FTA Santander Consumer Auto Fin 2007-1

Since in structure and nature to the last Spanish auto deal for Santander which came out in October
2006, the bulk of the underlying collateral is again made up of new car loans (90% vs 87%), which
have historically demonstrated a better performance history than those loans used to purchase used
cars.

The 186,607 auto loans in the pool have an average size of Eur11,501. 95% of the loans are to indiv-
iduals and 5% to companies. The main geographic concentrations are: Andalucia (28%), Canarias
(11%), and Catalunia (11%). Average seasoning is 14mnths.

The AAA notes struggled to match the initial guidance of 12-13bps, and eventually came to market at
the +15bps level. This is considerably wider than most recent Spanish auto deal, BBVA Finanzia Autos
1, which priced at +12bps for a 3.64yrs average life. Given all this, the class A notes were around 1.3x
covered with the transaction garnering interest from investors in the UK, Germany and France.


Compare/contrast: FTA Santander Consumer Auto Fin 2006-1, BBVA Finanzia Autos 1 FTA,
SC Germany Auto 2007-1