Capital Markets | Auto Finance News - Part 2

Auto issuance drives ABS growth

The auto finance sector is propping up the securitization market, with year-over-year growth climbing 18% through June, according to Kroll Bond Rating Agency’s Midyear 2019 ABS Outlook published last week. Auto securitization volume hit $68.5 billion through June, according to KBRA. “Despite plateauing new-vehicle sales, there has been tremendous year over year growth in auto-related […]

Santander salvages Chrysler agreement with FCA $60M payment

Santander Consumer USA has paid $60 million to Fiat Chrysler Automobiles Group to amend a private label financing agreement whose future had been uncertain for the past year.  The modified pact between SCUSA and FCA adjusts specific performance metrics, exclusivity commitments and payment provisions under the agreement, according to the filing of an 8-K with […]

Group 1 extends $1.8B syndicated credit facility

Group 1 Automotive has extended its $1.8 billion revolving syndicated credit facility with 23 financial institutions, including four captive finance companies, for another five years, according to a company release. The credit facility will expire in June 2024 and have the option to expand to $2.1 billion. It was originally set to mature in June […]

Credit Acceptance extends credit facility

Subprime lender Credit Acceptance Corp. has extended the maturity of a secured line of credit facility with a commercial bank syndicate to June 22, 2022, according to a company release. The amount of the facility had been set to decrease to $315 million from $350 million this month, according to a 10-K filing with the […]

Used-car marketplace raises $13M in Series A funding

The online used-car marketplace is heating up in the U.K. as one London-based startup secured $13.9 million in Series A funding this week. The round was led by hedge fund Marchmont Ventures and LocalGlobe.  The platform is called Motorway and enables U.K. consumers to buy and sell used cars online. The startup, launched in 2017, […]

Weakening Credit Spurs Santander Downgrade

Santander Consumer USA's rating has been cut to neutral from positive by Susquehanna Financial Group as shifts in the lender's portfolio dynamics make it appear that credit is worsening in the short term, SFG’s bank and auto finance analyst Jack Micenko told Auto Finance News. The most notable change relates to SCUSA’s troubled debt restructuring […]

Extended-Term Contracts Lower Credit Quality in Bank of the West Securitization

Extended-term contracts, an increased loan-to-value ratio, and a rise in the number of loans with lower Fico scores are responsible for weakened credit quality in Bank of the West’s $764 million auto trust securitization — the bank’s first of the year — according to a Fitch Ratings’ presale report. The average term of loans securitized […]
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