Cars Alliance Auto Leases France V 2023-1: 29 October 2023
The purpose of the Issuer is (a) to purchase from time to time from DIAC (the Seller) certain auto lease receivables arising from or in connection with auto lease contracts with purchase option entered into in respect of one car of the Renault Group or Nissan if the car is a New Car or of any brand if the car is a Used Car, between the Seller and certain lessees who are persons acting for private purposes and who are resident in France at the time of entry of the relevant Auto Lease Contract (the Lessees), and (b) to issue the Notes and the Residual Units in order to finance such purchase.
At the cut-off date (30 September 2023) the portfolio consists of 122,872 auto lease contracts (with 122,246 lessees) where the average lease discounted balance per lessee is Eur6,293. All of the contracts are Auto Lease Contracts with a Dealer Car Buy-Back Contract. Obligor (lessee) concentration: top 1 – 0.005%, top 10 – 0.044%. Car type: new – 90.38%, used – 9.62%. The WA seasoning is 12.38 months. Geographic distribution: Ile-de-France – 12.77%, Hauts-de-France – 11.84% and Auvergne-Rhône-Alpes – 11.29%.
EU Risk Retention: DIAC will retain a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of the Regulation (EU) 2017/2402 of the European Parliament. As at the Closing Date, DIAC will meet this obligation by (a) the subscription and full ownership of all the Class C Notes issued by the Issuer and (b) the funding by DIAC of the General Reserve, which will represent in aggregate not less than 5% of the nominal value of the securitised exposures and which constitute an interest in the first loss tranche.
US Risk Retention: The issuance of the Notes has not been designed to comply with the US Risk Retention Rules other than the exemption under Section 20 of the US Risk Retention Rules.
STS: The transaction is intended to qualify as a STS securitisation within the meaning of Article 18 of the Securitisation Regulation.
Compare/contrast: Cars Alliance Auto Loans France (V) 2020-1, Red & Black Auto Lease France 2