Capital Markets | Auto Finance News

E-contracts pose risk in auto ABS, Moody’s says

An increase of e-contracts to originate auto loans and leases has created a new source of legal and operational risk to auto asset-backed securitizations, according to a Moody’s Investors Service report. Specifically, the use of e-contracts heightens potential risks related to the securitization trusts’ ownership of assets. A third-party could claim a superior interest in […]

Ally’s Doug Timmerman named Auto Finance Executive of the Year

Auto Finance News is pleased to announce Doug Timmerman, Ally Financial’s president of auto, as the inaugural Auto Finance Executive of the Year. Timmerman first joined Ally — then General Motors Acceptance Co. — back in 1986 and is now at the helm of an $80 billion auto portfolio. Under Timmerman’s leadership, Ally broke a […]

Exeter scraps IPO

Subprime lender Exeter Finance has shelved plans for an initial public offering “due to market conditions,” according to a Nov. 22 SEC filing. Blackstone-backed Exeter had expected to raise $100 million in the IPO, according to an S-1 filed on Jan. 8. Details in the withdrawal filing were sparse. “The registrant has decided not to […]

Auto ABS volume surpasses 2018 levels

Auto asset-backed securitization volumes have already outpaced 2018’s yearend levels, according to data from JPMorgan Securities. Auto ABS volume hit $109.8 billion year to date, a 5.6% increase from 2018’s total, according to the Nov. 22 Global ABS/CDO Weekly Market Snapshot report. In fact, 2019 marks the third straight year that auto ABS volume has increased, […]

Testing the resiliency of auto ABS

The auto asset-backed securities market continues to attract investors — even from overseas. While market headwinds brought on by lengthening loan terms, trade disagreements and a potential economic downturn test the market’s resilience, closer examination of the auto ABS structure proves the strength of these bonds in the face of adversity. In fact, investor appetite […]

Santander debuts $1.3B revolving ABS

Santander Consumer USA is bringing $1.3 billion worth of nonprime loans to market with the debut of its revolving asset-backed securitization slated to close Nov. 26, according to Moody’s Investors Service presale report.   The securitization pool consists of 66,522 contracts, with 43% of the pool comprised of new vehicles and 57% used. The weighted average […]

Residual value uncertainty bogs down Tesla lease ABS

Tesla Finance brought $940 million to market with its first securitization of the year backed by retail auto lease contracts, according to a Moody’s Investors Service presale report. The weighted average Fico score for the transaction was 790, according to Moody’s. While high credit quality of the lessees was marked as a credit strength, limited […]
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