The auto ABS market continues to heat up with four notable offerings coming to market just this month. First off, Ally Financial brought a $1.5 billion ABS bundle to the Street, its second this year. The weighted average Fico scores were 749.6, up from 745.8 for its first offering, according to the presale report from Standard & Poor’s. Average loan to values grew to 97.8% from 95.8%.
Meanwhile, subprime powerhouse Exeter showed up with a $500 million package of loans, its third this year. The bundle’s weighted average Fico scores decreased to 562 from 570, while the weighted average loan to values increased to 111.2% from 110.8%.
Another subprime issuer, Westlake Financial Services, came on board with its second offering, a $400 million package. Weighted average Fico scores ticked up to 586 from 581. Meanwhile, Westlake’s weighted average LTV increased to 107.9% from 104.9%.
Finally, Flagship Credit Acceptance marched onto the Street with a $329-million offering, its second bundle this year. Weighted average Fico scores slipped a point to 593 from 594, according to S&P. LTV decreased slightly to 118.1% from 118.7%.
