FTA Santander Consumer Spain Auto 2019-1: 12 October 2019
This is another securitisation of auto loans originated in Spain by Santander Consumer EFC SA, the wholly-owned and fully integrated subsidiary of Santander Consumer Finance, whose ultimate parent is Banco Santander S.A.
At the cut-off date, the securitisation is of a pool of 52,559 unsecured auto loans granted to obligors located in Spain, where the average current balance is Eur11,660 and the largest is for Eur85,946. Vehicle type (by current balances): new 46.64%, used 53.36%. The WA seasoning is 11 months. Regionally the pool is concentrated mostly in Andalucia - 23.74%, Cataluna - 14.28% and Madrid - 11.89%.
EU Risk Retention: Santander Consumer will comply with the risk retention requirement set out in Article 6 of the EU Securitisation Regulation.
US Risk Retention: The transaction will not involve the retention by the seller of at least 5% of the credit risk of the issuer for the purposes of the US Risk Retention rules. The seller intends to rely on the exemption provided for in Section 20 of the US Retention rules regarding non-US transactions that meet certain requirements.
Compare/contrast: FTA Santander Consumer Spain Auto 2016-2, FTA Santander Consumer Spain Synth Auto 2018-1