The last month of 2014 was a popular one for securitizations as banks and automotive finance companies finalized deals to end the year. Asset-backed auto loan securitizations in December totaled almost $3 billion.
Ally Financial Inc., securitized more than $1 billion in prime auto loans on Dec. 10. Another notable deal was Nissan Motor Acceptance Corp. The Dallas, Texas-based lender closed a $850 million securitization in prime loans on December 3.
Subprime lender Consumer Portfolio Services Inc. closed a $267.5 million non-prime securitization deal on December 17th. On Dec. 18, California Republic Bancorp completed a $325 million securitization of prime auto loans. The average Fico score for loans in the Dec. 18 offering increased to 698 from 695 in CRB’s previous securitization deal, Standard and Poor’s reported.
