KBRA assigns ratings to Volkswagen Financial Services UK auto ABS notes

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Andrey Mastykin

26.10.2026

KBRA assigns ratings to Volkswagen Financial Services UK auto ABS notes — Volkswagen UK ABS rated

Volkswagen Financial Services' latest UK auto loan securitisation adds fresh funding capacity to its long-running Driver platform. The transaction, Driver UK 12, includes two rated note classes backed by a revolving pool of consumer and commercial vehicle finance receivables in the UK.

Highlights

KBRA UK assigns ratings to Class A and Class B notes from Driver UK Multi-Compartment S.A., backed by UK auto loan receivables.
The transaction includes overcollateralisation, subordination, a cash reserve account, excess spread, and a revolving period ending April 2027 unless amortisation triggers.
Driver UK 12 marks the latest Volkswagen Financial Services (UK) Limited ABS issuance, continuing their UK receivables securitisation strategy since 2002.

Transaction structure and rating scope

As reported by KBRA, citing Kroll Bond Rating Agency, KBRA UK assigns ratings to two classes of notes issued by Driver UK Multi-Compartment S.A., acting for and on behalf of its Compartment Driver UK twelve, a UK auto loan receivables asset-backed securities transaction.

The deal issues Class A notes and Class B notes, alongside a subordinated loan facility collateralised by a revolving pool of Personal Contract Purchases, Hire Purchase Contracts and Lease Purchase Agreements. The receivables are extended to both consumer and commercial customers in the UK.

Credit enhancement on the notes comprises overcollateralisation, subordination, a cash reserve account and excess spread. The revolving period is due to end on the payment date falling in April 2027, unless an early amortisation event occurs.

Platform history and UK market relevance

Driver UK 12 represents the latest public securitisation from Volkswagen Financial Services AG's UK subsidiary, Volkswagen Financial Services (UK) Limited, under the Driver securitisation platform.

VWFS has been securitising assets including hire purchase contract receivables, auto loan receivables and auto lease receivables since 1996, and has used the platform for UK receivables since 2002. The latest issuance continues that funding approach in the UK vehicle finance market, where revolving ABS structures remain a key tool for lender balance sheet management and capital markets access.

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