Ford Credit Captures 2009 Auto ABS Crown
Ford Motor Credit Co. snared the top spot among auto securitizers in 2009, as market volume ballooned from the deflated level of 2008.
Auto securitization volume, including floorplans and retail loans and leases, totaled $51.5 billion last year, compared with $34.6 billion in 2008 — a 49% increase, according to an analysis by Auto Finance News. Including fleet lease deals, volume would have topped out at $54 billion. As a point of reference, auto securitization volume hit $120 billion in 2005.
The ABS market had all but stalled by yearend 2008, as market instability prompted investors to refuse even triple-A-rated securities. The ABS slowdown continued into 2009, with only $2.4 billion of auto loans securitized in January and February — about one-fourth the issuance during the same period of 2008.
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