UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.
20549







FORM 10-K





(Mark one)

[X] ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from
to

Commission File Number: 333-199204-02

California Republic Auto Receivables Trust 2015-1

(Exact name of Issuing Entity as specified in its charter)

Central Index Key Number of Issuing Entity: 0001633933

California Republic Funding, LLC

(Exact name of
Depositor as specified in its charter)

Central Index Key Number of Depositor: 0001561326

Mechanics Bank

(Exact name of Sponsor as
specified in its charter)

Central Index Key Number of Sponsor: 0001603949



|                                                               |  |                                    
|-------------------------------------------------------------- |  | -----------------------------------
|Delaware                                                       |  | 38-7133760                         
|(State or other jurisdiction of incorporation or Organization) |  | (I.R.S Employer Identification No.)
|                                                               | 
|18400 Von Karman Avenue Ste 1100, Irvine, CA                   |  | 92612                              
|(Address of principal executive
offices)                       |  | (Zip Code)                         

Registrants telephone number, including area code: (949) 270-9700

Securities registered pursuant to Section 12(b) of the Act:     None

Securities registered pursuant to Section 12(g) of the Act:     None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the securities Act.

Yes [  ] No [X]



Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes [  ] No [X]

Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).

Not applicable.

Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K (§232.405 of this chapter) is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Not applicable.

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated filer. See Definition of accelerated filer and large accelerated filer in Rule 12b-2 of the
Exchange Act.

Large accelerated filer [  ]  Accelerated filer [  ]        Non-accelerated
filer [X]  Smaller Reporting Company [  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes [  ] No [X]

State the aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants most
recently completed second fiscal quarter.

Not applicable.



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PART I

The
following items have been omitted from Part I in accordance with general instruction J(1) to Form 10-K:

Item 1.
Business.

Item 1A. Risk Factors.

Item 2. Properties.

Item 3. Legal Proceedings.

Item 4. Mine Safety Disclosures.

Item 1B. Unresolved Staff Comments.

None.

PART II

The following items have been omitted from Part
II in accordance with general instruction J(1) to Form 10-K:

Item 5. Market for Registrants Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.

Item 6. Selected Financial Data.

Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operation.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Item 8.
Financial Statements and Supplementary Data.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Item 9A. Controls and Procedures.

Item 9B. Other Information.

None.

PART III

The following items have been omitted from Part III in accordance with general instruction J(2) to Form 10-K:

Item 10. Directors and Executive Officers of the Registrant.

Item 11. Executive
Compensation.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Item 13. Certain Relationships and Related Transactions.



---

Item 14. Principal Accounting Fees and Services.

The following substitute information is provided in accordance with General Instruction J(2) to Form 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information)

No single obligor represents more than 10% of the pool assets held by California Republic Auto Receivables Trust 2015-1 (the
Trust).

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support Except for Certain Derivatives Instruments (Information Regarding
Significant Enhancement Providers)

None.

Item 1115(b) of Regulation
AB. Certain Derivative Instruments (Financial Information)

No entity or group of affiliated entities provides any derivative instruments that are used to alter
payments characteristics of the cash flows from the Trust.

Item 1117 of Regulation AB. Legal Proceedings

No legal proceedings are pending against any of Mechanics Bank (the Sponsor), California Republic Funding, LLC (the Depositor), or the Trust, or
against any property of any such entities that are or would be material to holders of the Notes or certificates (the Certificates) issued by the Trust.

Deutsche Bank Trust Company Americas (DBTCA) and Deutsche Bank National Trust Company (DBNTC) have been sued by investors in civil litigation
concerning their role as trustees of certain RMBS trusts.

On June 18, 2014, a group of investors, including funds managed by Blackrock Advisors, LLC,
PIMCO-Advisors, L.P., and others, filed a derivative action against DBNTC and DBTCA in New York State Supreme Court purportedly on behalf of and for the benefit of 544 private-label RMBS trusts asserting claims for alleged violations of the U.S.
Trust Indenture Act of 1939 (TIA), breach of contract, breach of fiduciary duty and negligence based on DBNTC and DBTCAs alleged failure to perform their duties as trustees for the trusts. Plaintiffs subsequently dismissed their state court
complaint and filed a derivative and class action complaint in the U.S. District Court for the Southern District of New York on behalf of and for the benefit of 564 private-label RMBS trusts, which substantially overlapped with the trusts at issue
in the state court action. The complaint alleges that the trusts at issue have suffered total realized collateral losses of U.S. $89.4 billion, but the complaint does not include a demand for money damages in a sum certain. DBNTC and DBTCA
filed a motion to dismiss, and on January 19, 2016, the court partially granted the motion on procedural grounds: as to the 500 trusts that are governed by Pooling and Servicing Agreements, the court declined to exercise jurisdiction. The court
did not rule on substantive defenses asserted in the motion to dismiss. On March 22, 2016, plaintiffs filed an amended complaint in federal court. In the amended complaint, in connection with 62 trusts governed by indenture agreements,
plaintiffs assert claims for breach of contract, violation of the TIA, breach of fiduciary duty, and breach of duty to avoid conflicts of interest. The amended complaint alleges that the trusts at issue have suffered total realized collateral losses
of U.S. $9.8 billion, but the complaint does not include a demand for money damages in a sum certain. On July 15, 2016, DBNTC and DBTCA filed a motion to dismiss the amended complaint. On January 23, 2017, the court granted in part
and denied in part DBNTC and DBTCAs motion to dismiss. The court granted the motion to dismiss with respect to plaintiffs conflict-of-interest claim, thereby
dismissing it, and denied the motion to dismiss with respect to plaintiffs breach of contract claim (except as noted below) and claim for violation of the TIA, thereby allowing those claims to proceed. On January 26, 2017, the parties
filed a joint stipulation and proposed order dismissing plaintiffs claim for breach of fiduciary duty. On January 27, 2017, the court entered the parties joint stipulation and ordered that plaintiffs claim for breach of
fiduciary duty be dismissed. On February 3, 2017,



---

following a hearing concerning DBNTC and DBTCAs motion to dismiss on February 2, 2017, the court issued a short form order dismissing (i) plaintiffs representation and
warranty claims as to 21 trusts whose originators and/or sponsors had entered bankruptcy and the deadline for asserting claims against such originators and/or sponsors had passed as of 2009 and (ii) plaintiffs claims to the extent they
were premised upon any alleged pre-Event of Default duty to terminate servicers. Discovery is ongoing.

On March 25, 2016, the BlackRock plaintiffs filed a
state court action against DBTCA in the Superior Court of California, Orange County with respect to 513 trusts. On May 18, 2016, plaintiffs filed an amended complaint with respect to 465 trusts, and included DBNTC as an additional defendant.
The amended complaint asserts three causes of action: breach of contract; breach of fiduciary duty; and breach of the duty to avoid conflicts of interest. Plaintiffs purport to bring the action on behalf of themselves and all other current owners of
certificates in the 465 trusts. The amended complaint alleges that the trusts at issue have suffered total realized collateral losses of U.S. $75.7 billion, but does not include a demand for money damages in a sum certain. On August 22,
2016, DBNTC and DBTCA filed a demurrer as to Plaintiffs breach of fiduciary duty cause of action and breach of the duty to avoid conflicts of interest cause of action and motion to strike as to Plaintiffs breach of contract cause of
action. On October 18, 2016, the court granted DBNTC and DBTCAs demurrer, providing Plaintiffs with thirty days leave to amend, and denied DBNTC and DBTCAs motion to strike. Plaintiffs did not further amend their complaint
and, on December 19, 2016, DBNTC and DBTCA filed an answer to the amended complaint. Discovery is ongoing.

On December 30, 2015, IKB International, S.A.
in Liquidation and IKB Deutsche Industriebank A.G. (collectively, IKB), as an investor in 37 RMBS trusts, filed a summons with notice in the Supreme Court of the State of New York, New York County, against DBNTC and DBTCA as trustees of
the trusts. On May 27, 2016, IKB served its complaint asserting claims for breach of contract, breach of fiduciary duty, breach of duty to avoid conflicts of interest, violation of New Yorks Streit Act, violation of the Trust Indenture
Act, violation of Regulation AB, and violation of Section 9 of the Uniform Commercial Code. IKB alleges that DBNTC and DBTCA are liable for over U.S. $268 million in damages. On October 5, 2016, DBNTC and DBTCA, together with several
other trustees defending lawsuits by IKB, filed a joint motion to dismiss. On January 6, 2017, IKB filed a notice of discontinuance, voluntarily dismissing with prejudice all claims as to three trusts. As of January 17, 2017, DBNTC and
DBTCAs motion to dismiss has been briefed and is awaiting decision by the court. Certain limited discovery is permitted to go forward while the motion to dismiss is pending.

It is DBTCAs belief that it has no pending legal proceedings (including, based on DBTCAs present evaluation, the litigation disclosed in the foregoing
paragraphs) that would materially affect its ability to perform its duties as Trustee under the Pooling and Servicing Agreement for this transaction.

Item 1119
of Regulation AB. Affiliations and Certain Relationships and Related Transactions.

The Sponsor is the originator, as contemplated by Item 1110 of Regulation
AB, of all the pool assets owned by the Trust. The Sponsor is also the primary servicer. The Depositor is a wholly-owned subsidiary of the Sponsor and, therefore, a wholly-owned subsidiary of the originator and the primary servicer.

The Indenture Trustee is not affiliated with the Sponsor (including in its role as originator and primary servicer), the Depositor, or the Trust. The Owner Trustee is
not affiliated with the Sponsor or the Depositor.

There are no significant obligors or support providers, or other material parties related to the Notes or
Certificates.

In addition, there are no business relationships, agreements, arrangements, transactions or understanding outside the ordinary course of business or
on terms other than would be obtained in an arms length transaction with an unrelated party, apart from the transaction involving the issuance of the Notes and Certificates by the Trust, between the Sponsor, the Depositor or the Trust and any
of the parties mentioned in this Item.





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Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.

The Sponsor (in its role as servicer), and the Indenture Trustee (the Sponsor, as servicer, and the Indenture Trustee collectively as the Servicing
Participants) have each been identified by the Depositor as participating in the servicing function with respect to the asset pool held by the Trust. The Servicing Participants have each completed a report on an assessment of compliance with
its respective servicing functions (each, a Servicing Report), which Servicing Reports are attached as exhibits to this Form 10-K. Neither the Servicing Reports prepared by any of the Servicing
Participants, nor the Attestation Reports provided by the Servicing Participants respective registered public accounting firms have identified any material instance of noncompliance with the servicing criteria applicable to the respective
Servicing Participant.

Item 1123 of Regulation AB. Servicer Compliance Statement.

The Sponsor (in its role as servicer) has been identified by the Depositor as a servicer with respect to the asset pool held by the Trust. The Sponsor has completed a
statement of compliance with applicable servicing criteria (the Compliance Statement), signed by an authorized officer of the Sponsor. The Compliance Statement is attached as an exhibit to this Form
10-K.

PART IV

Item 15. Exhibits, Financial Statement Schedules.



|(a)   (1) | Financial Statements: Not applicable.
|--------- | -------------------------------------

(2) Financial Statement Schedules: Not applicable

(3) List of Exhibits

The following exhibits are
provided as part of, and incorporated by reference into, this Annual Report on Form 10-K:



|        |  |                                                                                                        |  |                |  | 
|------- |  | ------------------------------------------------------------------------------------------------------ |  | -------------- |  | 
|Exhibit |  | Description                                                                                            |  |                |  | 
|        |  |                                                                                                        | 
|3.1     |  | Depositors Certificate of Formation                                                                   |  | *              |  | 
|        |  |                                                                                                        | 
|3.2     |  | Depositors Operating Agreement                                                                        |  | *              |  | 
|        |  |                                                                                                        | 
|4.1     |  | The Indenture                                                                                          |  | **             |  | 
|        |  |                                                                                                        | 
|4.2     |  | Amended and Restated Trust Agreement                                                                   |  | **             |  | 
|        |  |                                                                                                        | 
|10      |  | Sale and Servicing Agreement                                                                           |  | **             |  | 
|        |  |                                                                                                        | 
|31      |  | Section 302 Certification                                                                              |  | Filed herewith |  | 
|        |  |                                                                                                        | 
|33.1    |  | Managements Report on assessment of Compliancewith SEC Regulation AB Servicing Criteria               |  | Filed herewith |  | 
|        |  |                                                                                                        | 
|33.2    |  | Indenture Trustees Assertion of Compliance                                                            |  | Filed herewith |  | 
|        |  |                                                                                                        | 
|34.1    |  | Report of Independent Registered Public AccountingFirm (Crowe Horwath LLP on behalf of Mechanics Bank) |  | Filed herewith |  | 
|        |  |                                                                                                        | 
|34.2    |  | Report of Independent Registered Public AccountingFirm (KPMG LLP on behalf of Indenture Trustee)       |  | Filed herewith |  | 
|        |  |                                                                                                        | 
|35      |  | Servicing Compliance Report of Mechanics Bank asServicer                                               |  | Filed herewith |  | 



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| | * | Incorporated herein by reference to the corresponding Exhibit to California Republic LLCs Registration Statement filed on August 28, 2013 (File No. 333-190866).
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ** | Incorporated herein by reference to the corresponding Exhibit to the Form 8-K filed on March 12, 2015 (File
No. 333-199204-02).
| | -- | -------------------------------------------------------------------------------------------------------------------------------



|(b) | Exhibits.
|--- | ---------

The Depositor hereby is providing as part of this Annual Report on Form 10-K the exhibits listed in Item 15(a)(3) set forth above.



|(c) | Financial Statement Schedule.
|--- | -----------------------------

Not Applicable.



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SIGNATURES

Pursuant to the
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

California Republic Funding, LLC, as Depositor

By: /s/ Nathan J. Duda

Nathan J. Duda, EVP, Chief Financial Officer

Dated: March 30, 2017