Swiss Car ABS 2018-2 AG: 02 December 2018
The ultimate source of funds for the payment of interest and repayment of principal will be the Issuer's right to receive the collections and proceeds of the Lease Assets acquired by the Issuer from the Seller during the three year revolving period.
AMAG Leasing AG (ALAG) is a corporation organised under the laws of Switzerland and founded and registered in 1980. ALAG is part of the AMAG Group which is ultimately wholly owned by Careal Holding AG, a privately owned corporation.
Eligibility criteria (includes): The lessee is resident or incorporated in Switzerland; the lease receivable is denominated in Swiss francs; for every lease receivable at least one monthly instalment has been paid; the lease contract is not delinquent or in default, as at the cut-off date; the lease receivable has a remaining term of at least six months.
At the cut-off date the portfolio consisted of 72,451 leases granted to 67,428 lessees, where the average outstanding lease balance is CHF25,327. Borrower type (by current balances): private 74.7%, commercial 25.3%. Vehicle type: new 75.7%, used 24.3%. The WA seasoning is 15 mnths.
CRR: The Seller will undertake to retain, in its capacity as the originator, on an ongoing basis, a material net economic interest in the transaction in an amount equal to at least 5% (or as may be required from time to time in accordance with the applicable Risk Retention Rules) of the nominal value of the Purchased Lease Assets as required pursuant to Article 405(1)(d) of the CRR.
Compare/contrast: Swiss Car ABS 2016-2 AG