FCE Bank

In the following review of some of the fundamental auto and consumer loan ABS mechanics, we will use three transactions as practical examples two auto ABS transactions, FIAT 1 and Globaldrive B, and one consumer loan ABS transaction. Paragon Personal and Auto Finance (No. 1) (PPAF 1). The FIAT 1 transaction was completed by Fiat in July 2000 and at that time it represented the largest European auto transaction completed. Globaldrive B was completed by FCE Bank in March 1999. PPAF 1 was completed in 2001 by Paragon Finance PLC. In Exhibit 14.7 we outline the structural details for the senior notes of FIAT 1, Globaldrive B and PPAF 1. 

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