NextGear Floorplan Master Owner Trust 2023-1 raises $438.2 million
NextGear reduced the recreational vehicle and daily rentals maximum, while increasing the maximum concentration of heavy-duty trucks and salvage vehicles.
Auto ABS
Car debt is piling up as more Americans owe thousands more than vehicles are worth
Chris Martin knew he needed a bigger car as the birth of his fourth child approached, but he and his wife were already $14,000 underwater on their two vehicles.
Subprime auto lender American Car Center closes for business
American Car Center told employees the business was closing its doors, a day after it pulled a $222 million bond sale from the market, according to people familiar with the matter.
Carvana Auto Receivables returns to raise $363.2 million
CRVNA 2023-1's collateral pool has a non-zero FICO score of 705, interest rate of 11.83%, original term of 72 months and remaining term of 70 months.
Honda Auto Receivables Trust issues $1.3 billion in auto ABS
The transaction, secured almost entirely by installment loans on new vehicles, can be upsized to $1.6 billion, and notes will be priced over the I-curve.
New U.S. household debt—and delinquencies—posted Q4 gains
While debt outstanding and performance issues are up, and new securitizations are down as expected, only auto ABS showed early signs of issuance growth.
OneMain to raise $400 million in auto loan securitization
S&P views the transaction's exposure to environmental credit factors as above average, given that the collateral pool primarily comprises vehicles with ICEs.
Ford Credit Auto Owner Trust returns to raise $828.2 million in auto ABS
Similar to recent transactions, the collateral pool includes loans with an original term greater than 72 months, which Ford adjusted for in the underwriting.
BMW prime portfolio to support $1.1 billion in auto ABS
The residual value loss is one percentage point higher than the previously rated 2021-2 transaction, due to an increase in the notes' base residual settings.
Tricolor returns to raise $223.9 million in auto loan securitization
For the current securitization the collateral pool includes 0.6% of loans extended to marginally qualified borrowers.
Foursight Capital Auto Receivables aims to raise $182 million in auto ABS
The FCRT 2023-1 has significantly reduced the concentration of both called assets and Greenlight Loans in the pool, with mixed credit implications.
Flagship Credit Auto Trust 2023-1 comes to market for $447M, offering stronger collateral
FCAT 2023-1 has a stronger collateral pool composition than a recent transaction, with a lower concentration of loans from indirect origination sources.
Santander opens 2023 with $1.4 billion in auto loan ABS
Initially, the notes have 25.50% of over-collateralization (OC) of the initial pool balance, and that is expected to build to a target OC level of 35.00%.
Enterprise Fleet Financing looks to raise at least $1 billion from leased-vehicle collateral
Of the leases underpinning the deal’s collateral, just 0.2% are closed-end, wherein the trust would bear the wholesale market risk.
Volkswagen prepares $1.1 billion auto ABS transaction on prime borrowers
The current deal has a discounted residual value of securitization of 54.8%, lower than the 56.8% present in the 2015-A pool.
Navistar Financial preps $300 million in dealer floorplan notes
Dealers are in solid financial health, school buses secure 20%-35% of notes, and Navistar Financial has never had a bus dealer bankruptcy in its history.
Auto lender First Help aims to raise $153 million in auto ABS
First Help Financial is a small, niche auto lender with less than $500 million in assets, adding variability to expected loss scenarios on the notes.
ACC Auto Trust readies $222.791 million in ABS notes on subprime fixed rate installment loans
The offering is the latest securitization in the fertile automobile ABS market
High FICO scores and extended payments are key to up-and-coming Capital One Prime ABS
Both used and new cars make up the collateral in COPAR 2022-1
American Credit Acceptance plans second ABS this year
The subprime auto lender has a good track record, but there are concerns about used-car prices normalizing, according to KBRA.
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