America’s Car-Mart in talks for sale as subprime auto struggles
Discussions center around a deal that would be executed through a court-supervised Chapter 11 sale process or via a shareholder vote.
Subprime lending
SEC sues three ex-Tricolor executives over bond fraud
The agency says the subprime auto lender pledged the same car loans to several lenders and bond deals at once, leaving investors owed about $945 million.
First Help Financial’s latest subprime auto pool raises $272.7 million
FHF Issuer Trust 2026-2's final distribution dates range from Sept. 15, 2027 on the class A1 notes through Jan. 16, 2034 on the class F notes.
Why the consumer credit outlook for 2H looks cloudier
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
Arivo in capital raise with subprime auto loan pool
The rule 144A deal's structure includes a cash collateral account represents 1.00% of the note balance across all tranches.
Consumer Portfolio raises $716.8 million from used car loans
The pool includes called collateral and smaller concentrations of loans originated in higher credit tiers, resulting in some underlying asset weakness compared with a previous deal.
Westlake Automobile’s latest ABS raises $1.4 billion
The transaction comes to market with initial hard credit enhancement levels of 33.60%, 22.90%, 13.50% and 8.65% across the subordinate tranches, higher than the previous deal.
Lobel’s latest subprime auto ABS pool raises $223.8 million
Borrowers in the pool had a non-zero weighted average credit score of 608, with a 112.12% loan-to-value (LTV) ratio.
GLS raises $1.1 billion from subprime auto notes
The three class A notes, A1, A2 and A3, of GCAR 2026-2 notes will all benefit from hard credit enhancement levels, plus haircut to excess spread of 56.07%.
First Help’s pool of subprime auto loans backs $326.8 million ABS deal
Analysts expect the pool to be composed of receivables primarily from franchise dealers that offer indirect financing to consumers often overlooked by traditional financing sources such as banks.
First Investors raises $497.5 million in vehicle financing
For the first time, the FIAOT shelf includes commercial vehicles originated through the SFS's Captive Program, extending vehicle financing to small business owners.
Subprime autos back GCAR’s latest ABS issuance, raising $907 million
Total initial credit enhancement increased to 11.40% for the class D notes, from 11.25%. It also decreased for classes B, C and E, and levels on the class A notes stayed the same.
Bridgecrest’s pool of subprime auto loans supports $649.9 million
The deal includes some structural changes, such as subordination levels of 41.05%, 32.25%, 19.45% and 6.10% on classes A, B, C and D, respectively, and all those levels increased from the previous deal.
Tricolor trustee plans to sue bankrupt auto dealer’s founder
The trustee asked a Dallas federal judge to limit Chu's access to $15 million worth of insurance that normally kicks in when directors and officers of a company are facing legal problems related to their corporate duties.
American Credit Acceptance raises $549.2 million in auto ABS
The class A notes, which KBRA assigns a AAA rating, and which have the bulk of the outstanding note balance, $259.3 million, benefits from an enhancement level of 61.10%.
Tricolor trustee seeks control over 100,000 subprime auto loans
Banks are bracing for hundreds of millions of dollars in losses, while investors who piled into asset-backed bonds sold by the company as recently as June have seen the prices of their securities plunge.
Moody’s, KBRA put Tricolor auto ABS on downgrade watch
According to media reports, Tricolor suspended operations and furloughed its staff, with plans to liquidate.
More banks take hits from auto lender’s bankruptcy
Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.
Agora Data makes ABS debut with $112.1 million
Agora started out by providing independent and franchise dealerships with an online platform to manage their retail installment sale contracts (RISCs).
Subprime auto loans back Exeter Finance’s $1 billion securitization
Unlike estimated excess spread, which increased to 13.2%, from 12.8% on the EART 2024-4 transaction, several other forms of credit enhancement levels dropped.
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