Used Luxury Auto (ULA) is a hypothetical company that has established a nationwide business in buying used luxury autos and then refurbishing them with the latest in electronic equipment (for instance, UBS ports and rear-view cameras). ULA Corp then sells these autos in the retail market, often financing the sales with promissory notes from the buyers via its ULA Credit Corp.

The following information is taken from a theoretical filing by ULA with the Securities and Exchange Commission for a securitization:

Issuer: ULA Trust 2020

Seller and Servicer: ULA Credit Corp

Notes:

$500,000,000 4.00% ULA Trust contract-backed Class A notes, rated AAA

$250,000,000 4.80% ULA Trust contract-backed Class B notes, rated A

Contracts: The assets underlying the notes are fixed-rate promissory notes relating to the purchase of used automobiles refurbished by ULA Corp.

The special purpose entity in this securitization is:

A. ULA Corp.

B. ULA Credit Corp.

C. ULA Trust 2020.