Santander Consumer (UK) plans to securitize a mix of U.K. auto loan receivables including fixed-sum loans and personal contract purchase (PCP) agreements.

PCP agreements are similar to car lease financing in the US. Borrowers place a deposit on a new car and finance the balance at a low monthly rate; at the end of the contract, they can either buy the car outright for an agreed lump sum (the final balloon payment), or return vehicle  to the lender.     

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