Carvana expands higher-end borrower tiers in 4th auto ABS
Moody's and Kroll have lower loss expectations for the online platform's next $380M securitization.
By
Glen Fest
Consumer lending
Ally drops mandatory buybacks of modified loans in new $1B auto ABS issue
According to Moody's, Ally's latest auto-loan ABS will not require the issuer to repurchase loans with modified terms or maturities.
By
Glen Fest
Ally drops mandatory buybacks of modified loans in new $1B auto ABS issue
According to Moody's, Ally's latest auto-loan ABS will not require the issuer to repurchase loans with modified terms or maturities.
By
Glen Fest
S&P: Auto ABS performance improving in prime, subprime sectors
The ratings agency's monthly auto loan ABS index tracker shows losses and 60-plus-day delinquencies decreased both month-over-month and year-over-year.
By
Glen Fest
Will banks be swept into CFPB’s debt-collection rule?
Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.
By
Andy Peters
CFPB sued for allegedly failing to supervise student loan servicers
Democracy Forward filed the lawsuit Monday against the consumer bureau, Director Kathy Kraninger, the U.S. Department of Education and Education Secretary Betsy DeVos.
CFPB’s final payday rule should be ready in spring, agency says
In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.
By
Joe Adler
CommonBond’s new play for more student loan refi partners
The online lender said it applied insights from its partnership with Fifth Third Bancorp in developing a new digital platform it’s marketing to other large financial services companies.
Santander raises curtain on revolving ABS platform
Santander Revolving Auto Loan Trust 2019-A is the debut deal on Santander’s revolving platform (or SREV, according to presale reports), and will have a five-year period in which the lender can add additional loans to the collateral
Risky mortgage bonds are back and delinquencies are piling up
Lenders have bundled more than $18 billion worth of non-QM, private-label loans into bonds this year that they then sold to investors, a 44% increase from 2018 and the most for any year since the securities became common post-crisis.
Subprime mortgage origination share remains small, but it’s growing
The percentage of recent mortgage borrowers with subprime credit scores still resides in the single digits, but nearly doubled what is was in 2013, according to TransUnion.
Collateral quality dips for new RAC King subprime auto lease ABS
Loss expectations are up slightly for the second retail auto lease securitization of the year for RAC King the parent company of the regional “buy here/pay here” used-car chain American Car Center.
By
Glen Fest
Flagship boosts online direct-loan collateral in next securitization
According to ratings agency presale reports, the $398.7 million Flagship Credit Auto Trust 2019-4 includes a 23% share of collateral loans originated through the company’s growing dCarFinance.com direct financing channel.
By
Glen Fest
Volvo Financial seeks another $607 million in ABS backed by equipment loans
The Volvo Financial Equipment LLC, Series 2019-2, brings to market ABS notes, backed by trucking and construction equipment loans, categories that analysts view as solid performers outside of severe macroeconomic pressures.
World Omni Auto Receivables Trust to issue $862M high-quality notes
The outlook for World Omni Auto Receivables Trust, 2019-C should hinge in part on the capabilities of World Omni in the role of originator, underwriter and servicer. So it is probably a boon to the deal that Fitch Ratings says it believes that the company is capable in all those roles.
Consistent credit profile buoys $2 billion Juniper Receivables 2019-2
Due to come to the market in November, Juniper Receivables 2019-2 DAC will issue about $2.1 billion in securities backed by retail auto loan contracts.
Subprime auto giant’s loans souring at fastest clip since 2008
A growing percentage of Santander Consumer USA Holdings Inc.’s subprime auto loans are turning out to be clunkers soon after the cars are driven off the lot.
GLS floats $300 million in first deal after Assured Guaranty acquisition
Subprime auto finance company Global Lending Services brought $300 million in notes to the asset-backed securities market GLS Auto Receivables Issuer Trust 2019-4.
A $202 million CommonBond deal returns with pre-funding period
CommonBond is coming to the securitization market again with another trust that uses the highly selective prefunding period feature to issue notes backed by private, refinanced student loans.
DriveTime issues fourth deep subprime auto ABS of the year
The $450 million DT Auto Owner Trust 2019-4 has a pool balance of $519.7 million, an average balance of $17,125 per account and an 84.21% share of loans with terms over 60 months.
By
Glen Fest
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