Private Driver España 2020-1, FdT: 01 December 2020
The Initial Receivables to be assigned to the Fund on the Date of Incorporation originated exclusively from loan receivables among the assets of the Seller (VW Bank) arising from 146,474 loans granted to individuals having their place of residence or corporate entities having their registered office in Spain to finance the purchase of new and used motor cars.
The Average Outstanding Discounted Principal Balance is Eur10,240 and the maximum is Eur108,482. Type of credit: Classic Credit – 86.16%, Auto Credit – 13.84%. Customer Type: private – 85.18%, freelance – 11.53%, company – 3.28%. Type of car: new – 75.62%, used – 24.38%. The WA seasoning is 14.42 years. Geographical distribution: Cataluña – 20.41%, Andalucia – 17.78%, C. Madrid – 13.10%, & C. Valenciana – 10.74%.
EU Risk Retention: In accordance with Article 6(3)(d) of the Securitisation Regulation the Seller will retain, for the life of the transaction, a net economic interest through the retention of the first loss tranche consisting of the overcollateralisation and the Subordinated Loan the sum of which will equal an amount equivalent to no less than 5% of the nominal value of the securitised exposures on an ongoing basis.
US Risk Retention: The transaction will not involve risk retention by the Seller for the purposes of the Regulation RR (17 C.F.R Part 246) implementing the risk retention requirements of Section 15G of the U.S. Securities Exchange Act of 1934, but rather will be made in reliance on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.
STS: It is not foreseen to deliver a communication to ESMA in relation to the compliance with the criteria on simple, transparent and standardised securitisations.
Compare/contrast: Private Driver Espana 2013-1(redeemed), Driver Espana Six, FTA Santander Consumer Spain Auto 2020-1