Subprime borrower pool expands in latest Foursight auto-loan ABS
Foursight's first deal of 2019 has a rising 36.6% share of subprime borrowers from its lower-tier loan programs.
By
Glen Fest
Auto ABS
AmeriCredit’s next $821M subprime auto ABS dips in credit quality
A decline in average FICO and recent loss levels in AmeriCredit's securitizations prompts Moody's to project slightly higher credit losses in the new transaction compared to previous rated deals.
By
Glen Fest
Tax refunds boosted subprime auto ABS performance in March
S&P Global Ratings reports that cumulative loss levels on collateralized portfolios of subprime auto loans fell to 7.11% in March, compared to 8.67% in February. That figure was also down from 7.61% in March 2018, and the lowest since 2016.
By
Glen Fest
Survey indicates growing worries in subprime auto ABS deterioration
A Davis & Gilbert poll of market participants showed more expect delinquencies over the next one to two years, likely requiring credit enhancement in future deals.
By
Glen Fest
Called collateral improves credit mix for ACA’s subprime auto pool
S&P Global Ratings forecasts lower losses in subprime lender American Credit Acceptance's next auto-loan securitization, citing the inclusion of performing loans transferred from a recently called deal.
By
Glen Fest
Surging auto loans help fuel rise in American household debt
The portion of Americans with a car loan climbed to 35% last year from just 20% in 1999, the New York Fed said in a blog post. Auto loans first overtook mortgages in 2013 and have pulled further ahead every year since.
Lower delinquencies buoy weaker metrics in Santander’s next $1.1B pool
Santander Drive Auto Receivables Trust 2019-2 has a lower average FICO (600) and lighter seasoning (two months) compared to SDART 2019-1.
By
Glen Fest
DriveTime planning second subprime auto ABS issuance for 2019
DT Auto Owner Trust 2019-2 will issue five classes of notes, collateralized by $550 million in auto loans issued through company-owned "buy here-pay here" dealerships.
By
Glen Fest
Surge in originations sources largest-ever GLS subprime auto ABS
The $350 million GLS Auto Receivables Trust 2019-2 transaction is being issued on the heels of the lender's record $453.2M 1Q volume in originations.
By
Glen Fest
Moody’s sees higher losses on Exeter’s next subprime auto ABS
Two deals Exeter completed in 2018 are performing worse than Moody's expected so its looking for additional losses on this deal; S&P sees losses in the same range as four prior deals.
U.S. Auto’s debut subprime ABS gets low marks from Moody’s
The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.
By
Glen Fest
Online used car lender Carvana gets an AAA on inaugural ABS
The company spun out of DriveTime is paying for the privilege, however; it's offering 50.3% credit enhancement on the senior notes of the $338 million deal rated by Kroll.
Sierra transfers servicing on its subprime auto portfolio
The company controlled by Emerald Development Managers has already ceased originating; S&P has notes from a 2016 securitization on watch and Kroll is monitoring the situation.
Santander pays up for AAA on its next subprime auto ABS
The $1 billion DRIVE 2019-2 is backed by loans with slightly weaker credit metrics than the lender's prior deal, forcing it to increase credit enhancement.
By
Glen Fest
Nissan, NextGear tap ABS market to finance dealer floorplans
Nissan's is offering fewer investor protections than on its prior four securitizations; NextGear is set to close on its 10th securitization of floorplan receivables of mostly independent used-car dealers.
Ford ramps up truck/SUV concentration in next lease ABS
More than 83% of the vehicle-lease value in Ford Motor Credit's $1.1 billion lease securitization is tied into trucks, minivans and utility models.
By
Glen Fest
RAC, CIG each return for second round of subprime auto ABS
CIG is marketing $161.9 million in bonds backed by auto loans made through independent dealers, while RAC is placing a $174.5 million securitization of used-car leases.
By
Glen Fest
GM’s next auto lease ABS features shorter, more staggered maturities
GM Financial is front-loading the $1.2 billion deal with early maturities, according to presale reports; Hyundai Capital is also readying a $710 million transaction.
By
Glen Fest
Santander issues $1B auto ABS amid push to retain Chrysler ties
Chrysler vehicles dominate Santander's latest pool, reflecting increased originations that CEO Scott Powell believes will maintain the lender's captive-finance status.
By
Glen Fest
DriveTime, Flagship launch combined $633M in subprime auto ABS
Both lenders are boosting originations to borrowers with near-prime loans, though the impact on the overall credit quality of the collateral for their deals is slight.
By
Glen Fest
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