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Auto ABS French Leases 2023: 01 November 2023

Auto ABS French Leases 2023 is a French fonds commun de titrisation (FCT) where the purpose of the FCT is to be exposed to risks (including in particular credit risks) by purchasing a Series of Receivables from Compagnie Générale de Crédit aux Particuliers (Crédipar) and by issuing Notes and Residual Units.

On the Closing Date and on each Subsequent Purchase Date thereafter during the Revolving Period, the FCT will purchase from the Seller a portfolio comprising a series of receivables arising from or relating to auto lease contracts entered into by the Seller with certain lessees which are individuals, individuals acting in a commercial or professional capacity or corporate debtors in respect of new cars of brands Peugeot, Citroën or DS Automobiles, including the receivables arising from the sale of such cars to the relevant lessee or to third parties in circumstances in which such cars are not purchased by the lessees together with any related guarantee, security or ancillary rights.

The initial pool (as at 10 October 2023) consists of 29,577 lease contracts (28,574 lessees) all advanced against new vehicles, where the average outstanding balance per contract is Eur24,447. All contracts are serviced by direct debit. Contract type (by no. of contracts / % of outstanding balance): LOA Agreement - 21,781 / 75.20%, CB Agreement - 7,796 / 24.80%. The current RV is 56.50% and the WA seasoning is 7.32 months. Regional concentration (by current balances): Auvergne-Rhône-Alpes - 12.42%, Île-de-France - 12.09%, Nouvelle Aquitaine – 10.46% and Grand Est - 10.45%.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of the Securitisation Regulation, has undertaken that, for so long as any Note remains outstanding, it will retain on an ongoing basis a material net economic interest in the securitisation of not less than 5% material net economic interest through the retention of the Class C Notes.

US Risk Retention: With respect to the US Risk Retention Rules, the Seller does not intend to retain credit risk in connection with the offer and sale of the Notes in reliance upon an exemption provided for in Section _.20 of the US Risk Retention Rules regarding non-US transactions.

STS: The transaction 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.

Compare/contrast: Auto ABS French Loan 2021, Red & Black Auto Lease France 2