Volume ramped up in auto asset-backed securitization market this week after nearly a month of no issuer activity, with four lenders funneling $4 billion of prime and subprime loans into the pipeline.
Chase Auto returned to market for its second deal of the year, a $221 million deal backed by prime retail installment contracts. Ford Credit, too, returned for its third deal of the year, a $1.36 billion transaction also backed by prime auto loans receivable.
Meanwhile, GM Financial securitized its subprime AmeriCredit shelf for the third time this year, a $1.1 billion deal, and Santander Consumer USA, the industry’s most active member of the ABS industry, came to market with the fourth transaction of the year of its SDART shelf, a $1.5 billion deal. Year to date, Santander has brought to market $10.7 billion in leases, and prime and subprime auto loans, according to an AFN analysis.
Auto ABS volume, which totals $92 billion as of Nov. 19, is trailing 11.9% behind last year’s figure of $104.4 billion in the same reporting period. Auto lenders securitized a total of $111 billion in 2019.