Auto Securitization Report Highlights Riskier Outliers

AmeriCredit and Santander Consumer USA stand out as the two lenders securitizing auto loans with an average loan term above 70 months and below a 600 credit score, according to the latest report from DBRS. In AmeriCredit’s most recent issuance included in the report the lender had an average credit score of 580 and an […]
  • William Hoffman
  • December 15, 2017
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First Public Subprime ABS Deal Provides Insights Into CIG Financial

CIG Financial, a private subprime indirect lender, has grown its portfolio 11.7% year over year to $193 million outstanding in the nine-month period ending in September, according to the company’s first securitization report. The issuance is backed by $179 million worth of used subprime loans with an average weighted Fico score of 591, according to […]
  • William Hoffman
  • November 14, 2017
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DBRS Highlights New Asset-Level Data in Auto ABS Transactions

Independent rating agency DBRS detailed an in-depth look at new asset-level data provided within its database of publicly issued auto ABS transactions — and the risks associated with these pools — in a report released this month. Starting in November 2016, lenders issuing public auto ABS transactions were required to disclose loan-level data about the […]
  • William Hoffman
  • October 18, 2017
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Exeter Plans Switch to Public ABS Issuances

Exeter Finance Corp. has not yet made the switch to public asset-backed securities, despite the fact that the lender now has a Securities and Exchange Commission-approved shelf. Exeter issued its third ABS transaction of the year late last month, which is still designated a rule 144A transaction, according to a presale report by DBRS Inc. […]
  • Natalie Mattila
  • October 11, 2017
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Ford Credit Canada Preps Floorplan Securitization

Ford Credit Canada has issued its first floorplan securitization since 2013, and ratings agency DBRS expects the new issuance will perform similarly well despite a slowing auto market. The $460 million securitization is backed by floorplan receivables on an inventory of Canadian vehicles at Ford dealerships. DBRS notes the issuance’s strength is the lender’s “stable and […]
  • William Hoffman
  • July 17, 2017
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Westlake Issues Its Largest Auto Securitization at $750M

Westlake Financial Services issued its largest securitization to date, backed by $750 million in mostly nonprime auto loans, according to the company and the presale note from DBRS ratings. Loans in the pool have an average size of $11,071, average terms of 48 months, and average Fico of 599, according to the presale, released March 16. “With Westlake’s […]
  • William Hoffman
  • March 22, 2017
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More Auto Finance Growth Forecasted by DBRS

In the wake of record auto lending and leasing last quarter, a new forecast published today has even more healthy growth in store for the auto finance sector. DBRS released a review of the asset-backed securitization market today, and in it the credit rating agency touted auto finance’s bright future: Growth in auto lending has been underpinned […]
  • JJ Hornblass
  • June 1, 2015
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After Executive Exits, Exeter Restructures Its Operations

Exeter Finance Corp.’s January rollout of a new origination platform has reshaped the subprime lender by enabling it to offer quicker loan decisions. The shift marked an overhaul of Exeter’s corporate structure to a centralized model — from the branch network upon which the company was founded back in 2006. “Part of our original strategy […]
  • Larissa Padden
  • April 6, 2015
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Exeter Builds Servicing Facility With Room To Grow

Exeter Finance Corp. opened a new servicing center June 23, at a time of origination — and delinquency — growth for the Irving, Texas-based nonprime lender. The two-level, 50,000-square-foot facility, with capacity for nearly 500 employees, houses 90 people so far. With an open floorplan and picture windows, the servicing center is located in suburban […]
  • Cody Lyon
  • August 29, 2014
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