Avis Budget raises $568.2 million from rental far fleet
Letters of credit sized to cover interest payments for six months, plus a cushion, help provide credit support to the notes.
Auto ABS
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.
Veros Auto is raising $274.6 million from a subprime auto loan pool
A reserve account is in place, although its percentage of the pool balance decreased compared with the previous deal. Also, pre-pricing excess spread was 13.89%.
Canyon Partners: GFC still drives consumer-credit ABS investing
Canyon Partners sees opportunities in corners of the mortgage, with tightened due diligence, and the auto ABS markets.
By
John Hintze
Westlake Automotive raises $1.3 billion from retail auto contracts
While Westlake's customer accounts usually have credit bureau scores ranging from 500 to 700, the WLAKE 2026-1 collateral pool's non-zero weighted average credit bureau score was 620.
Tricolor’s excel guy failed to fix numbers in alleged fraud
Discrepancies were ultimately flagged not by regulators or auditors, but by a junior analyst at Waterfall Asset Management, one of Tricolor's lenders
Tricolor founder Chu charged with alleged fraud, DOJ says
The indictment accuses Daniel Chu and other executives who had worked at Tricolor of operating the company through "systemic fraud."
Santander readies a $2 billion securitization of car loans
The senior notes will build hard credit enhancement levels over time because classes B through G will be locked out of principal payments for eight months.
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.
Merchants Automotive Group securitizes $500 million in vehicle leases
Most of Merchant's Fleet Funding 2025-1's underlying leases are open-end, and the underlying assets have limited residual value risk.
Merchants’ vehicle fleet will support $500 million in auto ABS
Merchant's notes have several key credit strengths, including that vehicle fleet lease securitization pools have had very low delinquencies and losses historically.
Ally Bank’s auto credit-linked notes raise $3.9 billion
ABCLN 2025-B also benefits from a line of credit sized to cover up to five months of missed interest payments in the event Ally defaults on its interest obligations.
Exeter Finance prepares to issue $1 billion in auto ABS
The issuance can be expanded to $1.2 billion, with virtually the same capital structure characteristics.
Westlake Flooring’s dealer floorplan ABS raises $230.9 million
WFLOOR 2025-1's annualized monthly yield, which averaged 20% since 2018, has been consistently higher than most other dealer floorplan trusts that Moody's rates.
Hyundai Floorplan sells $634.9 million in dealer floorplan revenue
Each manufacturer commits to repurchasing unsold new vehicles in inventory when the dealer terminates the agreement—if they are undamaged and unused.
Ford Credit raises nearly $1 billion from dealer floorplan revenue
Ford Credit Floorplan pays a fixed rate to ABS investors, while the dealers' assets pay a rate pegged to the flexible prime rate, so there is the potential of eroding excess spread.
Auto lender CPS closes in on $384.6 million capital raise
Subordination and a reserve account are among the protections on notes supported by subprime loans on primarily used vehicles.
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%.
Arra Finance sets sights on auto ABS market with new funding and tech
Goldman Sachs and Obra Capital are providing loan funding, and the Crescent Auto Finance acquisition brings a technology platform and loan portfolio.
Tesla leases secure $887.5 million in securitization bonds
Performance in recent vintages of Tesla leases, specifically 2024, had weakened recently, leading to increased credit loss expectation for the deal by 0.75%.
Load More
Couldn’t load more articles. Try again.