A-Best 24: 30 July 2024

The proceeds of the issue of the Notes will be applied by the Issuer to fund the purchase of a pool of monetary receivables and other connected rights arising from certain auto loans granted by CA Auto Bank SpA to its customers for the purposes of purchasing cars.

Eligibility criteria (includes): the Originator is the sole creditor and owner of the Receivable including any Related Claims and Rights and the Loan Collateral; it results from a Loan Agreement that constitutes either a Classic Loan, a Formula Loan or a Balloon Loan; at least one Instalment is recorded as fully paid; no Instalments are due and unpaid; it is owed by a Borrower which is, as at the time of entering into the relevant Loan Agreement, a physical person (persona fisica) resident in Italy, with Italian nationality and, as at the relevant Pool Transfer Effective Date, is not a FCAB employee; it arises from a Loan Agreement governed by Italian law and is denominated in Euro; at least two Instalments of the Loan Agreement have already been duly recorded by FCAB as paid by the relevant Borrower; it amortises on a monthly basis; the Loan was granted solely for the purpose of financing the purchase of a Vehicle.

As at the portfolio cut-off date the portfolio comprised of 22,684 loan agreements, where the average outstanding loan is Eur22,384 and the largest borrower concentration is of Eur379,938 (representing just 0.075% of current balances). Borrower type: retail – 86.47%, company – 13.53%. WA seasoning is 7.36mnths.

EU & UK Risk Retention: CAAB, in its capacity as Originator, has undertaken that it will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation, in accordance with option (a) of Article 6(3) of the EU Securitisation Regulation and Article 6(3) of the UK Securitisation Regulation.

US Risk Retention: The Originator 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 (STS) within the meaning of Article 18 of Regulation (EU) no. 2402 of 12 December 2017.

Compare/contrast: A-Best 22, Auto ABS Italian Stella Loans 2024-1 Srl, Youni Italy 2024 -1 Srl