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E-Carat PLC - Series 11: 25 March 2020


The Issuer will make payments on the Notes from a portfolio comprising receivables under or in connection with Conditional Sale Agreements and PCP Agreements originated by Vauxhall Finance plc (the Originator and the Seller) and purchased by the Issuer from the Seller on the Closing Date and any subsequent Further Purchase Date during the Revolving Period (ending April 2021).

Vauxhall Finance is a wholly owned subsidiary of Opel Bank SA. Opel Bank SA is wholly owned by BNP Paribas Personal Finance SA and Banque PSA Finance SA (BPF), each of whom hold 49.965% of the shares in Opel Bank SA. BNPPPF is a wholly owned subsidiary of BNP Paribas SA. BPF is owned by Peugeot SA (74.928%), Automobiles Peugeot (16.053%) and Automobiles Citroen (9.019%). Vauxhall Finance's core business is wholesale and retail automotive financing in the UK. It provides wholesale financing to automotive dealers to support the distribution of new vehicles for resale. New Vauxhall vehicles are the principal brand supported by Vauxhall Finance. It also finances used cars of most brands. Vauxhall Finance directly originates retail agreements and leasing agreements with retail customers introduced through dealers.

Eligibility criteria (includes): in respect of a relevant Purchased Receivable, the Related Loan Contract relates to a new car, a used car or a light commercial vehicle; in respect of a relevant Purchased Receivable, the Related Loan Contract has an Outstanding Principal Balance of not greater than £100,000; the Related Loan Contract has had at least one scheduled Monthly Payment made in respect of it by the Borrower; the Related Loan Contract is freely transferable by the Seller; the relevant Purchased Receivables are denominated and payable in Sterling; is a UK resident; no Purchased Receivable is one month or more in arrears.

The provisional portfolio consists of 50,006 auto contracts (new – 34,041 agreements, used – 15,965 agreements), with an average outstanding principal balance of £9,999. The maximum loan is for £37,985 and the top 20 debtors account for just 0.09% of the balances. Customer type (by outstanding principal balance): private 99.70%, corporate 0.30%. Product type: Balloon New Supported 29.12%, Standard Used Non-Supported 23.84%, Balloon New non-Supported 20.83% and Standard New Supported 12.36%. Payment method (by current balances): Direct Debit 99.59%. Geographical concentration: South East inc London 22.05%, Scotland 15.58%, the North West 11.72% and the South West 9.08%. The WA seasoning is 9.25mnths.

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 securitisation as required by Article 6(1) of Regulation (EU) 2017/2402 and in accordance with Article 6(3)(a) of the Securitisation Regulation. As at the Closing Date, the Originator will meet this obligation by retaining the Notes that (i) in aggregate comprise 5% of the nominal value of each Class of Notes and (ii) constitute a vertical tranche as required by the text of Article 6(3)(a) of the Securitisation Regulation.

STS: Vauxhall Finance plc, as originator, on or about the Closing Date will submit a notification to the European Securities and Markets Association (ESMA), in accordance with Article 27 of the Securitisation Regulation, confirming that the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.

Compare/contrast: E-Carat plc - Series 10, Cardiff Auto Receivables Securitisation 2019-1