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Franchise Dealer Originations Inch Higher in Westlake’s Latest Securitization

The ratio of franchise dealer originations in Westlake Financial Services's securitizations is on an upward trajectory, according to a recent DBRS presale report.  In Westlake's most recent securitization, an $800 million transaction slated to close Feb. 20, franchise dealer originations account for 38% of the pool. By comparison, franchise originations hovered at 30% in the […]

Strong Canadian Car Sales May Push Lenders to U.S. ABS Market

With Canadian new-vehicle sales rising, more banks and captives may be encouraged to seek funding in the U.S. ABS market to acquire more liquidity, according to a report from S&P. Auto sales in Canada made up 27% of the countries total retail volume in 2017 and it was mostly spurred by new-vehicles, according to the […]

Auto ABS Poised to Grow at Slower Clip in 2018

DBRS Ratings anticipates slower growth in the auto ABS sector this year of 4% to 5% down from the 16% growth rate the year prior, according to a report forecasting trends in the market.   Although new-vehicle sales are expected to come down this year, DBRS still expects growth in the used market given that […]

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 […]

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 […]

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. […]

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 […]
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