Cardiff Auto Receivables Securitisation 2024-1: 17 August 2024
The Issuer will make payments on the Notes from the payments of principal and interest it receives from borrowers pursuant to automotive and personal contract plan agreements originated by Black Horse Limited. These personal contract plan agreements provide for monthly payments over the term of the contract, and an additional larger optional "balloon" payment at the end of the term.
The provision pool (as at 3 July 2024) consists of 77,439 receivables agreements, where the average current outstanding Principal Balance is £16,142 and the maximum is for £184,554. Contract Type (by outstanding balance): PCP – 75.28%, HP – 24.72%. The WA seasoning is 17 months. Regional concentration: South East – 22.51%, the North West – 12.98%, Greater London – 12.66% and the West Midlands – 11.36%.
Significant investor: On the Closing Date, the Seller will subscribe for all of the Class A Notes and 20% of each other Class of Notes.
UK & EU Risk Retention: The Seller, as "originator" for the purposes of the UK Securitisation Regulation, will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation by retaining not less than 5% of the nominal value of each of the tranches sold or transferred to investors in accordance with Article 6(3)(a) of the UK 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. No steps have been taken by the Issuer, the Seller, the Arranger, the Lead Manager or any of their respective affiliates or any other party to accomplish such compliance.
STS: The Seller, as originator, does not intend to procure that a notification be submitted to the FCA in accordance with Article 27 of the UK Securitisation Regulation.
Compare/contrast: Cardiff Auto Receivables Securitisation 2022-1, Satus 2024-1, Bavarian Sky UK 6 plc