Post Tagged with: "Exeter Finance Corp."

Auto ABS Issuers Pull Pools Back From Harvey, Irma Impacted Areas

Auto ABS Issuers Pull Pools Back From Harvey, Irma Impacted Areas

September 12, 2017 at 12:12 pm 1 comment

During one of the busiest times for the secondary market, auto lenders are excluding vehicles affected by Hurricane Harvey from ABS issuances over fears of negative-equity deals, according to presale reports.   Exeter Finance Corp., Fifth Third Bank Dealer Financial Services, Ford Motor Credit Co., and Santander Consumer USA haveRead More

Westlake’s Customized Subprime Program Hooked CARite

Westlake’s Customized Subprime Program Hooked CARite

August 15, 2017 at 12:38 pm 0 comments

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite,Read More

LTVs Decline in 1Q as Subprime Lenders Aim to Steady Loss Levels

LTVs Decline in 1Q as Subprime Lenders Aim to Steady Loss Levels

June 16, 2017 at 10:00 am 0 comments

DALLAS — Six subprime auto finance companies in the secondary market have reduced loan-to-value ratios in their underwriting by 100 basis points or more in the first quarter, said Amy Martin, lead analyst for auto ABS at S&P Global, during a presentation at the NAF Association’s Nonprime Auto Financing Conference.Read More

Subprime Auto ABS Shows Signs of Strength, S&P Says

Subprime Auto ABS Shows Signs of Strength, S&P Says

June 6, 2017 at 11:34 am 0 comments

DALLAS — S&P Global Ratings sees little historical evidence of distress in the auto securitization market and is projecting modest growth this year, despite a slew of recent headlines claiming that “the sky is falling” in subprime auto, said Amy Martin, the ratings agency’s lead analyst for auto ABS. S&P Global estimatesRead More

Lenders See Regulatory Stability, CFPB Complaints Show

Lenders See Regulatory Stability, CFPB Complaints Show

May 10, 2017 at 12:51 pm 1 comment

After years of retooling, investing, and stressing over the regulatory environment following passage of the Dodd Frank Act in 2010, an analysis of the Consumer Financial Protection Bureau’s complaint database is showing signs of stabilization. Yes, the overall number of complaints submitted to the bureau has risen — 7,185 last year,Read More

Startup Lessor MUSA Auto Finance Scores Funding for Nationwide Launch

Startup Lessor MUSA Auto Finance Scores Funding for Nationwide Launch

March 30, 2017 at 11:41 am 0 comments

MUSA Auto Finance — a specialized new and used-lease provider — has secured new funding and plans to launch nationwide this year, the company announced in a press release this week. The funding comes from a $125 million warehouse facility agreement with Goldman Sachs and another $50 million in capital fromRead More

Exeter Seeks More Investors With Move to Public Securitizations

Exeter Seeks More Investors With Move to Public Securitizations

March 17, 2017 at 10:28 am 0 comments

Exeter Finance Corp. can now issue public securitizations, said Ben Miller, the company’s senior vice president and treasurer. “One of the questions we’re always getting from investors is: ‘How can I get more information?’” Miller said. “Exeter itself has an SEC-approved shelf. We haven’t started to use it yet, butRead More

Higher Losses Prompt More ABS Enhancement

Higher Losses Prompt More ABS Enhancement

March 7, 2017 at 9:00 am 0 comments

LAS VEGAS — Of the nine subprime auto ABS transactions that have gone to market, four have higher levels of credit enhancements, Amy Martin, senior director of structured finance at S&P Global, told AFN. “The issuers with higher credit enhancement  include American Credit Acceptance LLC, First Investors Financial Services, FlagshipRead More

Lower Vehicle Values Spur Subprime Underwriting

Lower Vehicle Values Spur Subprime Underwriting

March 6, 2017 at 9:00 am 0 comments

LAS VEGAS — Rises in lease return volume and negative equity are putting downward pressure on recovery values in the subprime sector, said Ben Miller, senior vice president and treasurer at Exeter Finance Corp. “The recovery issue is real,” Miller said while speaking on a panel at SFIG 2017 lastRead More

Losses and Delinquencies Up at Yearend 2016, S&P Says

Losses and Delinquencies Up at Yearend 2016, S&P Says

February 10, 2017 at 12:44 pm 7 comments

Prime and subprime losses ended 2016 showing year-over-year increases by the end of December, according to S&P Global’s January U.S. Auto Loan Tracker. Prime net losses were at 0.76% in December 2016, up from 0.58% at the same time a year ago — also up from 0.70% in November 2016. TheRead More

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