Test drive: Trailblazing auto-loan securitization paves the way for credit union ABS
Credit unions have seized share in auto lending. It may not be long before the same happens in auto ABS.
By
John Hintze
Prime auto ABS
Ford launches $1.1B auto-loan ABS with revolving pool
The Ford Credit Auto Owner Trust 2020-REV1 transaction is Ford’s 12th under its platform that permits revolving assets during the pre-amortization period of the transaction.
By
Glen Fest
Santander launches $1B Chrysler auto-lease ABS
The lease deal – Santander’s sixth ABS of Chrysler Capital leases since 2017 – has a higher proportion of leases with original terms longer than 36 months (44.5%) than prior deals through the platform.
By
Glen Fest
Toyota lenders adding $2B-$2.7B in loan and lease deals to ABS pipeline
Toyota Motor Credit Co. is sponsoring a $1.25 billion loan-backed transaction (potentially upsized to $1.75 billion), while regional Toyota captive finance lender World Omni Finance Corp. is sponsoring an auto-lease deal at either $766.5 million or $962.9 million.
By
Glen Fest
Automakers continue early-year deluge of lease-backed ABS
Mercedes-Benz, Nissan and Ford will market up to $3.86 billion in new prime auto-lease securitizations, adding to a pipeline that opened up with Hyundai's deal last week.
By
Glen Fest
2020 ABS outlook stable, but concerns abound over election, trade
Macro factors point to a solid year in the securitization market but wild cards abound, many of them political.
CarMax loss projections down slightly in its first 2020 ABS
CarMax Auto Superstores is securitizing a “slightly improved” pool of prime auto loans in its new $1.2 billion loan-backed securitization, according to S&P Global Ratings.
By
Glen Fest
Hyundai increases share of extended terms in $896M lease ABS
Hyundai Auto Lease Securitization 2020-A will have a collateral pool with more than a quarter of underlying leases exceeding 43 months – compared to just 19.4% in its previous lease ABS transaction that priced last August.
By
Glen Fest
Credit metrics dip in GMF’s first 2020 prime auto ABS issuance
GMF’s $1.269.9 billion asset-backed transaction will be secured by a pool of loans that has a slightly lower weighted average FICO, higher collective LTV and longer average terms compared to prior deals issued via GMF’s securitization platform.
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
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
Prime auto-loan ABS expected to top $50B for 2019
New proposed securitizations from American Honda and Ford Motor Credit, plus a U.S.-dollar denominated ABS transaction sponsored by Scotiabank, will push total securitization volume of prime auto ABS to nearly $52 billion – the highest yearly volume in the sector in seven years.
By
Glen Fest
Mercedes-Benz limits maturity concentrations in new U.S. auto-lease ABS offering
According to presale reports, Mercedes-Benz Auto Lease Trust (MBALT) 2019-B will have only two months over the life of the deal in which there is more than a 5% concentration of expected lease maturities.
By
Glen Fest
Volkswagen revives U.S. lease ABS platform, sans diesel autos
In the pool of 46,070 vehicles in the $1 billion pool or 59,863 in the $1.3 billion pool, none are equipped with diesel engines that were at the center of Volkswagen’s worldwide emissions scandal in 2015.
By
Glen Fest
Downgrade may further push Ford’s reliance on ABS
Deutsche Bank analysts said the newly downgraded junk status for Ford and its captive-finance subsidiary could mean more dependence on securitization to offset expected higher bank financing costs.
By
Glen Fest
Prime auto lenders pooling another $3.4B-$3.7B in ABS deals
Ally Bank, Capital One Auto Finance and BMW Financial Services of North America launched new note offerings, which will add to the year-to-date of $35.2 billions across 32 prior deals.
By
Glen Fest
Honda shaves exposure to used cars in next captive-finance ABS
Captive finance lenders in recent years have been steadily reliant on used cars for asset-backed collateral. That’s not the case with American Honda Finance Corp.
By
Glen Fest
World Omni concentrates maturity wall in next prime auto lease ABS
Regional Toyota captive finance lender World Omni has its highest-ever average FICO for a securitization of prime auto-lease receivables. But it also is pooling a portfolio of contracts that have a highly concentrated mix of lease maturities.
By
Glen Fest
S&P: Longer-term auto loans are back-loading losses in prime ABS pools
S&P stated that as more loans stretch into 72 months or even 84 months as a result of rising new-vehicle prices, auto ABS investors must be mindful of increased credit risks that accompany extended-term loans.
By
Glen Fest
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