Volkswagen raises another €2B in eurobond market
The German automaker continues to reduce its reliance on asset-backed financing as fallout from an emissions scandal fades.
Auto ABS
Byrider ratings dinged in latest subprime auto ABS
Despite boosting credit enhancement, the sponsor was only able to earn an 'A' from S&P Global Ratings, which cited heightened competition and adverse borrower selection.
By
Glen Fest
Avis Budget readies another $400M of rental car ABS
The issuer, Avis Budget Rental Car Funding, is a master trust, and the $400 million of notes to be issued in the Series 2017-2 transaction rank pari passu with the issuer’s other outstanding series of notes.
OneMain expands auto-loan ABS to full-network originations
In its third securitization of cash-out auto loans, OneMain will for the first time include originations from the 1,000 legacy offices acquired from CitiFinancial.
By
Glen Fest
ACA boosts credit enhancement on latest subprime auto ABS
Kroll expects cumulative net losses on the collateral for American Credit Acceptance 2017-4 to be as high as 29.9%; the senior notes have 66.35% initial credit enhancement.
By
Glen Fest
Opinion Rising challenges unlikely to deter U.S. securitization in 2018
The securitization market is weathering risk retention and rising interest rates, though Fitch Ratings is keeping its eye on some consumer asset classes as the credit cycle lengthens.
Rui Pereira
Fitch Ratings
Ally’s new auto ABS platform launches with bottom-rung IG rating
Juniper Receiveables DAC, a new offshore shelf for Ally U.S. auto-loan receivables, has received an early 'Baa3' rating from Moody's Investors Service on its initial $530 million issuance.
By
Glen Fest
Subprime auto lender’s debut ABS backed by very high-mileage cars
Nearly one-third of the vehicles in CIG Financial's $172 million transaction have mileage above 100,000; the highest-mileage car financed has 197,387.
By
Glen Fest
Ally Financial’s next auto loan ABS sized at just $560M
That's only half as large as the lender's four previous deals, which ranged from $1.02 billion and $1.12 billion; company executives recently touted a shift toward more financing from deposits.
By
Glen Fest
Trucks take the wheel in Ford’s new vehicle loan ABS
Over 80% of collateral for the $2 billion transaction consists of trucks, SUVs and crossovers; the deal is also the largest that the captive finance company has sponsored in the last three years.
By
Glen Fest
Santander Consumer preps debut auto lease securitization
Unlike Santander’s existing retail auto loan platform, Santander Retail Auto Lease Trust 2017-A is backed by prime quality collateral. The leases were originated by its Chrysler Capital division, through dealers of Fiat Chrysler vehicles.
Santander Consumer dives back into subprime auto as others flee
The Dallas consumer lender says it plans to boost subprime originations again after retooling its portfolio and taking stock of the economy.
Ally has another reason to avoid auto loan ABS
A $3.8 billion surge in deposits in the third quarter will allow the subprime lender more flexibility to fund originations on balance sheet, rather than bundling these assets into collateral for bonds.
CPS keeping ABS bondholders happy despite lending pullback
The company is lending less and issuing smaller securitizations this year, but investors keep flocking to the subprime lender's paper.
GM Financial sees more “headwinds” from residual values
The captive finance arm of General Motors has been pulling back on leasing, but it still expects to be negatively impacted by falling used car prices for the remainder of the year.
By
Glen Fest
Another subprime auto lender launches debut rated deal
Veros is based in California but recently expanded on the East Coast, resulting in a dip in credit performance; Kroll capped its rating in the senior notes of the $165 million deal at single A.
By
Glen Fest
Ford nears $2B in lease-backed ABS issuance for 2017
After issuing only a single prime auto lease securitization in 2016, Ford Motor Credit's trust has returned to its traditional twice-annual schedule it followed from 2010-2015.
By
Glen Fest
Captive biz takes back seat in Ally’s new $539.8M non-prime ABS
Capital Auto Receivables Asset Trust has just 3.3% of the pool comprised of manufacturer subsidized loans, down from 9.9% in Ally's prior CARAT deal in July 2016.
By
Glen Fest
Delinquencies balloon in Element’s new $500M fleet lease ABS
Coping with merging two securitization platforms and the integration of GE Capital's former fleet lease and management business, the Canadian lessor has seen 30-plus and 60-plus delinquencies more than triple.
By
Glen Fest
Trucks maintain dominance in Ford’s Canadian ABS deals
More than 90% of the collateral for Ford Credit Canada's CAN$614M transaction is popular light-duty trucks that have propelled the automaker's leading 15.5% domestic market share.
By
Glen Fest
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