Carvana prepares to raise $1.1 billion through 2024-N3 and P3 series
The 144A deals close within a week of each other and both have eight-year maturities. Series 2024-P3 has four class A tranches compared with 2024-N3's three class As.
Auto ABS
Carvana returns to raise $638.6 million in prime auto loan contracts
The notes benefit from total initial hard credit enhancement that represents 8.0% of the pool balance on the class A notes. Classes B, C, D and N benefit from credit enhancement levels representing 5.40%, 2.20%, 0.50% and 0.25%, respectively.
Wheels Fleet, series 2024-2, to float $750 million
The transaction has a nine-month revolving period. All of the leases are closed end, where the issuer bears the residual value risk, and more of them can be added during that period.
Hyundai Auto Lease, 2024-C, to raise $1 billion on prime auto leases
The concentration of electric vehicles also reached 17.8%, an increase from 15.3% in the 2024-B deal.
World Omni issues $958.2 million supported by prime auto loans
It is the third deal from the WOART program for the year, and could be upsized to $1.2 billion.
Santander Drive sells $1.4 billion in auto ABS on subprime loans
Total initial credit enhancement includes over-collateralization representing 8.95% of the initial pool balance, which is expected to build to a targeted level of 13.95%.
Global Lending Services sponsors $594.4 million in auto ABS
The transaction's notes have increased excess spread, as well as some structural optimization by the issuer, S&P said, which helps account for lower total initial hard credit enhancement levels for all classes of notes.
CarMax returns in used car ABS by selling $1.1 billion in notes
Yields are expected to range from 5.44% on the P-1 (Moody's) and A-1+ (S&P Global Ratings) notes to 5.74% on the notes rated Baa1 (Moody's) and A+ (S&P).
Space Coast Credit Union in its second auto ABS deal, for $489.9 million
Most of the notes, classes A1 through A4, have a total initial hard credit enhancement of 9.19%. Classes B, C and D have initial credit enhancement levels of 6.09%, 2.50% and 125%.
DriveTime prepares to issue at least $573.7 million in auto ABS
Known at BLAST 2024-3, the deal will issue five classes of notes with subprime auto loans serving as collateral, even if the pool is upsized to $680 million.
CarMax Select Receivables Trust to raise $625 million
The inaugural sub-prime auto loan ABS is primarily backed by used car and light-truck/sports utility vehicle loans.
Credit Acceptance prepares to float $562.7 million in non-prime auto ABS
The deal structure also features a two-year revolving period, followed by a full-turbo amortization phase.
LAD Auto Receivables Trust raises $409 million in ABS bonds
Notes are expected to experience a lifetime cumulative net losses of 5.10% on the higher FICO segments, down 0.35% from the series 2024-1 transaction.
Toyota Auto Loan Extended Note Trust issues $1 billion in auto ABS
The previous TALNT transactions, while still revolving, are still performing within the rating agency's expectation and net loses have remained below overcollateralization step-up trigger levels.
Huntington National Bank launches offering of $3 billion in its first auto credit-linked notes
The assets have a weighted average (WA) FICO score of 801, including a minimum FICO of 660. Also on a WA basis, they have an original term of 74 months and a loan-to-value ratio of 86.8%.
Santander Drive prepares to raise $1.9 billion in auto ABS
Although used cars with borrowers of non-prime credit quality comprise the asset pool, it benefits from 9.00% in overcollateralization, subordination, a reserve account representing 1.00% of the pool balance, and excess spread.
ARI Fleet Lease transaction raises $657.6 million in ABS notes
Notes are expected to pay investors yields of 5.6% on the F1+ rated A1 notes to 5.6% on the A-rated C notes.
Merchants Fleet Funding 2024-1 gets set to raise $500 million on auto fleet leases
Another positive is that 87.3% of the leases are open-ended contracts, where the lessee bears the residual value risk of the vehicle when the leases mature.
Veros Auto prepared to sell $219 million in auto ABS
Yields on the notes are expected to range between 6.36% on the AA- and Aa2 notes–as rated by KBRA and Moody's Ratings, respectively–to 10.08% on the BB notes, as rated by KBRA.
Veros Auto Receivables plans to sell $252.4 million in non-prime auto notes
The pool luxury vehicle loans, which represent 5.4% of the pool, an increase from 4.0% from the level seen in VEROS 2023-1. The luxury vehicles had an average balance of $227,457, compared with $17,681 for all the loans in the pool.
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