Red & Black Auto Loans France 2024: 28 June 2024
Red & Black Auto Loans France 2024 is a French securitisation fund, where the proceeds of the Notes will be applied by the Issuer to purchase from the Seller the Initial Receivables. Pursuant to its funding strategy, the Issuer shall purchase Additional Receivables on each Subsequent Purchase Date during the Revolving Period subject to and in accordance with the terms of the Master Receivables Sale and Purchase Agreement.
The Issuer will make payments on the Notes from payments of principal and interest received from the portfolio of the Purchased Receivables deriving from auto loan contracts entered into between the Seller (Compagnie Générale de Location d’Equipements) and individuals having the status of consumers domiciled in France in order to finance the acquisition of Cars.
At the cut-off date (31 May 2024) the portfolio consisted of 77,699 contracts advanced to 77,347 contract holders. The Average current loan Balance per auto loan contract is Eur9,532 and the largest is Eur79,948. Contract type: Amortising – 66.01%, Balloon – 33.99%. Distribution by Vehicle category: Used – 90.32%, New – 9.68%. The WA seasoning is 20.53 months. Regional concentration: Occitanie – 13.86%, Provence-Alpes-Côte d'Azur – 11.37%, Hauts-de-France – 11.19% and Nouvelle-Aquitaine – 10.51%.
EU Risk Retention: As at the Issue Date, the Seller intends to retain a material net economic interest of not less than 5% in the Securitisation through the holding of all Class B Notes in accordance with Article 6(3)(d) of the EU Securitisation Regulation.
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 and no other steps have been taken by the Issuer, the Seller, the Arranger or any of their respective affiliates or any other party to accomplish such compliance.
STS: The Securitisation is intended to qualify as a EU STS-securitisation within the meaning of Article 18 of the EU Securitisation Regulation.
Compare/contrast: Red & Black Auto Lease France 2, Auto ABS French Loans 2024