Volkswagen Car Lease No.46: 01 November 2025
As per previous transactions under the VCL label from originator/seller Volkswagen Leasing GmbH, the receivables securitising the transaction consist of a static pool of automobile leases granted to retail and commercial customers in Germany which are secured by new, used and demonstration vehicles.
The number of lessees in the portfolio amounts to 132,897 closed-end contracts (97,192 lessees) and the majority of the purchased lease receivables are receivables from lease contracts originated by Volkswagen, Audi, SEAT, Skoda and Volkswagen Nutzfahrzeuge dealers as agents. The average outstanding discounted balance is Eur9,405 and the largest is Eur116,890. Customer type (by outstanding balance):- Retail – 68.23%, Commercial – 31.77%. The largest lessee (with 177 contracts) accounts for 0.22% of lease balances, the top 5 for 0.87% and the top 20 for 2.15%. Type of Vehicles: New cars - 92.50%. The WA seasoning is 8.30 months. Geographic Mix (Top regions):- North Rhine Westphalia - 23.24%, Bavaria - 17.41%, Baden-Wuertemberg - 15.32%.
EU Risk Retention: The Seller will, whilst any of the Notes remain outstanding, retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(c) of Regulation (EU) 2017/2402. As at the Closing Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the nominal value of the securitised exposures.
US Risk Retention: The transaction will not involve risk retention by the Seller for the purposes of complying with the US Risk Retention Rules, but rather will rely on an exemption provided in Section 20 of the US Risk Retention Rules regarding non-US transactions.
STS: Pursuant to Article 27(1) of the Securitisation Regulation, the Seller intends to notify the European Securities Markets Authority that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation.
Compare/contrast: VCL 45, E-Carat DE 2025-2, SC Germany Leasing 2025-1