Driver Australia Eight: 01 November 2023

As the name suggests, this will be the eighth public issuance of Notes backed by a pool of small balance auto loan receivables originated by Volkswagen Financial Services Australia Pty Ltd (which is a wholly owned subsidiary of Volkswagen AG) to individuals and small business customers.

Eligibility criteria for acceptance in the pool (includes): the Purchased Receivable is denominated and payable in Australian dollars in Australia; is not in arrears; the total outstanding amount with any one Debtor does not exceed A$500,000; at least two instalments have been paid.

The pool contains 23,463 receivables contracts, where the average outstanding discounted principal balance is A$31,967 and the largest is for A$621,509. The top 5 debtors account for 0.31% of current balances and the top 20 for 0.99%. Customer type (by outstanding balance): retail - 100%. Product Type: Chattel Mortgage Contract - 67.31%, Consumer Loan Contract - 32.84%. Balloon Split: No Balloon - 55.63%, Balloon - 44.37%. The WA seasoning is 18.54 months. Regional concentration: NSW - 36.78%, Victoria - 21.40% and Queensland - 19.96%.

EU & UK Risk Retention: On the Closing Date and thereafter for so long as any Notes remain outstanding, VWFS Australia will, as an “originator”, retain on an ongoing basis a material net economic interest of not less than 5% in this securitisation transaction in accordance with the text of Article 6(1) of the EU Securitisation Regulation and a material net economic interest of not less than 5% in this securitisation transaction in accordance with the text of Article 6(1) of the UK Securitisation Regulation.

Japanese Risk Retention: Neither VWFS Australia nor any other party to the transaction intends to take any steps to comply (or facilitate compliance by any person, including any Japanese Affected Investor) with the Japan Due Diligence and Retention Rules or makes any representation, warranty or agreement regarding compliance with the Japan Due Diligence and Retention Rules or the consequences of the Japan Due Diligence and Retention Rules for any person.

Compare/contrast: Driver Australia Seven