Toyota Marketing Another $1.25B of Auto Loan ABS
Toyota Motor Credit is marketing another $1.25 billion of bonds backed by retail auto loans.
Consumer ABS
AmeriCredit Shaving Risk in Latest ABS
The new deal structured by the General Motors Financial Co. subsidiary includes more loans to borrowers with 600-plus FICO scores as well as to those populating the higher end of AmeriCredits internal scoring tables. AMCAR also features slightly fewer loans over 60 months, and a higher weighted average APR.
Online Lending: ‘Plenty of Room’ to Grow. Where Do Banks Fit In?
Marketplace lenders' share of the consumer and small-business loan markets is small now, but is expected to grow substantially in the coming years. Banks looking to get in on the action have two choices: team up with these established players that have already perfected the technology or try to beat them at their own game
Conn’s Pursues 2nd Consumer Loan ABS
Conns Receivables Funding 2016-B is comprised of three tranches of notes sized at $552.78 million, including $391.84 million in Class A notes receiving a provisional BBB rating from Fitch Ratings. Fitch has capped the senior notes because of Conns higher loan defaults, management changes and credit-risk profile deterioration in recent years.
Takata Recall Puts Auto Lease ABS at Higher Risk of Losses
Takatas ongoing recall of airbags puts bonds backed by auto leases at increased risk of losses, Moodys Investors Service warns. Bonds backed by auto loans have only minimal exposure, however.
CFPB Fines Auto Title Firm $9M for Unfair Debt Collection
The Consumer Financial Protection Bureau on Monday fined a large auto title lender $9 million for failing to disclose the terms and costs of its title loans in three states and for illegally exposing consumers' information to their employers.
Société Générale Unit Pools German Auto Loan ABS
The portfolios structure includes a 930 million Class A notes stack carrying a floating rate coupon and provisional triple-A ratings from DBRS and Moodys Investors Service.
Santander Consumer Restates Earnings Again as Accounting Woes Fester
Beleaguered subprime auto lender Santander Consumer USA is once again restating its financial results dating to 2013.
DriveTime Takes Fourth Lap Around 2016 ABS Market
In the previous three years, DriveTime has not exceeded three auto loan securitizations in one year. With three months remaining in 2016, the subprime auto lender is already on deal No. 4.
Group BPCE Issuer Pooling Card Receivables
A pool of credit card receives issued by Group BPCEs Natixis Financement unit are being securitized in the second-ever issuance through the Purple Master Credit Cards, FCT in France. The 651 million transaction mostly consists of 550 million in a Class A2016-1 series of notes.
U.K. Online Lender Zopa Tapping Securitization Market
Zopa, an online lender based in the U.K., is marketing £138 million of bonds backed by unsecured consumer loans, according to Moodys Investors Service.
ABS East: Another Court Ruling Clouds Marketplace Lending
Two recent court decisions that curtailed controversial debt collection and payday lending policies could wind up impacting leading marketplace lenders, no matter their distance from such abusive and predatory practices.
ABS East: Waiting On a Wave of Handset Securitization
For investors who were intrigued by the launch of Verizons first-ever handset securitization offering in July, an executive for one of the deals underwriters deal had a message: Stay tuned.
More Leadership Changes at Santander Consumer
The subprime auto lender Santander Consumer Holdings USA has made two key leadership moves as it faces ongoing accounting problems.
ABS East: Blue Skies Still Ahead for Fintech Securitization
Unfavorable court decisions, heightened regulatory attention and a thumbs down from famed Big Short personality Steven Eisman are making no dent in the enthusiasm for marketplace lending (MPL) securitization.
Moody’s Completes Review of $7.7B of Navient’s FFELP ABS
Moody's Investors Service has concluded its ratings review on 31 securitizations of federally guaranteed student loans sponsored by Navient Solutions to account for the slower rate of repayment of the collateral.
GM Unit Securitizing 9th German Auto Loan ABS
E-Carat S.A., Compartment 9 is comprised of two series of rated notes of undetermined size, backed by a pool of 513.5 million in loans.
Synchrony Prices Upsized $767M of Credit Card ABS
Synchrony Credit Card Master Note Trust 2016-3 Notes, an upsized $767.1 million structure of two senior classes of securitized bonds, priced near par on Wednesday at a coupon of 1.58% over Libor for the $700 million Class A notes stack, and 1.91% on a $49.9 million Class B notes slice.
CFPB Reform ‘Dead on Arrival’ Thanks to Wells Fargo
The revelation that thousands of Wells Fargo employees committed what amounted to fraud just put the final nail in the coffin for the effort to change the Consumer Financial Protection Bureau.
Card Issuers Dial Up Four ABS Transactions
Chase Bank, Discover, RBC and Alliance Data Systems Corp. through subsidiary Comenity Bank each received preliminary triple-A ratings for their new card-backed securitizations. The largest of the deals, Chases $1.1 billion Chase Issuance Trust 2016-7 through its ChaseSERIES platform, closed Monday.
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