SC Germany Auto 2008-1

This will be the fourth true-sale SC Germany transaction, where Santander Consumer Bank AG
securitized their auto loan book, and as per the two previous transactions, this will be a static pool
with no revolving feature and sequential note amortization.

The originator was originally established in 1981 as Curt Briechle AG, and was renamed Santander
Consumer Bank AG in Aug 2006. The network now consists of 95 branches in Germany and 3 in
Austria. The Bank offers its customers various types of financial services, most of which are relat-
ed to the financing of motor vehicles.

The highly granular portfolio will consist of 120,331 car (95.95% of total balance), motor cycle
(3.68%), and trailer (0.36%) loans originated by Santander, with an average outstanding balance
of Eur 8,310 per loan (originally Eur9,134) . Only 143 loans have a current principal of greater than
Eur35,000. Used vehicles account for 70.0% of total balances (hence the low average outstanding),
with the balance being new vehicles. Just over 20% of total loans (29.37% by balance) are balloon
payments.

Eligibility criteria for inclusion in the portfolio includes: denominated & payable in Euros; the loan con-
tract has not been terminated; the contract has a min of 6mnths to run; the original contract was not
greater than 90mnths; it is fixed rate and payment is by monthly installments; at least 2 of the install-
ments must have been paid.

The portfolio is highly diversified through-out Germany, with the largest 4 geographical concentrations
(by balance) being: Nordrhein-Westfalen 17.13%, Niedersachsen 9.71%, Bayern 9.48% and Sachsen
-Anhalt 8.76%. WA seasoning is 10.25mnths.


Compare/contrast: SC Germany Auto 2007-2, Bumper 2 (Series 2008) S.A, Driver UK One.
SC Germany Auto 2007-2Driver UK One