USB prepares to issue $2.4 billion in credit-linked notes from prime auto loans
The reference pool that supports the credit-linked notes contain 97,444 fully amortizing, fixed-rate prime auto loans that have a total balance of $2.46 billion.
Auto ABS
Subprime auto loans will back $469 million from GLS Auto Receivables
Classes B, C, D and E benefit from credit enhancement levels amounting to 41.35%, 28.45%, 15.30% and 6.15%, and enhancements include a reserve account, excess spread and subordination.
Toyota Auto Receivables returns to raise $1.6 billion
Expectations are for the notes to price at 18 basis points over the three-month interpolated yield curve on the A1 notes, which get 'A1+' and 'F1+' from S&P and Fitch.
Santander Drive Auto aims to sell about $1 billion in non-prime auto ABS
Ratings analysts say the A1 through A3 tranches benefit from total hard credit enhancement of 43.00% of the deal's initial principal balance, which includes subordination and a non-declining reserve account of 1.00%.
Carvana returns to raise $238.4 million from a pool of subprime auto loans
The company is coming off of a recent period of performance improvements, with gains in net income, cash and cash equivalents.
Westlake Automobile Receivables prepares to sell $1.2 billion in auto ABS
In one of the deal's positive credit attributes, none of the underlying loans in the collateral have terms longer than 72 months. Such longer-term loans have historically performed worse than shorter-term loans.
CPS Auto Receivables returns to raise $286.1 million in auto ABS
Subprime auto loans will repay the outstanding notes, and the collateral pool includes changes such as 85.67% of originated loans in the current pool, with a cutoff date of September 30, falling within CPS' top five credit tiers.
Hyundai Capital America is offering $1.3 billion in securitization notes to investors
All of the class A notes, of which there are four tranches of notes, have a credit enhancement level of 7.55%, while classes B and C have credit enhancement levels of 5.75% and 2.75%.
Used-car dealer halts plans for subprime auto loan offering
As interest rates rise and delinquencies among borrowers with poor credit scores soar, investors are increasingly scrutinizing the riskiest slices of asset-backed securities sold by some subprime auto lenders. That's forced certain issuers to postpone deals or sweeten terms.
Honda Auto Receivables prepares to issue $1.3 billion in prime auto ABS
Regardless of HAROT 2023-4's issuance amount, which could reach $1.8 billion, all of the notes have total initial hard credit enhancement levels of 2.75%, and a reserve fund of 0.25%.
American Credit Acceptance prepares to sell $435.8 million in auto ABS
ACAR 2023-4 pool has a weighted average (WA), non-zero FICO score of 551, noticeably higher than the 535 FICO score of 2023-2.
Ally Bank to sponsor prime auto loan securitization
S&P sets out to rate $83.85 million in several subordinate notes, all of which are secured by auto loans, and which are expected to mature in January 2034.
Bridgecrest Lending aims to raise $598.5 million from subprime auto loan revenues
DriveTime is a longtime issuer, but Bridgecrest Lending Auto Securitization is the first securitization of the sponsor's assets that Bridgecrest Acceptance services.
Nissan Auto expects to securitize more than $1 billion in auto loans
The transaction could be upsized to $1.25 billion, from $1 billion, but the 4.00% overcollateralization level is expected to remain constant through the life of the deal.
Auto lender First Help plans to sell $250 million in ABS
Vervent is on the deal as the backup servicer and Deutsche Bank National Trust as custodian, to help offset any risks stemming from First Help Financial's shortcomings as servicer.
Santander Drive poised to raise $1.3 billion in auto ABS
Enhancement includes initial over-collateralization of 19.15% of the pool balance, which is expected to build to 27.50% of the outstanding pool balance, plus 2.00% of the initial pool balance.
Tricolor Auto to raise $331.2 million in non-prime ABS
The notes benefit from several credit boosters. At closing credit enhancement to the class A notes will be 21.70% of the initial pool balance, plus the pre-funding amount, and could build to 24.30% or greater.
GLS Auto Receivables raises $325.6 million in subprime auto ABS
At some point the company hopes to become a full-credit spectrum lender, so funding the Select Program is another step toward that, according to ratings analysts.
Lendbuzz returns to raise $225.3 million
Lendbuzz appears to be on the upswing, according to KBRA. On a year-to-year basis ending in Q2 2023, originations grew 37.6%, and revenues were up 94.6% from a year ago.
CapitalOne issues auto ABS notes with potential for $1.6 billion
The newest deal from the program could be upsized to $1.6 billion from $1.1 billion, with the structure and pool characteristics remaining the same.
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