Southern Auto Finance gets ready to float $200 million in notes
Southern Auto Finance uses a heavily automated origination process that puts applicants through several rounds of vetting, including income and employment verification.
Consumer lending
MPOWER’s second securitization expected to raise $297.6 million
A vast majority of borrowers have either graduated from one of MPOWER's eligible graduate degree programs in science, technology, engineering and math (STEM) or business.
Upstart offers $320 million from consumer loan assets
The capital structure includes amortization triggers based on cumulative net loss levels and material modified loan ratios.
Aqua Finance prepares $373.4 million deal
The sponsor launches the deal after a period of increased originations in marine and recreational vehicle loans, will secure the notes.
Jeffries prepares to being $143.2 million in unsecured consumer loans
Jeffries is preparing to sponsor $143.2 million in securitized bonds backed by unsecured consumer loans underwritten largely through income verification. The trust, Upgrade Master Pass-Thru Trust, series 2025-ST2, will issue just one tranche of notes, which gets a BBB rating from Morningstar | DBRS, which has an expected final maturity date of June 15, 2032. […]
Why Citizens is selling its student loans
The regional bank is offloading a $1.9 billion student loan portfolio in order to focus on its relationships with existing customers, said CEO Bruce Van Saun.
Non-prime auto contracts back Credit Acceptance’s $500.1 million offering
There is also a full-turbo feature that will kick in after a two-year revolving period.
Nelnet Student Loan Trust readies $1 billion in ABS
Almost all the collateral was extended to borrowers attending four-year schools, and the same percentage was made to borrowers attending not-for-profit schools.
Subprime auto loans back Exeter Finance’s $1 billion securitization
Unlike estimated excess spread, which increased to 13.2%, from 12.8% on the EART 2024-4 transaction, several other forms of credit enhancement levels dropped.
Small-business advocates concerned about SBA’s new role
The Trump administration wants the Small Business Administration to shrink its workforce by 43%. At the same time, the agency is being asked to start managing the federal government's student loan portfolio.
First Help finances subprime auto pool with $239.7 million
FHF sources almost all its loans—most recently 96% in 2024—from franchise dealers.
Subprime lender Strike Acceptance floats $107.9 million in auto ABS
The deal is structured as a public securitization, under Rule 144A, and is supported by lending indirectly through more than 1,100 partnerships across the country.
United Auto Credit Securitization raises $324 million on subprime auto ABS
The United Auto 2025-1 series of notes has a more mixed subordination element compared with the previous deal.
Banker’s Healthcare floats $297.2 million consumer loan ABS
It is the program's second issuance to come to market with a pool made up entirely of consumer loans.
Affirm sponsors $777.6 million in unsecured consumer loans
Affirm grade A loans account for 34.8% of the pool and have historically produced the lowest defaults in the sponsor's managed portfolios.
SoFi Bank’s pool of unsecured consumer loans supports $697.6 million
While SoFi uses a third-party servicer for both of those product types, it services its entire consumer loan portfolio.
Potential auto repossessions increased post-pandemic, while deficiencies soared
Outstanding loans eligible for repossession in December 2022 saw a 22.5% increase from December 2019, but redemptions were higher than pre-pandemic levels.
Capital One, seeing a healthy consumer, leans into credit cards
CEO Richard Fairbank told analysts executives have their "microscopes" out for any signs of trouble, but consumers remain "in a great place."
Island Finance debuts on ABS market with $292.5 million offering
Island is a first-time issuer and largely originates and services the loans through its network of 48 branches.
Most BNPL loans made to subprime borrowers: CFPB
The Consumer Financial Protection Bureau's research found that the majority of buy now/pay later users are subprime borrowers, holding high credit card balances and multiple loans, suggesting the offering is riskier to lenders than previously assumed.
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