Auto ABS roundup: Ford Credit, Cap One, Santander, and more

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Auto lenders brought more than $6.4 billion in asset-backed securities to market this week, in transactions backed by prime and nonprime loans and leases, according to presale reports by S&P Global Ratings and Moody’s Investors Service.

By comparison, this week’s issuance was nearly half of the total ABS volume as of Feb. 8, 2019, which clocked in at $13.8 billion, according to JPMorgan Securities.

Ford Credit issued a $1.08 billion transaction backed by prime auto loan receivables with a Feb. 14 closing date, while Capital One issued its third auto loan securitization since 2007, bringing $1.09 billion to market. Meanwhile, GM Financial injected $1.25 billion to the ABS pipeline with its first publicly placed prime lease securitization of the year. Both Capital One and GMF’s ABS deals are expected to close Feb. 19, according to S&P.

Additionally, Santander Consumer USA issued a $1.15 billion deal this week. The securitization pool consists of retail closed-end leases for Chrysler, Dodge, Jeep, Ram, Fiat and Alfa Romeo motor vehicles originated by SC to prime-quality borrowers, according to Moody’s. The deal is expected to close Feb. 19.

On the nonprime side, Credit Acceptance Corp. issued $625.1 million in asset-backed securities, and Flagship Credit Acceptance issued a $356.8 million securitization, backed by subprime loans. Both transactions have Feb. 20 closing dates.

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