A Case Analysis Of Securitization Backed On Auto Mortgage

China's car sales has been ahead of other countries for nine years,there are more and more people to choose the auto finance service.But by the end of 2017,China's auto finance industry just developed 13 years.The current car loan penetration is still at a low level,it doesn't conform to the level of development of China's auto industry and the level of consumption.The main reason is that the financing channels of China's auto financing company are narrow and the capital is limited,which limits the expansion of its business.Since the expansion of credit asset-backed securitization trials in 2012,from the examination and approval system to the registration system,a liberal regulatory environment has been created for credit asset-backed securitization.Auto finance companies have actively explored the auto-mortgage loan securitization based on their own development needs to make use of the flow of funds.Volkswagen Finance Company has successively issued the Driver China,among which the Driver China Six trading structure,which was issued in 2017,has been further improved in design and has provided more comprehensive reference for the standardized development of China's auto mortgage loan asset-backed securitization business.This paper adopts the form of case analysis and analyzes the design of the trading structure of the Driver China Six using theory,case analysis and comparative analysis.The structure of the full text is arranged as following: In the first chapter,relevant literatures at home and abroad are reviewed on the overview of the research background and significance of this article.The analyzes of the Driver China Six are in the second chapter,according to the aspects of participants,distribution process,product structure and operation results.In the third chapter,it will analyze the Driver China Six in terms of technical points: value estimation,risk measurement,asset portfolio,risk isolation and credit enhancement involved in asset-backed securitization.The fourth chapter,it will analyze in the further,what can be learned from the Driver China Six by comparing with the traditional case Rongteng 2015-1.The last is Chapter 5,based on the analysis of the third and fourth chapter,which summarizes the problems existing in the development of the Driver China Six and the external environment of the asset-backed securitization in China,and makes targeted recommendations.Through the analysis of the Driver China Six,we found that,in addition to the general technology,it created some new technologies such as discounted valuation,two pool of asset,non sequential payments.These designs can improve the liquidity of the asset.Of course,it also has some problems,such as a little mortgage brand,no true sale,and mixed funds,which is a common problem in the the auto finance industry.In order to develop asset-backed securitization business in depth and standard,these problems need to be improved and solved urgently.