Koromo SA (Compartment 3): 24 October 2020
The Notes are backed by a portfolio of auto loan receivables secured by certain new or used passenger vehicles of either a Toyota group brand or another car manufacturer. The originator (and servicer) is Toyota Kreditbank GmbH, which is a wholly-owned subsidiary of Toyota Financial Services Corporation.
Toyota Kreditbank GmbH, in its capacity as a manufacturer-related financing company, offers financial services aimed at supporting car sales. A wide range of financing products is available to both private and commercial customers and Toyota and Lexus dealers. Toyota Kreditbank GmbH is a classic "captive bank", whose principal activity is to finance Toyota and Lexus brand vehicles which are manufactured by the Toyota group. The range of financing products offered in Germany comprises traditional loan contract and final instalment financing arrangements for new and used cars. Toyota Kreditbank GmbH also purchases non-recourse leasing receivables arising from leasing contracts of Toyota Leasing GmbH.
The portfolio (as at cut-off date 30 September 2020) comprises 79,112 auto contracts. Distribution by Client Type (current balances): Private – 86.2%, Commercial – 13.8%. Loan type: Balloon – 81.4%, Amortising – 18.6%. Vehicle Type: New – 60.5%, Used – 39.5%. The WA seasoning is 12.7 months.
Compare/contrast: Koromo SA (Compartment 2), Red & Black Auto Lease Germany 3 S.A, RevoCar 2020