Registration No. 333-232590
PRELIMINARY PROSPECTUS DATED JUNE 10, 2020
$278,000,000________% | Class A-1 Asset Backed Notes | |
$351,600,000________% | Class A-2 Asset Backed Notes | |
$351,600,000________% | Class A-3 Asset Backed Notes | |
$80,020,000________% | Class A-4 Asset Backed Notes |
Daimler Retail Receivables LLC Depositor (CIK: 0001463814) | Mercedes-Benz Financial Services USA LLC Sponsor, Servicer and Administrator (CIK: 0001540252) |
Price to Public | Underwriting Discounts and Commissions | Net Proceeds to the Depositor(1) | ||||||
Class A‑1 Asset Backed Notes | $______________ | _________% | $___________ | _______% | $______________ | _________% | ||
Class A‑2 Asset Backed Notes | $______________ | _________% | $___________ | _______% | $______________ | _________% | ||
Class A‑3 Asset Backed Notes | $______________ | _________% | $___________ | _______% | $______________ | _________% | ||
Class A‑4 Asset Backed Notes | $______________ | _________% | $___________ | _______% | $______________ | _________% | ||
Total | $______________ | $___________ | $______________ |
(1) | The net proceeds to the Depositor exclude expenses, estimated at $1,000,000. |
Joint Bookrunners | ||
J.P. Morgan | Santander | SOCIETE GENERALE |
Co-Managers |
Lloyds Securities | MUFG |
Title of Each Class of Securities to be Registered | Amount to be Registered | Proposed Maximum Offering Price Per Unit(1) | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee | ||||||||||||
Asset Backed Notes | $ | 1,061,220,000 | 100 | % | $ | 1,061,220,000 | $ | 137,746.36 |
(1) | Estimated solely for the purpose of calculating the registration fee. |
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A-I-1 | |
A-1 |
(1) | All or a portion of one or more classes of the Notes may be retained by the Depositor or its affiliates. |
(2) | The Certificates will represent the residual interest that will be held initially by the Depositor and represent the right to all funds not needed to make monthly payments on the Notes, pay fees and expenses of the Issuer or make deposits in the Reserve Fund. The Certificates are not being offered by this prospectus. The Depositor will hold the Certificates as described under “Credit Risk Retention.” |
(3) | The Reserve Fund will be funded on the Closing Date at 1.00% of the Cutoff Date Adjusted Pool Balance. The amount required to be on deposit in the Reserve Fund will decline to 0.50% of the Cutoff Date Adjusted Pool Balance from and after the first Payment Date on which the Pool Balance on the last day of the related Collection Period is less than or equal to 50% of the Cutoff Date Pool Balance. |
(4) | Overcollateralization will be the amount by which the Adjusted Pool Balance exceeds the Note Balance of the Notes. Initially, the overcollateralization for the Notes will be approximately 2.50% of the Cutoff Date Adjusted Pool Balance. |
(5) | The Target Overcollateralization Amount will be 2.50% of the Cutoff Date Adjusted Pool Balance and will be calculated as described under “Description of the Notes—Credit Enhancement—Overcollateralization.” |
(6) | Excess spread will be available, as a portion of Available Funds, to make required principal payments on the Notes and, as a result, will provide a source of funds to absorb losses on the Receivables and to maintain overcollateralization at the Target Overcollateralization Amount, as further described under “Description of the Notes—Credit Enhancement—Excess Spread.” |
(7) | Approximates the present value of the amount by which future scheduled payments on Receivables with Contract Rates less than the Required Rate are less than future payments would be on such Receivables if their Contract Rates were at least equal to the Required Rate, as described under “Description of the Notes—Credit Enhancement—Yield Supplement Overcollateralization Amount.” |
(1) | On the Closing Date, the Reserve Fund will be funded at 1.00% of the Cutoff Date Adjusted Pool Balance. The amount required to be on deposit in the Reserve Fund will decline to 0.50% of the Cutoff Date Adjusted Pool Balance from and after the first Payment Date on which the Pool Balance on the last day of the related Collection Period is less than or equal to 50% of the Cutoff Date Pool Balance. |
(2) | Excess spread will be available as a portion of Available Funds to make required principal payments on the Notes and, as a result, will provide a source of funds to absorb losses on the Receivables and to maintain overcollateralization at the Target Overcollateralization Amount. |
(3) | Overcollateralization will be the amount by which the Adjusted Pool Balance exceeds the Note Balance of the Notes. Initially, the overcollateralization for the Notes will be approximately 2.50% of the Cutoff Date Adjusted Pool Balance. The Adjusted Pool Balance on any date will equal the Pool Balance minus the Yield Supplement Overcollateralization Amount for such date. |
Note Class | Initial Note Balance | Interest Rate Per Annum | ||
A-1 | $278,000,000 | _.___% | ||
A-2 | $351,600,000 | _.___% | ||
A-3 | $351,600,000 | _.___% | ||
A-4 | $80,020,000 | _.___% |
The final principal payment for each class of notes is due and payable on the final scheduled payment date listed below:
Note Class | Final Scheduled Payment Date | |
A-1 | July 15, 2021 | |
A-2 | March 15, 2023 | |
A-3 | February 18, 2025 | |
A-4 | October 15, 2026 |
(1) | to the class A‑1 notes until they have been paid in full; |
(2) | to the class A‑2 notes until they have been paid in full; |
(3) | to the class A‑3 notes until they have been paid in full; and |
(4) | to the class A‑4 notes until they have been paid in full. |
(1) | the servicing fee for the related collection period plus any overdue servicing fees for one or more prior collection periods plus an amount equal to any nonrecoverable advances to the servicer; |
(2) | if not previously paid, the fees, expenses and indemnified amounts of the trustees and the asset representations reviewer for the related collection period, plus any overdue fees, expenses or indemnified amounts for one or more prior collection periods will be paid to such parties pro rata; provided, however, that such fees, expenses and indemnified amounts may not exceed, in the aggregate, $250,000 per annum; |
(3) | the interest distributable amount for the notes, ratably to the holders of the notes; |
(4) | principal of the notes in an amount equal to the excess, if any, of (a) the aggregate principal amount of the notes (before giving effect to any payments made to the holders of the notes on that payment date) over (b) the adjusted pool balance (which equals the aggregate principal balance of the receivables as of the last day of the related collection period, less the yield supplement overcollateralization amount, described under “—Credit Enhancement—Overcollateralization”), to the holders of the notes; provided, that on and after the final scheduled payment date for any class of notes, the amount distributable under this clause shall be not less than the amount necessary to reduce the outstanding principal balance of such class of notes to zero; |
(5) | the amount, if any, necessary to fund the reserve fund up to the required amount, into the reserve fund; |
(6) | principal of the notes in an amount equal to (i) the excess, if any, of (a) the aggregate principal amount of the notes (before giving effect to any payments made to the holders of the notes on that payment date) over (b) the adjusted pool balance minus the target overcollateralization amount, described under “—Credit Enhancement—Overcollateralization,” less (ii) any amounts allocated to pay principal as described in clause (4), to the holders of the notes; |
(7) | if a successor servicer has replaced MBFS USA as the servicer, any unpaid transition expenses due in respect of the transfer of servicing and any additional servicing fees for the related collection period to the successor servicer; |
(8) | any fees, expenses and indemnified amounts due to the trustees and the asset representations reviewer, pro rata, that have not been paid as described in clause (2); and |
(9) | any remaining amounts to the certificateholders. |
Overcollateralization
Overcollateralization will represent the amount by which the aggregate principal balance of the receivables minus the yield supplement overcollateralization amount exceeds the aggregate principal amount of the notes. Overcollateralization will be available to absorb losses on the receivables that are not otherwise covered by excess collections on or in respect of the receivables, if any.
The initial amount of overcollateralization will be approximately 2.50% of the aggregate principal balance of the receivables minus the yield supplement overcollateralization amount in effect on the cutoff date, which will equal approximately $27,225,882.84.
The application of funds as described in clause (6) of “—Priority of Distributions” is designed to maintain the amount of overcollateralization as of any payment date at a target amount. The amount of target overcollateralization for each payment date will be 2.50% of the adjusted pool balance as of the cutoff date.
Yield Supplement Overcollateralization Amount
For a substantial number of receivables, the contract rate is less than 5.30% (referred to herein as the “required rate”). The yield supplement overcollateralization amount for each payment date will approximate the present value of the amount by which future scheduled payments on receivables with contract rates below the required rate are less than future payments would be on those receivables if their contract rates were equal to the required rate. The required rate has been set by the depositor at a level that will result in an amount of excess spread sufficient to obtain the initial ratings on the notes. Applying the yield supplement overcollateralization amount to the pool balance will have the effect of supplementing interest collections on receivables with low contract rates with principal collections. The yield supplement overcollateralization amount will not be included as part of, and will therefore be in addition to, the overcollateralization amount.
• | greater than 50% of the cutoff date pool balance will be 1.00% of the adjusted pool balance as of the cutoff date, and |
• | less than or equal to 50% of the cutoff date pool balance will be 0.50% of the adjusted pool balance as of the cutoff date; |
provided, that the required amount may not be greater than the aggregate principal amount of the notes. Amounts on deposit in the reserve fund that are in excess of the amount required to be on deposit in the reserve fund on any payment date will be paid to the depositor and will no longer be available to make payments on the notes.
(1) | to the servicer, the servicing fee for the related collection period plus any overdue servicing fees for one or more prior collection periods plus an amount equal to any nonrecoverable advances; |
(2) | to the trustees and the asset representations reviewer, all fees, expenses and indemnified amounts for the related collection period plus any overdue fees, expenses or indemnified amounts for one or more prior collection periods, so long as the notes have not been accelerated following an event of default under the indenture, in an amount not to exceed $250,000 per annum; |
(3) | to the noteholders, monthly interest and the amounts allocated to pay principal described in clause (4) under “Priority of Distributions,” if any, required to be paid on the notes on that payment date plus any overdue monthly interest due to any class of notes for the previous payment date; and |
(4) | to the noteholders, principal payments required to reduce the principal amount of a class of notes to zero on or after its final scheduled payment date. |
• | a default in the payment of interest on the notes of any class for five or more days; |
• | a default in the payment of the principal of any note on the related final scheduled payment date; |
• | a default in the observance or performance of any other material covenant or agreement of the issuer made in the indenture and such default not having been cured for a period of 60 days after written notice thereof has been given to the issuer by the depositor or the indenture trustee or to the issuer, the depositor and the indenture trustee by the holders of notes evidencing not less than 25% of the aggregate principal amount of the notes; |
• | any representation or warranty made by the issuer in the indenture or in any certificate delivered pursuant thereto or in connection therewith having been incorrect in any material adverse respect as of the time made and such incorrectness not having been cured for a period of 30 days after written notice thereof has been given to the issuer by the depositor or the indenture trustee or to the issuer, the depositor and the indenture trustee by the holders of notes evidencing not less than 25% of the aggregate principal amount of the notes; and |
• | certain events (which, if involuntary, remain unstayed for 60 days or more) of bankruptcy, insolvency, receivership or liquidation of the issuer or its property as specified in the indenture. |
• | a pool of simple interest motor vehicle installment sales contracts and installment loans purchased by MBFS USA from motor vehicle dealers in the ordinary course of business in connection with the sale of new and pre-owned Mercedes‑Benz and smart automobiles or originated by MBFS USA in the ordinary course of business in connection with the purchase of Mercedes-Benz or smart vehicles; |
• | amounts received after the cutoff date on or in respect of the receivables; |
• | security interests in the vehicles financed under the receivables; |
• | any proceeds from claims on insurance policies relating to the financed vehicles or the related obligors; |
• | the receivable files; |
• | funds on deposit in the collection account, the note payment account and the reserve fund; |
• | all rights under the receivables purchase agreement with MBFS USA, including the right to cause MBFS USA to repurchase from the depositor receivables affected materially and adversely by breaches of its representations and warranties made in the receivables purchase agreement; |
• | all rights under the sale and servicing agreement, including the right to cause the servicer to purchase receivables affected materially and adversely by breaches of certain of its servicing covenants made in the sale and servicing agreement; and |
• | any and all proceeds relating to the above. |
Number of Receivables: | 35,214 | |
Average Principal Balance: | $31,941.21 | |
Average Original Principal Balance: | $41,503.24 | |
Weighted Average Contract Rate: | 3.82% | |
Contract Rate (Range): | 0.00% to 11.14% | |
Weighted Average Original Term(1): | 63.55 months | |
Original Term (Range) (1): | 12 months to 72 months | |
Weighted Average Remaining Term(2): | 52.53 months | |
Remaining Term (Range)(2): | 3 months to 71 months | |
Weighted Average FICO®(3) Score(4): | 777.43 | |
FICO®(3) Scores (Range)(4): | 651 to 899 |
(1) | Based on the number of scheduled monthly payments at origination. |
(2) | Based on the number of monthly payments remaining as of the cutoff date. |
(3) | FICO® is a registered trademark of Fair Isaac & Co. |
(4) | The FICO® score with respect to any receivable with co-obligors is the highest of each obligor’s FICO® score at the time of application. |
• | any of its representations or warranties are breached with respect to that receivable; |
• | the interests of the issuer or the noteholders in that receivable is materially and adversely affected by the breach; and |
• | the breach has not been cured following the discovery by or notice to MBFS USA of the breach. |
MBFS USA’s responsibilities as servicer will include, among other things, collection of payments, realization on the receivables and the financed vehicles, selling or otherwise disposing of delinquent or defaulted receivables and monitoring the performance of the receivables. In return for its services, the issuer will be required to pay the servicer a servicing fee on each payment date for the related collection period equal to the product of 1/12 of 1.00% (or 1/6 of 1.00% in the case of the first payment date) and the aggregate principal balance of the receivables as of the first day of the related collection period (or as of the cutoff date in the case of the first payment date).
The servicer will have the right to delegate any or all of its servicing duties to any of its affiliates or other third parties; provided, however, that it will remain obligated and liable for servicing the receivables as if it alone were servicing the receivables.
In addition, as supplemental servicing compensation, the servicer will be entitled to retain any and all fees and charges collected in connection with the receivables, including, among other things, extension fees, administration fees and charges, late payment fees, prepayment fees, returned instrument or automatic clearing house transaction charges, purchase option fees, service fees, disposition fees, termination fees and any similar charges received with respect to any receivables. For more detailed information about additional servicing compensation, see “Description of the Transaction Documents—Servicing Compensation and Expenses.”
Ratings
The sponsor expects that the notes will receive credit ratings from two nationally recognized statistical rating organizations hired by the sponsor to rate the notes. A rating is not a recommendation to purchase, hold or sell the notes, inasmuch as a rating does not comment as to market price or suitability for a particular investor. A rating agency rating the notes may, in its discretion, lower or withdraw its rating in the future as to any class of notes. None of the sponsor, the depositor, the indenture trustee, the owner trustee or any of their respective affiliates will be required to monitor any changes to the ratings on these notes.
Tax Status
Opinions of Counsel
In the opinion of Sidley Austin llp, assuming compliance with all of the provisions of the applicable transaction documents, for United States federal income tax purposes the notes will be characterized as debt if held by persons other than the beneficial owner of the equity in the issuer or an affiliate of such beneficial owner for such purposes, and the issuer will not be characterized as an association (or a publicly traded partnership) taxable as a corporation.
Adverse events arising from the coronavirus pandemic could result in payment delays and losses on the notes | The outbreak of the coronavirus has resulted in significant reductions in economic growth worldwide. Due to the worsening status of the COVID-19 pandemic, sales of Mercedes-Benz vehicles and smart cars in the United States have been negatively affected, and there have also been significant adverse effects on production, the procurement market and the supply chain. The negative economic effects of the ongoing spread of COVID-19 on Daimler AG and its affiliates, including MBFS USA, cannot be adequately determined or reliably quantified for the time being, however, a continuing COVID-19 pandemic will have a significant negative impact on their respective businesses, cash flows, financial condition, liquidity and results of operations. Moreover, further adverse developments relating to the COVID-19 pandemic, especially if restrictive measures remain in force significantly longer and are stricter than expected or in the event of a second wave of infections, would on the one hand result in an even deeper slump for the global economy and on the other hand not only affect sales of Mercedes-Benz vehicles and smart cars in the United States but could also have a more significant impact than initially assumed on production, the procurement market and the supply chain. The COVID-19 pandemic is causing significant uncertainty in the global financial markets, but it is not possible to predict the ultimate scope of this pandemic or the ultimate effect it may have on the global economy or the global financial markets, including the economy or financial markets of the United States. While the Federal Reserve has implemented emergency interest rate cuts and federal, state and local governments have implemented other measures in response to the COVID-19 pandemic, the likelihood of such measures preventing volatility in the financial markets or the occurrence of a national or global economic downturn cannot be predicted. For example, it is unclear whether the United States is in or will experience a severe recession as a result of the pandemic (and, if so, for how long) and in any event how many obligors have been and will continue to be adversely affected by the outbreak and how long governmental efforts to slow the spread of COVID-19 throughout United States will continue. In addition, while many automotive dealers have been required to temporarily close or restrict their operations due to being classified as non-essential businesses, even for dealerships that have remained open, consumer demand has declined rapidly. As discussed under “—Performance of the receivables is uncertain and is likely to be adversely affected by the COVID-19 pandemic,” the current economic downturn could have a negative impact on the ability or willingness of obligors to make timely payments on the receivables and may result in increased losses on the receivables. In response to the COVID-19 pandemic, certain governmental authorities, including United States federal, state or local governments, have implemented or proposed, and could enact, laws, regulations, executive orders or other guidance or take other actions, that permit obligors to forego making scheduled payments for some period of time or require modification to the receivables and some states have enacted executive orders that preclude creditors from exercising certain rights or taking certain actions with respect to the motor vehicle retail installment sale contracts, including repossession or liquidation of vehicles. These actions and proposals, if enacted, expanded or continued for an extended period of time, could negatively impact cashflows on the notes. For example, the California legislature has introduced AB-2501, a bill that if enacted in its present form would, among other things, require servicers like MBFS USA to provide, upon request from an obligor who has experienced financial hardship due to the COVID-19 pandemic, forbearances for up to 270 days, prohibit the imposition of fees, penalties or interest during the forbearance period other than interest charged at a specified maximum rate and impose a repossession moratorium except under limited circumstances. If enacted, AB 2501 could result in extensions to the terms of the affected California receivables equal to the period of forbearance. No assurances can be given as to the final provisions of AB 2501 or whether it will be enacted by the California legislature and become law. |
Since March 2020, MBFS USA has taken steps to assist customers who are adversely affected by COVID-19 in accordance with the guidance issued by various regulators and its servicing policies. MBFS USA has seen a large increase during this period in obligor requests for payment relief and is conducting outreach and other activities to assist obligors with deferral and extension requests and to assist and provide awareness to obligors generally. MBFS USA has also suspended late charges for all customers from March 15, 2020 to June 15, 2020, and has temporarily ceased repossession activity, although repossessions may recommence at any time. In addition, MBFS USA has taken certain steps and may implement a range of further actions to extend or modify the payment terms on the receivables in its serviced portfolio. These actions may negatively affect the amount of collections on the receivables and the timing of the receipt thereof. Notwithstanding the foregoing, as of the cutoff date, none of the receivables included in the receivables pool has been extended or modified for any reason since its origination. As a result of the foregoing, MBFS USA believes that future delinquency and credit loss information may increase, while recovery rates on repossessed vehicles may decrease, in each case potentially significantly, over the historical delinquency and credit loss information appearing under “MBFS USA—Delinquency, Credit Loss and Recovery Information” and “Appendix A —Static Pool Information for Prior Securitizations.” In particular, unlike the actions taken by MBFS USA in response to natural disasters and extreme weather conditions that are relatively limited in geographic scope, the COVID-19 pandemic is affecting obligors throughout the country and is expected to have a materially more significant effect on the performance of MBFS USA’s serviced portfolio. It is also possible that a higher percentage of obligors will seek protection under applicable bankruptcy or debtor relief laws than MBFS USA’s historical experience. Consequently, increased delinquencies and losses are expected to be experienced by the receivables, such increases could be substantial and, if not otherwise covered by applicable credit enhancement, payments on the notes could be adversely affected. Moreover, in addition to the foregoing, the COVID-19 pandemic may also have the effect of heightening many of the other risks in this section, including those relating to receivables performance, geographic concentration of the obligors, value of the financed vehicles, regulatory risks, credit ratings and secondary market liquidity of the notes. | |
The notes are not suitable investments for all investors | The notes are not a suitable investment for any investor that requires a regular or predictable schedule of payments or payment on specific dates. The notes are complex investments that should be considered only by sophisticated investors. We suggest that only investors who, either alone or with their financial, tax and legal advisors, have the expertise to analyze the prepayment, reinvestment and default risks, the tax consequences of an investment and the interaction of these factors should consider investing in the notes. |
You may have difficulty selling your notes and/or obtaining your desired price | There may be no secondary market for the notes. The underwriters may participate in making a secondary market in the notes, but are under no obligation to do so. We cannot assure you that a secondary market will develop or, if it does develop, that such market will provide noteholders with sufficient liquidity of investment at any time during the period for which your notes are outstanding. Each investor in the notes must be prepared to hold its notes for an indefinite period of time or until the related final scheduled payment date or alternatively such investor may only be able to sell its notes at a discount to its original purchase price of those notes. The COVID-19 pandemic has resulted in disruptions in global financial markets that have reduced liquidity in the asset-backed securities secondary market. If a lack of liquidity in the secondary market occurs or continues for an extended period of time due to the COVID-19 pandemic, it could adversely affect the market value of your notes and/or limit your ability to resell your notes. There have been other times in the past where there have been very few buyers of asset backed notes and thus there has been a lack of liquidity in the secondary market. The COVID-19 pandemic (in addition to or in combination with other future events) could result in a similar lack of liquidity in the secondary market in the future. As a result, you may not be able to sell your notes when you want to do so, or you may not be able to obtain the price that you wish to receive. |
Adverse economic conditions could adversely affect the performance of the receivables, which could result in losses on your notes | The outbreak of the coronavirus has resulted in significant reductions in economic growth worldwide and in the United States. The economic downturn resulting from the COVID-19 pandemic is unprecedented over recent decades and may adversely affect the performance of the receivables. High unemployment, declines in consumer confidence and a general reduction in the availability of credit may lead to increased delinquencies and default rates by obligors, as well as decreased consumer demand for pre-owned vehicles and reduced pre-owned vehicle prices, which could increase the amount of losses on defaulted vehicle loans and contracts. If the current economic downturn is prolonged, delinquencies and defaults on the receivables could occur at a rate materially higher than historical experience, which could result in losses on your notes. It is also possible that a higher percentage of obligors will seek protection under bankruptcy or debtor relief laws as a result of the financial and economic disruptions related to the COVID-19 pandemic than is reflected in MBFS USA’s historical experience. No prediction can be given as to the degree of increases in the rates of delinquencies, defaults or losses on the receivables resulting from the COVID-19 pandemic, but if not covered by credit enhancement, these increases could result in delays in payments and losses on the notes. |
The issuer’s assets are limited and only the assets of the issuer are available to make payments on your notes and you may experience a loss if losses on the receivables exceed the available credit enhancement | The notes represent indebtedness of the issuer and will not be insured or guaranteed by MBFS USA, the depositor, the servicer, any of their respective affiliates or any other person or entity. The only source of payment on your notes will be payments received on the receivables and the other credit enhancement described herein. The notes and the receivables will not be insured or guaranteed, in whole or in part, by the United States or any governmental entity. Therefore, you must rely solely on the assets of the issuer for repayment of your notes. If these assets are insufficient, you may suffer losses on your notes. |
Performance of the receivables is uncertain and is likely to be adversely affected by the COVID-19 pandemic | The performance of the receivables will depend on a number of factors, including general economic conditions, unemployment levels, the circumstances of individual obligors, the underwriting standards of MBFS USA at origination and the success of the servicer’s servicing and collection strategies. Consequently, the performance of the receivables cannot be predicted with accuracy based on FICO® scores or other similar measures and may result in losses on your notes. The COVID-19 pandemic may negatively and materially affect any of these factors and may adversely affect performance of the receivables for various reasons including: • deteriorating economic conditions and unprecedented increases in unemployment resulting in increased levels of delinquencies and defaults on the receivables, • decreased consumer demand for vehicles and declines in pre-owned vehicle prices resulting in reduced proceeds from the liquidation of repossessed financed vehicles securing defaulted receivables and increased loses on those receivables, and • restrictions that may be imposed by federal, state or local governments on collection or other commercial activities, such as restrictions on repossessions of financed vehicles. As a result, although the effect of the COVID-19 pandemic on the performance of the receivables cannot be predicted, increased delinquencies and losses over historical rates are expected to be experienced by the receivables, such increases could be substantial and, if available credit enhancement is not sufficient, could result in losses on your notes. |
The sale of the financed vehicle securing a defaulted receivable may not result in complete recovery of the amounts due | The servicer generally exercises its right to sell a vehicle securing a defaulted receivable after repossession. There is no assurance that the amount of proceeds received by the servicer from the sale of the financed vehicle will be equal to or greater than the outstanding principal balance of the defaulted receivable. The rate at which the value of a financed vehicle depreciates cannot be predicted and may exceed the rate at which the principal balance of the receivable amortizes. As a result, the amount owed on a receivable could exceed the amount that could be obtained by the servicer from the repossession and sale of the related financed vehicle following an event of default by the obligor. The risk is increased because, as set forth under “MBFS USA—Underwriting,” the maximum advance rate guidelines used in originating the receivables may result in a receivable having an initial principal balance in excess of the retail price or book value of the related financed vehicle. This increases the risk that, following a default by the obligor, the amount realized on the sale of the financed vehicle will be less than the outstanding principal balance of the receivable. This risk is further increased by the effects of the COVID-19 pandemic which could adversely affect pre-owned vehicle prices and the ability of the servicer to conduct normal collection, repossession and sale activities. The reduction of repossessions as a result of the COVID-19 pandemic and the limited availability of used car auctions for the sale of repossessed vehicles has resulted in an industrywide delay in recoveries, as well as a decrease in the amount of recoveries, for defaulted motor vehicle loans. If financed vehicles are repossessed by the servicer at a time when auction markets are not functioning fully, or in the event of other factors such as the possible liquidation of the rental fleet of one or more car rental companies, the resulting sale proceeds are likely to be lower than expected, which could result in increased losses on defaulted receivables. As a result, you may suffer losses on your investment if available credit enhancement for losses on the receivables is insufficient. |
Amounts on deposit in the reserve fund will be limited and subject to depletion | The amount on deposit in the reserve fund will be used to fund certain payments of monthly interest and certain distributions of principal to noteholders on each payment date if payments received on or in respect of the receivables, including amounts recovered in connection with the repossession and sale of financed vehicles that secure defaulted receivables, are not sufficient to make such payments. There can be no assurances, however, that the amounts on deposit in the reserve fund will be sufficient on any payment date to assure payment of your notes. If the receivables experience higher losses than were projected in determining the amount required to be on deposit in the reserve fund on the closing date, the actual amount on deposit in the reserve fund on any payment date may be less than projected. If on any payment date, available collections and amounts in the reserve fund are not sufficient to pay in full the monthly interest and distributions of principal due on the notes, you may experience payment delays with respect to your notes. If on subsequent payment dates the amount of that insufficiency is not offset by excess collections on or in respect of the receivables, amounts recovered in connection with the repossession and sale of financed vehicles that secure defaulted receivables and any other available credit or cash flow enhancement for the issuer described in this prospectus and identified as applying to the notes, you will experience losses with respect to your notes. |
Failure to pay principal on your notes will not constitute an event of default until maturity | The amount of principal required to be paid to noteholders on any payment date will be limited to amounts available for that purpose in the collection account (and the reserve fund). Therefore, the failure to pay principal on your notes generally will not result in the occurrence of an event of default until the final scheduled payment date for your notes. |
Prepayments on the receivables may adversely affect the average life of and rate of return on your notes | All receivables, by their terms, may be prepaid at any time. Prepayments include: • prepayments in whole or in part by the obligor; • liquidations due to default; • partial payments with proceeds from amounts received as a result of rebates of extended warranty protection plan costs, insurance premiums and physical damage, theft, credit life and disability insurance policies; • required purchases of receivables by the servicer or repurchases of receivables by MBFS USA for specified breaches of their respective representations, warranties or covenants; and • an optional purchase of the receivables by the servicer when their aggregate principal balance is 5% or less of the initial aggregate principal balance. A variety of economic, social and other factors will influence the rate of optional prepayments on the receivables and defaults. As a result of prepayments, the final payment of each class of notes is expected to occur prior to its final scheduled payment date. If sufficient funds are not available to pay any class of notes in full on its final scheduled payment date, an event of default will occur and final payment of that class of notes may occur later than scheduled. For more information regarding the timing of repayments of the notes, see “Maturity and Prepayment Considerations.” |
You may suffer losses upon a liquidation of the receivables if the proceeds of the liquidation are less than the amounts due on the outstanding notes | Under certain circumstances described in this prospectus, the receivables of the issuer may be sold after the occurrence of an event of default under the indenture. The noteholders will suffer losses if the issuer sells the receivables for less than the total amount due on the notes. We cannot assure you that sufficient funds would be available to repay the noteholders in full. |
Consumer protection laws may reduce payments on your notes | Federal and state consumer protection laws impose requirements upon creditors in connection with extensions of credit and collections on motor vehicle installment sales contracts and installment loans. Some of these laws make an assignee of the contract or loan, such as the issuer, liable to the obligor for any violation by the lender. Any liabilities of the issuer under these laws could reduce the funds that the issuer would otherwise have to make payments on your notes. |
For more information about consumer protection laws, see “Material Legal Issues Relating to the Receivables—Consumer Protection Laws.” | |
Paying the servicer a fee based on a percentage of the aggregate principal balance of the receivables may result in the inability to obtain a successor servicer | Because the servicer will be paid its base servicing fee based on a percentage of the aggregate principal balance of the receivables, the fee the servicer receives each month will be reduced as the size of the pool decreases over time. At some point, if the need arises to obtain a successor servicer, the fee that such successor servicer would earn might not be sufficient to induce a potential successor servicer to agree to assume the duties of the servicer with respect to the remaining receivables. If there is a delay in obtaining a successor servicer, it is possible that normal servicing activities could be disrupted during this period which could delay payments and reports to noteholders, adversely affect collections and ultimately lead to losses or delays in payments on your notes. |
You may suffer a loss on your notes because the servicer may commingle collections on the receivables with its own funds | The servicer, so long as it continues to satisfy certain requirements, will be permitted to hold with its own funds collections it receives from obligors on the receivables and the purchase price of receivables required to be repurchased from the issuer until the day prior to the date on which the related distributions are made on the notes. During this time, the servicer may invest those amounts at its own risk and for its own benefit and need not segregate them from its own funds. If the servicer is unable to pay these amounts to the issuer on or before the related payment date, you might incur a delay in payment or a loss on your notes. For more information about the servicer’s obligations regarding payments on the receivables, see “Description of the Transaction Documents—Collections.” |
A servicer default may result in additional costs or a diminution in servicing performance, any of which may have an adverse effect on your notes | If a servicer default occurs, the servicer may be removed by the holders of a majority of the notes or the indenture trustee acting on their behalf. In the event of the removal of the servicer and an appointment of a successor servicer, we cannot predict: • the cost of the transfer of servicing to such successor or • the ability of such successor to perform the obligations and duties of the servicer under the servicing agreement. Furthermore, the indenture trustee or the noteholders may experience difficulties in appointing a successor servicer and during any transition phase it is possible that normal servicing activities could be disrupted. |
A bankruptcy of the depositor could result in losses or payment delays with respect to your notes | Daimler Retail Receivables LLC, as depositor, intends that its transfer of the receivables to the issuer will be a valid sale and assignment of the receivables to the issuer for non-tax purposes. If the depositor were to become a debtor in a bankruptcy case and a creditor or trustee-in-bankruptcy of the depositor or the depositor itself were to take the position that the sale of receivables by the depositor to the issuer for non-tax purposes should instead be treated as a pledge of the receivables to secure a borrowing by it, delays in payments of collections on or in respect of the receivables to the noteholders could occur. If a court ruled in favor of any such debtor, creditor or trustee, reductions in the amounts of those payments could result. A tax or governmental lien on the property of the depositor arising before the transfer of the receivables to the issuer may have priority over the issuer’s interest in those receivables even if the transfer of the receivables to the issuer is characterized as a sale for non-tax purposes. |
Bankruptcy of MBFS USA could result in delays in payment or losses on your notes | If MBFS USA were to become the subject of a bankruptcy proceeding, you could experience losses or delays in payment on your notes. MBFS USA will sell the receivables to the depositor, and the depositor will sell the receivables to the issuer. However, if MBFS USA is the subject of a bankruptcy proceeding, the court in the bankruptcy proceeding could conclude that the sale of the receivables by MBFS USA to the depositor was not a true sale for bankruptcy purposes and that MBFS USA still owns the receivables. The court also could conclude that MBFS USA and the depositor should be consolidated for bankruptcy purposes. If the court were to reach either of these conclusions, you could experience losses or delays in payments on your notes because: • the indenture trustee will not be able to exercise remedies against MBFS USA on your behalf without permission from the court; • the court may require the indenture trustee to accept property in exchange for the receivables that is of less value than the receivables; • tax or other government liens on MBFS USA’s property that arose before the transfer of the receivables to the issuer will be paid from the collections on the receivables before the collections are used to make payments on your notes; and • the indenture trustee may not have a perfected security interest in one or more of the vehicles securing the receivables or cash collections held by MBFS USA at the time that a bankruptcy proceeding begins. MBFS USA and the depositor have taken steps in structuring the transactions described in this prospectus to minimize the risk that a court would conclude that the sale of the receivables to the depositor was not a “true sale” or that MBFS USA and the depositor should be consolidated for bankruptcy purposes. |
For more information regarding bankruptcy considerations, see “Material Legal Issues Relating to the Receivables—Certain Bankruptcy Considerations and Matters Relating to Bankruptcy.” | |
Interests of other persons in the receivables or financed vehicles could reduce the funds available to make payments on your notes | Financing statements under the Uniform Commercial Code will be filed reflecting the sale of the receivables by MBFS USA to the depositor and by the depositor to the issuer. Each of MBFS USA and the depositor will mark its accounting records to reflect its sale of the receivables. However, because the servicer will maintain possession of the physical installment sales contracts and installment loans evidencing the receivables and will not segregate or mark the contracts and loans as belonging to the issuer, another person could acquire an interest in receivables evidenced by a physical installment sales contract or installment loan that is superior to the issuer’s interest in those receivables by obtaining physical possession of the installment sales contracts or installment loans representing those receivables without knowledge of the assignment of the receivable to the issuer. In addition, another person could acquire an interest in a receivable that is superior to the issuer’s interest in the receivable if the receivable is evidenced by an electronic contract and the servicer loses, or never obtains, control over the authoritative copy of the contract and another party purchases the receivable evidenced by the contract without knowledge of the issuer’s interest. If another person acquires an interest in a receivable that is superior to the issuer’s interest, some or all of the collections on that receivable may not be available to make payments on your notes. Additionally, if another person acquires an interest in a vehicle financed by a receivable that is superior to the issuer’s security interest in the vehicle, some or all of the proceeds from the sale of the vehicle may not be available to make payments on your notes. The issuer’s security interest in the financed vehicles could be impaired for one or more of the following reasons: • MBFS USA or the depositor might fail to perfect its security interest in a financed vehicle; • another person may acquire an interest in a financed vehicle that is superior to the issuer’s security interest through fraud, forgery, negligence or error because the servicer will not amend the certificate of title or ownership to identify the issuer as the new secured party; • the issuer may not have a security interest in the financed vehicles in certain states because the certificates of title to the financed vehicles will not be amended to reflect assignment of the security interest to the issuer; |
• holders of some types of liens, such as tax liens or mechanics’ liens, may have priority over the issuer’s security interest; and • the issuer may lose its security interest in vehicles confiscated by the government. MBFS USA will be obligated to repurchase from the issuer any receivable sold by it to the issuer as to which a perfected security interest in the name of MBFS USA in the vehicle securing the receivable did not exist as of the date such receivable was transferred to the issuer. However, MBFS USA will not be required to repurchase a receivable if a perfected security interest in its name in the vehicle securing a receivable has not been perfected in the issuer or if the security interest in a related vehicle or the receivable becomes impaired after the receivable is sold to the issuer. If the issuer does not have a perfected security interest in a vehicle, its ability to realize on the vehicle following an event of a default under the related receivable may be adversely affected and some or all of the collections on that vehicle may not be available to make payment on your notes. | |
Losses on the receivables may be affected disproportionately because of geographic concentration of the receivables | The servicer’s records indicate that, as of the cutoff date, 21.76%, 13.61%, 9.72% and 7.15% of the aggregate principal balance of the receivables are related to obligors with mailing addresses in California, Texas, Florida and New York, respectively. As of that date, no other state accounted for more than 5.00% of the aggregate principal balance of the receivables. If California, Texas, Florida or New York experiences adverse economic changes, including as a result of the COVID-19 pandemic, any future epidemic or pandemic or for other reasons, such as an increase in the unemployment rate, obligors in those states may be unable to make timely payments on their receivables and you may experience payment delays or losses on your notes. Further, the effect of extreme weather conditions or other natural disasters, such as hurricanes and floods, on the performance of the receivables is unclear, but extreme weather conditions or other natural disasters could cause substantial business disruptions, economic losses, unemployment, declines in consumer confidence and an economic downturn. Adverse impacts from the COVID-19 pandemic in those states where there is a concentration of obligors could worsen the effects of the pandemic on the receivables pool and the notes. We cannot predict whether adverse economic changes, extreme weather conditions or other adverse events will occur or to what extent those events would affect the receivables or repayment of your notes. |
Market factors may reduce the value of pre-owned vehicles, which could result in increased losses on the receivables | Vehicles that are repossessed are typically sold at vehicle auctions as pre-owned vehicles. The pricing of pre-owned vehicles is affected by supply and demand for such vehicles, which in turn is affected by consumer tastes, economic factors, fuel costs, the introduction and pricing of new car models and other factors, such as the introduction of new vehicle sales incentives, legislation relating to emissions and fuel efficiency and the possibility of vehicle recalls affecting the related vehicle models or brands. Decisions by a manufacturer with respect to new vehicle production, pricing and incentives may affect pre-owned vehicle prices, particularly those for the same or similar models. Adverse conditions affecting one or more automotive manufacturers, including the temporary suspension of manufacturing as a result of the COVID-19 pandemic and recalls, may negatively affect pre-owned vehicle prices for vehicles manufactured by that company. In addition, the introduction of discount pricing incentives or other marketing incentive programs to encourage the purchase of new vehicles could result in reducing the demand for, and value of, pre-owned vehicle. In particular, disruptions caused by the COVID-19 pandemic have decreased consumer demand for vehicles and could, alone or in combination with other factors such as the possible liquidation of rental car fleets, result in declines in pre-owned vehicle prices. A decrease in demand for pre-owned vehicles may adversely affect the resale value of repossessed vehicles, which in turn could result in increased losses on the related receivables. |
Vehicle recalls could adversely affect the performance of the pool assets | Obligors on receivables secured by vehicles affected by a vehicle recall may be more likely to be delinquent in, or default on, payments on their receivables. Significant increases in the inventory of pre-owned vehicles subject to a recall may also depress the prices at which repossessed vehicles may be sold or delay the timing of those sales. If the default rate on the receivables increases and the price at which the related financed vehicles may be sold declines, you may experience losses with respect to your notes. If any of these events materially affect collections on the receivables, you may experience delays in payments or losses on your investment. |
Payment priorities increase risk of loss or delay in payment to certain classes of notes | Classes of notes that receive principal payments before other classes will be repaid more rapidly than the other classes. In addition, because the principal of each class of notes generally will be paid sequentially, classes of notes that have higher numerical class designations generally are expected to be outstanding longer and therefore will be exposed to the risk of losses on the receivables during periods after other classes of notes have been receiving most or all amounts payable on their notes, and after which a disproportionate amount of credit enhancement may have been applied and not replenished. If an event of default under the indenture has occurred and the notes have been accelerated, available funds will be paid first to the class A-1 notes until they have been paid in full, then pro rata to the other classes of notes based upon the outstanding principal amount of each such class. As a result, in relation to the class A-1 notes, the yields of the class A-2 notes, the class A-3 notes and the class A-4 notes will be relatively more sensitive to losses on the receivables and the timing of such losses. If the actual rate and amount of losses exceeds historical levels, and if the available credit enhancement is insufficient to cover the resulting shortfalls, the yield to maturity on your notes may be lower than anticipated and you could suffer a loss. For more information on interest and principal payments, see “Description of the Notes—Payments of Interest” and “—Payments of Principal.” |
Prepayments and potential losses following an indenture event of default could adversely affect your investment | If the notes have been accelerated following the occurrence of an event of default under the indenture, principal will then be paid first to the class A‑1 notes until they have been paid in full and then pro rata to the other classes of notes based upon the outstanding principal amount of each such class. If the maturity dates of the notes have been accelerated following the occurrence of an event of default arising from a payment default, the indenture trustee may, or acting at the direction of the holders of 51% of the aggregate principal amount of the notes, shall, sell the receivables and prepay the notes. In addition, in the case of an event of default not arising from a payment default, the indenture trustee may sell the receivables and prepay the notes if (1) it obtains the consent of the holders of 100% of the aggregate principal amount of notes, (2) it obtains the consent of the holders of 51% of the aggregate principal amount of the notes to such sale and the proceeds of such sale are sufficient to cover all outstanding principal and interest on the notes or (3) the indenture trustee determines that the future collections on the receivables would be insufficient to make payments on the notes and obtains the consent of the holders of 66⅔% of the aggregate principal amount of the notes to the sale. If principal is repaid to any holder of notes earlier than expected, such holder may not be able to reinvest the prepaid amount at a rate of return that is equal to or greater than the rate of return on such holder’s notes. A holder of notes also may not be paid the full principal amount of such holder’s notes if the assets of the issuer are insufficient to pay the principal amount of such holder’s notes. For more information on events of default, the rights of the noteholders following the occurrence of an event of default and payments after an acceleration of the notes following the occurrence of an event of default, see “Description of the Notes—Events of Default,” “—Rights Upon Event of Default,” and “—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default.” |
Excessive prepayments and defaults on receivables with higher annual percentage rates may adversely affect your notes | Interest collections that are in excess of the required interest payments on the notes and required payments to the servicer, the asset representations reviewer and the trustees could be used to cover realized losses on defaulted receivables. Interest collections depend among other things on the annual percentage rate of a receivable. The receivables have a range of annual percentage rates. Excessive prepayments and defaults on the receivables with relatively higher annual percentage rates may adversely affect your notes by reducing such available interest collections in the future. |
Daimler AG and/or its subsidiaries are subject to legal risks relating to pending legal proceedings, claims as well as governmental investigations and orders | Daimler AG and its subsidiaries (“Daimler”), which include MBFS USA, are confronted with various legal proceedings, claims as well as government investigations and orders on a large number of topics, including vehicle safety, emissions, fuel economy, financial services, dealer, supplier and other contractual relationships, intellectual property rights, warranty claims, environmental matters, antitrust matters (including actions for damages) as well as shareholder litigation. |
The automotive industry is subject to extensive governmental regulations worldwide. Laws in various jurisdictions regulate occupant safety and the environmental impact of vehicles, including emissions levels, fuel economy and noise, as well as the emissions of the plants where vehicles or parts thereof are produced. In case regulations applicable in the different regions are not complied with, this could result in significant penalties and reputational harm or the inability to certify vehicles in the relevant markets. The cost of compliance with these regulations is significant, and in this context, Daimler expects a significant increase in such costs. Daimler is continuously subject to governmental information requests, inquiries, investigations, administrative orders and proceedings relating to environmental, criminal, antitrust and other laws and regulations in connection with diesel exhaust emissions. Several federal and state authorities and other institutions worldwide have inquired about and/or are/have been conducting investigations and/or administrative proceedings, and/or have issued administrative orders or, in the case of the Stuttgart district attorney’s office, a fine notice. These particularly relate to test results, the emission control systems used in Mercedes-Benz diesel vehicles and/or Daimler’s interaction with the relevant federal and state authorities as well as related legal issues and implications, including, but not limited to, under applicable environmental, criminal and antitrust laws. These authorities and institutions include, among others, the U.S. Department of Justice, which has requested that Daimler conducts an internal investigation, the U.S. Environmental Protection Agency, the California Air Resources Board and other U.S. state authorities, the South Korean Ministry of Environment and the South Korean competition authority (Korea Fair Trade Commission), the European Commission, the German Federal Cartel Office (“Bundeskartellamt”) as well as national antitrust authorities and other authorities of various foreign states as well as the German Federal Ministry of Transport and Digital Infrastructure (“BMVI”) and the German Federal Motor Transport Authority (“KBA”). In the course of its formal investigation into possible collusion on clean emission technology, the European Commission sent a statement of objections to Daimler and other automobile manufacturers in April 2019. In this context, Daimler filed an application for immunity from fines (leniency application) with the European Commission some time ago. The Stuttgart district attorney’s office is conducting criminal investigation proceedings against Daimler employees on the suspicion of fraud and criminal advertising, and, in May 2017, searched the premises of Daimler at several locations in Germany. In February 2019, the Stuttgart district attorney’s office also initiated a formal investigation proceeding against Daimler AG with respect to an administrative offense. In September 2019, the Stuttgart district attorney’s office issued a fine notice against Daimler based on a negligent violation of supervisory duties in the amount of €870 million which has become legally binding, thereby concluding the administrative offense proceedings against Daimler. Daimler continues to fully cooperate with the authorities and institutions. Irrespective of such cooperation and in light of the recent developments, it is possible that further regulatory, criminal and administrative investigative and enforcement actions and measures relating to Daimler and/or its employees will be taken or administrative orders will be issued. Such actions, measures and orders may include subpoenas, that is, legal instructions issued under penalty of law in the process of taking evidence, or other requests for documentation, testimony or other information, or orders to recall vehicles, further search warrants, a notice of violation or an increased formalization of the governmental investigations, coordination or proceedings, including the resolution of proceedings by way of a settlement. Additionally, further delays in obtaining regulatory approvals necessary to introduce new or recertify existing vehicle models could occur. |
Since 2018, the KBA has issued various administrative orders holding that certain calibrations of specified functionalities in certain Mercedes-Benz diesel vehicles are to be qualified as impermissible defeat devices and ordered subsequent auxiliary provisions for the respective EC type approvals in this respect, including mandatory recalls and, in certain cases, stops of the first registration. In addition and since 2018 Daimler has (in view of KBA’s interpretation of the law as a precaution) implemented a temporary delivery and registration stop with respect to certain models, also covering the used car, leasing and financing businesses, and is constantly reviewing whether it can lift this delivery and registration stop in whole or in part. Daimler has filed timely objections against KBA’s administrative orders in order to have the open legal issues resolved, if necessary by a court of law. In the course of its regular market supervision, the KBA is routinely conducting further reviews of Mercedes-Benz vehicles and is asking questions about technical elements of the vehicles. In light of the aforementioned administrative orders issued by, and continued discussions with, the KBA, it is likely that in the course of the ongoing and/or further investigations KBA will issue additional administrative orders holding that other Mercedes-Benz diesel vehicles are also equipped with impermissible defeat devices. The new calibrations requested by KBA are being processed, and for a certain proportion of the vehicles, the relevant software has already been approved by KBA; the related recalls have insofar been initiated. It cannot be ruled out that under certain circumstances, software updates may have to be reworked or further delivery and registration stops may be ordered or resolved by Daimler as a precautionary measure, also with regard to the used car, leasing and financing businesses. Daimler is conducting further investigations and otherwise continues to fully cooperate with the authorities and institutions. In January 2019, another vehicle manufacturer reached civil settlements with U.S. federal and state authorities, as well as with vehicle customers. Although the manufacturer did not admit liability, the authorities maintain the position that the manufacturer included undisclosed Auxiliary Emission Control Devices (AECDs) in its diesel vehicles, apparently including functionalities that are common in diesel vehicles, and that certain of these AECDs are illegal defeat devices. As part of these settlements, the manufacturer has agreed to, among other things, pay civil penalties, undertake a recall of affected vehicles, provide extended warranties, undertake a nationwide mitigation project and make other payments. The manufacturer has furthermore agreed to provide payments to current and former diesel vehicle owners as part of a class action settlement. In light of these matters and in light of the ongoing governmental information requests, inquiries, investigations, administrative orders and proceedings, as well as Daimler’s own internal investigations, it is likely that, besides KBA, one or more regulatory and/or investigative authorities worldwide will reach the conclusion that other passenger cars and/or commercial vehicles with the brand name Mercedes-Benz or other brand names of Daimler are equipped with impermissible defeat devices and/or that certain functionalities and/ or calibrations were not properly disclosed. Furthermore, the authorities have increased scrutiny of Daimler’s processes regarding running change, field-fix and defect reporting as well as other compliance issues. Except for, in particular, the Stuttgart district attorney’s office’s administrative offense proceedings, the other inquiries, investigations, legal actions and proceedings as well as the replies to the governmental information requests and the objection proceedings against the KBA’s administrative orders are still ongoing and open; hence, Daimler cannot predict the outcome at this time. |
Due to the outcome of the administrative offense proceedings by the Stuttgart district attorney’s office against Daimler and the above, as well as any potential other, information requests, inquiries, investigations, administrative orders and proceedings, it is possible that Daimler will become subject to significant additional monetary penalties, fines, disgorgements of profits, remediation requirements, further vehicle recalls, further registration and delivery stops, process and compliance improvements, mitigation measures, and/or other sanctions, measures and actions (such as the exclusion from public tenders), including further investigations and/or administrative orders by these or other authorities and additional proceedings. The occurrence of the aforementioned events in whole or in part could cause significant collateral damage including reputational harm. Further, due to negative determinations or findings with respect to technical or legal issues by one of the various governmental agencies, other agencies – or also plaintiffs – could also adopt such determinations or findings, even if such determinations or findings are not within the scope of such authority’s responsibility or jurisdiction. Thus, a negative determination or finding in one proceeding, such as the fine notice issued by the Stuttgart district attorney’s office, carries the risk of being able to have an adverse effect on other proceedings, also potentially leading to new or expanded investigations or proceedings, including lawsuits. In addition, Daimler’s ability to defend itself in proceedings could be impaired by the fine notice issued by the Stuttgart district attorney’s office as well as other unfavorable findings, results or developments in any of the information requests, inquiries, investigations, administrative orders, legal actions and/or proceedings discussed above. In particular, any remediation requirements, recalls or delivery and registration stops of Mercedes-Benz diesel vehicles, or reputational harm to the Mercedes-Benz brand, could adversely affect the sales prices of used Mercedes-Benz passenger cars and sport utility vehicles and the residual values of Mercedes-Benz passenger cars and sport utility vehicles that are leased, including the values of the financed vehicles. None of the financed vehicles will be diesel vehicles. Notwithstanding the foregoing, MBFS USA does not believe that the outcome of any of the inquiries and investigations pertaining to Daimler will have a material adverse effect on the financial condition of MBFS USA or on the ability of MBFS USA to perform its obligations under the transaction documents relating to the issuance of the notes. |
You may experience a greater risk of loss on your notes as the result of armed conflict and terrorist activities | The long-term economic impact of the United States’ military operations in various countries as well as any future terrorist activities and tensions in other regions of the world remains uncertain but could have a material adverse effect on general economic conditions, consumer confidence, market liquidity and the performance of the receivables. You should consider the possible effects of these events on the delinquency, default and prepayment experience of the receivables. Under the Servicemembers Civil Relief Act, members of the military on active duty, including reservists, who have entered into an obligation, such as a motor vehicle installment sales contract or installment loan for the purchase of a vehicle, before entering into military service may be entitled to reductions in interest rates to 6% and a stay of foreclosure and similar actions. In addition, pursuant to the laws of various states, under certain circumstances payments on motor vehicle installment sales contracts or installment loans such as the receivables of residents of such states who are called into active duty with the National Guard or the reserves will automatically be deferred. No information can be provided as to the number of receivables that may be affected. If an obligor’s obligation to repay a receivable is reduced, adjusted or extended, the servicer will not be required to advance such amounts. Any resulting shortfalls in interest or principal will reduce the amount available for distribution on your notes. |
Financial market disruptions, including those caused by the COVID-19 pandemic, and a lack of liquidity in the secondary market could adversely affect the market value of your notes and/or limit your ability to resell your notes | The COVID-19 pandemic has resulted in disruptions in global financial markets that have reduced liquidity and created uncertainty regarding future market performance and viability. For several years after the 2008 financial crisis, events in the global financial markets, including the failure, acquisition or government seizure of several major financial institutions, the establishment of government initiatives such as the government bailout programs for financial institutions and assistance programs designed to increase credit availability, support economic activity and facilitate renewed consumer lending, problems related to subprime mortgages and other financial assets, the devaluation of various assets in secondary markets, the forced sale of asset-backed and other securities as a result of the deleveraging of structured investment vehicles, hedge funds, financial institutions and other entities and the lowering of ratings on certain asset-backed securities caused a significant reduction in liquidity in the secondary market for asset-backed securities. The continued effects of the COVID-19 pandemic on financial markets cannot be predicted but could have a prolonged effect comparable to or more severe than the 2008 financial crisis, including a similar or more severe adverse effect on liquidity of the secondary market for asset-backed securities. Such events, or the occurrence of future events having widespread market impacts, could adversely affect the market value of your notes and/or limit your ability to resell your notes. Furthermore, over the past several years, the global financial markets have experienced increased volatility due to uncertainty surrounding the level and sustainability of the sovereign debt of various countries. Concerns regarding sovereign debt may spread to other countries at any time. There can be no assurance that this uncertainty relating to the sovereign debt of various countries will not lead to further disruption of the financial and credit markets in the United States, which could adversely affect the market value of your notes. |
Federal financial regulatory reform could have an adverse effect on the sponsor, the depositor or the issuer | The Dodd–Frank Wall Street Reform and Consumer Protection Act provides for enhanced regulation of financial institutions and non-bank financial companies, derivatives and asset-backed securities offerings and enhanced oversight of credit rating agencies. |
The Dodd-Frank Act also created the Consumer Financial Protection Bureau, an agency responsible for administering and enforcing the laws and regulations for consumer financial products and services. In 2015, MBFS USA became subject to the CFPB’s supervisory authority when the CFPB’s final rule over “larger participants” in the auto finance industry took effect. Such supervisory authority allows the CFPB to conduct comprehensive and rigorous examinations to assess compliance with consumer financial protection laws, which could result in enforcement actions, regulatory fines and mandated changes to MBFS USA’s business products, policies and procedures. Compliance with the Dodd-Frank Act or the oversight of the SEC or CFPB may impose costs on, create operational constraints for, or place limits on pricing with respect to finance companies such as MBFS USA or its affiliates. No assurance can be given that the new standards will not have an adverse effect on the marketability of asset-backed securities such as the notes, the servicing of the receivables, MBFS USA’s securitization program or the regulation or supervision of MBFS USA. The Dodd-Frank Act also creates a liquidation framework under which the FDIC may be appointed as receiver following a “systemic risk determination” by the Secretary of Treasury (in consultation with the President) for the resolution of certain nonbank financial companies and other entities, defined as “covered financial companies” and commonly referred to as “systemically important entities,” in the event such a company is in default or in danger of default and the resolution of such a company under other applicable law would have serious adverse effects on financial stability in the United States, and also for the resolution of certain of their subsidiaries. With respect to the new liquidation framework for systemically important entities, no assurances can be given that such framework would not apply to the sponsor or its subsidiaries, including the issuer and the depositor, although the expectation embedded in the Dodd-Frank Act is that the framework will be invoked only very rarely. Guidance from the FDIC indicates that such new framework will in certain cases be exercised in a manner consistent with the existing bankruptcy laws, which is the insolvency regime which would otherwise apply to the sponsor, the depositor and the issuer. The provisions of the new framework, however, provide the FDIC with certain powers not possessed by a trustee in bankruptcy under existing bankruptcy laws. Under some applications of these and other provisions of the new framework, payments on the notes could be reduced, delayed or otherwise negatively affected. |
The recently enacted Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act,” is extensive legislation that attempts to address the effects of the COVID-19 pandemic. MBFS USA is implementing credit reporting in accordance with the CARES Act and reporting disaster codes on customer’s trade lines as appropriate. The CARES Act is only in the beginning stages of implementation, however. As a result, the potential impact of the CARES Act on financial companies, such as MBFS USA, or consumers, such as the obligors of the receivables, is unknown. Compliance with the implementing regulations under the CARES Act may impose costs on, or create operational constraints for, MBFS USA and may have an adverse impact on the ability of the servicer to effectively service the receivables. In addition, in response to the COVID-19 pandemic, various federal, state or local governmental authorities, could enact, and in some cases already have enacted, laws, regulations, executive orders or other guidance that allow obligors to forgo making scheduled payments for some period of time, require modifications to the receivables (e.g., waiving accrued interest), preclude creditors from exercising certain rights or taking certain actions with respect to collateral, including repossession or liquidation of the financed vehicles or mandate limited operations or temporary closures of the servicer’s vendors as non-essential businesses or otherwise. | |
Ratings of the notes are limited and may be reduced or withdrawn | The sponsor has hired two rating agencies and will pay them a fee to assign ratings on the notes. A rating is not a recommendation to purchase, hold or sell notes, and it does not comment as to market price or suitability for a particular investor. The ratings of the notes address the assigning rating agency’s assessment of the likelihood of the payment of principal and interest on the notes according to their terms. We cannot assure you that a rating will remain for any given period of time or that a rating agency will not lower, withdraw or qualify its rating if, in its judgment, circumstances in the future so warrant, or that one or more additional rating agencies, not hired by the sponsor or the depositor to rate the notes, may nonetheless provide a rating for the notes that will be lower than any rating assigned by a hired rating agency. In addition, in the event that a rating with respect to any notes is qualified, reduced or withdrawn, no person or entity will be obligated to provide any additional credit enhancement with respect to such notes. A reduction, withdrawal or qualification of a note’s rating would adversely affect its value. The sponsor will not hire any other nationally recognized statistical rating organization, or “NRSRO,” to assign ratings on the notes and is not aware that any other NRSRO has assigned ratings on the notes. However, under SEC rules, information provided to a hired rating agency for the purpose of assigning or monitoring the ratings on the notes is required to be made available to each qualified NRSRO in order to make it possible for such non-hired NRSROs to assign unsolicited ratings on the notes. An unsolicited rating could be assigned at any time, including prior to the closing date, and none of the depositor, the sponsor, the underwriters or any of their respective affiliates will have any obligation to inform you of any unsolicited ratings assigned on or after the date of this prospectus. NRSROs, including the hired rating agencies, have different methodologies, criteria, models and requirements. If any non-hired NRSRO assigns an unsolicited rating on the notes, there can be no assurance that such rating will not be lower than the ratings provided by the hired rating agencies, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. In addition, if the sponsor fails to make available to the non-hired NRSROs any information provided to any hired rating agency for the purpose of assigning or monitoring the ratings on the notes, a hired rating agency could withdraw its ratings on the notes, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. |
None of the sponsor, the depositor, the indenture trustee, the owner trustee or any of their respective affiliates will be required to monitor any changes to the ratings on these notes. Potential investors in the notes are urged to make their own evaluation of the creditworthiness of the receivables and the credit enhancement on the notes, and not to rely solely on the ratings on the notes. Additionally, we note that it may be perceived that a rating agency has a conflict of interest where, as is the industry standard and the case with the ratings of the notes, the sponsor or the issuer pays the fee charged by the rating agency for its rating services. | |
Retention of notes could adversely affect the market value of your notes and/or limit your ability to resell your notes | The depositor or its affiliates may retain some or all of one or more classes of notes. As a result, the market for a retained class of notes may be less liquid than would otherwise be the case and, if retained notes are later sold in the secondary market, it could reduce demand for notes of that class already in the market, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. |
• | acquiring, holding and managing the assets of the Issuer, including the Receivables, and the proceeds of those assets; |
• | issuing the Notes and Certificates; |
• | using (or permitting the Depositor to use) the proceeds of the sale of the Notes to (i) purchase the Receivables on the Closing Date, (ii) fund the Reserve Fund, (iii) pay the organizational, start-up and transactional expenses of the Issuer and (iv) pay the balance to the Depositor; |
• | assigning and pledging the property of the Issuer to the Indenture Trustee; |
• | paying interest on and principal of the Notes to the Noteholders and any excess collections to the Certificateholders; |
• | entering into and performing its obligations under the Transaction Documents to which it is a party; and |
• | engaging in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith. |
Class A-1 Notes | $ | 278,000,000.00 | ||
Class A-2 Notes | 351,600,000.00 | |||
Class A-3 Notes | 351,600,000.00 | |||
Class A-4 Notes | 80,020,000.00 | |||
Certificates (initial overcollateralization)(1) | 63,557,926.44 | |||
Total | $ | 1,124,777,926.44 |
(1) | Includes initial Yield Supplement Overcollateralization Amount. |
• | security interests in the Financed Vehicles; |
• | the rights to proceeds, if any, from claims on certain theft, physical damage, credit life and credit disability insurance policies, if any, and extended warranties covering the Financed Vehicles or the obligors; |
• | the rights of MBFS USA and the Depositor to the documents and instruments contained in the files relating to the Receivables; |
• | amounts as from time to time may be held in the Collection Account, the Note Payment Account and the Reserve Fund; |
• | any proceeds of recourse rights against the dealer that sold a Receivable to MBFS USA; |
• | certain rights under the Transaction Documents; and |
• | any and all proceeds of the above items. |
• | the entity formed by or surviving the consolidation or merger is organized under the laws of the United States or any State; |
• | the entity expressly assumes the Issuer’s obligation to make due and punctual payments upon the Notes and the performance or observance of every agreement and covenant of the Issuer under the Indenture; |
• | no event that is, or with notice or lapse of time or both would become, an Event of Default shall have occurred and be continuing immediately after the merger or consolidation; |
• | the Issuer has delivered prior written notice of such consolidation or merger to each Rating Agency and each Rating Agency, within a specified amount of time, either (1) confirms in writing that such consolidation or merger shall not cause the then-current rating of any class of Notes to be qualified, reduced or withdrawn, or (2) has not confirmed in writing that such consolidation or merger shall cause the then-current rating of any class of Notes to be qualified, reduced or withdrawn; |
• | the Issuer has received an opinion of counsel to the effect that the consolidation or merger would have no material adverse federal income tax consequence to the Issuer or to the Noteholders or Certificateholders; |
• | any action as is necessary to maintain the lien and security interest created by the Indenture shall have been taken; and |
• | the Issuer has delivered to the Indenture Trustee an opinion of counsel and an officer’s certificate each stating that such consolidation or merger satisfies all requirements under the Indenture. |
• | sell, transfer, exchange or otherwise dispose of any of its assets; |
• | claim any credit on or make any deduction from the principal or interest payable in respect of the Notes, other than amounts withheld under the Internal Revenue Code or applicable State law, or assert any claim against any present or former holder of the Notes because of the payment of taxes levied or assessed upon the Issuer or its property; |
• | dissolve or liquidate in whole or in part; |
• | permit the lien of the Indenture to be subordinated or otherwise impaired, except as may be expressly permitted by the Indenture; |
• | permit the validity or effectiveness of the Indenture to be impaired or permit any person to be released from any covenants or obligations under the Indenture except as may be expressly permitted thereby; |
• | permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof, or any interest therein or the proceeds thereof, except for tax, mechanics’ or certain other liens on the Financed Vehicles and except as may be created by the terms of the Indenture; or |
• | permit the lien of the Indenture not to constitute a valid and perfected first priority security interest in the assets of the Issuer, other than with respect to any such tax, mechanics’ or other lien on the Financed Vehicles. |
• | creating the Issuer by filing a certificate of trust with the Delaware Secretary of State; |
• | maintaining (or causing to be maintained) a certificate distribution account for the benefit of the Certificateholders or the holders of the residual interest in the Issuer; and |
• | executing documents on behalf of the Issuer. |
• | the Servicer under the Sale and Servicing Agreement or the Asset Representations Review Agreement; |
• | the Administrator under the Trust Agreement, the Administration Agreement, the Indenture or the Asset Representations Review Agreement; |
• | the Depositor under the Receivables Purchase Agreement or the Trust Agreement; or |
• | the Indenture Trustee under the Indenture. |
• | the last Receivable is paid in full, settled, sold or charged off and all collections are applied; |
• | the Issuer has paid all the Notes in full and all other amounts payable by it under the Transaction Documents; or |
• | the Servicer has exercised its Optional Purchase Right to purchase all remaining Receivables. |
• | will perform those duties and only those duties that are specifically set forth in the Indenture and no implied covenants or obligations shall be read into the Indenture against the Indenture Trustee; |
• | may, in the absence of bad faith, rely conclusively on certificates or opinions furnished to the Indenture Trustee which conform to the requirements of the Indenture as to the truth of the statements and the correctness of the opinions expressed in those certificates or opinions; and |
• | will examine any certificates and opinions which are specifically required to be furnished to the Indenture Trustee under the Indenture to determine whether or not they conform to the requirements of the Indenture. |
• | for any error of judgment made by it in good faith unless it is proved that it was negligent in ascertaining the pertinent facts; |
• | for any action it takes or omits to take in good faith in accordance with directions received by it from the Noteholders in accordance with the terms of the Indenture; or |
• | for interest on any money received by it except as the Indenture Trustee and the Issuer may agree in writing. |
• | ceases to be eligible to continue as the Indenture Trustee under the Indenture; |
• | is adjudged to be bankrupt or insolvent; |
• | comes under the charge of a receiver or other public officer; or |
• | otherwise becomes incapable of acting. |
• | reviewing each review Receivable following receipt of a review notice from the Indenture Trustee, and |
• | providing a report on the results of the review to the Issuer, the Servicer and the Indenture Trustee. |
For the Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Number of motor vehicle installment sales contracts and installment loans acquired | 32,019 | 24,043 | ||||||
Amount financed | $ | 1,313,366,094 | $ | 1,030,103,734 | ||||
Secured by new vehicles | $ | 437,877,317 | $ | 401,850,870 | ||||
Secured by pre-owned vehicles | $ | 875,488,777 | $ | 628,252,864 |
For the Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Number of motor vehicle installment sales contracts and installment loans acquired | 103,807 | 92,770 | 69,974 | 71,332 | 89,529 | |||||||||||||||
Amount financed | $ | 4,392,895,286 | $ | 3,884,986,262 | $ | 2,920,608,977 | $ | 2,746,886,898 | $ | 3,555,247,381 | ||||||||||
Secured by new vehicles | $ | 1,699,097,870 | $ | 1,524,781,980 | $ | 1,484,675,557 | $ | 1,145,047,178 | $ | 1,401,838,424 | ||||||||||
Secured by pre-owned vehicles | $ | 2,693,797,416 | $ | 2,360,204,282 | $ | 1,435,933,420 | $ | 1,601,839,720 | $ | 2,153,408,957 |
• | Skip Trace Technology – Provides access to databases that offer current address and telephone information on customers that have relocated; |
• | Financial Agent Workbench – Provides account information required for collection agents to discuss and resolve delinquency; |
• | Imaging System – Allows collection agents to view customer account documents online; |
• | Multiple Payment Options – Enables on-the-spot phone pay transactions to cure delinquency at the time of telephone contact; |
• | Mail Tracking System – Electronic notification from the U.S. Post Office when a customer places a MBFS USA remittance in the U.S. mail; |
• | Quality Monitoring System – Facilitates coaching critical collection behaviors necessary to produce effective telephone contacts; and |
• | Call Miner – Vendor search engine for data associated with recorded calls. |
• | if the vehicle has been repossessed, sold, and MBFS USA has made a final determination of any deficiency owed on the account; |
• | upon unsatisfactory resolution of a bankruptcy proceeding or the incurrence of an uninsured loss; or |
• | upon a determination by MBFS USA that the financed vehicle is of no value or the financed vehicle is abandoned by MBFS USA due to condition and cost to repossess. |
• | A maximum of five extensions over the life of the Contract; |
• | A maximum of one extension every six payments |
• | The first four contract payments must be paid before any extension will be allowed; and |
• | The extension must bring the account current. |
As of March 31, | ||||||||
2020 | 2019 | |||||||
Number of receivables serviced | 300,481 | 268,762 | ||||||
Period of delinquency | ||||||||
31 – 60 days | 2,592 | 1,941 | ||||||
61 – 90 days | 689 | 432 | ||||||
91 days or more | 478 | 368 | ||||||
Total number of receivables delinquent | 3,759 | 2,741 | ||||||
Delinquencies as a percentage of receivables outstanding | 1.25 | % | 1.02 | % |
As of December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Number of receivables serviced | 289,039 | 263,997 | 245,021 | 246,053 | 242,686 | |||||||||||||||
Period of delinquency | ||||||||||||||||||||
31 – 60 days | 2,834 | 2,474 | 2,082 | 2,001 | 1,851 | |||||||||||||||
61 – 90 days | 734 | 667 | 588 | 617 | 528 | |||||||||||||||
91 days or more | 478 | 440 | 417 | 408 | 559 | |||||||||||||||
Total number of receivables delinquent | 4,046 | 3,581 | 3,087 | 3,026 | 2,938 | |||||||||||||||
Delinquencies as a percentage of number of receivables outstanding | 1.40 | % | 1.36 | % | 1.26 | % | 1.23 | % | 1.21 | % |
(1) | The information includes retail installment sales contracts and installment loans for new and used automobiles including receivables that MBFS USA has sold to third parties but MBFS USA continues to service. |
For the Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Principal balance of receivables serviced at end of period | $ | 8,010,925 | $ | 6,787,817 | ||||
Average during period(2) | $ | 7,930,869 | $ | 6,745,116 | ||||
Net charge-offs of receivables during period(3) | $ | 17,317 | $ | 11,239 | ||||
Recoveries of receivables charged off in current and prior periods(4) | $ | 5,305 | $ | 4,151 | ||||
Net losses | $ | 12,012 | $ | 7,087 | ||||
Net losses as a percentage of average receivables outstanding during period (annualized) | 0.61 | % | 0.42 | % |
For the Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Principal balance of receivables serviced at end of period | $ | 7,648,526 | $ | 6,569,827 | $ | 5,802,314 | $ | 5,936,244 | $ | 6,158,029 | ||||||||||
Average during period(2) | $ | 7,093,520 | $ | 6,237,277 | $ | 5,879,716 | $ | 5,927,611 | $ | 6,304,879 | ||||||||||
Net charge-offs of receivables during period(3) | $ | 55,811 | $ | 38,950 | $ | 37,490 | $ | 34,067 | $ | 25,452 | ||||||||||
Recoveries of receivables charged off in current and prior periods(4) | $ | 20,015 | $ | 14,229 | $ | 14,448 | $ | 11,236 | $ | 9,237 | ||||||||||
Net losses | $ | 35,797 | $ | 24,721 | $ | 23,043 | $ | 22,831 | $ | 16,215 | ||||||||||
Net losses as a percentage of average receivables outstanding during period (annualized) | 0.50 | % | 0.40 | % | 0.39 | % | 0.39 | % | 0.26 | % |
(1) | The information includes retail installment sales contracts and installment loans for new and used automobiles including receivables that MBFS USA has sold to third parties but MBFS USA continues to service. All amounts and percentages are based on the principal balance of the receivables, which does not include unearned interest. |
(2) | Annualized average of the loan balance is calculated for the period by dividing the total monthly amounts by the number of months in the period. |
(3) | Net charge-offs represent the net principal balance of receivables determined to be uncollectible in the period from dispositions of related vehicles. Net charge-offs include expenses associated with collection, repossession or disposition of the vehicle. |
(4) | Recoveries generally include amounts received on receivables following the time at which the receivable is charged off. Recoveries are net of expenses associated with collection. |
• | was originated in the United States of America; |
• | is secured by a new or pre-owned Mercedes-Benz passenger car or sport utility vehicle or a smart fortwo microcar that is not powered by a diesel engine; |
• | as of the Cutoff Date, had a remaining principal balance of not more than $220,000.00 and not less than $2,000.00; |
• | had an original term to maturity (based on the number of scheduled payments) of not more than 72 months and not less than 12 months and, as of the Cutoff Date, a remaining term to maturity (based on number of remaining monthly payments) of not more than 71 months and not less than 3 months; |
• | as of the Cutoff Date, has not received an extension; |
• | provides for the allocation of payments to interest and principal based on the simple interest method; |
• | has a Contract Rate of at least 0.00% and not more than 12.00%; |
• | provides for level scheduled monthly payments that fully amortize the amount financed over its original term to maturity (except that the period between the contract date and the first payment date may be less than or greater than one month and except for the first and last payments, which may be minimally different from the level payments); |
• | has a loan-to-value ratio between 25.00% and 150.00%; |
• | as of the Cutoff Date, is not delinquent by more than 30 days; |
• | as of the Cutoff Date, is not secured by a Financed Vehicle that has been repossessed; |
• | as of the Cutoff Date, does not relate to an obligor who is the subject of a bankruptcy proceeding; |
• | is evidenced by only one original contract; and |
• | was not selected using selection procedures believed by MBFS USA to be adverse to the Noteholders. |
• | the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled; and |
• | the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. |
• | the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled; and |
• | the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less. |
Historical Delinquency Status | Number of Receivables | Percentage of Total Number of Receivables | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance | ||||||||||||
Delinquent no more than once for 31-60 days(1) | 538 | 1.53 | % | $ | 17,189,553.39 | 1.53 | % | |||||||||
Delinquent at least once for 61 days or more | 0 | 0.00 | 0.00 | 0.00 | ||||||||||||
No history of delinquency | 34,676 | 98.47 | 1,107,588,373.05 | 98.47 | ||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Delinquent no more than once for 31-60 days represent accounts that were delinquent once but never exceeded 60 days past due. |
Pre-Owned Financed Vehicles | New Financed Vehicles | Total | ||||||||||
Aggregate Principal Balance | $ | 672,732,833.89 | $ | 452,045,092.55 | $ | 1,124,777,926.44 | ||||||
Percentage of Cutoff Date Pool Balance | 59.81 | % | 40.19 | % | 100.00 | % | ||||||
Number of Receivables | 24,698 | 10,516 | 35,214 | |||||||||
Percentage of Receivables | 70.14 | % | 29.86 | % | 100.00 | % | ||||||
Average Principal Balance | $ | 27,238.35 | $ | 42,986.41 | $ | 31,941.21 | ||||||
Average Original Principal Balance | $ | 34,980.90 | $ | 56,821.71 | $ | 41,503.24 | ||||||
Weighted Average Contract Rate | 3.57 | % | 4.21 | % | 3.82 | % | ||||||
Contract Rate (Range) | 0.00% to 11.14% | 0.00% to 11.14% | 0.00% to 11.14% | |||||||||
Weighted Average Original Term(1) | 61.48 months | 66.63 months | 63.55 months | |||||||||
Original Term (Range)(1) | 12 months to 72 months | 12 months to 72 months | 12 months to 72 months | |||||||||
Weighted Average Remaining Term(2) | 50.76 months | 55.17 months | 52.53 months | |||||||||
Remaining Term (Range)(2) | 3 months to 71 months | 3 months to 71 months | 3 months to 71 months | |||||||||
Weighted Average FICO® Score(3) | 777.56 | 777.24 | 777.43 | |||||||||
Range of FICO® Scores(3) | 651 to 899 | 651 to 897 | 651 to 899 |
(1) | Based on the number of scheduled monthly payments at origination. |
(2) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(3) | The FICO® score with respect to any receivable with co-obligors is the highest of each obligor’s FICO® score at the time of application. |
FICO® Score Range | Number of Receivables | Percentage of Total Number of Receivables(1) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(1) | |||||||||||||
651–699 | 4,589 | 13.03 | % | $ | 158,208,694.71 | 14.07 | % | ||||||||||
700–749 | 7,259 | 20.61 | 241,657,874.13 | 21.48 | |||||||||||||
750–799 | 8,241 | 23.40 | 268,217,826.66 | 23.85 | |||||||||||||
800–849 | 9,053 | 25.71 | 277,522,671.39 | 24.67 | |||||||||||||
850–899 | 6,072 | 17.24 | 179,170,859.55 | 15.93 | |||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Percentages may not add to 100.00% due to rounding. |
Original Term Range(1) | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
12 months | 6 | 0.02 | % | $ | 105,693.53 | 0.01 | % | |||||||||
13 months to 24 months | 107 | 0.30 | 2,445,651.56 | 0.22 | ||||||||||||
25 months to 36 months | 4,512 | 12.81 | 113,137,879.81 | 10.06 | ||||||||||||
37 months to 48 months | 3,544 | 10.06 | 79,013,150.27 | 7.02 | ||||||||||||
49 months to 60 months | 5,809 | 16.50 | 185,028,041.89 | 16.45 | ||||||||||||
61 months to 72 months | 21,236 | 60.31 | 745,047,509.38 | 66.24 | ||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Based on the original number of scheduled monthly payments. |
(2) | Percentages may not add to 100.00% due to rounding. |
Remaining Term Range(1) | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
3 months to 12 months | 1,566 | 4.45 | % | $ | 9,391,227.92 | 0.83 | % | |||||||||
13 months to 24 months | 1,767 | 5.02 | 28,445,632.45 | 2.53 | ||||||||||||
25 months to 36 months | 7,694 | 21.85 | 180,478,921.19 | 16.05 | ||||||||||||
37 months to 48 months | 4,242 | 12.05 | 125,128,014.33 | 11.12 | ||||||||||||
49 months to 60 months | 10,120 | 28.74 | 348,915,346.57 | 31.02 | ||||||||||||
61 months to 72 months | 9,825 | 27.90 | 432,418,783.98 | 38.44 | ||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(2) | Percentages may not add to 100.00% due to rounding. |
Obligor Mailing Address | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
California | 7,798 | 22.14 | % | $ | 244,717,835.79 | 21.76 | % | |||||||||
Texas | 4,311 | 12.24 | 153,100,735.75 | 13.61 | ||||||||||||
Florida | 3,169 | 9.00 | 109,339,919.33 | 9.72 | ||||||||||||
New York | 2,659 | 7.55 | 80,445,443.55 | 7.15 | ||||||||||||
New Jersey | 1,637 | 4.65 | 48,004,197.82 | 4.27 | ||||||||||||
Georgia | 1,417 | 4.02 | 47,283,556.07 | 4.20 | ||||||||||||
Illinois | 1,339 | 3.80 | 40,861,165.04 | 3.63 | ||||||||||||
Massachusetts | 1,142 | 3.24 | 33,278,627.66 | 2.96 | ||||||||||||
Virginia | 977 | 2.77 | 30,400,920.97 | 2.70 | ||||||||||||
North Carolina | 936 | 2.66 | 29,362,208.30 | 2.61 | ||||||||||||
Arizona | 640 | 1.82 | 21,426,463.84 | 1.90 | ||||||||||||
Tennessee | 569 | 1.62 | 20,773,461.26 | 1.85 | ||||||||||||
Ohio | 689 | 1.96 | 20,435,535.70 | 1.82 | ||||||||||||
Washington | 617 | 1.75 | 19,105,806.43 | 1.70 | ||||||||||||
Louisiana | 492 | 1.40 | 17,778,744.50 | 1.58 | ||||||||||||
Alabama | 500 | 1.42 | 16,772,835.12 | 1.49 | ||||||||||||
Connecticut | 639 | 1.81 | 16,647,379.84 | 1.48 | ||||||||||||
South Carolina | 507 | 1.44 | 15,153,447.42 | 1.35 | ||||||||||||
Colorado | 416 | 1.18 | 14,565,964.40 | 1.30 | ||||||||||||
Minnesota | 476 | 1.35 | 13,054,305.13 | 1.16 | ||||||||||||
Nevada | 347 | 0.99 | 12,167,178.50 | 1.08 | ||||||||||||
Michigan | 410 | 1.16 | 12,037,170.91 | 1.07 | ||||||||||||
Mississippi | 292 | 0.83 | 9,927,546.96 | 0.88 | ||||||||||||
Missouri | 320 | 0.91 | 9,756,417.39 | 0.87 | ||||||||||||
Oregon | 303 | 0.86 | 8,886,142.26 | 0.79 | ||||||||||||
Wisconsin | 263 | 0.75 | 8,472,590.15 | 0.75 | ||||||||||||
Oklahoma | 259 | 0.74 | 8,208,558.19 | 0.73 | ||||||||||||
Kentucky | 258 | 0.73 | 7,945,172.82 | 0.71 | ||||||||||||
Indiana | 203 | 0.58 | 5,967,805.60 | 0.53 | ||||||||||||
Arkansas | 190 | 0.54 | 5,683,581.87 | 0.51 | ||||||||||||
Utah | 154 | 0.44 | 5,321,105.95 | 0.47 | ||||||||||||
New Hampshire | 187 | 0.53 | 5,137,348.79 | 0.46 | ||||||||||||
Rhode Island | 157 | 0.45 | 4,153,907.62 | 0.37 | ||||||||||||
Hawaii | 123 | 0.35 | 3,619,969.44 | 0.32 | ||||||||||||
Kansas | 122 | 0.35 | 3,602,067.93 | 0.32 | ||||||||||||
Iowa | 112 | 0.32 | 3,283,702.13 | 0.29 | ||||||||||||
Delaware | 99 | 0.28 | 2,657,129.52 | 0.24 | ||||||||||||
New Mexico | 73 | 0.21 | 2,648,069.06 | 0.24 | ||||||||||||
West Virginia | 73 | 0.21 | 2,540,313.46 | 0.23 | ||||||||||||
Maine | 90 | 0.26 | 2,304,136.55 | 0.20 | ||||||||||||
Other(1) | 249 | 0.71 | 7,949,457.42 | 0.71 | ||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Each State included in the “Other” category accounted for less than 0.20% of the Cutoff Date Pool Balance. |
(2) | Percentages may not add to 100.00% due to rounding. |
Model Year | Number of Receivables | Percentage of Total Number of Receivables(1) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(1) | ||||||||||||
2013 | 592 | 1.68 | % | $ | 5,117,905.55 | 0.46 | % | |||||||||
2014 | 1,664 | 4.73 | 21,013,931.83 | 1.87 | ||||||||||||
2015 | 4,034 | 11.46 | 72,759,225.53 | 6.47 | ||||||||||||
2016 | 8,520 | 24.19 | 212,849,714.30 | 18.92 | ||||||||||||
2017 | 6,473 | 18.38 | 201,608,304.87 | 17.92 | ||||||||||||
2018 | 4,661 | 13.24 | 166,580,307.46 | 14.81 | ||||||||||||
2019 | 7,147 | 20.30 | 316,518,454.16 | 28.14 | ||||||||||||
2020 | 2,123 | 6.03 | 128,330,082.74 | 11.41 | ||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Percentages may not add to 100.00% due to rounding. |
Contract Rate Range | Number of Receivables | Percentage of Total Number of Receivables(1) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(1) | |||||||||||||
0.00% | 92 | 0.26 | % | $ | 1,081,839.33 | 0.10 | % | ||||||||||
0.01% to 1.00% | 974 | 2.77 | 22,968,109.56 | 2.04 | |||||||||||||
1.01% to 2.00% | 9,993 | 28.38 | 268,823,599.64 | 23.90 | |||||||||||||
2.01% to 3.00% | 7,764 | 22.05 | 202,866,646.57 | 18.04 | |||||||||||||
3.01% to 4.00% | 8,331 | 23.66 | 252,332,955.92 | 22.43 | |||||||||||||
4.01% to 5.00% | 4,437 | 12.60 | 172,010,200.69 | 15.29 | |||||||||||||
5.01% to 6.00% | 2,033 | 5.77 | 113,034,267.76 | 10.05 | |||||||||||||
6.01% to 7.00% | 909 | 2.58 | 57,878,670.81 | 5.15 | |||||||||||||
7.01% to 8.00% | 351 | 1.00 | 17,565,019.16 | 1.56 | |||||||||||||
8.01% to 9.00% | 228 | 0.65 | 11,251,746.76 | 1.00 | |||||||||||||
9.01% to 10.00% | 64 | 0.18 | 3,420,120.28 | 0.30 | |||||||||||||
10.01% to 11.00% | 34 | 0.10 | 1,259,417.72 | 0.11 | |||||||||||||
11.01% to 12.00% | 4 | 0.01 | 285,332.24 | 0.03 | |||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Percentages may not add to 100.00% due to rounding. |
Original Principal Balance | Number of Receivables | Percentage of Total Number of Receivables(1) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(1) | |||||||||||||
$0.01 to $10,000.00 | 144 | 0.41 | % | $ | 926,762.14 | 0.08 | % | ||||||||||
$10,000.01 to $20,000.00 | 2,633 | 7.48 | 32,310,684.54 | 2.87 | |||||||||||||
$20,000.01 to $30,000.00 | 8,865 | 25.17 | 172,392,400.07 | 15.33 | |||||||||||||
$30,000.01 to $40,000.00 | 9,893 | 28.09 | 263,899,565.04 | 23.46 | |||||||||||||
$40,000.01 to $50,000.00 | 6,069 | 17.23 | 204,228,091.44 | 18.16 | |||||||||||||
$50,000.01 to $60,000.00 | 2,973 | 8.44 | 120,796,115.45 | 10.74 | |||||||||||||
$60,000.01 to $70,000.00 | 1,640 | 4.66 | 80,315,598.38 | 7.14 | |||||||||||||
$70,000.01 to $80,000.00 | 1,005 | 2.85 | 59,341,639.33 | 5.28 | |||||||||||||
$80,000.01 to $90,000.00 | 583 | 1.66 | 39,267,503.43 | 3.49 | |||||||||||||
$90,000.01 to $100,000.00 | 335 | 0.95 | 26,049,707.02 | 2.32 | |||||||||||||
$100,000.01 to $110,000.00 | 199 | 0.57 | 16,456,658.78 | 1.46 | |||||||||||||
$110,000.01 to $120,000.00 | 170 | 0.48 | 15,558,811.39 | 1.38 | |||||||||||||
$120,000.01 to $130,000.00 | 129 | 0.37 | 12,379,737.23 | 1.10 | |||||||||||||
$130,000.01 to $140,000.00 | 109 | 0.31 | 11,946,575.27 | 1.06 | |||||||||||||
$140,000.01 to $150,000.00 | 97 | 0.28 | 11,442,844.85 | 1.02 | |||||||||||||
$150,000.01 to $160,000.00 | 78 | 0.22 | 10,498,482.57 | 0.93 | |||||||||||||
$160,000.01 to $170,000.00 | 76 | 0.22 | 10,806,548.52 | 0.96 | |||||||||||||
$170,000.01 to $180,000.00 | 58 | 0.16 | 9,034,878.25 | 0.80 | |||||||||||||
$180,000.01 to $190,000.00 | 59 | 0.17 | 9,224,170.07 | 0.82 | |||||||||||||
$190,000.01 to $200,000.00 | 31 | 0.09 | 5,140,900.30 | 0.46 | |||||||||||||
$200,000.01 to $210,000.00 | 27 | 0.08 | 5,012,714.47 | 0.45 | |||||||||||||
$210,000.01 to $220,000.00 | 19 | 0.05 | 3,547,544.04 | 0.32 | |||||||||||||
$220,000.01 to $230,000.00 | 15 | 0.04 | 2,953,735.52 | 0.26 | |||||||||||||
$230,000.01 to $240,000.00 | 7 | 0.02 | 1,246,258.34 | 0.11 | |||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Percentages may not add to 100.00% due to rounding. |
Model Type | Number of Receivables | Percentage of Total Number of Receivables(1) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(1) | |||||||||||||
C | 8,142 | 23.12 | % | $ | 196,056,145.29 | 17.43 | % | ||||||||||
ML/GLE | 5,692 | 16.16 | 187,748,674.05 | 16.69 | |||||||||||||
GLK/GLC | 5,864 | 16.65 | 174,228,484.09 | 15.49 | |||||||||||||
E | 5,923 | 16.82 | 167,706,290.24 | 14.91 | |||||||||||||
GL/GLS | 2,403 | 6.82 | 110,606,308.75 | 9.83 | |||||||||||||
S | 1,383 | 3.93 | 75,699,422.06 | 6.73 | |||||||||||||
GLA | 2,679 | 7.61 | 65,702,843.60 | 5.84 | |||||||||||||
G | 530 | 1.51 | 65,485,797.78 | 5.82 | |||||||||||||
CLA | 1,616 | 4.59 | 35,476,077.16 | 3.15 | |||||||||||||
AMG-GT | 160 | 0.45 | 18,657,399.43 | 1.66 | |||||||||||||
A | 401 | 1.14 | 13,303,432.80 | 1.18 | |||||||||||||
CLS | 115 | 0.33 | 5,580,003.43 | 0.50 | |||||||||||||
SL | 88 | 0.25 | 5,311,226.66 | 0.47 | |||||||||||||
SLK/SLC | 70 | 0.20 | 1,926,064.73 | 0.17 | |||||||||||||
SMART | 148 | 0.42 | 1,289,756.37 | 0.11 | |||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Percentages may not add to 100.00% due to rounding. |
Remaining Principal Balance | Number of Receivables | Percentage of Total Number of Receivables(1) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(1) | |||||||||||||
$0.01 to $10,000.00 | 2,663 | 7.56 | % | $ | 16,745,499.95 | 1.49 | % | ||||||||||
$10,000.01 to $20,000.00 | 7,172 | 20.37 | 112,679,171.93 | 10.02 | |||||||||||||
$20,000.01 to $30,000.00 | 10,309 | 29.28 | 257,105,403.61 | 22.86 | |||||||||||||
$30,000.01 to $40,000.00 | 7,317 | 20.78 | 252,780,032.73 | 22.47 | |||||||||||||
$40,000.01 to $50,000.00 | 3,413 | 9.69 | 151,063,726.66 | 13.43 | |||||||||||||
$50,000.01 to $60,000.00 | 1,609 | 4.57 | 87,597,816.39 | 7.79 | |||||||||||||
$60,000.01 to $70,000.00 | 901 | 2.56 | 58,043,769.61 | 5.16 | |||||||||||||
$70,000.01 to $80,000.00 | 586 | 1.66 | 43,739,519.63 | 3.89 | |||||||||||||
$80,000.01 to $90,000.00 | 330 | 0.94 | 27,911,978.33 | 2.48 | |||||||||||||
$90,000.01 to $100,000.00 | 204 | 0.58 | 19,313,094.38 | 1.72 | |||||||||||||
$100,000.01 to $110,000.00 | 148 | 0.42 | 15,539,437.13 | 1.38 | |||||||||||||
$110,000.01 to $120,000.00 | 104 | 0.30 | 11,931,510.68 | 1.06 | |||||||||||||
$120,000.01 to $130,000.00 | 94 | 0.27 | 11,736,092.36 | 1.04 | |||||||||||||
$130,000.01 to $140,000.00 | 69 | 0.20 | 9,319,276.26 | 0.83 | |||||||||||||
$140,000.01 to $150,000.00 | 67 | 0.19 | 9,692,476.88 | 0.86 | |||||||||||||
$150,000.01 to $160,000.00 | 68 | 0.19 | 10,528,945.46 | 0.94 | |||||||||||||
$160,000.01 to $170,000.00 | 50 | 0.14 | 8,242,459.53 | 0.73 | |||||||||||||
$170,000.01 to $180,000.00 | 30 | 0.09 | 5,236,014.37 | 0.47 | |||||||||||||
$180,000.01 to $190,000.00 | 36 | 0.10 | 6,641,320.71 | 0.59 | |||||||||||||
$190,000.01 to $200,000.00 | 17 | 0.05 | 3,315,128.44 | 0.29 | |||||||||||||
$200,000.01 to $210,000.00 | 19 | 0.05 | 3,891,616.61 | 0.35 | |||||||||||||
$210,000.01 to $220,000.00 | 8 | 0.02 | 1,723,634.79 | 0.15 | |||||||||||||
Total | 35,214 | 100.00 | % | $ | 1,124,777,926.44 | 100.00 | % |
(1) | Percentages may not add to 100.00% due to rounding. |
• | each Receivable has either been (1) originated by a dealer pursuant to an agreement between MBFS USA and such dealer or (2) originated directly by MBFS USA and contains customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security; |
• | each Receivable complied in all material respects at the time it was originated with all requirements of applicable law; |
• | each Receivable represents the legal, valid and binding payment obligation in writing of the obligor, enforceable by the holder thereof in accordance with its terms, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation and other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights or the application of the Servicemembers’ Civil Relief Act or similar State laws; |
• | immediately prior to the sale and assignment thereof to the Depositor, each Receivable was secured by a validly perfected first priority security interest in the Financed Vehicle in favor of MBFS USA as secured party or all necessary action with respect to such Receivable has been taken to perfect a first priority security interest in the related Financed Vehicle in favor of MBFS USA as secured party, which security interest is assignable and has been so assigned by MBFS USA to the Depositor; |
• | there are no rights of rescission, setoff, counterclaim or defense, and MBFS USA has not received written notice of the same being asserted, with respect to any Receivable; |
• | there are no liens or claims that have been filed, including liens for work, labor, materials or unpaid taxes relating to a Financed Vehicle, that would be liens prior to, or equal or coordinate with, the lien granted by the Receivable; |
• | except for payment defaults continuing for a period of not more than 30 days as of the Cutoff Date, no default, breach, violation or event permitting acceleration under the terms of any Receivable exists, no continuing condition that with notice or lapse of time would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable exists and MBFS USA has not waived any of the foregoing; and |
• | each Receivable requires that the obligor thereunder obtain and maintain physical damage insurance covering the Financed Vehicle. |
• | materially impairs the rights of the Issuer or the Indenture Trustee in a Receivable or fails to comply with certain other servicing covenants; or |
• | makes certain specific modifications to a Receivable, including if it grants payment extensions resulting in the maturity date of the Receivable being later than the last day of the Collection Period immediately preceding the Final Scheduled Payment Date of the Class A-4 Notes or modifies the Principal Balance or the Contract Rate of the Receivable or rewrites or reschedules the Contract to increase the number of originally scheduled payment due dates of the Receivable. |
• | if the aggregate principal balance of Receivables that are more than 60 days delinquent as a percentage of the Pool Balance as of the end of a Collection Period meets or exceeds the percentage for that month set by MBFS USA as described under “—Delinquency Trigger;” and |
• | Noteholders of at least 5% of the Note Balance of the Notes demand a vote and, subject to a 5% voting quorum, the Noteholders of a majority of the Note Balance of the Notes that are voted vote for a review as described under “—Voting Trigger.” |
• | its experience with delinquency in its prior securitized pools of motor vehicle installment sales contracts and installment loans, and in its portfolio of motor vehicle installment sales contracts and installment loans, |
• | its observation that greater than 60-day delinquency rates and net cumulative losses in its motor vehicle installment sales contracts and installment loans securitization transactions are correlated, and |
• | its assessment of the amount of net cumulative losses that would likely result in a loss to Noteholders of the most junior Notes in its prior securitized pools. |
• | prepayments in full or in part by obligors, who may repay at any time without penalty; |
• | MBFS USA may be required to repurchase a Receivable sold to the Issuer if certain breaches of representations and warranties occur and the Receivable is materially and adversely affected by the breach; |
• | the Servicer may be obligated to purchase a Receivable from the Issuer if certain breaches of covenants occur or if the Servicer extends or modifies the terms of a Receivable beyond the Collection Period preceding the final scheduled Payment Date for the Notes with the latest maturity specified herein; |
• | partial prepayments, including those related to rebates of extended warranty contract costs and insurance premiums; |
• | payments made in respect of dealer recourse; |
• | liquidations of the Receivables due to default; and |
• | partial prepayments from proceeds from physical damage, credit life and disability insurance policies. |
• | the Receivables prepay in full at the specified constant percentage of ABS monthly, with no defaults, losses or repurchases; |
• | each scheduled monthly payment on the Receivables is made on the last day of each month and each month has 30 days, commencing May 2020; |
• | payments on the Notes are made on each Payment Date (and each Payment Date is assumed to be the 15th day of the applicable month); |
• | the interest rate on the (i) Class A-1 Notes is 0.58656% based on an actual/360 day count, (ii) Class A-2 Notes is 1.09% based on a 30/360 day count, (iii) Class A-3 Notes is 1.17% based on a 30/360 day count and (iv) Class A-4 Notes is 1.46% based on a 30/360 day count; |
• | the initial principal amount of each class of Notes is as set forth on the cover page of this prospectus; |
• | the Notes are purchased on June 23, 2020; |
• | the Servicing Fee on each Payment Date equals the product of 1/12 of 1.00% (or 1/6 of 1.00% in the case of the first Payment Date) and the Pool Balance as of the first day of the related Collection Period (or as of the Cutoff Date in the case of the first Payment Date) and all other fees and expenses are equal to zero; |
• | no Event of Default occurs; |
• | no expenses, fees or indemnified amounts are due or paid to the Indenture Trustee, the Owner Trustee or the Asset Representations Reviewer in any Collection Period; |
• | the initial amount on deposit in the Reserve Fund is 1.00% of the Cutoff Date Adjusted Pool Balance, but will decline to 0.50% of the Cutoff Date Adjusted Pool Balance from and after the first Payment Date on which the Pool Balance on the last day of the related Collection Period is less than or equal to 50% of the Cutoff Date Pool Balance; |
• | the initial amount of overcollateralization is approximately 2.50% of the Cutoff Date Adjusted Pool Balance and the amount of overcollateralization is maintained over time at an amount equal to 2.50% of the Cutoff Date Adjusted Pool Balance; and |
• | except as indicated in the ABS Tables, the Servicer exercises its Optional Purchase Right on the earliest Payment Date on which it is permitted to do so, as described in this prospectus. |
Pool | Aggregate Principal Balance | Weighted Average Contract Rate | Weighted Average Original Term to Maturity (in months) | Weighted Average Term to Maturity(1) (in months) | |||||||||||||
1 | $ | 9,017,927.87 | 2.641 | % | 62 | 9 | |||||||||||
2 | 25,180,303.77 | 2.336 | % | 45 | 21 | ||||||||||||
3 | 168,753,993.23 | 2.181 | % | 45 | 30 | ||||||||||||
4 | 86,435,508.35 | 3.210 | % | 62 | 43 | ||||||||||||
5 | 231,954,994.36 | 3.130 | % | 66 | 55 | ||||||||||||
6 | 226,730,423.44 | 3.073 | % | 70 | 65 | ||||||||||||
7 | 373,300.05 | 5.495 | % | 58 | 9 | ||||||||||||
8 | 3,265,328.68 | 5.330 | % | 42 | 20 | ||||||||||||
9 | 11,724,927.96 | 5.372 | % | 49 | 31 | ||||||||||||
10 | 38,692,505.98 | 5.475 | % | 62 | 44 | ||||||||||||
11 | 116,960,352.21 | 5.555 | % | 67 | 55 | ||||||||||||
12 | 205,688,360.54 | 5.868 | % | 72 | 66 | ||||||||||||
$ | 1,124,777,926.44 |
(1) | Based on the number of monthly payments remaining as of the Cutoff Date. |
Class A‑1 Notes | Class A‑2 Notes | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Date | 0.50% | 1.00% | 1.30% | 1.50% | 1.80% | 2.00% | 0.50% | 1.00% | 1.30% | 1.50% | 1.80% | 2.00% | ||||||||||||||||||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
July 2020 | 80.65 | % | 75.98 | % | 72.82 | % | 70.47 | % | 65.29 | % | 62.11 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
August 2020 | 71.06 | % | 64.21 | % | 59.58 | % | 56.16 | % | 49.24 | % | 45.44 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
September 2020 | 61.51 | % | 52.60 | % | 46.59 | % | 42.17 | % | 34.08 | % | 29.15 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
October 2020 | 52.02 | % | 41.15 | % | 33.84 | % | 28.48 | % | 19.26 | % | 13.27 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
November 2020 | 42.59 | % | 29.86 | % | 21.33 | % | 15.12 | % | 4.78 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 98.24 | % | ||||||||||||||||||||||||
December 2020 | 33.21 | % | 18.73 | % | 9.06 | % | 2.06 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 92.61 | % | 86.30 | % | ||||||||||||||||||||||||
January 2021 | 23.88 | % | 7.77 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 97.66 | % | 91.56 | % | 81.71 | % | 74.68 | % | ||||||||||||||||||||||||
February 2021 | 14.61 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 97.61 | % | 88.35 | % | 81.74 | % | 71.08 | % | 63.38 | % | ||||||||||||||||||||||||
March 2021 | 5.75 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 89.43 | % | 79.41 | % | 72.26 | % | 60.72 | % | 52.40 | % | ||||||||||||||||||||||||
April 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 97.58 | % | 81.38 | % | 70.64 | % | 62.99 | % | 50.63 | % | 41.73 | % | ||||||||||||||||||||||||
May 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 90.65 | % | 73.45 | % | 62.05 | % | 53.92 | % | 40.82 | % | 31.39 | % | ||||||||||||||||||||||||
June 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 83.77 | % | 65.64 | % | 53.63 | % | 45.08 | % | 31.29 | % | 21.37 | % | ||||||||||||||||||||||||
July 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 76.93 | % | 57.94 | % | 45.38 | % | 36.44 | % | 22.04 | % | 11.68 | % | ||||||||||||||||||||||||
August 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 70.13 | % | 50.37 | % | 37.31 | % | 28.02 | % | 13.06 | % | 2.31 | % | ||||||||||||||||||||||||
September 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 63.37 | % | 42.92 | % | 29.42 | % | 19.81 | % | 4.36 | % | 0.00 | % | ||||||||||||||||||||||||
October 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 56.65 | % | 35.60 | % | 21.70 | % | 11.82 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
November 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 49.97 | % | 28.39 | % | 14.16 | % | 4.05 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
December 2021 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 43.34 | % | 21.31 | % | 6.80 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
January 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 36.75 | % | 14.35 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
February 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 30.25 | % | 7.56 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
March 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 24.09 | % | 1.13 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
April 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 17.97 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
May 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 11.89 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
June 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 5.86 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
July 2022 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Weighted Average Life to Maturity (years)(1) | 0.38 | 0.30 | 0.26 | 0.24 | 0.20 | 0.19 | 1.44 | 1.20 | 1.07 | 0.98 | 0.87 | 0.80 | ||||||||||||||||||||||||||||||||||||
Weighted Average Life (years) to Call(1),(2) | 0.38 | 0.30 | 0.26 | 0.24 | 0.20 | 0.19 | 1.44 | 1.20 | 1.07 | 0.98 | 0.87 | 0.80 |
(1) | The weighted average life of a Note is determined by (i) multiplying the amount of each principal payment on the Note by the number of years from the date of issuance of the Note to the related Payment Date, (ii) adding the results and (iii) dividing the sum by the original principal amount of the Note. |
(2) | Assumes that the Servicer exercises its Optional Purchase Right at its first opportunity. |
Class A‑3 Notes | Class A‑4 Notes | |||||||||||||||||||||||||||||||||||||||||||||||
Payment Date | 0.50% | 1.00% | 1.30% | 1.50% | 1.80% | 2.00% | 0.50% | 1.00% | 1.30% | 1.50% | 1.80% | 2.00% | ||||||||||||||||||||||||||||||||||||
Closing Date | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
July 2020 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
August 2020 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
September 2020 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
October 2020 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
November 2020 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
December 2020 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
January 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
February 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
March 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
April 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
May 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
June 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
July 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
August 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
September 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 93.27 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
October 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 95.94 | % | 84.55 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
November 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 87.81 | % | 76.17 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
December 2021 | 100.00 | % | 100.00 | % | 100.00 | % | 96.49 | % | 79.96 | % | 68.12 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
January 2022 | 100.00 | % | 100.00 | % | 99.62 | % | 89.16 | % | 72.39 | % | 60.40 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
February 2022 | 100.00 | % | 100.00 | % | 92.64 | % | 82.07 | % | 65.13 | % | 53.03 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
March 2022 | 100.00 | % | 100.00 | % | 86.05 | % | 75.37 | % | 58.26 | % | 46.05 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
April 2022 | 100.00 | % | 94.83 | % | 79.63 | % | 68.87 | % | 51.66 | % | 39.37 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
May 2022 | 100.00 | % | 88.63 | % | 73.38 | % | 62.58 | % | 45.31 | % | 33.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
June 2022 | 100.00 | % | 82.56 | % | 67.29 | % | 56.49 | % | 39.24 | % | 26.94 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
July 2022 | 99.86 | % | 76.60 | % | 61.38 | % | 50.61 | % | 33.43 | % | 21.20 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
August 2022 | 93.91 | % | 70.77 | % | 55.63 | % | 44.95 | % | 27.90 | % | 15.76 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
September 2022 | 87.99 | % | 65.05 | % | 50.06 | % | 39.49 | % | 22.63 | % | 10.65 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
October 2022 | 82.12 | % | 59.45 | % | 44.66 | % | 34.24 | % | 17.64 | % | 5.85 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
November 2022 | 76.30 | % | 53.98 | % | 39.44 | % | 29.20 | % | 12.92 | % | 1.37 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||||||||||||||||
December 2022 | 71.88 | % | 49.67 | % | 35.22 | % | 25.04 | % | 8.86 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 88.58 | % | ||||||||||||||||||||||||
January 2023 | 67.59 | % | 45.52 | % | 31.17 | % | 21.07 | % | 5.02 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 73.08 | % | ||||||||||||||||||||||||
February 2023 | 63.33 | % | 41.46 | % | 27.25 | % | 17.25 | % | 1.38 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 58.80 | % | ||||||||||||||||||||||||
March 2023 | 59.10 | % | 37.49 | % | 23.45 | % | 13.58 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 90.88 | % | 45.27 | % | ||||||||||||||||||||||||
April 2023 | 54.90 | % | 33.60 | % | 19.77 | % | 10.06 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 76.57 | % | 32.49 | % | ||||||||||||||||||||||||
May 2023 | 50.73 | % | 29.80 | % | 16.23 | % | 6.70 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 63.13 | % | 0.00 | % | ||||||||||||||||||||||||
June 2023 | 46.59 | % | 26.09 | % | 12.80 | % | 3.49 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 50.75 | % | 0.00 | % | ||||||||||||||||||||||||
July 2023 | 42.48 | % | 22.46 | % | 9.51 | % | 0.44 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 39.46 | % | 0.00 | % | ||||||||||||||||||||||||
August 2023 | 38.41 | % | 18.93 | % | 6.35 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 89.18 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
September 2023 | 34.36 | % | 15.49 | % | 3.31 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 77.13 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
October 2023 | 30.35 | % | 12.13 | % | 0.40 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 65.77 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
November 2023 | 26.37 | % | 8.87 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 89.58 | % | 55.11 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
December 2023 | 22.42 | % | 5.70 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 77.96 | % | 45.15 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
January 2024 | 18.96 | % | 2.90 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 67.56 | % | 36.11 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
February 2024 | 15.74 | % | 0.31 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 100.00 | % | 57.95 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
March 2024 | 12.54 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 90.27 | % | 48.78 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
April 2024 | 9.37 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 79.51 | % | 40.08 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
May 2024 | 6.22 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 69.07 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
June 2024 | 3.10 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 58.96 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
July 2024 | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 100.00 | % | 49.18 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
August 2024 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 86.58 | % | 39.74 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
September 2024 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 73.23 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
October 2024 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 60.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
November 2024 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 46.89 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
December 2024 | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Weighted Average Life to Maturity (years)(1) | 2.99 | 2.60 | 2.34 | 2.17 | 1.92 | 1.76 | 4.45 | 4.10 | 3.78 | 3.50 | 3.04 | 2.75 | ||||||||||||||||||||||||||||||||||||
Weighted Average Life (years) to Call(1),(2) | 2.99 | 2.60 | 2.34 | 2.17 | 1.92 | 1.76 | 4.37 | 4.05 | 3.71 | 3.45 | 3.00 | 2.73 |
(1) | The weighted average life of a Note is determined by (i) multiplying the amount of each principal payment on the Note by the number of years from the date of issuance of the Note to the related Payment Date, (ii) adding the results and (iii) dividing the sum by the original principal amount of the Note. |
(2) | Assumes that the Servicer exercises its Optional Purchase Right at its first opportunity. |
• | Actual/360. Interest on the Class A-1 Notes will accrue during the applicable Interest Period, which will be the period from and including the prior Payment Date (or, in the case of the first Payment Date, from and including the Closing Date) to but excluding the current Payment Date. The interest due on the Class A-1 Notes on each Payment Date will be an amount equal to the product of: |
• | the principal amount of that class of Notes as of the preceding Payment Date (or, in the case of the first Payment Date, as of the Closing Date), after giving effect to all principal payments made with respect to that class of Notes on that preceding Payment Date; |
• | the Interest Rate applicable to that class of Notes; and |
• | the actual number of days elapsed during the applicable Interest Period divided by 360. |
• | 30/360. Interest on the Class A-2 Notes, the Class A‑3 Notes and the Class A‑4 Notes will accrue during the applicable Interest Period, which will be the period from and including the 15th day of the prior calendar month (or, in the case of the first Payment Date, from and including the Closing Date) to but excluding the 15th day of the current calendar month (assuming each month has 30 days). The interest due on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, as applicable, on each Payment Date will be an amount equal to the product of: |
• | the principal amount of that class of Notes as of the preceding Payment Date (or, in the case of the first Payment Date, as of the Closing Date), after giving effect to all principal payments made with respect to that class of Notes on that preceding Payment Date; |
• | the Interest Rate applicable to that class of Notes; and |
• | 30 (or 22 days in the case of the first Payment Date, assuming a Closing Date of June 23, 2020) divided by 360. |
• | the Note Balance of the Notes as of the close of business on the preceding Payment Date (or, in the case of the first Payment Date, as of the Closing Date), after giving effect to all payments made on that preceding Payment Date; over |
• | the Adjusted Pool Balance as of the last day of the related Collection Period, minus the Target Overcollateralization Amount. |
(1) | to the Class A‑1 Notes until the Class A‑1 Notes have been paid in full; |
(2) | to the Class A‑2 Notes until the Class A‑2 Notes have been paid in full; |
(3) | to the Class A‑3 Notes until the Class A‑3 Notes have been paid in full; and |
(4) | to the Class A‑4 Notes until the Class A‑4 Notes have been paid in full. |
• | in no event will the principal paid in respect of a class of Notes exceed the unpaid principal amount of that class of Notes; and |
• | if the Notes have been accelerated following the occurrence of an Event of Default, the Issuer will distribute the funds allocated to the holders of the Notes to pay principal of the Notes, together with amounts that would otherwise be payable to the holders of the Certificates, as described under “—Priority of Distributions Will Change if the Notes Are Accelerated Following an Event of Default.” |
• | July 15, 2021 for the Class A‑1 Notes; |
• | March 15, 2023 for the Class A‑2 Notes; |
• | February 18, 2025 for the Class A‑3 Notes; and |
• | October 15, 2026 for the Class A‑4 Notes. |
(1) | to the Servicer, any Servicing Fees (including any overdue Servicing Fees) due to it and any Nonrecoverable Advances; |
(2) | to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, pro rata, the fees, expenses and indemnified amounts due to each of them, without limitation; |
(3) | to the holders of the Notes, the Interest Distributable Amount for the Notes; |
(4) | to the holders of the Class A‑1 Notes, principal on the Class A‑1 Notes until the Class A‑1 Notes have been paid in full; |
(5) | to the holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, principal on the Notes until all classes of Notes have been paid in full; |
(6) | if any entity has replaced MBFS USA as Servicer, any unpaid transition expenses due in respect of a transfer of servicing and any Additional Servicing Fees for the related Collection Period will be paid to the successor Servicer; and |
(7) | to the Certificateholders, any remaining amounts. |
• | the original denomination of your Note; and |
• | the factor relating to your class of Notes computed by the Servicer in the manner described above. |
• | related Collection Period, payments received on the Receivables, the aggregate principal balance of the Receivables, Note factors for each class of Notes described above and various other items of information; and |
• | preceding Payment Date, as applicable, the aggregate principal balance of the Receivables on the last day of the related Collection Period and any reconciliation of such aggregate principal balance with information provided by the Servicer. |
• | a default for five days or more in the payment of interest on the Notes of any class when the same becomes due and payable; |
• | a default in the payment of principal of the Notes of a class on its Final Scheduled Payment Date; |
• | a default in the observance or performance of any other material covenant or agreement of the Issuer made in the Indenture and such default not having been cured for a period of 60 days after written notice thereof has been given to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee by the holders of Notes evidencing not less than 25% of the Note Balance of the Notes; |
• | any representation or warranty made by the Issuer in the Indenture or in any certificate delivered pursuant thereto or in connection therewith having been incorrect in any material respect as of the time made and such incorrectness not having been cured for a period of 30 days after written notice thereof has been given to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee by the holders of Notes evidencing not less than 25% of the Note Balance of the Notes; and |
• | certain events of bankruptcy, insolvency, receivership or liquidation of the Issuer (which, if involuntary, remains unstayed for more than 90 days). |
• | the Issuer has paid or deposited with the Indenture Trustee enough money to pay (1) all payments of principal of and interest on all Notes and all other amounts that would then be due if the Event of Default giving rise to the declaration of acceleration had not occurred; and (2) all sums paid or advanced by the Indenture Trustee and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and |
• | all Events of Default, other than the nonpayment of principal of the Notes that has become due solely due to that acceleration, have been cured or waived. |
• | the holders of 100% of the Notes consent to the sale, excluding Notes held by MBFS USA, the Servicer or any of their respective affiliates; |
• | the proceeds of such sale or liquidation will be sufficient to pay in full the principal amount of and accrued but unpaid interest on the Notes; or |
• | the Indenture Trustee determines that the property of the Issuer would not be sufficient on an ongoing basis to make all payments on the Notes as those payments would have become due had the Notes not been declared immediately due and payable and the holders of Notes evidencing not less than 66⅔% of the Note Balance of the Notes consent to the sale. |
• | the holder previously has given to the Indenture Trustee written notice of a continuing Event of Default; |
• | the holders of not less than 25% of the Note Balance of the Notes have made written request to the Indenture Trustee to institute such proceeding in respect of such Event of Default in its own name as Indenture Trustee; |
• | the holder or holders have offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; |
• | the Indenture Trustee has for 60 days after receipt of the notice, request and offer of indemnity failed to institute the proceeding; and |
• | no direction inconsistent with the written request has been given to the Indenture Trustee during the 60-day period by the holders of not less than 51% of the Note Balance of the Notes. |
• | a statement that the Issuer received a communication request, |
• | the date the request was received, |
• | the name of the requesting Noteholder, |
• | a statement that the requesting Noteholder is interested in communication with other Noteholders about the possible exercise of rights under the Transaction Documents, and |
• | a description of the method by which the other Noteholders may contact the requesting Noteholder. |
(1) | to the Servicer, for the related Collection Period, the Servicing Fee (plus any overdue Servicing Fees for one or more prior Collection Periods) and any Nonrecoverable Advances for the related Collection Period; |
(2) | to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer, pro rata, if not previously paid, the fees, expenses and indemnified amounts due to each of them for the related Collection Period, plus any overdue fees, expenses and indemnified amounts of such parties for one or more prior Collection Periods; provided, however, that the aggregate amount to be paid pursuant to this clause for such fees, expenses and indemnified amounts shall not exceed $250,000 in any given calendar year; |
(3) | to the Note Payment Account for the benefit of the holders of the Notes, the Interest Distributable Amount, to pay interest due on each class of Notes outstanding on that Payment Date, ratably for each such class of Notes; |
(4) | to the Note Payment Account for the benefit of the holders of the Notes, the Priority Principal Distributable Amount, which will be allocated to pay principal of the Notes in the amounts and order of priority described under “Description of the Notes—Payments of Principal”; |
(5) | to the Reserve Fund, the excess, if any, of the Reserve Fund Required Amount for that Payment Date over the amount then on deposit in the Reserve Fund, after giving effect to all required withdrawals from the Reserve Fund on that Payment Date; |
(6) | to the Note Payment Account for the benefit of the holders of the Notes, the Regular Principal Distributable Amount, which will be allocated to pay principal of the Notes in the amounts and order of priority described under “Description of the Notes—Payments of Principal”; |
(7) | to any successor Servicer, any unpaid transition expenses due in respect of a transfer of servicing and any Additional Servicing Fees for the related Collection Period; |
(8) | pro rata, to the Trustees and the Asset Representations Reviewer, the fees, expenses and indemnified amounts due to each of them for the related Collection Period plus any overdue fees, expenses and indemnified amounts for the immediately preceding Collection Period, to the extent that they have not previously been paid as described in clause (2) above; and |
(9) | to the Certificateholders, any amounts remaining after the foregoing distributions. |
Recipient | Source of Payment | Fees and Expenses Payable | ||
Servicer | Available Funds | The Servicing Fee as described under “Description of the Transaction Documents—Servicing Compensation and Expenses.” | ||
Indenture Trustee | Available Funds | $4,500 per annum plus reasonable expenses.(1) | ||
Owner Trustee | Available Funds | $2,500 per annum plus reasonable expenses.(1) | ||
Asset Representations Reviewer | Available Funds | $5,000 per annum plus $175 for each reviewed asset on completion of a review. |
(1) | Consists of out-of-pocket expenses, disbursements and advances incurred or made by such party, including costs of collection, and indemnified amounts subject to, except as otherwise provided herein, an annual aggregate limit of $250,000. |
Document | Parties | Primary Purposes | |||
Trust Agreement | Depositor and Owner Trustee | Creates the Issuer Provides for issuance of Certificates and payments to Certificateholders Establishes rights and duties of the Owner Trustee Establishes rights of Certificateholders | |||
Indenture | Issuer and Indenture Trustee | Provides for issuance of the Notes, the terms of the Notes and payments to Noteholders Secures the Notes with a lien on the property of the Issuer Establishes rights and duties of the Indenture Trustee Establishes rights of Noteholders |
Document | Parties | Primary Purposes | |||
Receivables Purchase Agreement | MBFS USA and Depositor | Provides for the sale of the Receivables to the Depositor Contains representations and warranties of MBFS USA concerning the Receivables | |||
Sale and Servicing Agreement | Depositor, Servicer, MBFS USA, as seller, and Issuer | Effects sale of Receivables to the Issuer Contains representations and warranties of the Depositor concerning the Receivables Contains servicing obligations of the Servicer Provides for compensation to the Servicer Directs how proceeds of the Receivables will be applied to expenses of the Issuer and payments on its Notes | |||
Administration Agreement | Issuer, Administrator, Depositor and Indenture Trustee | Provides for certain services and the assumption of certain duties by the Administrator on behalf of the Issuer and the Indenture Trustee | |||
Asset Representations Review Agreement | Issuer, Servicer, Administrator and Asset Representations Reviewer | Provides for the review of delinquent Receivables by the Asset Representations Reviewer under the circumstances described under “The Receivables Pool—Asset Representations Review.” |
(1) | the aggregate principal balance of the Receivables as of the beginning of such Collection Period; |
(2) | delinquencies during such Collection Period; |
(3) | the amount of the distribution allocable to principal of each class of Notes; |
(4) | the amount of the distribution allocable to interest on or with respect to each class of Notes; |
(5) | the amount of the distribution allocable to draws from the Reserve Fund; |
(6) | the aggregate principal balance of the Receivables as of the close of business on the last day of such Collection Period; |
(7) | any overcollateralization amount; |
(8) | the aggregate principal balance and the appropriate factor for each class of Notes, after giving effect to all payments reported under clause (3) above on that date; |
(9) | the amount of the Servicing Fee paid to the Servicer and the amount of any unpaid Servicing Fee with respect to such Collection Period or Collection Periods, as the case may be; |
(10) | the amount of the aggregate losses realized on the Receivables during the Collection Period; |
(11) | previously due and unpaid interest payments on each class of Notes, and the change in these amounts from the preceding statement; |
(12) | previously due and unpaid principal payments, plus interest accrued on such unpaid principal to the extent permitted by law, if any, on each class of Notes, and the change in these amounts from the preceding statement; |
(13) | the aggregate amount to be paid in respect of Receivables, if any, repurchased in respect of the Collection Period; |
(14) | the balance of the Reserve Fund on that date, after giving effect to changes on that date; and |
(15) | the amount of advances to be made by the Servicer in respect of the Collection Period, if any. |
• | a description of the events that triggered a review of the review Receivables by the Asset Representations Reviewer during the prior month, |
• | if the Asset Representations Reviewer delivered its review report during the prior month, a summary of the report, |
• | if the Asset Representations Reviewer resigned or was removed, replaced or substituted, or if a new Asset Representations Reviewer was appointed during the prior month, the identity and experience of the new Asset Representations Reviewer, the date of the change occurred, the circumstances surrounding the change, and |
• | a statement that the Issuer received a request from a Noteholder during the prior month to communicate with other Noteholders, together with the date the request was received, the name of the requesting Noteholder, a statement that the requesting Noteholder is interested in communicating with other Noteholders about the possible exercise of rights under the Transaction Documents and a description of the method which the other Noteholders may contact the requesting Noteholder. |
• | Compliance Certificate: a certificate stating that the Servicer fulfilled all of its obligations under the Sale and Servicing Agreement in all material respects throughout the prior year or, if there was a failure to fulfill any obligation in any material respect, stating the nature and status of each failure, |
• | Assessment of Compliance: copies of the report by the Servicer on its assessment of compliance with the specified applicable servicing criteria set forth in Item 1122(a) of Regulation AB regarding general servicing, cash collection and administration, investor payments and reporting and pool asset administration during the prior year covering securitization transactions sponsored by MBFS USA auto receivables that were subject to Regulation AB, including disclosure of any material instance of noncompliance identified by that Servicer, and |
• | Attestation Report: copies of the report by a registered public accounting firm that attests to, and reports on, the assessment made by the Servicer of compliance with the minimum servicing criteria set forth in the preceding bullet point. |
• | Reports on Form 8-K (Current Report), following the issuance of the Notes, including as exhibits to the Form 8-K the opinions related to the tax consequences and the legality of the Notes being issued that are required to be filed under applicable securities laws; |
• | Reports on Form 8-K (Current Report), following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K for that type of event; |
• | Reports on Form 10-D (Asset-Backed Issuer Distribution Report), containing the distribution and pool performance information required on Form 10-D, which are required to be filed 15 days following the related Payment Date; the content of a report on Form 10-D will be substantially similar to the information to be furnished under “—Statements to Noteholders”; |
• | Reports on Form ABS-EE, including an asset data file and an asset related document attached as exhibits thereto, containing asset-level data for the Receivables for the prior month, which will be filed each month prior to the filing of the report on Form 10-D; and |
• | Report on Form 10-K (Annual Report), containing the items specified in Form 10-K with respect to a fiscal year and filing or furnishing, as appropriate, the required exhibits; the annual report will include the Servicer’s report on its assessment of compliance with servicing criteria and the accountants’ attestation report on such assessment described under “—Annual Compliance Reports” and any other assessments of compliance and accountants’ reports by any other parties performing a servicing function as defined by Regulation AB with respect to the Issuer. |
• | the failure of the Servicer to make any required payment or deposit under the Sale and Servicing Agreement and the continuance of such failure unremedied beyond the earlier of five Business Days following the date that payment or deposit was due or, in the case of a payment or deposit to be made no later than a Payment Date or the related Deposit Date, such Payment Date or Deposit Date, as applicable; |
• | the failure of the Servicer to observe or perform in any material respect any other covenant or agreement in the Sale and Servicing Agreement that materially and adversely affects the rights of the Depositor or the Noteholders, and the continuance of such failure unremedied for 60 days after written notice of that failure shall have been given to the Servicer by the Depositor, the Owner Trustee or the Indenture Trustee or to the Servicer by the holders of Notes evidencing not less than 25% of the Note Balance of the Notes; |
• | any representation or warranty of the Servicer made in the Sale and Servicing Agreement or in any certificate delivered pursuant thereto or in connection therewith, other than any representation or warranty relating to a Receivable that has been purchased by the Servicer, shall prove to have been incorrect in any material respect as of the time when made and that breach shall continue unremedied for 30 days after written notice of that breach shall have been given to the Servicer by the Depositor, the Owner Trustee or the Indenture Trustee or to the Servicer by the holders of Notes evidencing not less than 25% of the Note Balance of the Notes; and |
• | the occurrence of certain Insolvency Events with respect to the Servicer. |
• | the person requesting the amendment obtains and delivers to one or both of the Trustees, as applicable, either an opinion of counsel or an officer’s certificate of the Issuer to that effect; and |
• | the Rating Agency Condition is satisfied with respect to the amendment. |
• | increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the Receivables or distributions that are required to be made for the benefit of the Noteholders, change the interest rate applicable to any class of Notes or the Reserve Fund Required Amount, without the consent of all holders of Notes then outstanding; or |
• | reduce the percentage of the Note Balance of the Notes the consent of the holders of which is required for any amendment to such Transaction Document without the consent of all holders of Notes then outstanding. |
• | curing any ambiguity, correcting or supplementing any provision of the Indenture which may be inconsistent with any other provision of the Indenture, any other transaction document or of this prospectus; or |
• | adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Noteholders; |
• | change the Final Scheduled Payment Date or the due date of any installment of principal of or interest on any Note or reduce the principal amount, the interest rate or the redemption price with respect to any Note, change the application of collections on or the proceeds of a sale of the property of the Issuer to payment of principal and interest on the Notes or change any place of payment where, or the coin or currency in which, any Note or any interest on any Note is payable; |
• | impair the right to institute suit for the enforcement of certain provisions of the Indenture regarding payments; |
• | reduce the percentage of the Note Balance of the Notes, the consent of the holders of Notes of which is required for any such supplemental indenture or the consent of the holders of which is required for any waiver of compliance with certain provisions of the Indenture or of certain defaults thereunder and their consequences as provided for in the Indenture; |
• | modify or alter the provisions of the Indenture regarding the voting of Notes held by the Issuer, any other obligor on the Notes, MBFS USA, the Depositor, the Servicer or any of their respective affiliates or modify or alter the definitions of Note Balance; |
• | reduce the percentage of the Note Balance the consent of which is required to direct the Indenture Trustee to sell or liquidate the property of the Issuer after an Event of Default if the proceeds of the sale or liquidation would be insufficient to pay the principal amount of and accrued but unpaid interest on the outstanding Notes; |
• | reduce the percentage of the Note Balance of the Notes the consent of the holders of Notes of which is required to amend the sections of the Indenture which specify the applicable percentage of the Note Balance of the Notes necessary to amend the Indenture or any other documents relating to the Issuer; |
• | affect the calculation of the amount of interest or principal payable on any Note on any Payment Date, including the calculation of any of the individual components of such calculation; |
• | affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes provided in the Indenture; or |
• | permit the creation of any lien ranking prior to or on a parity with the lien of the Indenture with respect to any of the collateral for the Notes or, except as otherwise permitted or contemplated in the Indenture, terminate the lien of the Indenture on any such collateral or deprive the holder of any Note of the security afforded by the lien of the Indenture. |
• | the Rating Agency Condition has been satisfied with respect to the supplemental indenture; or |
• | the person requesting the supplemental indenture delivers to the Indenture Trustee either an opinion of counsel or an officer’s certificate of the Issuer, in either case to the effect that such supplemental indenture would not materially and adversely affect the interests of any Noteholder. Any such officer’s certificate would be executed and delivered by the Administrator on behalf of the Issuer. |
• | delivery to the Indenture Trustee for cancellation of all the Notes or, if all Notes not delivered to the Indenture Trustee for cancellation have become due and payable or will become due and payable or called for redemption within one year, upon the irrevocable deposit with the Indenture Trustee of funds sufficient for the payment in full of the principal amount of and all accrued but unpaid interest on the Notes when due to the final scheduled Payment Date; |
• | payment of all amounts due under the Indenture and the other Transaction Documents; and |
• | delivery to the Indenture Trustee of an officer’s certificate and an opinion of counsel, which may be internal counsel to the Depositor or the Servicer, stating that all conditions precedent provided for in the Indenture relating to the satisfaction and discharge of the Indenture have been satisfied. |
• | either |
o | the rights of the holders of such additional securities, when taken as a whole, are no greater than the rights of the holder of the residual interest immediately prior to the issuance of such additional securities, as evidenced by an opinion of counsel delivered to the Trustees, or |
o | all holders of the Notes outstanding immediately prior to the exchange unanimously consent to the terms of the exchange; |
• | the exchange must not result in the redemption of any security in exchange for assets of the Issuer or any sale or disposition of the assets of the Issuer; |
• | the Rating Agencies have provided written confirmation that the issuance of the additional notes or certificates will not adversely affect the ratings of the outstanding Notes; and |
• | the Depositor (or such affiliate) delivers an opinion of counsel to the Trustees that the issuance of the additional notes or certificates will not (1) adversely affect in any material respect the interest of any Noteholder, (2) cause any outstanding Note to be deemed sold or exchanged for United States federal income tax purposes, (3) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income tax purposes or (4) adversely affect the treatment of the outstanding Notes as debt for United States federal income tax purposes. |
• | a reasoned opinion of counsel on the Closing Date delivered to the Depositor, stating that, subject to various assumptions and qualification, in the event of a bankruptcy filing with respect to MBFS USA, the assets and liabilities of the Depositor should not properly be substantively consolidated with the assets and liabilities of MBFS USA; and |
• | specific provisions on the limited liability company agreement of the Depositor restricting the activities of the Depositor and requiring the Depositor to follow specific operating procedures designed to support its treatment as an entity separate from MBFS USA. |
• | that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law, or changes the enforceability of standard contractual provisions meant to foster the bankruptcy-remote treatment of special purpose entities such as the Depositor and the Issuer; and |
• | that, until the FDIC adopts a regulation addressing the application of the FDIC’s powers of repudiation under OLA, the FDIC will not exercise its repudiation authority to reclaim, recover or recharacterize as property of a company in receivership or the receivership assets transferred by that company prior to the end of the applicable transition period of any such future regulation, provided that such transfer satisfies the conditions for the exclusion of such assets from the property of the estate of that company under the Bankruptcy Code. |
• | require the Issuer, as assignee of MBFS USA and the Depositor, to go through an administrative claims procedure to establish its rights to payments collected on the Receivables; |
• | if the Issuer were a covered subsidiary, require the Indenture Trustee to go through an administrative claims procedure to establish its rights to payment on the Notes; |
• | request a stay of legal proceedings to liquidate claims or otherwise enforce contractual and legal remedies against MBFS USA or a covered subsidiary (including the Issuer); |
• | if the Issuer were a covered subsidiary, assert that the Indenture Trustee was subject to a 90 day stay on its ability to liquidate claims or otherwise enforce contractual and legal remedies against the Issuer; |
• | repudiate MBFS USA’s ongoing servicing obligations under a servicing agreement such as its duty to collect and remit payments or otherwise service the Receivables; or |
• | prior to any such repudiation of the Sale and Servicing Agreement, prevent any of the Indenture Trustee or the Noteholders from appointing a successor Servicer. |
Fair Value (in millions) | Fair Value (as a percentage) | |||||||
Class A-1 Notes | $ | 278 - $278 | 24.1% - 24.2 | % | ||||
Class A-2 Notes | $ | 352 - $352 | 30.5% - 30.6 | % | ||||
Class A-3 Notes | $ | 352 - $352 | 30.5% - 30.6 | % | ||||
Class A-4 Notes | $ | 80 - $80 | 6.9% - 7.0 | % | ||||
Certificates | $ | 86 - $90 | 7.5% - 7.8 | % | ||||
Total | $ | 1,147 - $1,152 | 100.00 | % |
• | Level 1 – inputs include quoted prices for identical instruments and are the most observable; |
• | Level 2 – inputs include quoted prices for similar instruments and observable inputs such as interest rates and yield curves; and |
• | Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instrument. |
Class | Interest Rate | |
Class A-1 | 0.16961% - 0.46961% | |
Class A-2 | 0.75% - 1.05% | |
Class A-3 | 0.85% - 1.15% | |
Class A-4 | 1.18% - 1.48% |
• | cash flows on the Certificates are discounted at 10%; |
• | interest accrues on each class of Notes at a rate within the range for that class set forth above; |
• | the fair value calculation assumes the principal amounts of the Notes are the same as set forth on the cover page of this prospectus; |
• | the payments on the Receivables are calculated using the assumptions as described under “Weighted Average Lives of the Notes”; |
• | Receivables prepay at a 1.30% ABS rate as described under “Weighted Average Lives of the Notes”; and |
• | cumulative net losses on the Receivables, as a percentage of total cumulative net losses of 0.50% of the Cutoff Date Pool Balance, occur each month at the following rates: |
Month | Loss Curve | Month | Loss Curve | |||
1 | 0.00% | 19 | 63.33% | |||
2 | 0.00% | 20 | 66.67% | |||
3 | 0.00% | 21 | 70.00% | |||
4 | 4.44% | 22 | 73.33% | |||
5 | 8.89% | 23 | 76.67% | |||
6 | 13.33% | 24 | 80.00% | |||
7 | 17.78% | 25 | 81.67% | |||
8 | 22.22% | 26 | 83.33% | |||
9 | 26.67% | 27 | 85.00% | |||
10 | 31.11% | 28 | 86.67% | |||
11 | 35.56% | 29 | 88.33% | |||
12 | 40.00% | 30 | 90.00% | |||
13 | 43.33% | 31 | 91.67% | |||
14 | 46.67% | 32 | 93.33% | |||
15 | 50.00% | 33 | 95.00% | |||
16 | 53.33% | 34 | 96.67% | |||
17 | 56.67% | 35 | 98.33% | |||
18 | 60.00% | 36 | 100.00% |
• | ABS rate – estimated considering the composition of the Receivables and the performance of its prior securitized amortizing pools included in Appendix A; |
• | Cumulative net loss rate – estimated using assumptions for both the magnitude of lifetime cumulative net losses and the shape of the cumulative net loss curve. The lifetime cumulative net loss assumption and the shape of the cumulative net loss curve were developed considering the composition of the reference pool, the five-year historical average performance of its prior securitized amortizing pools including those in Appendix A, trends in used vehicle values, economic conditions, and the cumulative net loss assumptions of the hired NRSROs. Default and recovery rate estimates are included in the cumulative net loss assumption; and |
• | Discount rate applicable to the cash flows with respect to the Certificates – estimated to reflect the credit exposure to the cash flows on the Certificates. Due to the lack of an actively traded market in residual interests such as the Certificates, the discount rate was derived using qualitative factors that consider the equity-like component of the first-loss exposure. |
• | Assuming compliance with all of the provisions of the applicable Transaction Documents, for United States federal income tax purposes: |
(1) | the Notes will be characterized as debt if held by persons other than the beneficial owner of 100% of the equity of the Issuer or an affiliate of such beneficial owner for such purposes; and |
(2) | the Issuer will not be characterized as an association (or a publicly traded partnership) taxable as a corporation. |
• | Therefore the Issuer will not be subject to an entity level tax for United States federal income tax purposes. |
• | PTCE 96-23, which exempts certain transactions effected by an “in-house asset manager”; |
• | PTCE 95-60, which exempts certain transactions between insurance company general accounts and parties in interest; |
• | PTCE 91-38, which exempts certain transactions between bank collective investment funds and parties in interest; |
• | PTCE 90-1, which exempts certain transactions between insurance company pooled separate accounts and parties in interest; and |
• | PTCE 84-14, which exempts certain transactions effected by a “qualified professional asset manager.” |
• | has investment or administrative discretion with respect to the Plan’s assets; |
• | has authority or responsibility to give, or regularly gives, investment advice with respect to the Plan’s assets for a fee and pursuant to an agreement or understanding; or |
• | is an employer maintaining or contributing to the Plan. |
Underwriters | Principal Amount of Class A-1 Notes | Principal Amount of Class A-2 Notes | Principal Amount of Class A-3 Notes | Principal Amount of Class A-4 Notes | ||||||||||||
J.P. Morgan Securities LLC | $ | $ | $ | $ | ||||||||||||
Santander Investment Securities Inc. | ||||||||||||||||
SG Americas Securities, LLC | ||||||||||||||||
Lloyds Securities Inc. | ||||||||||||||||
MUFG Securities Americas Inc. | ||||||||||||||||
Total | $ | 278,000,000 | $ | 351,600,000 | $ | 351,600,000 | $ | 80,020,000 |
Selling Concession not to exceed | Reallowance not to exceed | ||
Class A‑1 Notes | _____% | _____% | |
Class A‑2 Notes | _____% | _____% | |
Class A‑3 Notes | _____% | _____% | |
Class A‑4 Notes | _____% | _____% |
• | the expression “retail investor” means a person who is one (or more) of the following: |
o | a retail client as defined in point (11) of Article 4(1) of MiFID II; or |
o | a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or |
o | not a Qualified Investor; and |
• | the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. |
• | it has only communicated or caused to be communicated and it will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Depositor; and |
• | it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom. |
• | all obligor payments relating to interest and principal received by the Servicer with respect to the Receivables during the related Collection Period that were received after the Cutoff Date; |
• | all Net Liquidation Proceeds, Insurance Proceeds (with respect to Receivables that are not Defaulted Receivables), Recoveries and Dealer Recourse payments received with respect to the Receivables during the Collection Period; |
• | Advances made by the Servicer for the related Collection Period; |
• | Net investment earnings on amounts on deposit in the Reserve Fund; |
• | in the event that the Servicer is required to deposit collections received on or in respect of the Receivables into the Collection Account on a daily, rather than monthly, basis, net investment earnings on funds on deposit in the Collection Account; |
• | the Purchase Amount of each Receivable that became a Purchased Receivable during the Collection Period; and |
• | all prepayments received with respect to the Receivables during the Collection Period attributable to any refunded item included in the amount financed of a Receivable, including amounts received as a result of rebates of extended warranty contract costs and proceeds received under physical damage, theft, credit life and credit disability insurance policies; |
• | any payment, or any part of any payment, due under the Receivable has become 120 days or more delinquent, whether or not the Servicer has repossessed the related Financed Vehicle; or |
• | the Servicer has charged off any portion of the Principal Balance of the Receivable or has determined in accordance with its customary practices that the Receivable is uncollectible; |
• | the Class A-1 Notes, the period from, and including, the prior Payment Date (or from, and including, the Closing Date with respect to the first Payment Date) to, but excluding, the current Payment Date; and |
• | the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, the period from, and including the 15th day of the prior calendar month (or from, and including, the Closing Date with respect to the first Payment Date) to, but excluding, the 15th day of the current calendar month (assuming each month has 30 days). |
• | expenses incurred by the Servicer in connection with the collection of such Defaulted Receivable and the repossession and disposition of the related Financed Vehicle (to the extent not previously reimbursed to the Servicer); and |
• | all payments required by law to be remitted to the obligor. |
• | Notes canceled by the Note registrar or delivered to the Note registrar for cancellation; |
• | Notes or portions of the Notes of the payment for which money in the necessary amount has been deposited with the Indenture Trustee in trust for the Noteholders; provided, however, that if the Notes are to be redeemed, notice of such redemption must have been given pursuant to the Indenture or provision for such notice must have been made in a manner satisfactory to the Indenture Trustee; and |
• | Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser; |
• | that portion of all scheduled payments actually received on or prior to such date allocable to principal using the simple interest method; and |
• | any full or partial prepayment applied to reduce the unpaid principal balance of such Receivable; |
• | expenses incurred by the Servicer in connection with the collection of such Defaulted Receivable and the repossession and disposition of the related Financed Vehicle (to the extent not previously reimbursed to the Servicer); and |
• | all payments required by law to be remitted to the obligor. |
• | the amount, if any, by which the Required Payment Amount for that Payment Date exceeds the Available Collections for that Payment Date; and |
• | the Reserve Fund Amount for that Payment Date; |
• | a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust; or |
• | the trust has a valid election in effect under applicable Treasury Regulations to be treated as a United States Person. |
Payment Date | Yield Supplement Overcollateralization Amount | Payment Date | Yield Supplement Overcollateralization Amount | ||||||
Closing Date | $ | 36,332,043.60 | June 2023 | $ | 4,443,720.93 | ||||
July 2020 | $ | 33,521,316.39 | July 2023 | $ | 4,085,217.73 | ||||
August 2020 | $ | 32,163,265.37 | August 2023 | $ | 3,744,007.06 | ||||
September 2020 | $ | 30,837,046.20 | September 2023 | $ | 3,419,876.50 | ||||
October 2020 | $ | 29,542,761.43 | October 2023 | $ | 3,112,671.98 | ||||
November 2020 | $ | 28,280,433.71 | November 2023 | $ | 2,822,227.21 | ||||
December 2020 | $ | 27,050,045.22 | December 2023 | $ | 2,548,399.32 | ||||
January 2021 | $ | 25,851,640.49 | January 2024 | $ | 2,291,030.39 | ||||
February 2021 | $ | 24,685,181.03 | February 2024 | $ | 2,049,896.12 | ||||
March 2021 | $ | 23,550,461.73 | March 2024 | $ | 1,824,706.19 | ||||
April 2021 | $ | 22,447,253.78 | April 2024 | $ | 1,615,122.95 | ||||
May 2021 | $ | 21,375,488.02 | May 2024 | $ | 1,420,908.80 | ||||
June 2021 | $ | 20,335,140.44 | June 2024 | $ | 1,241,865.80 | ||||
July 2021 | $ | 19,326,237.93 | July 2024 | $ | 1,077,734.69 | ||||
August 2021 | $ | 18,348,871.88 | August 2024 | $ | 928,164.50 | ||||
September 2021 | $ | 17,403,116.28 | September 2024 | $ | 792,658.65 | ||||
October 2021 | $ | 16,489,079.64 | October 2024 | $ | 670,828.85 | ||||
November 2021 | $ | 15,606,849.17 | November 2024 | $ | 562,173.59 | ||||
December 2021 | $ | 14,756,527.47 | December 2024 | $ | 466,104.61 | ||||
January 2022 | $ | 13,938,213.92 | January 2025 | $ | 382,045.20 | ||||
February 2022 | $ | 13,151,956.18 | February 2025 | $ | 309,200.84 | ||||
March 2022 | $ | 12,397,781.28 | March 2025 | $ | 246,470.66 | ||||
April 2022 | $ | 11,675,573.94 | April 2025 | $ | 192,808.23 | ||||
May 2022 | $ | 10,985,051.18 | May 2025 | $ | 147,535.42 | ||||
June 2022 | $ | 10,325,974.53 | June 2025 | $ | 110,024.43 | ||||
July 2022 | $ | 9,697,811.34 | July 2025 | $ | 79,663.90 | ||||
August 2022 | $ | 9,099,671.01 | August 2025 | $ | 55,737.48 | ||||
September 2022 | $ | 8,529,961.87 | September 2025 | $ | 37,430.40 | ||||
October 2022 | $ | 7,987,167.94 | October 2025 | $ | 23,821.77 | ||||
November 2022 | $ | 7,469,688.32 | November 2025 | $ | 14,160.04 | ||||
December 2022 | $ | 6,975,957.01 | December 2025 | $ | 7,613.72 | ||||
January 2023 | $ | 6,504,799.69 | January 2026 | $ | 3,541.63 | ||||
February 2023 | $ | 6,055,003.32 | February 2026 | $ | 1,315.17 | ||||
March 2023 | $ | 5,624,911.26 | March 2026 | $ | 326.07 | ||||
April 2023 | $ | 5,213,296.06 | |||||||
May 2023 | $ | 4,819,721.16 | |||||||
Closing Date | July 22, 2015 | |||
Cutoff Date | May 31, 2015 | |||
Aggregate Principal Balance | $ | 1,616,945,465.46 | ||
Number of Receivables | 51,910 | |||
Average Principal Balance | $ | 31,149.02 | ||
Principal Balance (Range) | $ | 2,001.74 to $189,621.61 | ||
Average Original Principal Balance | $ | 39,065.02 | ||
Original Principal Balance (Range) | $ | 6,786.60 to $222,127.78 | ||
Percentage of New Vehicles | 40.51 | % | ||
Percentage of Pre-owned Vehicles | 59.49 | % | ||
Weighted Average Contract Rate | 2.83 | % | ||
Contract Rate (Range) | 0.00% to 11.74 | % | ||
Weighted Average Original Term(1) | 64.86 months | |||
Original Term (Range)(1) | 24 to 72 months | |||
Weighted Average Remaining Term(2) | 54.86 months | |||
Remaining Term (Range)(2) | 2 to 71 months | |||
Weighted Average FICO® Score(3) | 773.15 | |||
Range of FICO® Scores(3) | 651 to 899 |
(1) | Based on the number of scheduled monthly payments at origination. |
(2) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(3) | The FICO® score with respect to any receivable with co-obligors is the highest of each obligor’s FICO® score at the time of application. |
Remaining Term Range | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
2 months to 12 months | 2,246 | 4.33 | % | $ | 12,421,372.23 | 0.77 | % | |||||||||
13 months to 24 months | 2,831 | 5.45 | 35,584,250.81 | 2.20 | ||||||||||||
25 months to 36 months | 4,914 | 9.47 | 110,996,831.90 | 6.86 | ||||||||||||
37 months to 48 months | 8,645 | 16.65 | 234,463,625.51 | 14.50 | ||||||||||||
49 months to 60 months | 18,993 | 36.59 | 624,380,434.82 | 38.61 | ||||||||||||
61 months to 72 months | 14,281 | 27.51 | 599,098,950.19 | 37.05 | ||||||||||||
Total | 51,910 | 100.00 | % | $ | 1,616,945,465.46 | 100.00 | % |
(1) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(2) | Percentages may not add up to 100.00% due to rounding. |
Obligor Mailing Address | Number of Receivables | Percentage of Total Number of Receivables | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance | ||||||||||||
California | 10,551 | 20.33 | % | $ | 320,438,626.82 | 19.82 | % | |||||||||
Texas | 5,296 | 10.20 | 183,846,917.56 | 11.37 | ||||||||||||
Florida | 4,916 | 9.47 | 161,216,959.43 | 9.97 | ||||||||||||
New York | 3,884 | 7.48 | 118,276,365.88 | 7.31 | ||||||||||||
Total | 24,647 | 47.48 | % | $ | 783,778,869.69 | 48.47 | % |
(1) | Prepayment assumption based on 1.3% ABS speed. For more information regarding the prepayment assumption model, you should refer to “Weighted Average Lives of the Notes” in this Prospectus. |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
Close Date | 1,616,945,465.46 | 1.00 | 1,616,945,465.46 | 1.00 | |||||
1 | 15-Aug-15 | 1,508,376,013.40 | 0.93 | 1,511,912,679.94 | 0.94 | ||||
2 | 15-Sep-15 | 1,455,508,310.93 | 0.90 | 1,461,983,355.30 | 0.90 | ||||
3 | 15-Oct-15 | 1,403,589,890.09 | 0.87 | 1,414,350,881.34 | 0.87 | ||||
4 | 15-Nov-15 | 1,352,624,215.62 | 0.84 | 1,366,695,070.25 | 0.85 | ||||
5 | 15-Dec-15 | 1,302,614,764.61 | 0.81 | 1,323,250,542.87 | 0.82 | ||||
6 | 15-Jan-16 | 1,253,565,026.51 | 0.78 | 1,276,967,499.24 | 0.79 | ||||
7 | 15-Feb-16 | 1,205,478,503.17 | 0.75 | 1,232,568,429.49 | 0.76 | ||||
8 | 15-Mar-16 | 1,158,592,215.16 | 0.72 | 1,186,738,510.42 | 0.73 | ||||
9 | 15-Apr-16 | 1,113,303,647.72 | 0.69 | 1,140,249,491.26 | 0.71 | ||||
10 | 15-May-16 | 1,068,881,497.10 | 0.66 | 1,097,812,510.77 | 0.68 | ||||
11 | 15-Jun-16 | 1,025,328,811.63 | 0.63 | 1,053,451,378.88 | 0.65 | ||||
12 | 15-Jul-16 | 982,648,649.95 | 0.61 | 1,010,389,981.39 | 0.62 | ||||
13 | 15-Aug-16 | 940,844,080.99 | 0.58 | 970,861,439.84 | 0.60 | ||||
14 | 15-Sep-16 | 899,918,184.05 | 0.56 | 928,454,839.25 | 0.57 | ||||
15 | 15-Oct-16 | 859,874,048.83 | 0.53 | 889,105,435.37 | 0.55 | ||||
16 | 15-Nov-16 | 820,714,775.45 | 0.51 | 852,501,412.19 | 0.53 | ||||
17 | 15-Dec-16 | 782,443,474.52 | 0.48 | 816,069,178.96 | 0.50 | ||||
18 | 15-Jan-17 | 745,133,101.64 | 0.46 | 777,978,382.86 | 0.48 | ||||
19 | 15-Feb-17 | 709,726,869.17 | 0.44 | 742,186,762.20 | 0.46 | ||||
20 | 15-Mar-17 | 675,137,720.50 | 0.42 | 709,705,436.33 | 0.44 | ||||
21 | 15-Apr-17 | 641,368,534.05 | 0.40 | 674,291,628.14 | 0.42 | ||||
22 | 15-May-17 | 608,422,197.99 | 0.38 | 643,816,609.27 | 0.40 | ||||
23 | 15-Jun-17 | 576,301,610.24 | 0.36 | 610,542,194.62 | 0.38 | ||||
24 | 15-Jul-17 | 545,009,678.51 | 0.34 | 578,842,047.39 | 0.36 | ||||
25 | 15-Aug-17 | 514,549,320.36 | 0.32 | 547,777,197.40 | 0.34 | ||||
26 | 15-Sep-17 | 484,923,463.20 | 0.30 | 516,993,311.40 | 0.32 | ||||
27 | 15-Oct-17 | 456,135,044.35 | 0.28 | 489,947,452.56 | 0.30 | ||||
28 | 15-Nov-17 | 428,187,011.07 | 0.26 | 460,588,433.82 | 0.28 | ||||
29 | 15-Dec-17 | 401,082,320.60 | 0.25 | 434,486,951.73 | 0.27 | ||||
30 | 15-Jan-18 | 374,823,940.16 | 0.23 | 409,456,300.19 | 0.25 | ||||
31 | 15-Feb-18 | 349,414,847.05 | 0.22 | 382,626,544.05 | 0.24 | ||||
32 | 15-Mar-18 | 326,560,316.80 | 0.20 | 359,740,297.89 | 0.22 | ||||
33 | 15-Apr-18 | 304,451,387.34 | 0.19 | 335,646,831.82 | 0.21 | ||||
34 | 15-May-18 | 283,090,758.94 | 0.18 | 314,404,961.95 | 0.19 | ||||
35 | 15-Jun-18 | 262,481,141.19 | 0.16 | 293,752,916.60 | 0.18 | ||||
36 | 15-Jul-18 | 242,625,253.03 | 0.15 | 274,234,665.32 | 0.17 | ||||
37 | 15-Aug-18 | 223,525,822.78 | 0.14 | 254,909,104.49 | 0.16 | ||||
38 | 15-Sep-18 | 205,185,588.17 | 0.13 | 236,530,869.61 | 0.15 | ||||
39 | 15-Oct-18 | 187,607,296.39 | 0.12 | 220,007,622.87 | 0.14 | ||||
40 | 15-Nov-18 | 170,793,704.10 | 0.11 | 202,942,271.55 | 0.13 | ||||
41 | 15-Dec-18 | 154,747,577.48 | 0.10 | 186,832,352.94 | 0.12 | ||||
42 | 15-Jan-19 | 139,471,692.26 | 0.09 | 171,059,735.01 | 0.11 |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
43 | 15-Feb-19 | 124,968,833.77 | 0.08 | 156,363,384.55 | 0.10 | ||||
44 | 15-Mar-19 | 112,741,210.44 | 0.07 | 143,164,139.11 | 0.09 | ||||
45 | 15-Apr-19 | 101,114,678.58 | 0.06 | 130,511,435.56 | 0.08 | ||||
46 | 15-May-19 | 90,091,446.67 | 0.06 | 117,984,972.78 | 0.07 | ||||
47 | 15-Jun-19 | 79,673,730.81 | 0.05 | 106,406,006.77 | 0.07 | ||||
48 | 15-Jul-19 | 69,863,754.79 | 0.04 | 96,141,700.43 | 0.06* | ||||
49 | 15-Aug-19 | 60,663,750.06 | 0.04 | ||||||
50 | 15-Sep-19 | 52,075,955.81 | 0.03 | ||||||
51 | 15-Oct-19 | 44,102,618.96 | 0.03 | ||||||
52 | 15-Nov-19 | 36,745,994.21 | 0.02 | ||||||
53 | 15-Dec-19 | 30,008,344.06 | 0.02 | ||||||
54 | 15-Jan-20 | 24,051,234.09 | 0.01 | ||||||
55 | 15-Feb-20 | 20,507,812.24 | 0.01 | ||||||
56 | 15-Mar-20 | 17,232,131.77 | 0.01 | ||||||
57 | 15-Apr-20 | 14,225,197.57 | 0.01 | ||||||
58 | 15-May-20 | 11,488,018.06 | 0.01 | ||||||
59 | 15-Jun-20 | 9,021,605.17 | 0.01 | ||||||
60 | 15-Jul-20 | 6,826,974.37 | 0.00 | ||||||
61 | 15-Aug-20 | 4,905,144.70 | 0.00 | ||||||
62 | 15-Sep-20 | 3,257,138.75 | 0.00 | ||||||
63 | 15-Oct-20 | 1,883,982.70 | 0.00 | ||||||
64 | 15-Nov-20 | 786,706.30 | 0.00 |
Period | Scheduled Principal in $ | Principal Coll. According to Investor Report in $ | Unscheduled Principal in $ | Principal Defaulted Amounts in $ | Ending Pool Balance in $ | Weighted Average Seasoning | All –In SMM | ABS Speed | ||||||||
Jun-15 | 1,616,945,465.46 | 10.12 | ||||||||||||||
Jul-15 | 59,232,431.14 | 105,031,092.15 | 45,798,661.01 | 1,693.37 | 1,511,912,679.94 | 12.04 | 1.47% | 1.28% | ||||||||
Aug-15 | 29,836,714.27 | 49,873,215.35 | 20,036,501.08 | 56,109.29 | 1,461,983,355.30 | 12.94 | 1.36% | 1.17% | ||||||||
Sep-15 | 29,271,626.16 | 47,294,926.76 | 18,023,300.60 | 337,547.20 | 1,414,350,881.34 | 13.80 | 1.28% | 1.10% | ||||||||
Oct-15 | 28,675,893.89 | 47,277,426.41 | 18,601,532.52 | 378,384.68 | 1,366,695,070.25 | 14.75 | 1.37% | 1.15% | ||||||||
Nov-15 | 28,301,429.42 | 43,249,815.72 | 14,948,386.30 | 194,711.66 | 1,323,250,542.87 | 15.61 | 1.13% | 0.97% | ||||||||
Dec-15 | 27,729,195.65 | 45,965,257.68 | 18,236,062.03 | 317,785.95 | 1,276,967,499.24 | 16.58 | 1.43% | 1.17% | ||||||||
Jan-16 | 27,387,726.47 | 44,031,693.48 | 16,643,967.01 | 367,376.27 | 1,232,568,429.49 | 17.50 | 1.36% | 1.11% | ||||||||
Feb-16 | 26,968,797.62 | 45,265,941.34 | 18,297,143.72 | 563,977.73 | 1,186,738,510.42 | 18.31 | 1.56% | 1.23% | ||||||||
Mar-16 | 26,450,805.62 | 46,197,156.00 | 19,746,350.38 | 291,863.16 | 1,140,249,491.26 | 19.35 | 1.73% | 1.31% | ||||||||
Apr-16 | 25,704,995.64 | 41,917,721.44 | 16,212,725.80 | 519,259.05 | 1,097,812,510.77 | 20.22 | 1.50% | 1.16% | ||||||||
May-16 | 25,333,791.84 | 43,010,287.36 | 17,676,495.52 | 1,350,844.53 | 1,053,451,378.88 | 21.20 | 1.77% | 1.31% | ||||||||
Jun-16 | 25,027,134.61 | 42,635,438.77 | 17,608,304.16 | 425,958.72 | 1,010,389,981.39 | 22.07 | 1.75% | 1.28% | ||||||||
Jul-16 | 24,416,366.92 | 39,311,024.05 | 14,894,657.13 | 217,517.50 | 970,861,439.84 | 23.05 | 1.53% | 1.15% | ||||||||
Aug-16 | 24,201,936.24 | 41,816,455.55 | 17,614,519.31 | 590,145.04 | 928,454,839.25 | 23.98 | 1.92% | 1.33% | ||||||||
Sep-16 | 23,560,292.81 | 38,925,164.94 | 15,364,872.13 | 424,238.94 | 889,105,435.37 | 24.86 | 1.74% | 1.23% |
Period | Scheduled Principal in $ | Principal Coll. According to Investor Report in $ | Unscheduled Principal in $ | Principal Defaulted Amounts in $ | Ending Pool Balance in $ | Weighted Average Seasoning | All –In SMM | ABS Speed | ||||||||
Oct-16 | 22,991,134.13 | 36,175,797.84 | 13,184,663.71 | 428,225.34 | 852,501,412.19 | 25.86 | 1.57% | 1.13% | ||||||||
Nov-16 | 22,414,466.72 | 35,672,209.55 | 13,257,742.83 | 760,023.68 | 816,069,178.96 | 26.76 | 1.69% | 1.18% | ||||||||
Dec-16 | 22,167,660.81 | 37,410,492.55 | 15,242,831.74 | 680,303.55 | 777,978,382.86 | 26.76 | 2.01% | 1.31% | ||||||||
Jan-17 | 21,606,012.91 | 35,333,711.34 | 13,727,698.43 | 457,909.32 | 742,186,762.20 | 28.70 | 1.88% | 1.25% | ||||||||
Feb-17 | 21,203,625.19 | 32,000,247.39 | 10,796,622.20 | 481,078.48 | 709,705,436.33 | 29.50 | 1.56% | 1.08% | ||||||||
Mar-17 | 20,572,475.00 | 34,875,912.41 | 14,303,437.41 | 537,895.78 | 674,291,628.14 | 30.59 | 2.15% | 1.32% | ||||||||
Apr-17 | 20,252,039.84 | 30,019,224.53 | 9,767,184.69 | 455,794.34 | 643,816,609.27 | 31.48 | 1.56% | 1.06% | ||||||||
May-17 | 19,795,832.54 | 32,836,657.57 | 13,040,825.03 | 437,757.08 | 610,542,194.62 | 32.47 | 2.16% | 1.29% | ||||||||
Jun-17 | 18,882,629.85 | 31,336,607.73 | 12,453,977.88 | 363,539.50 | 578,842,047.39 | 33.37 | 2.17% | 1.27% | ||||||||
Jul-17 | 18,472,046.12 | 30,705,534.01 | 12,233,487.89 | 359,315.98 | 547,777,197.40 | 34.37 | 2.25% | 1.28% | ||||||||
Aug-17 | 18,624,095.88 | 30,441,455.99 | 11,817,360.11 | 342,430.01 | 516,993,311.40 | 35.30 | 2.30% | 1.28% | ||||||||
Sep-17 | 17,943,504.96 | 26,792,583.43 | 8,849,078.47 | 253,275.41 | 489,947,452.56 | 36.20 | 1.82% | 1.11% | ||||||||
Oct-17 | 17,740,717.77 | 28,847,248.25 | 11,106,530.48 | 511,770.49 | 460,588,433.82 | 37.19 | 2.46% | 1.30% | ||||||||
Nov-17 | 17,327,536.48 | 25,766,350.26 | 8,438,813.78 | 335,131.83 | 434,486,951.73 | 38.07 | 1.98% | 1.14% | ||||||||
Dec-17 | 16,515,725.62 | 24,647,019.99 | 8,131,294.37 | 383,631.55 | 409,456,300.19 | 39.06 | 2.04% | 1.15% | ||||||||
Jan-18 | 15,686,519.29 | 26,407,646.34 | 10,721,127.05 | 422,109.80 | 382,626,544.05 | 39.99 | 2.83% | 1.34% | ||||||||
Feb-18 | 15,234,889.05 | 22,604,073.70 | 7,369,184.65 | 282,172.46 | 359,740,297.89 | 40.77 | 2.08% | 1.14% | ||||||||
Mar-18 | 14,581,687.18 | 23,835,927.22 | 9,254,240.04 | 257,538.85 | 335,646,831.82 | 41.85 | 2.76% | 1.30% | ||||||||
Apr-18 | 13,978,428.45 | 21,168,072.88 | 7,189,644.43 | 73,796.99 | 314,404,961.95 | 42.72 | 2.26% | 1.16% | ||||||||
May-18 | 13,547,693.55 | 20,496,989.32 | 6,949,295.77 | 155,056.03 | 293,752,916.60 | 43.69 | 2.36% | 1.18% | ||||||||
Jun-18 | 13,377,968.09 | 19,195,185.18 | 5,817,217.09 | 323,066.10 | 274,234,665.32 | 44.56 | 2.19% | 1.12% | ||||||||
Jul-18 | 12,858,399.69 | 19,114,966.28 | 6,256,566.59 | 210,594.55 | 254,909,104.49 | 45.53 | 2.47% | 1.18% | ||||||||
Aug-18 | 12,349,932.00 | 18,129,177.69 | 5,779,245.69 | 249,057.19 | 236,530,869.61 | 46.44 | 2.49% | 1.17% | ||||||||
Sep-18 | 12,027,502.39 | 16,334,925.79 | 4,307,423.40 | 188,320.95 | 220,007,622.87 | 47.30 | 2.00% | 1.04% | ||||||||
Oct-18 | 11,294,763.93 | 16,809,806.98 | 5,515,043.05 | 255,544.34 | 202,942,271.55 | 48.25 | 2.76% | 1.20% | ||||||||
Nov-18 | 10,933,180.46 | 15,744,559.01 | 4,811,378.55 | 365,359.60 | 186,832,352.94 | 49.09 | 2.70% | 1.17% | ||||||||
Dec-18 | 10,324,015.36 | 15,587,171.94 | 5,263,156.58 | 185,445.99 | 171,059,735.01 | 50.04 | 3.09% | 1.23% | ||||||||
Jan-19 | 10,023,813.83 | 14,575,658.85 | 4,551,845.02 | 120,691.61 | 156,363,384.55 | 50.94 | 2.90% | 1.18% | ||||||||
Feb-19 | 9,437,202.81 | 13,047,859.56 | 3,610,656.75 | 151,385.88 | 143,164,139.11 | 51.67 | 2.56% | 1.11% | ||||||||
Mar-19 | 8,996,447.28 | 12,536,411.62 | 3,539,964.34 | 116,291.93 | 130,511,435.56 | 52.71 | 2.73% | 1.13% | ||||||||
Apr-19 | 8,527,094.44 | 12,487,980.09 | 3,960,885.65 | 38,482.69 | 117,984,972.78 | 53.53 | 3.28% | 1.20% | ||||||||
May-19 | 8,081,551.35 | 11,502,796.69 | 3,421,245.34 | 76,169.32 | 106,406,006.77 | 54.46 | 3.18% | 1.18% | ||||||||
Jun-19 | 7,788,849.63 | 10,208,867.13 | 2,420,017.50 | 55,439.21 | 96,141,700.43 | 55.29 | 2.51% | 1.06% |
Period | Ending Pool Balance in $ | 31-60 Days Delinquent in $ | 31-60 Days Delinquent Number of Receivables | % of Ending Pool Balance | 61-90 Days Delinquent in $ | 61-90 Days Delinquent Number of Receivables | % of Ending Pool Balance | 91-120 Days Delinquent in $ | 91-120 Days Delinquent Number of Receivables | % of Ending Pool Balance | Over 120 Days Delinquent in $ | Over 120 Days Delinquent Number of Receivables | % of Ending Pool Balance | |||||||||||||
Jun-15 | 1,616,945,465.46 | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0 | 0 | 0.00% | |||||||||||||
Jul-15 | 1,511,912,679.94 | 1,397,613.61 | 40 | 0.09% | 245,308.20 | 6 | 0.02% | 55,154.46 | 1 | 0.00% | 0 | 0 | 0.00% | |||||||||||||
Aug-15 | 1,461,983,355.30 | 2,323,232.36 | 56 | 0.16% | 382,476.79 | 9 | 0.03% | 309,750.77 | 5 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Sep-15 | 1,414,350,881.34 | 2,063,015.73 | 60 | 0.15% | 660,465.83 | 16 | 0.05% | 226,759.45 | 5 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Oct-15 | 1,366,695,070.25 | 2,166,907.47 | 61 | 0.16% | 621,614.40 | 15 | 0.05% | 347,603.09 | 8 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Nov-15 | 1,323,250,542.87 | 2,680,345.89 | 90 | 0.20% | 722,767.80 | 18 | 0.05% | 367,359.80 | 10 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Dec-15 | 1,276,967,499.24 | 2,627,135.80 | 72 | 0.21% | 1,006,338.83 | 26 | 0.08% | 428,861.82 | 9 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Jan-16 | 1,232,568,429.49 | 2,326,081.04 | 71 | 0.19% | 734,130.77 | 20 | 0.06% | 654,471.49 | 15 | 0.05% | 0 | 0 | 0.00% | |||||||||||||
Feb-16 | 1,186,738,510.42 | 2,795,925.25 | 78 | 0.24% | 787,370.02 | 24 | 0.07% | 426,880.28 | 10 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Mar-16 | 1,140,249,491.26 | 3,041,537.69 | 91 | 0.27% | 1,033,262.62 | 26 | 0.09% | 457,349.65 | 12 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Apr-16 | 1,097,812,510.77 | 2,367,914.50 | 84 | 0.22% | 720,728.18 | 23 | 0.07% | 664,501.29 | 13 | 0.06% | 0 | 0 | 0.00% | |||||||||||||
May-16 | 1,053,451,378.88 | 3,350,230.22 | 109 | 0.32% | 519,764.36 | 16 | 0.05% | 231,005.23 | 9 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Jun-16 | 1,010,389,981.39 | 2,864,003.08 | 95 | 0.28% | 935,613.80 | 31 | 0.09% | 307,147.05 | 8 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Jul-16 | 970,861,439.84 | 2,661,935.01 | 90 | 0.27% | 724,691.97 | 26 | 0.07% | 271,436.65 | 10 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Aug-16 | 928,454,839.25 | 2,068,736.94 | 76 | 0.22% | 873,850.01 | 27 | 0.09% | 146,593.27 | 7 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Sep-16 | 889,105,435.37 | 3,076,413.44 | 88 | 0.35% | 591,213.16 | 22 | 0.07% | 136,506.87 | 8 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Oct-16 | 852,501,412.19 | 2,359,855.48 | 91 | 0.28% | 1,346,562.35 | 33 | 0.16% | 205,096.45 | 9 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Nov-16 | 816,069,178.96 | 3,221,624.85 | 105 | 0.39% | 650,662.62 | 23 | 0.08% | 324,824.72 | 10 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Dec-16 | 777,978,382.86 | 3,140,459.41 | 97 | 0.40% | 877,211.27 | 32 | 0.11% | 1,994.17 | 3 | 0.00% | 0 | 0 | 0.00% | |||||||||||||
Jan-17 | 742,186,762.20 | 2,510,697.66 | 93 | 0.34% | 786,634.77 | 27 | 0.11% | 176,778.07 | 8 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Feb-17 | 709,705,436.33 | 3,085,720.94 | 110 | 0.43% | 1,171,618.50 | 35 | 0.17% | 121,491.88 | 4 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Mar-17 | 674,291,628.14 | 2,395,343.76 | 92 | 0.36% | 1,250,987.05 | 38 | 0.19% | 198,195.35 | 5 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Apr-17 | 643,816,609.27 | 2,493,588.25 | 100 | 0.39% | 645,844.81 | 21 | 0.10% | 229,732.14 | 9 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
May-17 | 610,542,194.62 | 2,329,559.31 | 107 | 0.38% | 964,063.20 | 32 | 0.16% | 168,651.38 | 7 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Jun-17 | 578,842,047.39 | 2,059,990.73 | 93 | 0.36% | 761,117.01 | 31 | 0.13% | 128,995.91 | 5 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Jul-17 | 547,777,197.40 | 1,928,630.13 | 85 | 0.35% | 432,088.28 | 22 | 0.08% | 154,019.80 | 8 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Aug-17 | 516,993,311.40 | 2,071,329.31 | 83 | 0.40% | 536,391.59 | 25 | 0.10% | 153,959.54 | 8 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Sep-17 | 489,947,452.56 | 1,788,648.95 | 82 | 0.37% | 471,669.11 | 22 | 0.10% | 42,463.82 | 4 | 0.01% | 0 | 0 | 0.00% | |||||||||||||
Oct-17 | 460,588,433.82 | 1,823,765.25 | 92 | 0.40% | 730,271.85 | 31 | 0.16% | 43,222.02 | 4 | 0.01% | 0 | 0 | 0.00% | |||||||||||||
Nov-17 | 434,486,951.73 | 1,816,581.07 | 95 | 0.42% | 665,987.28 | 33 | 0.15% | 172,175.93 | 6 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Dec-17 | 409,456,300.19 | 2,310,543.60 | 113 | 0.56% | 811,642.12 | 34 | 0.20% | 170,801.95 | 9 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Jan-18 | 382,626,544.05 | 1,986,815.95 | 86 | 0.52% | 646,045.20 | 30 | 0.17% | 144,342.69 | 8 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Feb-18 | 359,740,297.89 | 2,146,799.34 | 108 | 0.60% | 565,414.86 | 27 | 0.16% | 144,847.51 | 6 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Mar-18 | 335,646,831.82 | 1,745,625.05 | 78 | 0.52% | 428,477.20 | 24 | 0.13% | 57,810.89 | 3 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Apr-18 | 314,404,961.95 | 1,686,150.97 | 92 | 0.54% | 759,561.97 | 31 | 0.24% | 27,969.84 | 4 | 0.01% | 0 | 0 | 0.00% | |||||||||||||
May-18 | 293,752,916.60 | 1,597,085.57 | 93 | 0.54% | 566,384.00 | 28 | 0.19% | 134,701.71 | 6 | 0.05% | 0 | 0 | 0.00% |
Period | Ending Pool Balance in $ | 31-60 Days Delinquent in $ | 31-60 Days Delinquent Number of Receivables | % of Ending Pool Balance | 61-90 Days Delinquent in $ | 61-90 Days Delinquent Number of Receivables | % of Ending Pool Balance | 91-120 Days Delinquent in $ | 91-120 Days Delinquent Number of Receivables | % of Ending Pool Balance | Over 120 Days Delinquent in $ | Over 120 Days Delinquent Number of Receivables | % of Ending Pool Balance | |||||||||||||
Jun-18 | 274,234,665.32 | 1,752,164.13 | 102 | 0.64% | 443,366.93 | 23 | 0.16% | 198,483.94 | 12 | 0.07% | 0 | 0 | 0.00% | |||||||||||||
Jul-18 | 254,909,104.49 | 1,709,814.43 | 102 | 0.67% | 625,974.21 | 32 | 0.25% | 62,916.22 | 5 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
Aug-18 | 236,530,869.61 | 1,665,163.04 | 103 | 0.70% | 445,837.82 | 22 | 0.19% | 187,428.24 | 10 | 0.08% | 0 | 0 | 0.00% | |||||||||||||
Sep-18 | 220,007,622.87 | 1,410,853.72 | 84 | 0.64% | 531,666.30 | 27 | 0.24% | 122,170.75 | 8 | 0.06% | 0 | 0 | 0.00% | |||||||||||||
Oct-18 | 202,942,271.55 | 1,505,273.34 | 102 | 0.74% | 400,464.59 | 22 | 0.20% | 220,885.33 | 8 | 0.11% | 0 | 0 | 0.00% | |||||||||||||
Nov-18 | 186,832,352.94 | 1,249,789.70 | 90 | 0.67% | 590,505.20 | 35 | 0.32% | 122,280.22 | 6 | 0.07% | 0 | 0 | 0.00% | |||||||||||||
Dec-18 | 171,059,735.01 | 1,112,762.67 | 98 | 0.65% | 475,233.68 | 35 | 0.28% | 54,848.93 | 5 | 0.03% | 0 | 0 | 0.00% | |||||||||||||
Jan-19 | 156,363,384.55 | 971,416.14 | 83 | 0.62% | 405,966.67 | 30 | 0.26% | 92,207.90 | 8 | 0.06% | 0 | 0 | 0.00% | |||||||||||||
Feb-19 | 143,164,139.11 | 989,178.00 | 80 | 0.69% | 323,966.50 | 22 | 0.23% | 84,662.90 | 6 | 0.06% | 0 | 0 | 0.00% | |||||||||||||
Mar-19 | 130,511,435.56 | 865,405.85 | 79 | 0.66% | 217,846.38 | 18 | 0.17% | 241.45 | 1 | 0.00% | 0 | 0 | 0.00% | |||||||||||||
Apr-19 | 117,984,972.78 | 946,466.68 | 91 | 0.80% | 320,438.36 | 27 | 0.27% | 24,676.49 | 5 | 0.02% | 0 | 0 | 0.00% | |||||||||||||
May-19 | 106,406,006.77 | 968,019.44 | 83 | 0.91% | 242,453.28 | 26 | 0.23% | 44,575.67 | 5 | 0.04% | 0 | 0 | 0.00% | |||||||||||||
Jun-19 | 96,141,700.43 | 790,309.93 | 77 | 0.82% | 344,883.59 | 28 | 0.36% | 64,155.60 | 9 | 0.07% | 0 | 0 | 0.00% |
(1) | A receivable is not considered delinquent if the amount past due is less than 10% of the payment due under such receivable. |
Period | Gross Principal Losses in $ | Recoveries in $ | Net Principal Losses in $ | Cumulative Net Principal Losses as % of Cutoff Date Pool Balance | ||||
Jul-15 | 1,693.37 | 0.00 | 1,693.37 | 0.000% | ||||
Aug-15 | 56,109.29 | 0.00 | 56,109.29 | 0.004% | ||||
Sep-15 | 337,547.20 | 6,245.28 | 331,301.92 | 0.024% | ||||
Oct-15 | 378,384.68 | 150,226.53 | 228,158.15 | 0.038% | ||||
Nov-15 | 194,711.66 | 347,919.81 | -153,208.15 | 0.029% | ||||
Dec-15 | 317,785.95 | 152,040.68 | 165,745.27 | 0.039% | ||||
Jan-16 | 367,376.27 | 88,711.18 | 278,665.09 | 0.056% | ||||
Feb-16 | 563,977.73 | 142,760.55 | 421,217.18 | 0.082% | ||||
Mar-16 | 291,863.16 | 236,382.90 | 55,480.26 | 0.086% | ||||
Apr-16 | 519,259.05 | 170,153.45 | 349,105.60 | 0.107% | ||||
May-16 | 1,350,844.53 | 228,334.51 | 1,122,510.02 | 0.177% | ||||
Jun-16 | 425,958.72 | 541,675.38 | -115,716.66 | 0.170% | ||||
Jul-16 | 217,517.50 | 293,248.14 | -75,730.64 | 0.165% | ||||
Aug-16 | 590,145.04 | 341,193.21 | 248,951.83 | 0.180% | ||||
Sep-16 | 424,238.94 | 279,738.93 | 144,500.01 | 0.189% | ||||
Oct-16 | 428,225.34 | 283,486.68 | 144,738.66 | 0.198% | ||||
Nov-16 | 760,023.68 | 353,523.33 | 406,500.35 | 0.223% | ||||
Dec-16 | 680,303.55 | 493,537.68 | 186,765.87 | 0.235% | ||||
Jan-17 | 457,909.32 | 344,213.10 | 113,696.22 | 0.242% | ||||
Feb-17 | 481,078.48 | 557,161.22 | -76,082.74 | 0.237% | ||||
Mar-17 | 537,895.78 | 299,432.75 | 238,463.03 | 0.252% | ||||
Apr-17 | 455,794.34 | 382,668.35 | 73,125.99 | 0.256% | ||||
May-17 | 437,757.08 | 400,284.04 | 37,473.04 | 0.259% | ||||
Jun-17 | 363,539.50 | 225,789.51 | 137,749.99 | 0.267% | ||||
Jul-17 | 359,315.98 | 346,246.82 | 13,069.16 | 0.268% | ||||
Aug-17 | 342,430.01 | 173,695.69 | 168,734.32 | 0.278% | ||||
Sep-17 | 253,275.41 | 287,406.78 | -34,131.37 | 0.276% | ||||
Oct-17 | 511,770.49 | 531,432.85 | -19,662.36 | 0.275% | ||||
Nov-17 | 335,131.83 | 354,082.24 | -18,950.41 | 0.274% | ||||
Dec-17 | 383,631.55 | 313,541.80 | 70,089.75 | 0.278% | ||||
Jan-18 | 422,109.80 | 226,550.22 | 195,559.58 | 0.290% | ||||
Feb-18 | 282,172.46 | 320,132.22 | -37,959.76 | 0.288% | ||||
Mar-18 | 257,538.85 | 249,365.25 | 8,173.60 | 0.289% | ||||
Apr-18 | 73,796.99 | 148,721.82 | -74,924.83 | 0.284% | ||||
May-18 | 155,056.03 | 163,145.06 | -8,089.03 | 0.283% | ||||
Jun-18 | 323,066.10 | 230,384.59 | 92,681.51 | 0.289% | ||||
Jul-18 | 210,594.55 | 91,569.07 | 119,025.48 | 0.297% | ||||
Aug-18 | 249,057.19 | 247,475.03 | 1,582.16 | 0.297% | ||||
Sep-18 | 188,320.95 | 116,772.15 | 71,548.80 | 0.301% | ||||
Oct-18 | 255,544.34 | 69,059.53 | 186,484.81 | 0.313% | ||||
Nov-18 | 365,359.60 | 203,350.21 | 162,009.39 | 0.323% | ||||
Dec-18 | 185,445.99 | 118,206.02 | 67,239.97 | 0.327% | ||||
Jan-19 | 120,691.61 | 119,821.10 | 870.51 | 0.327% | ||||
Feb-19 | 151,385.88 | 158,028.34 | -6,642.46 | 0.326% | ||||
Mar-19 | 116,291.93 | 149,933.77 | -33,641.84 | 0.324% | ||||
Apr-19 | 38,482.69 | 171,988.30 | -133,505.61 | 0.316% | ||||
May-19 | 76,169.32 | 215,111.97 | -138,942.65 | 0.307% | ||||
Jun-19 | 55,439.21 | 81,077.74 | -25,638.53 | 0.306% |
Closing Date | September 14, 2016 | |||
Cutoff Date | July 31, 2016 | |||
Aggregate Principal Balance | $ | 1,591,275,988.02 | ||
Number of Receivables | 59,357 | |||
Average Principal Balance | $ | 26,808.56 | ||
Principal Balance (Range) | $ | 2,001.98 to $196,981.11 | ||
Average Original Principal Balance | $ | 38,182.89 | ||
Original Principal Balance (Range) | $ | 4,959.86 to $229,009.55 | ||
Percentage of New Vehicles | 29.87 | % | ||
Percentage of Pre-owned Vehicles | 70.13 | % | ||
Weighted Average Contract Rate | 3.09 | % | ||
Contract Rate (Range) | 0.00% to 11.99 | % | ||
Weighted Average Original Term(1) | 65.78 months | |||
Original Term (Range)(1) | 18 to 72 months | |||
Weighted Average Remaining Term(2) | 50.38 months | |||
Remaining Term (Range)(2) | 2 to 71 months | |||
Weighted Average FICO® Score(3) | 767.90 | |||
Range of FICO® Scores(3) | 651 to 899 |
(1) | Based on the number of scheduled monthly payments at origination. |
(2) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(3) | The FICO® score with respect to any receivable with co-obligors is the highest of each obligor’s FICO® score at the time of application. |
Remaining Term Range | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
2 months to 12 months | 4,723 | 7.96 | % | $ | 28,434,186.89 | 1.79 | % | |||||||||
13 months to 24 months | 4,897 | 8.25 | 70,745,857.38 | 4.45 | ||||||||||||
25 months to 36 months | 7,394 | 12.46 | 154,007,240.59 | 9.68 | ||||||||||||
37 months to 48 months | 12,256 | 20.65 | 320,019,263.65 | 20.11 | ||||||||||||
49 months to 60 months | 19,253 | 32.44 | 636,482,614.90 | 40.00 | ||||||||||||
61 months to 72 months | 10,834 | 18.25 | 381,586,824.61 | 23.98 | ||||||||||||
Total | 59,357 | 100.00 | % | $ | 1,591,275,988.02 | 100.00 | % |
(1) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(2) | Percentages may not add up to 100.00% due to rounding. |
Obligor Mailing Address | Number of Receivables | Percentage of Total Number of Receivables | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance | ||||||||||||
California | 11,799 | 19.88 | % | $ | 304,846,139.75 | 19.16 | % | |||||||||
Texas | 6,086 | 10.25 | 185,181,156.75 | 11.64 | ||||||||||||
Florida | 5,926 | 9.98 | 168,692,763.08 | 10.60 | ||||||||||||
New York | 4,491 | 7.57 | 118,836,655.80 | 7.47 | ||||||||||||
Total | 28,302 | 47.68 | % | $ | 777,556,715.38 | 48.87 | % |
(1) | Prepayment assumption based on 1.3% ABS speed. For more information regarding the prepayment assumption model, you should refer to “Weighted Average Lives of the Notes” in this Prospectus. |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
Close Date | 1,591,275,988.02 | 1.00 | 1,591,275,988.02 | 1.00 | |||||
1 | 15-Oct-16 | 1,471,703,362.28 | 0.92 | 1,474,609,195.27 | 0.93 | ||||
2 | 15-Nov-16 | 1,413,747,081.92 | 0.89 | 1,420,931,275.96 | 0.89 | ||||
3 | 15-Dec-16 | 1,357,016,557.53 | 0.85 | 1,369,799,154.44 | 0.86 | ||||
4 | 15-Jan-17 | 1,301,516,108.51 | 0.82 | 1,315,474,927.00 | 0.83 | ||||
5 | 15-Feb-17 | 1,247,250,069.27 | 0.78 | 1,261,576,876.26 | 0.79 | ||||
6 | 15-Mar-17 | 1,194,222,789.28 | 0.75 | 1,211,664,461.75 | 0.76 | ||||
7 | 15-Apr-17 | 1,142,438,633.12 | 0.72 | 1,161,224,336.62 | 0.73 | ||||
8 | 15-May-17 | 1,091,901,980.57 | 0.69 | 1,114,938,667.97 | 0.70 | ||||
9 | 15-Jun-17 | 1,044,527,221.09 | 0.66 | 1,064,968,064.21 | 0.67 | ||||
10 | 15-Jul-17 | 998,156,229.38 | 0.63 | 1,018,204,166.21 | 0.64 | ||||
11 | 15-Aug-17 | 952,792,697.05 | 0.60 | 974,688,769.24 | 0.61 | ||||
12 | 15-Sep-17 | 908,440,329.08 | 0.57 | 929,746,939.76 | 0.58 | ||||
13 | 15-Oct-17 | 865,102,843.88 | 0.54 | 888,182,525.72 | 0.56 | ||||
14 | 15-Nov-17 | 822,783,973.34 | 0.52 | 846,131,257.58 | 0.53 | ||||
15 | 15-Dec-17 | 781,487,462.86 | 0.49 | 807,718,472.97 | 0.51 | ||||
16 | 15-Jan-18 | 741,217,071.42 | 0.47 | 770,210,789.70 | 0.48 | ||||
17 | 15-Feb-18 | 701,976,571.65 | 0.44 | 730,458,883.45 | 0.46 | ||||
18 | 15-Mar-18 | 663,769,749.85 | 0.42 | 695,216,670.34 | 0.44 | ||||
19 | 15-Apr-18 | 626,717,036.65 | 0.39 | 658,813,585.25 | 0.41 | ||||
20 | 15-May-18 | 592,767,864.00 | 0.37 | 624,827,958.41 | 0.39 | ||||
21 | 15-Jun-18 | 559,731,321.70 | 0.35 | 592,087,928.92 | 0.37 | ||||
22 | 15-Jul-18 | 527,610,896.46 | 0.33 | 560,573,206.02 | 0.35 | ||||
23 | 15-Aug-18 | 496,410,087.93 | 0.31 | 529,807,252.09 | 0.33 | ||||
24 | 15-Sep-18 | 466,132,408.78 | 0.29 | 498,745,981.69 | 0.31 | ||||
25 | 15-Oct-18 | 436,781,384.73 | 0.27 | 471,532,158.16 | 0.30 | ||||
26 | 15-Nov-18 | 408,360,554.63 | 0.26 | 442,696,513.55 | 0.28 | ||||
27 | 15-Dec-18 | 380,873,470.46 | 0.24 | 415,324,782.60 | 0.26 | ||||
28 | 15-Jan-19 | 354,323,697.44 | 0.22 | 389,834,318.63 | 0.24 | ||||
29 | 15-Feb-19 | 328,714,814.06 | 0.21 | 364,984,691.42 | 0.23 | ||||
30 | 15-Mar-19 | 304,050,412.13 | 0.19 | 342,905,117.24 | 0.22 | ||||
31 | 15-Apr-19 | 282,492,782.19 | 0.18 | 319,937,157.62 | 0.20 | ||||
32 | 15-May-19 | 261,829,817.00 | 0.16 | 298,028,510.27 | 0.19 | ||||
33 | 15-Jun-19 | 241,948,146.73 | 0.15 | 277,529,724.98 | 0.17 | ||||
34 | 15-Jul-19 | 222,850,906.05 | 0.14 | 258,870,905.72 | 0.16 | ||||
35 | 15-Aug-19 | 204,541,241.72 | 0.13 | 239,291,003.83 | 0.15 | ||||
36 | 15-Sep-19 | 187,022,312.64 | 0.12 | 220,566,728.29 | 0.14 | ||||
37 | 15-Oct-19 | 170,297,289.92 | 0.11 | 203,252,997.21 | 0.13 | ||||
38 | 15-Nov-19 | 154,369,356.89 | 0.10 | 185,883,324.83 | 0.12 | ||||
39 | 15-Dec-19 | 139,241,709.18 | 0.09 | 171,049,972.54 | 0.11 | ||||
40 | 15-Jan-20 | 124,917,554.76 | 0.08 | 155,999,718.56 | 0.10 | ||||
41 | 15-Feb-20 | 111,400,113.99 | 0.07 | 141,862,073.00 | 0.09 | ||||
42 | 15-Mar-20 | 98,692,619.67 | 0.06 | 129,114,329.80 | 0.08 |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
43 | 15-Apr-20 | 88,578,871.82 | 0.06 | 116,861,185.32 | 0.07 | ||||
44 | 15-May-20 | 79,009,972.56 | 0.05 | ||||||
45 | 15-Jun-20 | 69,988,204.94 | 0.04 | ||||||
46 | 15-Jul-20 | 61,515,861.27 | 0.04 | ||||||
47 | 15-Aug-20 | 53,595,243.18 | 0.03 | ||||||
48 | 15-Sep-20 | 46,228,661.66 | 0.03 | ||||||
49 | 15-Oct-20 | 39,418,437.10 | 0.02 | ||||||
50 | 15-Nov-20 | 33,166,899.33 | 0.02 | ||||||
51 | 15-Dec-20 | 27,476,387.64 | 0.02 | ||||||
52 | 15-Jan-21 | 22,349,250.87 | 0.01 | ||||||
53 | 15-Feb-21 | 17,787,847.41 | 0.01 | ||||||
54 | 15-Mar-21 | 13,794,545.24 | 0.01 | ||||||
55 | 15-Apr-21 | 11,442,169.97 | 0.01 | ||||||
56 | 15-May-21 | 9,454,792.57 | 0.01 | ||||||
57 | 15-Jun-21 | 7,644,488.09 | 0.00 | ||||||
58 | 15-Jul-21 | 6,012,079.39 | 0.00 | ||||||
59 | 15-Aug-21 | 4,558,393.12 | 0.00 | ||||||
60 | 15-Sep-21 | 3,284,259.77 | 0.00 | ||||||
61 | 15-Oct-21 | 2,190,513.67 | 0.00 | ||||||
62 | 15-Nov-21 | 1,277,992.99 | 0.00 | ||||||
63 | 15-Dec-21 | 547,539.80 | 0.00 |
Period | Scheduled Principal in $ | Principal Coll. According to Investor Report in $ | Unscheduled Principal in $ | Principal Defaulted Amounts in $ | Ending Pool Balance in $ | Weighted Average Seasoning | All –In SMM | ABS Speed | ||||||||
Aug-16 | 1,591,275,988.02 | 15.40 | ||||||||||||||
Sep-16 | 34,582,977.48 | 115,836,611.63 | 81,253,634.15 | 830,181.12 | 1,474,609,195.27 | 17.31 | 2.64% | 1.88% | ||||||||
Oct-16 | 34,627,977.48 | 53,216,452.03 | 18,588,474.55 | 461,467.28 | 1,420,931,275.96 | 18.23 | 1.32% | 1.08% | ||||||||
Nov-16 | 33,445,537.20 | 50,637,010.64 | 17,191,473.44 | 495,110.88 | 1,369,799,154.44 | 19.06 | 1.27% | 1.03% | ||||||||
Dec-16 | 32,872,626.67 | 53,396,826.76 | 20,524,200.09 | 927,400.68 | 1,315,474,927.00 | 19.06 | 1.60% | 1.23% | ||||||||
Jan-17 | 31,439,783.97 | 53,148,440.74 | 21,708,656.77 | 749,610.00 | 1,261,576,876.26 | 20.83 | 1.75% | 1.31% | ||||||||
Feb-17 | 30,318,943.23 | 48,924,230.11 | 18,605,286.88 | 988,184.40 | 1,211,664,461.75 | 21.57 | 1.59% | 1.20% | ||||||||
Mar-17 | 29,546,565.38 | 49,627,625.15 | 20,081,059.77 | 812,499.98 | 1,161,224,336.62 | 22.59 | 1.77% | 1.28% | ||||||||
Apr-17 | 28,876,314.44 | 45,567,509.44 | 16,691,195.00 | 718,159.21 | 1,114,938,667.97 | 23.44 | 1.54% | 1.14% | ||||||||
May-17 | 28,246,913.79 | 48,870,962.57 | 20,624,048.78 | 1,099,641.19 | 1,064,968,064.21 | 24.37 | 2.00% | 1.36% | ||||||||
Jun-17 | 26,773,057.43 | 46,125,153.05 | 19,352,095.62 | 638,744.95 | 1,018,204,166.21 | 25.22 | 1.93% | 1.31% | ||||||||
Jul-17 | 26,289,017.92 | 43,047,215.38 | 16,758,197.46 | 468,181.59 | 974,688,769.24 | 26.17 | 1.74% | 1.21% | ||||||||
Aug-17 | 26,394,094.40 | 44,266,936.22 | 17,872,841.82 | 674,893.26 | 929,746,939.76 | 27.09 | 1.96% | 1.29% | ||||||||
Sep-17 | 25,819,528.90 | 40,845,999.53 | 15,026,470.63 | 718,414.51 | 888,182,525.72 | 27.97 | 1.74% | 1.18% | ||||||||
Oct-17 | 26,544,833.26 | 40,735,119.36 | 14,190,286.10 | 1,316,148.78 | 846,131,257.58 | 28.94 | 1.80% | 1.20% | ||||||||
Nov-17 | 26,790,104.49 | 37,490,284.26 | 10,700,179.77 | 922,500.35 | 807,718,472.97 | 29.82 | 1.42% | 1.01% | ||||||||
Dec-17 | 24,805,851.16 | 36,572,442.09 | 11,766,590.93 | 935,241.18 | 770,210,789.70 | 29.82 | 1.62% | 1.09% | ||||||||
Jan-18 | 23,323,646.34 | 38,939,555.25 | 15,615,908.91 | 812,351.00 | 730,458,883.45 | 31.72 | 2.20% | 1.33% | ||||||||
Feb-18 | 22,248,739.20 | 34,311,175.14 | 12,062,435.94 | 931,037.97 | 695,216,670.34 | 32.51 | 1.83% | 1.16% | ||||||||
Mar-18 | 21,575,760.78 | 35,451,344.48 | 13,875,583.70 | 951,740.61 | 658,813,585.25 | 33.58 | 2.20% | 1.28% | ||||||||
Apr-18 | 21,035,915.54 | 33,113,523.07 | 12,077,607.53 | 872,103.77 | 624,827,958.41 | 34.45 | 2.03% | 1.21% |
Period | Scheduled Principal in $ | Principal Coll. According to Investor Report in $ | Unscheduled Principal in $ | Principal Defaulted Amounts in $ | Ending Pool Balance in $ | Weighted Average Seasoning | All –In SMM | ABS Speed | ||||||||
May-18 | 20,469,459.95 | 32,162,405.74 | 11,692,945.79 | 577,623.75 | 592,087,928.92 | 35.41 | 2.03% | 1.19% | ||||||||
Jun-18 | 19,748,129.50 | 30,821,603.20 | 11,073,473.70 | 693,119.70 | 560,573,206.02 | 36.29 | 2.06% | 1.19% | ||||||||
Jul-18 | 19,331,338.34 | 30,396,336.86 | 11,064,998.52 | 369,617.07 | 529,807,252.09 | 37.26 | 2.11% | 1.20% | ||||||||
Aug-18 | 19,061,678.82 | 30,330,361.05 | 11,268,682.23 | 730,909.35 | 498,745,981.69 | 38.18 | 2.35% | 1.25% | ||||||||
Sep-18 | 18,301,682.90 | 26,523,954.26 | 8,222,271.36 | 689,869.27 | 471,532,158.16 | 39.06 | 1.85% | 1.09% | ||||||||
Oct-18 | 17,545,800.14 | 28,130,978.56 | 10,585,178.42 | 704,666.05 | 442,696,513.55 | 40.01 | 2.49% | 1.26% | ||||||||
Nov-18 | 16,912,401.74 | 26,924,112.71 | 10,011,710.97 | 447,618.24 | 415,324,782.60 | 40.89 | 2.46% | 1.24% | ||||||||
Dec-18 | 16,551,735.19 | 25,200,824.70 | 8,649,089.51 | 289,639.27 | 389,834,318.63 | 41.83 | 2.24% | 1.17% | ||||||||
Jan-19 | 15,639,459.43 | 24,101,882.73 | 8,462,423.30 | 747,744.48 | 364,984,691.42 | 42.72 | 2.46% | 1.21% | ||||||||
Feb-19 | 14,962,985.87 | 21,602,044.06 | 6,639,058.19 | 477,530.12 | 342,905,117.24 | 43.49 | 2.03% | 1.09% | ||||||||
Mar-19 | 14,451,521.20 | 22,670,298.07 | 8,218,776.87 | 297,661.55 | 319,937,157.62 | 44.54 | 2.59% | 1.22% | ||||||||
Apr-19 | 14,013,314.03 | 21,565,769.13 | 7,552,455.10 | 342,878.22 | 298,028,510.27 | 45.37 | 2.58% | 1.20% | ||||||||
May-19 | 13,493,320.18 | 20,369,386.38 | 6,876,066.20 | 129,398.91 | 277,529,724.98 | 46.28 | 2.46% | 1.16% | ||||||||
Jun-19 | 12,903,754.96 | 18,495,637.52 | 5,591,882.56 | 163,181.74 | 258,870,905.72 | 47.11 | 2.17% | 1.08% | ||||||||
Jul-19 | 12,765,832.92 | 19,341,600.76 | 6,575,767.84 | 238,301.13 | 239,291,003.83 | 48.02 | 2.77% | 1.20% | ||||||||
Aug-19 | 12,075,658.66 | 18,431,027.98 | 6,355,369.32 | 293,247.56 | 220,566,728.29 | 48.90 | 2.93% | 1.22% | ||||||||
Sep-19 | 11,618,305.78 | 17,063,205.50 | 5,444,899.72 | 250,525.58 | 203,252,997.21 | 49.72 | 2.73% | 1.17% | ||||||||
Oct-19 | 11,070,535.10 | 16,998,625.51 | 5,928,090.41 | 371,046.87 | 185,883,324.83 | 50.61 | 3.28% | 1.25% | ||||||||
Nov-19 | 10,352,771.11 | 14,710,065.00 | 4,357,293.89 | 123,287.29 | 171,049,972.54 | 51.42 | 2.55% | 1.11% | ||||||||
Dec-19 | 10,095,330.82 | 14,766,218.09 | 4,670,887.27 | 284,035.89 | 155,999,718.56 | 52.30 | 3.08% | 1.19% | ||||||||
Jan-20 | 9,191,768.10 | 13,982,356.93 | 4,790,588.83 | 155,288.63 | 141,862,073.00 | 53.13 | 3.37% | 1.22% | ||||||||
Feb-20 | 8,730,435.86 | 12,590,728.09 | 3,860,292.23 | 157,015.11 | 129,114,329.80 | 53.88 | 3.02% | 1.16% | ||||||||
Mar-20 | 8,258,844.67 | 12,132,623.06 | 3,873,778.39 | 120,521.42 | 116,861,185.32 | 54.81 | 3.31% | 1.19% |
Period | Ending Pool Balance in $ | 31-60 Days Delinquent in $ | 31-60 Days Delinquent Number of Receivables | % of Ending Pool Balance | 61-90 Days Delinquent in $ | 61-90 Days Delinquent Number of Receivables | % of Ending Pool Balance | 91-120 Days Delinquent in $ | 91-120 Days Delinquent Number of Receivables | % of Ending Pool Balance | Over 120 Days Delinquent in $ | Over 120 Days Delinquent Number of Receivables | % of Ending Pool Balance | |||||||||||||
Aug-16 | 1,591,275,988.02 | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-16 | 1,474,609,195.27 | 2,208,786.45 | 63 | 0.15% | 473,311.88 | 8 | 0.03% | 97,674.24 | 2 | 0.01% | 0.00 | 0 | 0.00% | |||||||||||||
Oct-16 | 1,420,931,275.96 | 2,845,252.28 | 76 | 0.20% | 663,963.38 | 15 | 0.05% | 139,398.35 | 4 | 0.01% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-16 | 1,369,799,154.44 | 2,995,085.26 | 88 | 0.22% | 864,401.60 | 16 | 0.06% | 228,102.33 | 5 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-16 | 1,315,474,927.00 | 3,357,534.21 | 104 | 0.26% | 1,140,244.40 | 27 | 0.09% | 272,501.13 | 4 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-17 | 1,261,576,876.26 | 3,116,231.04 | 91 | 0.25% | 842,679.31 | 28 | 0.07% | 433,455.71 | 8 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-17 | 1,211,664,461.75 | 3,688,630.50 | 98 | 0.30% | 532,144.38 | 21 | 0.04% | 365,341.02 | 12 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-17 | 1,161,224,336.62 | 3,410,703.81 | 96 | 0.29% | 910,450.70 | 23 | 0.08% | 204,204.51 | 7 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Apr-17 | 1,114,938,667.97 | 2,986,722.75 | 91 | 0.27% | 906,490.21 | 31 | 0.08% | 330,267.01 | 6 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
May-17 | 1,064,968,064.21 | 3,418,298.45 | 106 | 0.32% | 919,980.44 | 27 | 0.09% | 297,340.67 | 11 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Jun-17 | 1,018,204,166.21 | 3,488,260.53 | 105 | 0.34% | 677,107.07 | 23 | 0.07% | 234,386.15 | 10 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Jul-17 | 974,688,769.24 | 3,724,829.75 | 113 | 0.38% | 786,105.39 | 31 | 0.08% | 259,257.21 | 9 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Aug-17 | 929,746,939.76 | 3,456,188.53 | 119 | 0.37% | 1,000,926.70 | 37 | 0.11% | 208,145.28 | 8 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-17 | 888,182,525.72 | 3,878,939.10 | 115 | 0.44% | 756,804.85 | 35 | 0.09% | 249,083.92 | 13 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Oct-17 | 846,131,257.58 | 3,993,690.66 | 135 | 0.47% | 931,462.38 | 32 | 0.11% | 233,738.94 | 13 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-17 | 807,718,472.97 | 3,485,594.78 | 125 | 0.43% | 766,250.93 | 30 | 0.09% | 295,178.48 | 10 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-17 | 770,210,789.70 | 4,253,486.29 | 151 | 0.55% | 996,733.35 | 44 | 0.13% | 270,791.22 | 13 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-18 | 730,458,883.45 | 3,941,479.92 | 137 | 0.54% | 943,375.15 | 35 | 0.13% | 317,657.00 | 13 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-18 | 695,216,670.34 | 3,401,778.72 | 127 | 0.49% | 1,658,078.19 | 48 | 0.24% | 416,483.75 | 16 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-18 | 658,813,585.25 | 3,370,304.97 | 119 | 0.51% | 803,323.02 | 28 | 0.12% | 586,626.08 | 17 | 0.09% | 0.00 | 0 | 0.00% | |||||||||||||
Apr-18 | 624,827,958.41 | 3,159,720.92 | 117 | 0.51% | 1,061,521.84 | 42 | 0.17% | 308,310.17 | 11 | 0.05% | 0.00 | 0 | 0.00% | |||||||||||||
May-18 | 592,087,928.92 | 3,173,516.59 | 133 | 0.54% | 838,681.14 | 29 | 0.14% | 342,450.15 | 10 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Jun-18 | 560,573,206.02 | 3,948,030.38 | 143 | 0.70% | 882,424.65 | 36 | 0.16% | 94,624.52 | 6 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Jul-18 | 529,807,252.09 | 2,890,781.73 | 121 | 0.55% | 1,174,441.75 | 40 | 0.22% | 327,258.25 | 14 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Aug-18 | 498,745,981.69 | 3,234,387.19 | 134 | 0.65% | 707,292.77 | 28 | 0.14% | 513,531.33 | 13 | 0.10% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-18 | 471,532,158.16 | 3,745,568.21 | 146 | 0.79% | 882,765.13 | 34 | 0.19% | 246,280.75 | 10 | 0.05% | 0.00 | 0 | 0.00% | |||||||||||||
Oct-18 | 442,696,513.55 | 3,855,232.79 | 157 | 0.87% | 795,435.21 | 30 | 0.18% | 268,032.61 | 9 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-18 | 415,324,782.60 | 3,262,763.60 | 147 | 0.79% | 977,173.73 | 39 | 0.24% | 263,531.78 | 10 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-18 | 389,834,318.63 | 3,096,800.47 | 143 | 0.79% | 1,102,109.93 | 46 | 0.28% | 399,667.18 | 12 | 0.10% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-19 | 364,984,691.42 | 2,891,076.64 | 142 | 0.79% | 872,535.62 | 38 | 0.24% | 307,060.48 | 13 | 0.08% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-19 | 342,905,117.24 | 3,065,773.57 | 144 | 0.89% | 677,853.69 | 41 | 0.20% | 161,000.91 | 9 | 0.05% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-19 | 319,937,157.62 | 2,064,838.56 | 105 | 0.65% | 464,194.13 | 19 | 0.15% | 189,673.19 | 15 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Apr-19 | 298,028,510.27 | 2,508,561.39 | 123 | 0.84% | 327,553.92 | 20 | 0.11% | 154,586.66 | 5 | 0.05% | 0.00 | 0 | 0.00% | |||||||||||||
May-19 | 277,529,724.98 | 2,186,686.59 | 117 | 0.79% | 423,898.52 | 22 | 0.15% | 192,178.06 | 6 | 0.07% | 0.00 | 0 | 0.00% | |||||||||||||
Jun-19 | 258,870,905.72 | 2,363,724.03 | 134 | 0.91% | 395,565.79 | 19 | 0.15% | 96,328.56 | 4 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Jul-19 | 239,291,003.83 | 1,905,579.26 | 113 | 0.80% | 638,098.35 | 32 | 0.27% | 258,498.96 | 10 | 0.11% | 0.00 | 0 | 0.00% | |||||||||||||
Aug-19 | 220,566,728.29 | 2,075,274.85 | 119 | 0.94% | 486,953.79 | 27 | 0.22% | 233,746.86 | 12 | 0.11% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-19 | 203,252,997.21 | 1,931,236.39 | 122 | 0.95% | 435,940.08 | 24 | 0.21% | 212,410.42 | 8 | 0.10% | 0.00 | 0 | 0.00% |
Period | Ending Pool Balance in $ | 31-60 Days Delinquent in $ | 31-60 Days Delinquent Number of Receivables | % of Ending Pool Balance | 61-90 Days Delinquent in $ | 61-90 Days Delinquent Number of Receivables | % of Ending Pool Balance | 91-120 Days Delinquent in $ | 91-120 Days Delinquent Number of Receivables | % of Ending Pool Balance | Over 120 Days Delinquent in $ | Over 120 Days Delinquent Number of Receivables | % of Ending Pool Balance | |||||||||||||
Oct-19 | 185,883,324.83 | 1,579,911.51 | 113 | 0.85% | 401,462.44 | 22 | 0.22% | 72,913.28 | 8 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-19 | 171,049,972.54 | 1,714,845.37 | 120 | 1.00% | 359,673.00 | 22 | 0.21% | 134,331.63 | 10 | 0.08% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-19 | 155,999,718.56 | 1,305,580.17 | 118 | 0.84% | 355,779.10 | 23 | 0.23% | 135,710.13 | 10 | 0.09% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-20 | 141,862,073.00 | 1,266,810.46 | 104 | 0.89% | 318,659.79 | 29 | 0.22% | 129,397.83 | 8 | 0.09% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-20 | 129,114,329.80 | 1,281,171.80 | 104 | 0.99% | 347,394.94 | 29 | 0.27% | 130,326.00 | 11 | 0.10% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-20 | 116,861,185.32 | 1,244,936.59 | 111 | 1.07% | 361,196.68 | 33 | 0.31% | 83,844.90 | 9 | 0.07% | 0.00 | 0 | 0.00% |
(1) | A receivable is not considered delinquent if the amount past due is less than 10% of the payment due under such receivable. |
Period | Gross Principal Losses in $ | Recoveries in $ | Net Principal Losses in $ | Cumulative Net Principal Losses as % of Cutoff Date Pool Balance | ||||
Sep-16 | 830,181.12 | 309,706.23 | 520,474.89 | 0.033% | ||||
Oct-16 | 461,467.28 | 182,193.36 | 279,273.92 | 0.050% | ||||
Nov-16 | 495,110.88 | 210,378.43 | 284,732.45 | 0.068% | ||||
Dec-16 | 927,400.68 | 482,684.02 | 444,716.66 | 0.096% | ||||
Jan-17 | 749,610.00 | 320,053.71 | 429,556.29 | 0.123% | ||||
Feb-17 | 988,184.40 | 415,586.69 | 572,597.71 | 0.159% | ||||
Mar-17 | 812,499.98 | 495,135.08 | 317,364.90 | 0.179% | ||||
Apr-17 | 718,159.21 | 742,286.27 | -24,127.06 | 0.178% | ||||
May-17 | 1,099,641.19 | 675,405.13 | 424,236.06 | 0.204% | ||||
Jun-17 | 638,744.95 | 349,888.48 | 288,856.47 | 0.222% | ||||
Jul-17 | 468,181.59 | 686,388.35 | -218,206.76 | 0.209% | ||||
Aug-17 | 674,893.26 | 530,552.61 | 144,340.65 | 0.218% | ||||
Sep-17 | 718,414.51 | 386,757.52 | 331,656.99 | 0.239% | ||||
Oct-17 | 1,316,148.78 | 1,058,589.99 | 257,558.79 | 0.255% | ||||
Nov-17 | 922,500.35 | 560,985.88 | 361,514.47 | 0.277% | ||||
Dec-17 | 935,241.18 | 582,329.93 | 352,911.25 | 0.300% | ||||
Jan-18 | 812,351.00 | 477,287.55 | 335,063.45 | 0.321% | ||||
Feb-18 | 931,037.97 | 426,373.86 | 504,664.11 | 0.352% | ||||
Mar-18 | 951,740.61 | 627,170.45 | 324,570.16 | 0.373% | ||||
Apr-18 | 872,103.77 | 888,969.13 | -16,865.36 | 0.372% | ||||
May-18 | 577,623.75 | 466,154.56 | 111,469.19 | 0.379% | ||||
Jun-18 | 693,119.70 | 570,358.53 | 122,761.17 | 0.386% | ||||
Jul-18 | 369,617.07 | 297,231.58 | 72,385.49 | 0.391% | ||||
Aug-18 | 730,909.35 | 543,429.80 | 187,479.55 | 0.403% | ||||
Sep-18 | 689,869.27 | 380,540.28 | 309,328.99 | 0.422% | ||||
Oct-18 | 704,666.05 | 411,290.49 | 293,375.56 | 0.441% | ||||
Nov-18 | 447,618.24 | 475,971.78 | -28,353.54 | 0.439% | ||||
Dec-18 | 289,639.27 | 219,530.44 | 70,108.83 | 0.443% | ||||
Jan-19 | 747,744.48 | 400,003.81 | 347,740.67 | 0.465% | ||||
Feb-19 | 477,530.12 | 221,640.03 | 255,890.09 | 0.481% | ||||
Mar-19 | 297,661.55 | 217,893.14 | 79,768.41 | 0.486% | ||||
Apr-19 | 342,878.22 | 333,002.33 | 9,875.89 | 0.487% | ||||
May-19 | 129,398.91 | 360,838.35 | -231,439.44 | 0.472% | ||||
Jun-19 | 163,181.74 | 321,958.58 | -158,776.84 | 0.462% | ||||
Jul-19 | 238,301.13 | 229,514.81 | 8,786.32 | 0.463% | ||||
Aug-19 | 293,247.56 | 243,513.20 | 49,734.36 | 0.466% | ||||
Sep-19 | 250,525.58 | 183,404.93 | 67,120.65 | 0.470% | ||||
Oct-19 | 371,046.87 | 203,752.93 | 167,293.94 | 0.481% | ||||
Nov-19 | 123,287.29 | 204,622.77 | -81,335.48 | 0.476% | ||||
Dec-19 | 284,035.89 | 163,756.17 | 120,279.72 | 0.483% | ||||
Jan-20 | 155,288.63 | 209,894.48 | -54,605.85 | 0.480% | ||||
Feb-20 | 157,015.11 | 161,433.60 | -4,418.49 | 0.479% | ||||
Mar-20 | 120,521.42 | 143,129.03 | -22,607.61 | 0.478% |
Closing Date | July 25, 2018 | |||
Cutoff Date | May 31, 2018 | |||
Aggregate Principal Balance | $ | 1,508,391,985.09 | ||
Number of Receivables | 50,953 | |||
Average Principal Balance | $ | 29,603.60 | ||
Principal Balance (Range) | $ | 2,000.54 to $212,879.47 | ||
Average Original Principal Balance | $ | 40,453.19 | ||
Original Principal Balance (Range) | $ | 4,753.42 to $243,281.14 | ||
Percentage of New Vehicles | 48.05 | % | ||
Percentage of Pre-owned Vehicles | 51.95 | % | ||
Weighted Average Contract Rate | 3.39 | % | ||
Contract Rate (Range) | 0.00% to 11.49 | % | ||
Weighted Average Original Term(1) | 66.76 months | |||
Original Term (Range)(1) | 18 to 72 months | |||
Weighted Average Remaining Term(2) | 52.70 months | |||
Remaining Term (Range)(2) | 2 to 71 months | |||
Weighted Average FICO® Score(3) | 768.07 | |||
Range of FICO® Scores(3) | 651 to 899 |
(1) | Based on the number of scheduled monthly payments at origination. |
(2) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(3) | The FICO® score with respect to any receivable with co-obligors is the highest of each obligor’s FICO® score at the time of application. |
Remaining Term Range | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
2 months to 12 months | 2,747 | 5.39 | % | $ | 16,590,984.99 | 1.10 | % | |||||||||
13 months to 24 months | 4,363 | 8.56 | 53,231,640.25 | 3.53 | ||||||||||||
25 months to 36 months | 6,542 | 12.84 | 136,823,088.38 | 9.07 | ||||||||||||
37 months to 48 months | 8,698 | 17.07 | 234,744,653.18 | 15.56 | ||||||||||||
49 months to 60 months | 17,129 | 33.62 | 569,814,307.53 | 37.78 | ||||||||||||
61 months to 72 months | 11,474 | 22.52 | 497,187,310.76 | 32.96 | ||||||||||||
Total | 50,953 | 100.00 | % | $ | 1,508,391,985.09 | 100.00 | % |
(1) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(2) | Percentages may not add up to 100.00% due to rounding. |
Obligor Mailing Address | Number of Receivables | Percentage of Total Number of Receivables | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance | ||||||||||||
California | 10,285 | 20.19 | % | $ | 295,168,096.53 | 19.57 | % | |||||||||
Texas | 5,864 | 11.51 | 199,812,664.37 | 13.25 | ||||||||||||
Florida | 4,982 | 9.78 | 152,557,582.14 | 10.11 | ||||||||||||
New York | 3,713 | 7.29 | 105,841,637.97 | 7.02 | ||||||||||||
Total | 24,844 | 48.77 | % | $ | 753,379,981.01 | 49.95 | % |
(1) | Prepayment assumption based on 1.3% ABS speed. For more information regarding the prepayment assumption model, you should refer to “Weighted Average Lives of the Notes” in this Prospectus. |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
Close Date | 1,508,391,985.09 | 1.00 | 1,508,391,985.09 | 1.00 | |||||
1 | 15-Aug-18 | 1,400,495,232.48 | 0.93 | 1,412,328,883.58 | 0.94 | ||||
2 | 15-Sep-18 | 1,348,062,504.64 | 0.89 | 1,363,059,146.82 | 0.90 | ||||
3 | 15-Oct-18 | 1,296,645,483.05 | 0.86 | 1,318,586,267.71 | 0.87 | ||||
4 | 15-Nov-18 | 1,246,248,142.12 | 0.83 | 1,271,163,285.14 | 0.84 | ||||
5 | 15-Dec-18 | 1,196,874,471.46 | 0.79 | 1,226,233,251.98 | 0.81 | ||||
6 | 15-Jan-19 | 1,148,528,476.02 | 0.76 | 1,180,886,131.76 | 0.78 | ||||
7 | 15-Feb-19 | 1,101,214,176.09 | 0.73 | 1,133,563,125.06 | 0.75 | ||||
8 | 15-Mar-19 | 1,055,007,071.22 | 0.70 | 1,092,726,711.43 | 0.72 | ||||
9 | 15-Apr-19 | 1,011,072,449.33 | 0.67 | 1,051,066,963.82 | 0.70 | ||||
10 | 15-May-19 | 968,071,105.56 | 0.64 | 1,007,338,953.52 | 0.67 | ||||
11 | 15-Jun-19 | 926,006,812.17 | 0.61 | 964,966,506.40 | 0.64 | ||||
12 | 15-Jul-19 | 884,883,356.22 | 0.59 | 927,357,461.83 | 0.61 | ||||
13 | 15-Aug-19 | 844,704,539.60 | 0.56 | 887,850,708.49 | 0.59 | ||||
14 | 15-Sep-19 | 805,474,179.12 | 0.53 | 849,670,356.96 | 0.56 | ||||
15 | 15-Oct-19 | 767,196,106.54 | 0.51 | 812,875,357.94 | 0.54 | ||||
16 | 15-Nov-19 | 729,874,168.68 | 0.48 | 774,900,099.27 | 0.51 | ||||
17 | 15-Dec-19 | 693,512,227.42 | 0.46 | 741,836,442.05 | 0.49 | ||||
18 | 15-Jan-20 | 659,632,885.11 | 0.44 | 707,297,601.30 | 0.47 | ||||
19 | 15-Feb-20 | 626,667,167.23 | 0.42 | 672,654,592.61 | 0.45 | ||||
20 | 15-Mar-20 | 594,528,244.63 | 0.39 | 641,096,827.53 | 0.43 | ||||
21 | 15-Apr-20 | 563,219,578.71 | 0.37 | 609,575,037.83 | 0.40 | ||||
22 | 15-May-20 | 532,744,644.88 | 0.35 | ||||||
23 | 15-Jun-20 | 503,106,932.57 | 0.33 | ||||||
24 | 15-Jul-20 | 474,309,945.35 | 0.31 | ||||||
25 | 15-Aug-20 | 446,357,200.96 | 0.30 | ||||||
26 | 15-Sep-20 | 419,252,231.34 | 0.28 | ||||||
27 | 15-Oct-20 | 392,998,582.75 | 0.26 | ||||||
28 | 15-Nov-20 | 367,599,815.79 | 0.24 | ||||||
29 | 15-Dec-20 | 343,059,505.47 | 0.23 | ||||||
30 | 15-Jan-21 | 319,381,241.27 | 0.21 | ||||||
31 | 15-Feb-21 | 298,311,157.75 | 0.20 | ||||||
32 | 15-Mar-21 | 278,062,744.26 | 0.18 | ||||||
33 | 15-Apr-21 | 258,521,377.54 | 0.17 | ||||||
34 | 15-May-21 | 239,690,148.26 | 0.16 | ||||||
35 | 15-Jun-21 | 221,572,160.07 | 0.15 | ||||||
36 | 15-Jul-21 | 204,170,529.65 | 0.14 | ||||||
37 | 15-Aug-21 | 187,488,386.82 | 0.12 | ||||||
38 | 15-Sep-21 | 171,528,874.53 | 0.11 | ||||||
39 | 15-Oct-21 | 156,295,148.99 | 0.10 | ||||||
40 | 15-Nov-21 | 141,790,379.66 | 0.09 | ||||||
41 | 15-Dec-21 | 128,017,749.34 | 0.08 | ||||||
42 | 15-Jan-22 | 114,980,454.23 | 0.08 |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
43 | 15-Feb-22 | 104,050,686.83 | 0.07 | ||||||
44 | 15-Mar-22 | 93,665,479.25 | 0.06 | ||||||
45 | 15-Apr-22 | 83,827,281.88 | 0.06 | ||||||
46 | 15-May-22 | 74,538,555.71 | 0.05 | ||||||
47 | 15-Jun-22 | 65,801,772.36 | 0.04 | ||||||
48 | 15-Jul-22 | 57,619,414.13 | 0.04 | ||||||
49 | 15-Aug-22 | 49,993,974.06 | 0.03 | ||||||
50 | 15-Sep-22 | 42,927,955.99 | 0.03 | ||||||
51 | 15-Oct-22 | 36,423,874.54 | 0.02 | ||||||
52 | 15-Nov-22 | 30,484,255.25 | 0.02 | ||||||
53 | 15-Dec-22 | 25,111,634.58 | 0.02 | ||||||
54 | 15-Jan-23 | 20,308,559.93 | 0.01 | ||||||
55 | 15-Feb-23 | 17,330,993.35 | 0.01 | ||||||
56 | 15-Mar-23 | 14,576,354.53 | 0.01 | ||||||
57 | 15-Apr-23 | 12,045,746.12 | 0.01 | ||||||
58 | 15-May-23 | 9,740,275.92 | 0.01 | ||||||
59 | 15-Jun-23 | 7,661,056.89 | 0.01 | ||||||
60 | 15-Jul-23 | 5,809,207.17 | 0.00 | ||||||
61 | 15-Aug-23 | 4,185,850.14 | 0.00 | ||||||
62 | 15-Sep-23 | 2,792,114.39 | 0.00 | ||||||
63 | 15-Oct-23 | 1,629,133.79 | 0.00 | ||||||
64 | 15-Nov-23 | 698,047.51 | 0.00 |
Period | Scheduled Principal in $ | Principal Coll. According to Investor Report in $ | Unscheduled Principal in $ | Principal Defaulted Amounts in $ | Ending Pool Balance in $ | Weighted Average Seasoning | All-In SMM | ABS Speed | ||||||||
Jun-18 | 1,508,391,985.09 | 14.06 | ||||||||||||||
Jul-18 | 58,991,015.40 | 95,333,105.99 | 36,342,090.59 | 729,995.52 | 1,412,328,883.58 | 16.18 | 1.28% | 1.08% | ||||||||
Aug-18 | 29,732,797.33 | 48,645,285.49 | 18,912,488.16 | 624,451.27 | 1,363,059,146.82 | 17.06 | 1.41% | 1.15% | ||||||||
Sep-18 | 29,105,000.22 | 43,539,688.41 | 14,434,688.19 | 933,190.70 | 1,318,586,267.71 | 17.90 | 1.15% | 0.96% | ||||||||
Oct-18 | 29,016,600.18 | 46,663,031.31 | 17,646,431.13 | 759,951.26 | 1,271,163,285.14 | 18.80 | 1.43% | 1.14% | ||||||||
Nov-18 | 28,560,346.16 | 44,087,591.44 | 15,527,245.28 | 842,441.72 | 1,226,233,251.98 | 19.64 | 1.32% | 1.06% | ||||||||
Dec-18 | 28,237,318.75 | 44,611,613.57 | 16,374,294.82 | 735,506.65 | 1,180,886,131.76 | 20.56 | 1.43% | 1.12% | ||||||||
Jan-19 | 27,554,982.70 | 46,556,660.89 | 19,001,678.19 | 766,345.81 | 1,133,563,125.06 | 21.44 | 1.71% | 1.27% | ||||||||
Feb-19 | 27,207,357.10 | 40,096,863.89 | 12,889,506.79 | 739,549.74 | 1,092,726,711.43 | 22.18 | 1.23% | 0.97% | ||||||||
Mar-19 | 26,218,490.39 | 40,826,964.25 | 14,608,473.86 | 832,783.36 | 1,051,066,963.82 | 23.19 | 1.45% | 1.10% | ||||||||
Apr-19 | 25,590,987.96 | 42,808,153.83 | 17,217,165.87 | 919,856.47 | 1,007,338,953.52 | 24.02 | 1.77% | 1.25% | ||||||||
May-19 | 25,151,548.78 | 41,457,223.88 | 16,305,675.10 | 915,223.24 | 964,966,506.40 | 24.95 | 1.75% | 1.23% | ||||||||
Jun-19 | 24,335,252.08 | 37,166,142.90 | 12,830,890.82 | 442,901.67 | 927,357,461.83 | 25.81 | 1.41% | 1.04% | ||||||||
Jul-19 | 23,681,762.41 | 38,763,739.59 | 15,081,977.18 | 743,013.75 | 887,850,708.49 | 26.73 | 1.75% | 1.21% | ||||||||
Aug-19 | 23,309,711.88 | 37,332,907.79 | 14,023,195.91 | 847,443.74 | 849,670,356.96 | 27.62 | 1.72% | 1.18% | ||||||||
Sep-19 | 22,865,786.81 | 35,921,706.46 | 13,055,919.65 | 873,292.56 | 812,875,357.94 | 28.46 | 1.68% | 1.15% | ||||||||
Oct-19 | 22,189,509.11 | 36,772,363.09 | 14,582,853.98 | 1,202,895.58 | 774,900,099.27 | 29.40 | 2.00% | 1.27% | ||||||||
Nov-19 | 21,518,900.24 | 32,514,734.26 | 10,995,834.02 | 548,922.96 | 741,836,442.05 | 30.27 | 1.53% | 1.06% | ||||||||
Dec-19 | 21,098,553.07 | 33,927,093.73 | 12,828,540.66 | 611,747.02 | 707,297,601.30 | 31.19 | 1.86% | 1.19% | ||||||||
Jan-20 | 20,782,234.50 | 33,955,118.59 | 13,172,884.09 | 687,890.10 | 672,654,592.61 | 32.09 | 2.02% | 1.24% | ||||||||
Feb-20 | 20,020,790.72 | 30,670,341.32 | 10,649,550.60 | 887,423.76 | 641,096,827.53 | 32.90 | 1.77% | 1.13% | ||||||||
Mar-20 | 19,617,203.42 | 30,561,405.69 | 10,944,202.27 | 960,384.01 | 609,575,037.83 | 33.89 | 1.92% | 1.18% |
Period | Ending Pool Balance in $ | 31-60 Days Delinquent in $ | 31-60 Days Delinquent Number of Receivables | % of Ending Pool Balance | 61-90 Days Delinquent in $ | 61-90 Days Delinquent Number of Receivables | % of Ending Pool Balance | 91-120 Days Delinquent in $ | 91-120 Days Delinquent Number of Receivables | % of Ending Pool Balance | Over 120 Days Delinquent in $ | Over 120 Days Delinquent Number of Receivables | % of Ending Pool Balance | |||||||||||||
Jun-18 | 1,508,391,985.09 | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Jul-18 | 1,412,328,883.58 | 2,364,399.79 | 73 | 0.17% | 214,610.43 | 4 | 0.02% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Aug-18 | 1,363,059,146.82 | 2,432,044.34 | 61 | 0.18% | 504,899.28 | 16 | 0.04% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-18 | 1,318,586,267.71 | 2,890,261.45 | 68 | 0.22% | 793,088.68 | 22 | 0.06% | 121,088.97 | 4 | 0.01% | 0.00 | 0 | 0.00% | |||||||||||||
Oct-18 | 1,271,163,285.14 | 3,370,060.20 | 89 | 0.27% | 1,219,576.14 | 29 | 0.10% | 234,349.20 | 7 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-18 | 1,226,233,251.98 | 2,374,634.85 | 78 | 0.19% | 579,706.64 | 16 | 0.05% | 412,711.83 | 10 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-18 | 1,180,886,131.76 | 3,458,947.44 | 104 | 0.29% | 311,632.89 | 12 | 0.03% | 243,204.06 | 7 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-19 | 1,133,563,125.06 | 4,076,443.62 | 118 | 0.36% | 769,193.55 | 22 | 0.07% | 40,052.47 | 3 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-19 | 1,092,726,711.43 | 3,637,188.80 | 110 | 0.33% | 1,135,833.64 | 23 | 0.10% | 284,835.64 | 8 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-19 | 1,051,066,963.82 | 3,997,211.78 | 112 | 0.38% | 834,890.03 | 22 | 0.08% | 168,110.30 | 5 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Apr-19 | 1,007,338,953.52 | 3,578,110.41 | 96 | 0.36% | 1,236,104.72 | 25 | 0.12% | 159,008.18 | 5 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
May-19 | 964,966,506.40 | 4,439,691.45 | 126 | 0.46% | 657,356.51 | 20 | 0.07% | 108,586.16 | 2 | 0.01% | 0.00 | 0 | 0.00% | |||||||||||||
Jun-19 | 927,357,461.83 | 4,298,595.82 | 126 | 0.46% | 1,381,946.95 | 32 | 0.15% | 260,211.61 | 5 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Jul-19 | 887,850,708.49 | 4,207,200.36 | 127 | 0.47% | 1,147,388.33 | 29 | 0.13% | 496,169.74 | 11 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Aug-19 | 849,670,356.96 | 4,169,296.24 | 122 | 0.49% | 1,246,080.30 | 32 | 0.15% | 661,503.02 | 10 | 0.08% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-19 | 812,875,357.94 | 4,022,311.09 | 140 | 0.49% | 966,001.37 | 24 | 0.12% | 526,826.64 | 8 | 0.06% | 0.00 | 0 | 0.00% | |||||||||||||
Oct-19 | 774,900,099.27 | 3,664,358.73 | 132 | 0.47% | 1,030,476.24 | 35 | 0.13% | 339,346.85 | 7 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-19 | 741,836,442.05 | 4,239,342.91 | 137 | 0.57% | 880,331.25 | 34 | 0.12% | 306,976.94 | 11 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-19 | 707,297,601.30 | 4,798,199.76 | 171 | 0.68% | 1,381,871.91 | 36 | 0.20% | 219,153.00 | 11 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-20 | 672,654,592.61 | 4,641,373.58 | 158 | 0.69% | 1,110,285.27 | 41 | 0.17% | 354,587.87 | 10 | 0.05% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-20 | 641,096,827.53 | 4,649,735.07 | 150 | 0.73% | 1,258,217.31 | 43 | 0.20% | 241,205.89 | 8 | 0.04% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-20 | 609,575,037.83 | 3,556,799.33 | 136 | 0.58% | 1,196,531.11 | 38 | 0.20% | 338,994.01 | 11 | 0.06% | 0.00 | 0 | 0.00% |
(1) | A receivable is not considered delinquent if the amount past due is less than 10% of the payment due under such receivable. |
Period | Gross Principal Losses in $ | Recoveries in $ | Net Principal Losses in $ | Cumulative Net Principal Losses as % of Cutoff Date Pool Balance | ||||
Jul-18 | 729,995.52 | 434,029.58 | 295,965.94 | 0.020% | ||||
Aug-18 | 624,451.27 | 185,249.89 | 439,201.38 | 0.049% | ||||
Sep-18 | 933,190.70 | 550,454.32 | 382,736.38 | 0.074% | ||||
Oct-18 | 759,951.26 | 641,313.18 | 118,638.08 | 0.082% | ||||
Nov-18 | 842,441.72 | 618,124.63 | 224,317.09 | 0.097% | ||||
Dec-18 | 735,506.65 | 333,665.04 | 401,841.61 | 0.123% | ||||
Jan-19 | 766,345.81 | 490,048.95 | 276,296.86 | 0.142% | ||||
Feb-19 | 739,549.74 | 481,642.93 | 257,906.81 | 0.159% | ||||
Mar-19 | 832,783.36 | 184,908.59 | 647,874.77 | 0.202% | ||||
Apr-19 | 919,856.47 | 612,521.00 | 307,335.47 | 0.222% | ||||
May-19 | 915,223.24 | 934,438.56 | -19,215.32 | 0.221% | ||||
Jun-19 | 442,901.67 | 743,621.27 | -300,719.60 | 0.201% | ||||
Jul-19 | 743,013.75 | 542,177.38 | 200,836.37 | 0.214% | ||||
Aug-19 | 847,443.74 | 341,254.88 | 506,188.86 | 0.248% | ||||
Sep-19 | 873,292.56 | 301,603.03 | 571,689.53 | 0.286% | ||||
Oct-19 | 1,202,895.58 | 576,132.65 | 626,762.93 | 0.327% | ||||
Nov-19 | 548,922.96 | 486,353.76 | 62,569.20 | 0.331% | ||||
Dec-19 | 611,747.02 | 689,398.33 | -77,651.31 | 0.326% | ||||
Jan-20 | 687,890.10 | 502,277.71 | 185,612.39 | 0.339% | ||||
Feb-20 | 887,423.76 | 499,178.08 | 388,245.68 | 0.364% | ||||
Mar-20 | 960,384.01 | 692,871.24 | 267,512.77 | 0.382% |
Closing Date | September 25, 2019 | |||
Cutoff Date | July 31, 2019 | |||
Aggregate Principal Balance | $ | 1,615,006,230.09 | ||
Number of Receivables | 50,838 | |||
Average Principal Balance | $ | 31,767.70 | ||
Principal Balance (Range) | $ | 2,004.39 to $215,574.74 | ||
Average Original Principal Balance | $ | 41,111.47 | ||
Original Principal Balance (Range) | $ | 5,000.00 to $248,193.31 | ||
Percentage of New Vehicles | 40.29 | % | ||
Percentage of Pre-owned Vehicles | 59.71 | % | ||
Weighted Average Contract Rate | 3.71 | % | ||
Contract Rate (Range) | 0.00% to 11.39 | % | ||
Weighted Average Original Term(1) | 64.34 months | |||
Original Term (Range) (1) | 12 to 72 months | |||
Weighted Average Remaining Term(2) | 52.01 months | |||
Remaining Term (Range)(2) | 3 to 71 months | |||
Weighted Average FICO® Score(3) | 773.11 | |||
Range of FICO® Scores(3) | 651 to 899 |
(1) | Based on the number of scheduled monthly payments at origination. |
(2) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(3) | The FICO® score with respect to any receivable with co-obligors is the highest of each obligor’s FICO® score at the time of application. |
Remaining Term Range | Number of Receivables | Percentage of Total Number of Receivables(2) | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance(2) | ||||||||||||
2 months to 12 months | 936 | 1.84 | % | $ | 6,071,349.04 | 0.38 | % | |||||||||
13 months to 24 months | 2,995 | 5.89 | 40,946,358.45 | 2.54 | ||||||||||||
25 months to 36 months | 8,437 | 16.60 | 198,414,233.67 | 12.29 | ||||||||||||
37 months to 48 months | 12,234 | 24.06 | 346,498,237.50 | 21.45 | ||||||||||||
49 months to 60 months | 13,464 | 26.48 | 484,054,306.12 | 29.97 | ||||||||||||
61 months to 72 months | 12,772 | 25.12 | 539,021,745.31 | 33.38 | ||||||||||||
Total | 50,838 | 100.00 | % | $ | 1,615,006,230.09 | 100.00 | % |
(1) | Based on the number of monthly payments remaining as of the Cutoff Date. |
(2) | Percentages may not add up to 100.00% due to rounding. |
Obligor Mailing Address | Number of Receivables | Percentage of Total Number of Receivables | Principal Balance as of the Cutoff Date | Percentage of Cutoff Date Pool Balance | ||||||||||||
California | 10,374 | 20.41 | % | $ | 328,252,868.44 | 20.33 | % | |||||||||
Texas | 5,725 | 11.26 | 202,951,383.53 | 12.57 | ||||||||||||
Florida | 4,648 | 9.14 | 153,359,490.90 | 9.50 | ||||||||||||
New York | 3,713 | 7.30 | 112,710,589.37 | 6.98 | ||||||||||||
Total | 24,460 | 48.11 | % | $ | 797,274,332.24 | 49.38 | % |
(1) | Prepayment assumption based on 1.3% ABS speed. For more information regarding the prepayment assumption model, you should refer to “Weighted Average Lives of the Notes” in this Prospectus. |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
Close Date | 1,615,006,230.09 | 1.00 | 1,615,006,230.09 | 1.00 | |||||
1 | 15-Oct-19 | 1,503,116,976.52 | 0.93 | 1,510,335,825.54 | 0.94 | ||||
2 | 15-Nov-19 | 1,448,600,519.34 | 0.90 | 1,456,574,634.79 | 0.90 | ||||
3 | 15-Dec-19 | 1,395,041,657.56 | 0.86 | 1,408,706,916.86 | 0.87 | ||||
4 | 15-Jan-20 | 1,342,444,525.30 | 0.83 | 1,357,096,046.48 | 0.84 | ||||
5 | 15-Feb-20 | 1,290,813,274.72 | 0.80 | 1,306,037,725.00 | 0.81 | ||||
6 | 15-Mar-20 | 1,240,152,076.05 | 0.77 | 1,260,872,743.16 | 0.78 | ||||
7 | 15-Apr-20 | 1,190,465,117.72 | 0.74 | 1,214,135,195.00 | 0.75 | ||||
8 | 15-May-20 | 1,141,756,606.40 | 0.71 | ||||||
9 | 15-Jun-20 | 1,094,528,168.08 | 0.68 | ||||||
10 | 15-Jul-20 | 1,048,250,765.58 | 0.65 | ||||||
11 | 15-Aug-20 | 1,002,928,539.47 | 0.62 | ||||||
12 | 15-Sep-20 | 958,565,648.55 | 0.59 | ||||||
13 | 15-Oct-20 | 915,166,269.92 | 0.57 | ||||||
14 | 15-Nov-20 | 872,734,599.08 | 0.54 | ||||||
15 | 15-Dec-20 | 831,274,850.02 | 0.51 | ||||||
16 | 15-Jan-21 | 790,791,255.29 | 0.49 | ||||||
17 | 15-Feb-21 | 751,288,066.11 | 0.47 | ||||||
18 | 15-Mar-21 | 712,769,552.44 | 0.44 | ||||||
19 | 15-Apr-21 | 676,338,594.17 | 0.42 | ||||||
20 | 15-May-21 | 640,811,268.75 | 0.40 | ||||||
21 | 15-Jun-21 | 606,291,316.96 | 0.38 | ||||||
22 | 15-Jul-21 | 572,677,082.37 | 0.35 | ||||||
23 | 15-Aug-21 | 539,972,603.16 | 0.33 | ||||||
24 | 15-Sep-21 | 508,181,935.74 | 0.31 | ||||||
25 | 15-Oct-21 | 477,309,154.86 | 0.30 | ||||||
26 | 15-Nov-21 | 447,358,353.65 | 0.28 | ||||||
27 | 15-Dec-21 | 418,333,643.77 | 0.26 | ||||||
28 | 15-Jan-22 | 390,239,155.45 | 0.24 | ||||||
29 | 15-Feb-22 | 363,079,037.60 | 0.22 | ||||||
30 | 15-Mar-22 | 336,857,457.90 | 0.21 | ||||||
31 | 15-Apr-22 | 311,578,602.89 | 0.19 | ||||||
32 | 15-May-22 | 287,478,646.26 | 0.18 | ||||||
33 | 15-Jun-22 | 266,822,123.75 | 0.17 | ||||||
34 | 15-Jul-22 | 246,919,678.98 | 0.15 | ||||||
35 | 15-Aug-22 | 227,774,914.88 | 0.14 | ||||||
36 | 15-Sep-22 | 209,391,451.53 | 0.13 | ||||||
37 | 15-Oct-22 | 191,772,926.24 | 0.12 | ||||||
38 | 15-Nov-22 | 174,922,993.64 | 0.11 | ||||||
39 | 15-Dec-22 | 158,845,325.76 | 0.10 | ||||||
40 | 15-Jan-23 | 143,543,612.10 | 0.09 | ||||||
41 | 15-Feb-23 | 129,021,559.77 | 0.08 | ||||||
42 | 15-Mar-23 | 117,387,814.71 | 0.07 |
Payment Date | Planned Pool Amortization based on 1.3 ABS Speed in $ | Pool Factor | Actual Amortization in $ | Pool Factor | |||||
43 | 15-Apr-23 | 106,296,777.16 | 0.07 | ||||||
44 | 15-May-23 | 96,035,353.37 | 0.06 | ||||||
45 | 15-Jun-23 | 86,282,982.57 | 0.05 | ||||||
46 | 15-Jul-23 | 77,042,369.81 | 0.05 | ||||||
47 | 15-Aug-23 | 68,316,234.15 | 0.04 | ||||||
48 | 15-Sep-23 | 60,107,308.72 | 0.04 | ||||||
49 | 15-Oct-23 | 52,418,340.80 | 0.03 | ||||||
50 | 15-Nov-23 | 45,252,091.90 | 0.03 | ||||||
51 | 15-Dec-23 | 38,611,337.84 | 0.02 | ||||||
52 | 15-Jan-24 | 32,498,868.80 | 0.02 | ||||||
53 | 15-Feb-24 | 26,917,489.41 | 0.02 | ||||||
54 | 15-Mar-24 | 21,870,018.83 | 0.01 | ||||||
55 | 15-Apr-24 | 18,080,914.43 | 0.01 | ||||||
56 | 15-May-24 | 15,113,761.59 | 0.01 | ||||||
57 | 15-Jun-24 | 12,392,904.71 | 0.01 | ||||||
58 | 15-Jul-24 | 9,919,686.98 | 0.01 | ||||||
59 | 15-Aug-24 | 7,695,458.96 | 0.00 | ||||||
60 | 15-Sep-24 | 5,721,578.63 | 0.00 | ||||||
61 | 15-Oct-24 | 3,999,411.38 | 0.00 | ||||||
62 | 15-Nov-24 | 2,530,330.13 | 0.00 | ||||||
63 | 15-Dec-24 | 1,315,715.30 | 0.00 | ||||||
64 | 15-Jan-25 | 356,954.90 | 0.00 |
Period | Scheduled Principal in $ | Principal Coll. According to Investor Report in $ | Unscheduled Principal in $ | Principal Defaulted Amounts in $ | Ending Pool Balance in $ | Weighted Average Seasoning | All-In SMM | ABS Speed | ||||||||
Aug-19 | 1,615,006,230.09 | 12.33 | ||||||||||||||
Sep-19 | 62,870,095.03 | 103,718,569.56 | 40,848,474.53 | 951,834.99 | 1,510,335,825.54 | 14.65 | 1.35% | 1.15% | ||||||||
Oct-19 | 31,554,701.25 | 52,707,157.31 | 21,152,456.06 | 1,054,033.44 | 1,456,574,634.79 | 15.61 | 1.50% | 1.23% | ||||||||
Nov-19 | 31,076,600.96 | 46,910,727.60 | 15,834,126.64 | 956,990.33 | 1,408,706,916.86 | 16.50 | 1.18% | 0.99% | ||||||||
Dec-19 | 30,623,852.51 | 50,686,661.15 | 20,062,808.64 | 924,209.23 | 1,357,096,046.48 | 17.46 | 1.52% | 1.22% | ||||||||
Jan-20 | 30,628,309.49 | 49,670,847.83 | 19,042,538.34 | 1,387,473.65 | 1,306,037,725.00 | 18.38 | 1.54% | 1.21% | ||||||||
Feb-20 | 29,591,296.94 | 43,665,494.51 | 14,074,197.57 | 1,499,487.33 | 1,260,872,743.16 | 19.23 | 1.22% | 1.00% | ||||||||
Mar-20 | 29,237,831.66 | 45,507,048.43 | 16,269,216.77 | 1,230,499.73 | 1,214,135,195.00 | 20.25 | 1.42% | 1.12% |
Period | Ending Pool Balance in $ | 31-60 Days Delinquent in $ | 31-60 Days Delinquent Number of Receivables | % of Ending Pool Balance | 61-90 Days Delinquent in $ | 61-90 Days Delinquent Number of Receivables | % of Ending Pool Balance | 91-120 Days Delinquent in $ | 91-120 Days Delinquent Number of Receivables | % of Ending Pool Balance | Over 120 Days Delinquent in $ | Over 120 Days Delinquent Number of Receivables | % of Ending Pool Balance | |||||||||||||
Aug-19 | 1,615,006,230.09 | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Sep-19 | 1,510,335,825.54 | 2,418,560.19 | 54 | 0.16% | 532,087.08 | 10 | 0.04% | 0.00 | 0 | 0.00% | 0.00 | 0 | 0.00% | |||||||||||||
Oct-19 | 1,456,574,634.79 | 3,626,258.91 | 75 | 0.25% | 523,013.97 | 13 | 0.04% | 357,512.94 | 5 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Nov-19 | 1,408,706,916.86 | 3,171,356.94 | 87 | 0.23% | 1,062,861.67 | 25 | 0.08% | 309,687.20 | 6 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Dec-19 | 1,357,096,046.48 | 3,288,273.87 | 93 | 0.24% | 1,433,555.33 | 34 | 0.11% | 430,901.62 | 10 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Jan-20 | 1,306,037,725.00 | 4,719,694.71 | 116 | 0.36% | 735,720.73 | 19 | 0.06% | 446,613.51 | 12 | 0.03% | 0.00 | 0 | 0.00% | |||||||||||||
Feb-20 | 1,260,872,743.16 | 3,340,895.61 | 89 | 0.26% | 1,463,752.04 | 30 | 0.12% | 281,112.68 | 7 | 0.02% | 0.00 | 0 | 0.00% | |||||||||||||
Mar-20 | 1,214,135,195.00 | 3,871,824.03 | 96 | 0.32% | 844,698.39 | 19 | 0.07% | 456,260.83 | 11 | 0.04% | 0.00 | 0 | 0.00% |
(1) | A receivable is not considered delinquent if the amount past due is less than 10% of the payment due under such receivable. |
Period | Gross Principal Losses in $ | Recoveries in $ | Net Principal Losses in $ | Cumulative Net Principal Losses as % of Cutoff Date Pool Balance | ||||
Sep-19 | 951,834.99 | 455,044.22 | 496,790.77 | 0.031% | ||||
Oct-19 | 1,054,033.44 | 842,352.57 | 211,680.87 | 0.044% | ||||
Nov-19 | 956,990.33 | 654,042.98 | 302,947.35 | 0.063% | ||||
Dec-19 | 924,209.23 | 490,484.69 | 433,724.54 | 0.089% | ||||
Jan-20 | 1,387,473.65 | 703,846.39 | 683,627.26 | 0.132% | ||||
Feb-20 | 1,499,487.33 | 680,787.66 | 818,699.67 | 0.183% | ||||
Mar-20 | 1,230,499.73 | 785,378.87 | 445,120.86 | 0.210% |
$278,000,000 | _______% | Class A-1 Asset Backed Notes | |
$351,600,000 | _______% | Class A-2 Asset Backed Notes | |
$351,600,000 | _______% | Class A-3 Asset Backed Notes | |
$80,020,000 | _______% | Class A-4 Asset Backed Notes |
Joint Bookrunners | ||
J.P. Morgan | Santander | SOCIETE GENERALE |
Co-Managers |
Lloyds Securities | MUFG |