Auto ABS Italian Stella Loans 2023-1 S.r.l.: 01 November 2023

The principal source of payment of interest and repayment of principal on the Notes will be from Collections and Recoveries made in respect of the Receivables arising from Auto Loans Contracts (contratti di finanziamento per l’acquisto di autoveicoli) originated and classified as performing by Stellantis Financial Services Italia S.p.A. (SFS Italia) and purchased (and to be purchased) by the Issuer in accordance to the terms of a Master Receivables Transfer Agreement.

In addition, pursuant to the Master Receivables Transfer Agreement, the Seller may transfer to the Issuer Additional Receivables during the Revolving Period, provided that the Contracts Eligibility Criteria, the Receivables Eligibility Criteria and the Global Portfolio Limits are met and no Amortisation Event has occurred.

At the cut-off date (4 October 2023) the portfolio consists of 52,131 loans advanced to 51,836 obligors, where the average outstanding loan principal amount is Eur14,387. Finance type: Balloon – 59.33%, Linear – 40.67%. Customer type: private – 94.23%, commercial – 5.77%. Car type: New – 87.56%, used – 12.44%. The WA original LTV (where applicable) was 76.02% and the WA seasoning is 8.9 months. Regional concentration (by outstanding balance): North – 47.0%, Central – 27.0% and South – 26.0%.

EU & UK Risk Retention: SFS Italia, in its capacity as originator pursuant to the EU Securitisation Regulation, will retain, on an on-going basis, a material net economic interest of not less than 5% in the Securitisation, in accordance with option (c) of Article 6(3) of the EU Securitisation Regulation and of Article 6(3) of the UK Securitisation Regulation.

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions.

STS: The securitisation is intended to qualify as a simple, transparent and standardised securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017.

Compare/contrast: Auto ABS Italian Rainbow Loans S.r.l. (2022-1), A-Best 22, Sunrise SPV 50 (2023-2)