Carvana Hits ABS Market With Second Transaction

Carvana is bringing $337.3 million in asset-backed securities to market in a deal that’s expected to close June 27, according to a presale report by Moody’s Investors Service issued this week. Carvana’s second deal of the year props up its ABS volume to $676.1 million just three months after the online used-vehicle retailer completed its […]

• Nicole Casperson
• June 14, 2019
• Capital Markets

Longer Terms, Revolving Period Are Risk Factor in Toyota’s Latest $1B ABS Deal

Toyota Motor Credit Corp. is bringing $1.13 billion in asset-backed securities to market in the captive’s first extended-loan securitization, which is expected to close on June 19, according to a pre-sale report by Moody’s Investors Service. TMCC’s newest deal is comprised of 54,385 prime auto loan receivables with an average FICO score of 754 and […]

• Nicole Casperson
• June 10, 2019
• Capital Markets

Ally Hits ABS Market With Second $1B Transaction

Ally Financial is bringing $1.12 billion in asset-backed securities to market in a deal that’s expected to close June 11, according to a presale report by S&P Global Ratings issued this week. The deal is Ally’s second this year, propping up the lender's ABS volume to $2.24 billion since January. Ally’s latest transaction consists of […]

• Nicole Casperson
• May 31, 2019
• Capital Markets

Fifth Third Returns to Securitization Market With $1.3B Transaction

Fifth Third Bank’s latest $1.37 billion offering marks the bank’s return to the auto ABS market after a two-year hiatus. The 2019-1 transaction will be Fifth Third’s first auto securitization since the prime lender issued a $1 billion offering in September 2017. While the two transactions share similarities, there are distinctions to be made in […]

• Bianca Chan
• April 29, 2019
• Capital Markets

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 […]

• Nicole Casperson
• January 11, 2019
• Capital Markets, Operations, Risk, Strategy

GM Financial Issues $1.25B Securitization to Jumpstart 2019

GM Financial has kicked off 2019 auto asset-backed securitization activity with a $1.25 billion deal issued last week, according to presale reports. Although analysts anticipate macroeconomic headwinds, such as interest rate stresses, to hit the industry this year, Fitch Ratings Agency said in its presale report that losses in GM Financial’s 2016 and 2017 managed […]

• Bianca Chan
• January 7, 2019
• Credit Performance, Strategy

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 […]

• Nicole Casperson
• December 17, 2018
• Capital Markets, Operations, Strategy

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, […]

• Nicole Casperson
• December 13, 2018
• Capital Markets, Strategy