SCF Rahoituspalvelut (KIMI VI): 27 October 2017

Another transaction which securitises auto loans from Santander Consumer Finance’s Finnish operation. Again the seller is Santander Consumer Finance Oy, which is the Finnish business unit within the SCB AS' Nordic Group.

The eligibility criteria for the HP contracts (include): has not been terminated and has an original term of no more than 60 months; is denominated and payable in Euro; bears interest calculated at a fixed rate and payable monthly; is fully amortising by payment of constant monthly instalments; is not, as of the purchase cut-off date, a delinquent HP contract, a defaulted HP contract or disputed HP contract; the contract is subject to and governed by Finnish law; at least one due instalment has been fully paid under the HP contract.

The portfolio consists (as of 8 October 2017) of 44,641 fixed interest contracts (used – 33,614, new – 11,027) with an average outstanding balance of Eur15,669, where the largest contract is for Eur201,332. Overall there are 466 contracts in the pool of greater than Eur60,000, which represents 5.30% of outstanding balances. Borrower type (by outstanding balances): consumer 81.3%, commercial 18.7%. Contract type (by outstanding balances): standard 50.7%, balloon 49.3%. WA seasoning is 6.5 months. Regional concentration (by outstanding balances): Greater Helsinki 23.8%, Uusimaa 12.7%, South Western Finland 11.2% and Western Tavastia 10.0%.

CRR/405: The seller will retain, for the life of the notes, a material net economic interest equivalent to not less than 5% of the securitised exposures in accordance with Article 405 of the CRR and Article 51 of the AIFM Regulation. As of the Note Issuance Date such interest will, in accordance with Article 405(1)(c) of the CRR and Article 51(1)(c) of the AIFM Regulation, be comprised of a first loss tranche equivalent to not less than 5% of the nominal amount of the securitised exposures in the Portfolio in the form of the Class B Notes.

The Seller intends to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.


Compare/contrast: SCF Rahoituspalvelut II (KIMI V)