Capital Markets | Auto Finance News - Part 3

5 Trends to Watch: 2019 Promises to be an Interesting Year

From the January issue: The pace of U.S. growth is expected to slow, according to most economists, who also think interest rates will rise. There is uncertainty about tariffs and, beyond the economic factors, the race between different lenders, dealers, and manufacturers to overhaul products and services is picking up. But perhaps the biggest challenge […]

U.S. Bailout From Last Recession Lives on as Downturn Risks Rise

TARP, the U.S. government bailout program born of the financial crisis a decade ago, lives on today as economists warn of a new recession. Congress authorized the Troubled Asset Relief Program in late 2008 to stabilize the financial system with up to $700 billion — later reduced to $475 billion. To date, about $450 billion in […]

Losses on Track to Improve in Santander’s Latest Securitization

Santander Consumer USA‘s first asset-backed securitization of the year is on track for lower losses relative to prior pools, despite higher loan-to-value ratios and a smaller percentage of new vehicles in the pool, according to Moody’s Investors Service. Moody’s assigned a 24% cumulative net loss expectation to the $1.2 billion transaction, which is slated to […]

Exeter Finance Files for IPO, Expects to Raise $100M

Subprime lender Exeter Finance Corp. filed for an initial public offering to gain a larger marketshare in the “fragmented” auto finance industry, the company said in a Jan. 8 regulatory filing with the U.S. Securities and Exchange Commission. Blackstone-backed Exeter expects to raise $100 million in the IPO, the filing notes, though the timing of […]

Ford Motor Credit to Issue $500M Dealer Floorplan ABS

Ford Motor Credit is expected to close its fourth auto securitization on December 21, according to presale reports. The transaction, backed by a $500 million pool of revolving floorplan accounts, is 31.7% smaller than the captive’s last securitization — $732.2 million of notes — which was issued in November. However, the transaction has a 10-year revolving […]

Tesla Issues Second-Ever Lease Securitization Despite Previous Downgrade

Tesla Inc. is slated to issue its second-ever U.S. auto securitization on Dec. 19, according to presale reports. The $837 million transaction is 53% larger than Tesla’s inaugural securitization, which was issued in February. That securitization was subsequently downgraded because of a “significant shortfall” in the Model 3 production rate and a weak financial situation, […]

Sedan Sales Marketshare Falls to Record Low in November

Sedan popularity has dropped to an all-time low, as evidenced by November’s new-vehicle sales figures. As a percentage of new-vehicle sales, sedan — or “car” — segment marketshare dropped to 28.8%, the lowest monthly share on record, according to Cox Automotive unit Manheim. By comparison, the segment that comprises light-duty pickups, vans, SUVs, and crossovers […]

Avid Acceptance to Double Securitization Volume on Heels of JPMorgan Chase Funding Facility

Avid Acceptance LLC’s new warehouse facility will put the lender on track to double its securitization volume next year, Chief Financial Officer Curtis Ash told Auto Finance News. The $50 million funding facility from JPMorgan Chase “will allow [Avid] a larger securitization in 2019,” Ash said, likely in the third or fourth quarter. The warehouse […]
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