Cars Alliance Funding 2007-1

The Cars Alliance Funding Plc vehicle was set up at the end of 2002 to refinance securities backed
by portfolios of auto loans originated by European subsidiaries of the RCI Banque group. This trans-
action, Cars 2007-1 will be the fifth transaction structured for the benefit of RCI Banque. These notes
are backed by Alliance Auto Loans – Italy Srl medium term asset backed notes financing a portfolio of
auto loans originated by RCI Banque in Italy (to individuals and small companies only). This series of
Italian Notes and the Series 2003 Italian Notes are backed by the same portfolio of auto loans. This
portfolio is in turn, segregated from the French auto portfolios backing the other Cars Alliance trans-
actions. (all previous offering circulars & historical Investor Reports are available on EuroABS)

The underlaying collateral consists of 219,139 for new (93.70%) and used vehicles, with individuals
accounting for 90.7% of the pool. The average remaining loan amount is Eur5,648 (initially Eur11,579),
with average seasoning of 18.9mnths. 84% of the outstanding loan balance of the portfolio is paid
through direct debit, and as is usual for an Italian consumer portfolio, geographically the North &
Central Italian regions are prominent (23% of the obligors are located in the Lombardy region and 13%
in the Lazio region).


Compare/contrast: Cars Alliance 2003-1, Cars Alliance 2006-1, SC Germany Auto 2007-2,
Roof Russia Auto ABS