A top lender in UK used-car auto financing is piloting its latest revolving securitization secured by £405 million in consumer and commercial vehicle leases.   

MotoNovo Finance is marketing its second deal of 2016 and 7th overall asset-backed with Turbo Finance 7 PLC, a multi-currency notes offering secured by a collateral pool of 62,629 vehicle loans with an aggregate receivables balance of £405 million (US$502.8 million). Over 94% of the vehicles securing the leases are used, with a weighted average remaining term of 3.4 months.

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