Motor 2016-1: 19 December 2016
The sixth transaction in the Motor series, where again the originator is Santander Consumer (UK) plc. SC UK is the second largest independent provider of motor vehicle point of sale finance within the UK. SC UK provides motor finance throughout the UK, mainly through intermediary relationships with car dealerships and selected dealer brokers.
Eligibility criteria (includes): the receivable is governed by an underlying agreement which is governed by English, Scots or Northern Irish law; it relates to a financed vehicle; is denominated and payable in GBP; is not a defaulted receivable; has a fixed interest rate and is fully amortising through payment of constant monthly instalments; at least one payment has been fully made in accordance with the underlying agreement; is denominated and payable in Sterling; is not subject to an Underlying Agreement which has been terminated; at the closing date, none of the receivables is more than one instalment in arrears.
There will be no substitution of the purchased receivables in the portfolio as existing purchased receivables repay, however, during the revolving period, further receivables may be purchased and added to the portfolio. Therefore, after the closing date, the portfolio will change from time to time as a result of repayment, prepayments or repurchase of purchased receivables.
At the cut-off date the initial portfolio consists of 95,077 auto loans (used – 82,906; new – 12,171) where the arithmetic average loan balance is £6,809 and the largest loan is for £72,173. All loans are serviced monthly. Contract type (by current balances): Conditional Sale – Used 87.53%, Conditional Sale – New 12.47%. The WA seasoning is 11 months.
CRR/405: The seller, in its capacity as originator, undertakes that it will retain, on an ongoing basis, a material net economic interest in the transaction which shall in any event not be less than 5.0% in accordance with Article 405 of Regulation (EU) No. 575/2013 and Article 51 of Regulation (EU) No. 231/2013. As at the Closing Date and on each Further Purchase Date, such interest will be comprised of randomly selected Receivables with an aggregate principal balance equal to at least 5.0% of the principal balance
Compare/contrast: Motor 2015-1, Globaldrive Auto Receivables UK 2016-A, Turbo Finance 7 plc