A-Best 21: 18 August 2021

The proceeds of the issue of the Notes will be applied to fund the purchase of an initial pool of monetary receivables and other connected rights arising from a portfolio of fixed rate auto loans granted by FCA Bank Deutschland GmbH to retail customers for the purposes of purchasing cars. During the Revolving Period the Originator may, subject to the satisfaction of certain conditions, sell to the Issuer, on a monthly basis, additional pools of monetary receivables and other connected rights arising from further portfolios of auto loans granted by FCAB to retail customers for the purposes of purchasing cars and having substantially the same characteristics as the Initial Pool. The principal source of payment of interest and, during the Amortisation Period, of repayment of principal on the Notes will be collections and recoveries made in respect of the Portfolio.

Eligibility criteria (includes): the Originator is the sole creditor and owner of the Receivable including any Related Claims and Rights and the Loan Collateral; it results from a Loan Agreement that constitutes either a Classic Loan, a Formula Loan or a Balloon Loan; at least one Instalment is recorded as fully paid; no Instalments are due and unpaid; it is owed by a Borrower which is, as at the time of entering into the relevant Loan Agreement, a physical person resident in Germany, with German nationality and, as at the relevant Pool Transfer Effective Date, is not a FCAB employee; it arises from a Loan Agreement governed by German law and is denominated in Euro; at least two Instalments of the Loan Agreement have already been duly recorded by FCAB as paid by the relevant Borrower; it amortises on a monthly basis; the Loan was granted solely for the purpose of financing the purchase of a Vehicle.

As at the portfolio cut-off date the portfolio comprised of 43,886 loans granted to 40,781 borrowers, where the average net present value loan (NPV) per borrower is Eur16,676 and the largest borrower concentration is of Eur342,796 (representing 0.06% of current balances). Loan Type (by no of contracts / % outstanding principal): Leases new cars 33,064/60.9%, Balloon Loans – 10,822/39.1%.

Borrower category: Private – 18,209/39.9%, Commercial – 25,677/60.1%. Car type (by NPV): new - 87.8%, used - 12.2%. WA seasoning is 17.05 mnths. Regional concentration: Nordrhein-Westfalen – 20.0%, Bayern – 19.2%, Baden-Württemberg – 17.3% and Hessen – 9.6%.

EU Risk Retention: The Originator will retain for the life of the transaction a material net economic interest of not less than 5% in the transaction in accordance with Article 6 of Regulation (EU) No 2017/2402. As of the Issue Date and thereafter on an on-going basis the Originator will retain the Class M Notes, representing not less than 5% of the nominal value of the securitised exposures.

US Risk Retention: The Originator does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section __.20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

STS: The Originator intends to notify the European Securities Markets Authority that the transaction will meet the requirements of Articles 20 to 22 of the European Securitisation Regulation (the STS Notification).


Compare/contrast: A-Best 19, Bavarian Sky S.A (Comp German Auto Leases 6), RevoCar 2021-1