FCT Ginkgo Sales Finance 2024: 23 December 2024

A cash securitisation of consumer loans extended to borrowers resident in France. The provisional portfolio consists of loans granted for the acquisition of consumer goods and services (new and used vehicle loans, home equipment loans and recreational vehicle loans).

The originator and servicer is CA Consumer Finance, which is fully owned by Crédit Agricole SA.

Eligibility criteria (includes): all loans have been originated in accordance with the applicable lending criteria; the interest rate is fixed; each is denominated and payable in Euros; none is in arrears; not subject to a pre-payment; the borrower is domiciled in a French metropolitan district; each loan has been fully disbursed; at least one instalment has been paid; each Loan Agreement is either: (a) a Home Equipment Sales Finance Agreement, (b) a New Vehicle Sales Finance Agreement, (c) a Used Vehicles Sales Finance Agreement, or (d) a Recreational Vehicle Sales Finance Agreement; no Loan Agreement has been executed with a member of staff of CA Consumer Finance.

As of 30 November 2024, the portfolio of randomly selected receivables comprised 108,609 fixed-rate receivables advanced to 101,209 borrowers, with an average outstanding principal per loan of Eur8,655. Type of loan agreement (by outstanding balances): home equipment - 66.00%, used vehicles sales finance agreements - 14.38%, recreational vehicles - 17.61% and new vehicles - 2.01%. Borrower concentration: top 1 – 0.02% of current outstandings, top 5 – 0.08%, top 10 – 0.15%. The WA seasoning is 9.05mnths. Geographic concentration: Nouvelle-Aquitaine – 13.19%, Rhone Alpes - 12.71%, Grand-Est – 10.28%, Occitanie – 9.36% and Ile de France - 9.35%.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of Regulation (EU) 2017/2402 has undertaken that, for so long as any Note remains outstanding, it will retain on an ongoing basis a material net economic interest in the Securitisation of not less than 5%. As at the Issue Date, the Seller intends to retain a material net economic interest through the holding of not less than 5% of the nominal value of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

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 Regulation (EU) 2017/2402 of the European Parliament.

Compare/contrast: FCT Ginkgo Sales Finance 2017-1, Cars Alliance Auto Loans France (V) 2024-1, FCT Ginkgo Debt Conso 2024