U.S. Floorplan Risk Management
U.S. Lease Securitization
Securitization Pool Performance
Cumulative Return Rate
*
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
0
2 4
6
8
10
2014-A
2014-B
2017-A
―-2017-B
12 14 16 18
---2015-A
2018-A
20
22 24 26 28
2015-B
30
2016-A
32
32
-2018-B
Cumulative Net Credit Losses*
Cumulative Residual Loss / (Gain)*
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
-5.0%
-6.0%
0 2 4 6 8
2014-A
--2017-A
―2017-B
10 12 14 16 18 20 22
2014-B
2015-A
―2018-A
24
26 28
2015-B
2018-B
30 32
-2016-A
* As a percentage of initial base residual value; includes losses/(gains) on retained and returned vehicles
Commentary
0.6%
•
0.5%
For the pool performance in the periods above (2014 to 2018):
0.4%
0.3%
0.2%
0.1%
- Lifetime cumulative return rates range between 60% and 75%
- Cumulative residual gains but declining; recently, residual
gains on larger vehicles have been partially offset by residual
losses on smaller vehicles
0.0%
0
2 4
6
8
10
12
14 16 18
20
22
24
26
28
30
32
-
2014-A
2017-A
-2014-B
2017-B
2015-A
2018-A
-2015-B
2016-A
Consistent credit loss performance
-2018-B
Total credit loss as a percent of initial total securitization value
61
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