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.
Auto ABS
Santander raises $1.3 billion in ABS auto amid corporate, ABS shifts
A new originator and acquirer is on tap for the SDART program, and comes to market under Rule 144A, unlike previous Santander transactions.
Flagship Finance’s subsidiary raises $288 from a pool of used vehicles
The deal will sell the notes through five tranches of class A, B, C, D and E notes. Classes A and B have legal final maturity dates of Nov. 15, 2030 and July 15, 2032, respectively.
The latest Stellantis auto pool will raise $518.3 million
Most of FIAOT 2026-2's assets, 69%, were originated through Stellantis' Captive Program, which allows small business owners to purchase commercial vehicles for personal or business use.
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.
Lendbuzz Funding goes to a lower credit band to raise $229.7 million
Assets have a non-zero credit score is 631, notably lower than previous transactions. Also, a slight majority of borrowers, 53.23%, have credit scores of 660 or lower.
Used autos raise $462.5 million for Driveway Finance
Notes are expected to pay coupons of 4.05% on the notes rated R-1 (high) (sf) and 4.59% and 4.79% on the A1 and A2 notes, respectively.
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.
American Credit auto ABS raises $756.3 million
The initial overcollateralization level was 14.50%, an increase from 14.00%. Target overcollateralization, meanwhile, increased to 18.75, compared with 16.50% on the previous deal.
Auto ABS suffers the most in a K-shaped economy
Subprime auto and unsecured consumer loans are under pressure even as overall ABS performance remains steady.
Pagaya’s auto loans secure $574.7 million in ABS
The current transaction issues an additional series of notes, which will be paid to noteholders after it reaches the overcollateralization targets for the other notes.
CarMax raises $600 million from used vehicle contracts
This series of CarMax Select Receivables notes is offering 8.42% in excess spread, a reduction from 9.85% on the CMXS 2026-A notes.
Carvana’s latest auto ABS raises $1.1 billion
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.
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 lender Goeasy secures debt relief after share slide
The agreements leave Goeasy's revolving credit and securitization facilities in place, but interest spreads on both lines were increased by 100 basis points, and eligibility criteria were revised to exclude LendCare loans.
Carvana to issue $1 billion from its latest pool of car loans
This is the first Carvana Auto Receivables Trust series to include new vehicles, with the percentage or loans on new cars at 2.65%.
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