Driver Japan Ten: 02 March 2021

As the name indicates, this will be the tenth transaction from the Volkswagen Japanese franchise and their annual transaction. As per the previous transaction, the originator for this transaction is Volkswagen Financial Services Japan Ltd, whose main shareholder (as of 31 March 2011) is Volkswagen Financial Services AG.

Eligibility criteria (includes): each Auto Loan Agreement has been entered into in connection with a purchased vehicle and is secured by such vehicle; is governed by Japanese law; is a fully disbursed loan; each Obligor is not insolvent and no bankruptcy proceedings or any other insolvency proceedings are pending or threatened against the Obligor; is a fixed interest rate; the Obligor, if a corporate entity, has its permanent establishment in Japan and is not an affiliate of Volkswagen AG and, if an individual, has their place of residence in Japan; at least two monthly payments have been made; is payable in yen; each Auto Loan Agreement relates to one purchased vehicle only; each Auto Loan Receivable is not overdue.

The initial portfolio consists of 26,193 auto loans (SMBC– 56.76% of balances; JACCS – 43.24%) with an average outstanding principal balance of Yen2,449,940. The WA seasoning is 8.79mnths. New/Used (by outstanding principal): new 71.28%, used 28.72%. Customer type: retail 84.04%, corporate 15.96%. Credit type: Balloon Type Loan 92.84%, Fully Amortising 7.16%.

Compare/contrast: Driver Japan Nine, Driver China Nine