SC Austria Auto Finance 2020-1 DAC: 23 October 2020
The Portfolio consists of auto loan Purchased Receivables, where the Debtor Loan Agreements are governed by Austrian law and were originated by Santander Consumer Bank GmbH. The Debtor Loan Agreements either provide for (i) equal monthly instalments of principal and interest and a larger final (balloon) instalment on maturity or (ii) fully amortising monthly instalments of principal and interest (for the avoidance of doubt, without a larger final (balloon) instalment on maturity).
The provisional portfolio comprises of 47,418 loan contracts. The pool is highly granular with the top 1 obligor accounting for just 0.07% of current balances and the top 25 for 0.69%. Car type: used – 82.04%, new – 17.86%, demo – 0.10%. Loan status: performing – 96.66%, Restructured and no Arrears – 3.34%. Regional concentration: Styria – 19.31%, Vienna – 19.00%, Lower Austria – 15.54% and Upper Austria – 14.56%.
EU Risk Retention: On the Issue Date and while any of the Notes remain outstanding the Seller will, as originator for the purposes of Regulation (EU) 2017/2402, retain a material net economic interest in the securitisation of not less than 5% by holding the first loss tranche in the securitisation in the form of the Subordinated Loan.
US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather intends to rely on an exemption provided for in Section ___.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
Compare/contrast: SC Germany Auto 2019-1, FACT - 2018-1 Ltd