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S&P sets an estimated cumulative net loss of 2.85% for the CRVNA 2026-P2 notes, unchanged from the CRVNA 2026-P1, because the collateral characteristics were unchanged.
Recent securitizations have seen a shift toward sport-utility, crossover utility and electric vehicles, as well as higher concentrations of the Kia and Genesis brands.
Loans with original terms longer than 60 months now represent 71.7% of the pool, up from 70.4% in the prior deal.
Fitch notes that the pool's collateral quality is consistent with previous transactions. The current deal has a FICO score of 774 and a diverse segment and vehicle mix.
Many credit drivers are stable; agencies are being vigilant about several macroeconomic factors that might destabilize borrowers' ability to keep servicing their auto loan debt. One is student loan debt.
