CarNow Auto Receivables floats $102.7 million in notes
The deal will be secured by payments on subprime auto loans and comes shortly after officer Jill Rockwood joined as chief financial officer.
Auto ABS
JPMorgan Chase raises $500 million in car receivables
Classes A, B, C and D have hard credit enhancement levels of 5.30%, 3.80%, 2.30% and 0.85%, respectively, higher than that of the CHAOT 2022-A.
OCCU readies $266.6 million in auto ABS notes for second deal
The OCCU 2023-1 transaction will come to market as a 144a transaction, with higher levels of credit enhancement from yield supplement overcollateralization, initial hard credit enhancement and excess spread.
Carvana returns to the ABS market to raise $243.5 million
Subordination increased for the class A and class C notes, to 7.04% and 2.10%, respectively, from 7.00% and 1.50%. Meanwhile subordination decreased on the class B notes to 3.80%, from 4.25%.
Tesla Finance prepares to issue $1.2 billion in electric vehicle secured notes
The transaction's credit enhancement levels are lower than what was seen on the 2023-A pool, but is still strong, and is still high compared with peer transactions.
Ford Credit set to raise $1.2 billion that could be upsized to $1.6B
Rating agencies say the A, B, C and D notes have about 29.0%, 23.8%, 17.3% and 14.0% in credit enhancement, respectively, while A, B, and C notes enjoy a 15.9%, 10.6% and 4.0% in subordination.
Chesapeake Funding II returns to raise $750 million
Companies with public ratings from a national recognized rating agency make up 66.9% of the obligors in the pool, and those with an investment-grade rating represent 34.9% of the pool.
Toyota Lease Owner Trust returns to raise $800 million
Notes will repay principal to investors sequentially. All junior notes will be shut out from receiving any principal payments until the immediate senior notes are paid.
The latest issuance duo, raising $500 million, is from Avis Budget
The pool has a 25% concentration limit for electric vehicles, up from 15% from Series 2023-5. This increases risks to the transaction, because residual values on those types of cars are still unknown.
Dealer floorplan credit set to secure $300 million from Navistar
The distribution of dealers among the top categories have improved, while the floorplan loans have monthly payment rates that are at record highs.
Lender Westlake is using AI to make more auto loans
Pagaya's artificial-intelligence model utilizes more data points in assessing whether a consumer is creditworthy than the handful typically used by traditional auto lenders, so it can find more consumers who would have previously been denied a loan.
AMCAR returns, aiming to raise $1 billion in subprime auto ABS
Some 24% of the pool has 76- to 84-month contracts. This deprives observers and investors of robust performance data, because of the lack of seasoning.
USAA plans to float $1 billion in auto ABS
The level of seasoning dropped to 18 months, from 21 months, while loans with remaining terms of 73-84 months increased to approximately 7.49%, up from 2.6%.
Citizens returns to raise another $750 million in ABS from prime auto loans
S&P Global Ratings has an expected cumulative net loss (ECNL) of 1.0% on the class A notes, and a 2.0x loss level on the 'BBB' notes.
Exeter Automobile sets out to raise $622.78 million in auto ABS
Levels of initial hard credit enhancement had dropped on the class A notes to 61.90%, but had increased on the B, C and D classes.
How will consumer ABS perform as credit card and auto delinquencies rise?
Consumer ABS adapts to an environment where total U.S. household debt reaches a record high of $17.06 trillion, while observers say credit performances could reach pre-pandemic levels by 2024.
Hertz gets ready to issue $500 million in ABS
Credit enhancement is dynamic and depends on certain market value tests, as well as the composition of vehicles in the fleet.
Fifth Third could raise $1.6 billion in auto ABS from upsized deal
Comprised of fixed- and floating-rate notes, one of the A classes, the A-2-B tranche, will issue notes benchmarked to he Secured Overnight Financing Rate (SOFR).
LADAR plans to sell $500 million in auto ABS to investors
Borrowers have a FICO score of 739, which is the highest of prior LADAR transactions. There is also a non-declining reserve account of 1.00% of the initial adjusted pool balance.
Honda ABS seeks $1.42 billion backed by prime auto loans
The issue has the potential to be upsized to $1.84 billion, and rating agencies say it has about 7.4% in credit support from hard credit enhancement and excess spread.
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