A-Best 23: 13 November 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 Niederlassung Deutschland to its customers for the purposes of purchasing cars.

Eligibility criteria (includes): the Originator is the sole creditor and owner of the Receivables 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; the Debtor is resident or incorporated in Germany and is neither an employee nor an Affiliate (or an employee thereof) of the Originator; 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 25,284 loan agreements (advanced to 23,977 borrowers) where the largest borrower concentration is of Eur332,226 (representing just 0.064% of current balances). Borrower type: retail – 53.6%, company – 46.4%. Car type: used – 56.10%, new – 43.90%. WA seasoning is 11.1mnths. Regional concentration: Baden-Württemberg – 20.9%, Bayern – 19.7% and Nordrhein-Westfalen – 16.4%.

EU 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.

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 21, Red & Black Auto Germany 11 UG, Volkswagen Car Lease No.43