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The deal continues BHG's more recent streak of securitizing loans collateralized exclusively by consumer loans. The deal is the program's sixth term 144A securitization backed by consumer loans.
A new cohort of lenders, Dort Financial Credit Union, Gesa Credit Union and Liberty Federal Credit Union originated the loans and contributed them to the collateral pool.
Discussions center around a deal that would be executed through a court-supervised Chapter 11 sale process or via a shareholder vote.
Ally Financial reported higher auto loan delinquencies and charge-offs in the third quarter, even as loan originations and applications grew. The mixed trends came amid persistent affordability pressures on consumers.
While positive results, including cures and resumed payments, still outpace the poor ones, the gap in the most recent dv01 study narrowed from 12 months prior.
Upstart's grade E loans account for 47.1% of the collateral pool, compared with 43.3% in the UPST 2026-3, while the concentration of 60-month loans is also lower.
The first variable funding note for Pagaya will contain newly originated consumer loans as they attain seasoning and await securitization.
Raising $350.2 million in notes, the transaction has borrowers with higher credit quality, though the notes have less excess spread.
Most borrowers, 61.2%, fall within SoFi Bank's highest tiers 1 and 2, and they have a WA income of $156,504.That's an improvement from their earnings on SCLP 2026-3.
If a cumulative net loss ratio amortization event occurs, then Reach 2026-3 will enter full turbo mode, a phase when the transaction will use all available funds to sequentially pay down the outstanding notes.
The series AFRMT 2026-4 and AFRMT 2026-5 have virtually identical capital structures, but have legal final maturity dates of Sept. 17, 2035, and Sept. 15, 2037, respectively.
If PAID 2026-REV1 doesn't breach any triggers, then the deal might pay an annual step-up premium representing 1.00% of each class's outstanding amount.
For its first securitization PMCC 2026-1 will sell to noteholders through six tranches of notes, and credit enhancement coverage that begins at 67.91% on the AAA-rated, class A notes.
The agency says the subprime auto lender pledged the same car loans to several lenders and bond deals at once, leaving investors owed about $945 million.
FHF Issuer Trust 2026-2's final distribution dates range from Sept. 15, 2027 on the class A1 notes through Jan. 16, 2034 on the class F notes.
Aqua Finance's credit enhancements include a sequential pay structure until the class A credit enhancement period is over.
The current deal comes to market with a shorter revolving period and a smaller collateral pool, but other traits are similar to previous deals.
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
The rule 144A deal's structure includes a cash collateral account represents 1.00% of the note balance across all tranches.
Until this quarter, car-loan delinquencies for the Detroit-based bank had been steadily dropping. But in the spring of 2026, that momentum showed signs of slowing.
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