Exeter Finance is preparing to issue $702.3 million in auto ABS
Only loans that have made at least one payment were included in the collateral pool. At a weighted average (WA) 574, the pool's FICO score is slightly lower than that of recent pools.
Auto ABS
Santander Consumer prepares to sell $1.3 billion in auto lease ABS
The portfolio of new auto leases will support notes with an expected base case loss proxy of 1.0%.
Bayview Opportunity Master Fund offers $143.3 million in motor vehicle CDOs
The underlying transactions pay on a pro-rata basis, but that can switch to sequential pay if performance triggers, which can be addressed, are breached.
Ford Motor sponsors offers $1.2 billion in ABS notes
FCALT 2024A has a lower ratio of leases with an original term of 48 months, at 8.17%, compared with 6.85% on FCALT 2023B.
Consumer Portfolio Services sets out to raise $280.9 million on subprime auto loans
The cumulative net loss expectation is unchanged from CPSART 2023-D, even after considering the performance record of certain outstanding CPS program note series, like 2022 and 2023 in particular.
Lendbuzz Funding sponsors $218.7 million in auto ABS
Almost half of the loans, 49.6% did not have an associated FICO score, and the pool had a non-zero weighted average (WA) FICO score of 704.
Mercedes-Benz comes to market to sell at least $1.3 billion in auto ABS
While the deal has a lot of positive characteristics, Moody's noted that the managed portfolio and 2022 and 2023 origination vintages are showing some deteriorating performance.
BLAST prepares second auto ABS, raising at least $485.8 million
BLAST 2024-1 collateral pool exhibits a few key differences from BLAST 2023-1, such as a higher WA interest rate, at 23.4%, compared with 22.5%.
AmeriCredit takes GMCAR to market to raise $1.3 billion in auto ABS
The trust will repay principal to investors sequentially, so that non-declining enhancement will grow as a percentage of remaining assets as the pool amortizes.
SFS Auto Receivables comes to market with $1 billion in auto ABS
SFS' legacy company, First Investors Financial Services, securitized its first of 34 auto ABS deals in 2000, giving the SFS management team its experience in auto financing.
BofA managed the most securitization business in 2023, with $32.3 billion
The reasons for BofA's success vary, but in a year when the auto ABS sector experienced a surge in issuance in the second half of the year, several banks appeared to benefit.
Avis prepares to sponsor a $750 million rental lease securitization
Over-collateralization in the form of vehicles provides most of the deal's credit enhancement on the notes, which also has a higher concentration limit for Teslas.
ABS market originated $288.3 billion in new supply in 2023
Throughout the year, auto ABS was a stronger performer than other consumer ABS asset classes, with $141.1 billion in new securitization business.
Citizens Auto Receivables Trust program prepares to sell $750 million in auto ABS
This is the program's third transaction, according to ASR's deal database. The notes have about 8.57% in credit support for all five tranches, which are all class A notes.
Auto ABS in 2024: Watch out for 2022-vintage potholes
COVID-19 largesse enabled subprime borrowers to pay down debt and boost credit scores. Then interest rates rocketed up in 2022, and new subprime auto borrowers felt the pinch.
By
John Hintze
Carvana seeks $218 million for prime auto loan ABS
Credit enhancement consists of overcollateralization, excess spread of about 6.09%, subordination (except for the class D and class N notes), and a reserve account.
Santander prepares to issue $2 billion in credit-linked, auto-backed notes
A cash collateral account secures the principal payments, which makes SBNA's credit-linked notes deal a bit different from other bank-sponsored credit-linked note deals—albeit similar to SBCLN 2023-A.
Tesla Finance sponsors $783.3 million in prime auto ABS
The loans have strong borrower characteristics, such as a weighted average (WA) FICO score of 733, and WA seasoning of 10 months.
Credit Acceptance prepares to sell $375.1 million from non-prime auto collateral
Classes A, B and C benefit from hard credit enhancement levels of 60.80%, 42.80% and 24.57%, respectively, an increase from the comparison deal.
Space Coast Credit Union’s debut ABS to raise $331.7 million
The National Credit Union Administration insures Space Coast's deposits, with the power to repudiate the prime retail auto contracts or re-characterize receivables, potentially reducing or delaying note payments.
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