The collateral
Series 1 portfolio, cut-off 1 August 2026. Twenty electric vehicle finance contracts, twenty separate obligors, all originated in France.
Key figures
| Contracts | 20 |
| Obligors | 20 |
| Original principal | 721,000 EUR |
| Current principal | 275,500 EUR |
| Portfolio factor | 38.21% |
| Weighted average remaining term | 21.5 months |
| Weighted average interest rate | 5.52% |
| Monthly collections | 10,630 EUR |
| Performing balance | 95.0% |
| Arrears | 1,030 EUR |
| Largest single exposure | 28,900 EUR, 10.49% of the portfolio |
The portfolio is well seasoned: it has amortized to 38% of its original balance, which is why the weighted average remaining term is under two years.
Obligor type
| Type | Contracts | Share |
|---|---|---|
| Individuals | 15 | 75% |
| Small and medium enterprises | 5 | 25% |
Credit quality at origination
| Internal band | Contracts | Share |
|---|---|---|
| A | 7 | 35% |
| B | 9 | 45% |
| C | 3 | 15% |
| D | 1 | 5% |
Payment status
| Status | Contracts | Share |
|---|---|---|
| Performing | 19 | 95% |
| Restructured | 1 | 5% |
One contract is restructured, 34 days past due, with 600 EUR of arrears. A second is 12 days past due and still classified as performing. Total arrears are 1,030 EUR, or 0.37% of the current balance.
Geography
All contracts are French. Regional concentration:
| Region | Contracts |
|---|---|
| Ile-de-France | 4 |
| Auvergne-Rhone-Alpes | 3 |
| Occitanie | 2 |
| Provence-Alpes-Cote d'Azur | 2 |
| Grand Est | 2 |
| Seven other regions | 1 each |
Manufacturer
| Manufacturer | Contracts |
|---|---|
| Renault | 4 |
| Peugeot | 3 |
| Tesla | 3 |
| Volkswagen | 2 |
| BMW | 2 |
| Hyundai | 2 |
| Kia | 2 |
| Citroen | 1 |
| Dacia | 1 |
Product type
Leases, personal loans and personal contract purchase agreements. Lease and PCP contracts carry a contractual residual value, which is where battery condition matters to the recovery.
The battery, and why it is in the deal
Every contract carries a battery record: manufacturer, chemistry, capacity, state of health and charge cycle count. The portfolio averages 95.1% state of health, ranging from 90.6% on a 2022 vehicle with 610 cycles to 98.2% on a 2024 vehicle with 120.
This matters commercially. On an electric vehicle the battery is a large part of the resale value, and state of health is the main driver of it. In a conventional auto ABS the residual value assumption rests on a depreciation curve and an inspection at return. Here it rests on measured data, recorded per vehicle, hashed and timestamped, and available to entitled parties.
Rating agencies haircut residual values because they cannot verify them. Uncertainty about residual value is priced, and reducing it is a funding-cost argument. It is also the one place where the register does something a spreadsheet cannot: it makes the record verifiable by a party that does not rely on the servicer's word.
How to inspect it
The portfolio is registered as 61 records: one per vehicle, one per battery, one per obligor, plus a portfolio record referencing all of them by content hash. Any party can verify that the records they are shown are the records registered at cut-off. See the data room.
Aggregates are public and loan-level detail is encrypted, the same split a conventional transaction makes between the investor report and the data room.