable is overdue in respect of the relevant Auto Lease Contract.

Note: The Class C Notes will not be listed and will be subscribed solely by Crédipar.

The initial pool (as at 5 November 2018) consists of 39,498 lease contracts, all advanced against new vehicles, where the average outstanding balance is Eur15,190 and the largest is Eur52,283. All contracts are serviced by direct debit. Contract type (by no. of contracts / % of outstanding balance): LOA Agreement 29,744 / 76.4%, CB Agreement 9,754 / 23.6%. The current RV is 49.93% and the WA seasoning is 7 months. Regional concentration (by current balances): Île-de-France 14.4%, Auvergne-Rhône-Alpes 12.4% and Grand Est 10.2%.

EU Risk Retention: After the Closing Date, the Seller or the Servicer or the Management Company will prepare monthly investor reports wherein relevant information with regard to the Purchased Receivables will be disclosed publicly together with an overview of the retention of the material net economic interest by the Seller with a view to complying with Article 409 of the CRR.

US Risk Retention: With respect to the U.S. Risk Retention Rules, the Seller does not intend to retain credit risk in connection with the offer and sale of the Notes in reliance upon an exemption provided for in Section _.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Auto ABS French Loan Master, Auto ABS Spanish Loans 2018-1, Bavarian Sky France (French Auto Leases 3)