Volkswagen Car Lease No.24 Ltd: 22 November 2016

As per previous transactions under the VCL label from originator/seller Volkswagen Leasing GmbH, the receivables securitising the transaction consist of a static pool of automobile leases to retail and commercial customers in Germany which are secured by new, used and demonstration vehicles.

The number of lessees in the portfolio amounts to 114,545 contracts and the majority of the purchased lease receivables are receivables from lease contracts originated by Volkswagen, Audi, SEAT, Skoda and Volkswagen Nutzfahrzeuge dealers as agents. Customer type (by outstanding balance):- Retail – 71.86%, Commercial – 28.14%. The average discounted balance per contract is Eur10,912 and the largest discounted balance contract is Eur130,381. The largest lessee (with 35 contracts) accounts for 0.03% of lease balances, the top 5 for 0.15% and the top 20 for 0.60%. Closed-end contracts account for 99.25% by balances. Type of Vehicles: new cars 95.74%. The WA seasoning is 7.36 months. Geographic Mix (Top regions):- North Rhine Westphalia 21.73%, Bavaria 17.83%, Baden-Wuertemberg 15.64%. Top 5 Industries:- Manufacturing 19.65%, Retail /Wholesale 17.77%, Other Services 16.70%, Public Administration, Education, Health Care and Public Services 14.07% and Construction 11.36%.


CRR/405: The seller will retain for the life of the transaction a material net economic interest of not less than 5.0% in the transaction in accordance with Article 405 of Regulation (EU) No. 575/2013 of the European Parliament. As of the issue date, such interest will, in accordance with Article 405 paragraph 1 sub (c) CRR and Article 51 paragraph 1 sub (c) AIFM Regulation, be comprised of an interest in randomly selected exposures, equivalent to no less than 5.0% of the nominal amount of the securitised exposures.


Compare/contrast: VCL 23, Bavarian Sky S.A. German Auto Loans (Compartment 5), Red & Black Auto Germany 4 S.A.