CarFinance Capital LLC said today it completed its second rated asset-backed securitization ― a $303.8 million transaction that closed Oct. 24. The notes were assigned ratings by Standard & Poor’s Ratings Services, Moody’s Investor Services, and Kroll Bond Rating Agency.
“Our second securitization reflects the continuing strength of our business, management team, asset quality, and capital position, and further validates our mission of providing dealers and consumers a more positive auto financing experience,” said CarFinance Capital President and CEO Jim Landy in a press release.
Here are some collateral stats from the securitization, per Kroll:
- Weighted average loan balance: $18,917
- Weighted average coupon: 14.85%
- Weighted average Fico: 601
- Weighted average LTV: 116%
- Weighted average original term (months): 70
- Weighted average seasoning (months): 7
- % new vehicles: 29.67%
- % used vehicles: 70.33%
CarFinance Capital operates through direct and indirect origination channels. It is majority-owned by affiliated funds of Perella Weinberg Partners, which established CarFinance in March 2011. Perella Weinberg has thus far contributed $143.5 million in equity capital to CarFinance to fund growth in the business, according to a report from Kroll.
