FTA Santander Consumer Spain Auto 2020-1: 24 September 2020

This is another securitisation of auto loans originated in Spain by Santander Consumer EFC SA, the wholly-owned and fully integrated subsidiary of Santander Consumer Finance, whose ultimate parent is Banco Santander S.A.

At the cut-off date, the securitisation is of a pool of 49,547 unsecured auto loans granted to obligors located in Spain, where the average current balance is Eur11,697 and the largest is for Eur62,851. Vehicle type (by current balances): new 51.57%, used 48.43%. Obligor type: individual 97.24%, legal entity 2.76%. The WA seasoning is 14 months. Regionally the pool is concentrated mostly in Andalucia - 20.52%, Cataluna - 13.79% and Canarias - 11.85%.

EU Risk Retention: Santander Consumer will comply with the risk retention requirement set out in Article 6 of the EU Securitisation Regulation.

US Risk Retention: The transaction will not involve the retention by the seller of at least 5% of the credit risk of the issuer for the purposes of the US Risk Retention rules. The seller intends to rely on the exemption provided for in Section 20 of the US Retention rules regarding non-US transactions that meet certain requirements.

STS: The transaction is intended to qualify as a simple, transparent and standardised securitisation (STS securitisation) within the meaning of Article 18 of the EU Securitisation Regulation.

Compare/contrast: FTA Santander Consumer Spain Auto 2019-1, FTA Santander Consumer Spain Synth Auto 2018-1