Driver UK (Series One)

Although there have been ten VCL transactions, and a further five under the DRIVER banner, this
transaction will be the first securitisation of auto loan receivables originated by Volkswagen Finan-
cial Services (UK) Ltd. within the UK. However, it is a similar structure to those used on the Driver
deals in Germany.

The initial portfolio will contain 58,764 loans However, the title to the financed vehicles will not be
transferred to Driver UK One but will remain with VWFS. Hence, the issuer does not therefore have
security over the financed vehicles. The majority of the pool (98.02%) consists of VW-group vehicles,
namely, VW (45.95%), Audi (40.18%), Skoda, Seat, and Lamborghini. New vehicles account for
59.92% of initial pool, and retail borrowers for 91.66% of outstandings.

The transaction will have a one year revolving period, after which the notes will amortise. During this
revolving period, a targeted over-collateralisation for the A and B notes is 17.3% and 10.1% respect-
ively. For this initial pool, the average balance is Stg8,509 with an average weighted seasoning of
17.3mnths.


Compare/contrast: Driver 5, VCL 10, Globaldrive (UK) Series 4 plc
Driver Five GmBHVolkswagen Car Lease No.10 LtdGlobaldrive (UK) Series 4 plc