E-Carat PLC - Series 7: 23 December 2016

A very similar transaction to the earlier E-Carat 6 transaction, where again the issuer will use the net proceeds from the sale of the notes to purchase from the seller a pool of retail auto loan receivables that were originated by GMAC UK plc through motor vehicle dealers.

Eligibility criteria for inclusion in the pool (includes): relates to a new car, a used car or a light commercial vehicle; has had at least one scheduled monthly payment made in respect of it by the customer; is freely transferable by the seller; is originated in the United Kingdom by GMAC UK plc; the receivables are denominated and payable in Sterling; none of the receivables is a defaulted receivable or a VT receivable; each of the receivables is due from a customer who is a UK resident.

The provisional portfolio consists of 47,842 auto contracts (new – 36,970 agreements, used – 10,872 agreements), with an average outstanding principal balance of £9,953. The maximum loan is for £34,892 and the top 20 debtors account for just 0.18% of the balances. Customer type (by outstanding principal balance): private 98.37%, corporate 1.63%. Product type: Balloon New Supported 34.26%, Standard New Supported 29.14% and Standard Used Non-Supported 16.60%. Payment method (by current balances): Direct Debit 99.88%. Geographical concentration: South East 21.62%, Scotland 10.64%, North West 10.15%, South West 10.04% and the West Midlands 8.17%. The WA seasoning is 8.38mnths.


CRR/405: The originator will retain for the life of the transaction a material net economic interest of not less than 5.0% in the securitisation in accordance with the text of Article 405 of Regulation (EU) No 575/2013 and Article 51 of Regulation (EU) No 231/2013.


Compare/contrast: E-Carat Plc Series 6, Turbo Finance 7 plc