Capital Markets | Auto Finance News - Part 2

CPS grows originations despite ‘exceedingly competitive’ market, CEO says

Consumer Portfolio Services' originations increased 16.5% in the second quarter, to $250.1 million, despite the fact that the industry is "exceedingly competitive" and "people are growing like crazy," Chief Executive Charles Bradley said during an earnings call yesterday. "That puts pressure on us to eke out our meager growth and our performance amongst these people that […]

Credit Acceptance extends warehouse facility

Credit Acceptance Corp. has extended the maturity date of its $75 million revolving secured warehouse facility by two years — to Sept. 30, 2022 — according to a company release. There was no outstanding principal balance at the time of the release. CAC has five warehouse facilities with a borrowing capacity of $976 million. Of […]

Westlake eyes third ABS following $1.2B issuance

On the heels of closing a $1.2 billion asset-backed securitization — its largest-ever — Westlake Financial Services is already planning for another “large” ABS before yearend, Chief Financial Officer Paul Kerwin said in a statement on Thursday. The Los Angeles-based company’s securitization, backed by subprime auto receivables, also marked Westlake’s fifth straight issuance topping $1 […]

China’s auto ABS market tops $4.5B on heels of Geely deal

China’s asset-backed securities market is a growing funding source for auto lenders, as issuance has topped $4.5 billion (RMB31.2 billion) this year, according to data from S&P Global Ratings’ China Securitization Performance Watch report.  “We expect improving debt serviceability, enhanced underwriting and risk control, and securitization’s structural protection to continue to support the robust performance […]

Longer-term loans weigh down USAA securitization

Nearly two-thirds of the loans in USAA’s first asset-backed securitization of the year have terms longer than 60 months — a first for the company, according to a Moody’s Investors Service pre-sale report published Tuesday. In the $503 million transaction, 64% of loans have an original term greater than 60 months, which is the highest proportion of […]

Despite Exeter’s growth, CarMax-sourced share of latest ABS stays flat

Although Exeter Finance’s portfolio has grown 19% through midyear, the portion of originations stemming from CarMax dealerships has remained steady, according to a pre-sale report from Standard & Poor’s. Exeter’s portfolio hit $5.1 billion as of June 30, up from $4.3 billion at the end of 2018. Yet the ratio of CarMax loans in Exeter’s […]

Thin-credit lender scores $150M in funding

Lendbuzz, a direct online auto lender that markets to thin- and no-credit borrowers, landed $150 million in debt and equity financing, the company announced Monday. The equity funding round was led by 83North, and the debt funding was led by BHI, ConnectOne Bank and IDB Bank, among others. Last year, Lendbuzz secured $30 million in […]

Subprime loan losses decline in prime securitizations

Fresh data from DBRS shows that subprime loans securitized with mostly prime issuance outperform subprime loans in mostly subprime securitizations, according to the rating agency’s Figures on Automotive Securitization Tapes (FAST) report published last week. An issuer’s ABS transaction is categorized as a prime or subprime shelf based on the weighted-average Fico of each securitized […]
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