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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 […]

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 […]

Investment Research Firm to Buy Rating Agency DBRS

Investment research firm Morningstar Inc. will acquire credit rating agency DBRS for $669 million, according to the companies. The deal is expected to close in the third quarter.    Morningstar has been mostly absent from the public auto-ABS rating space, primarily rating private placement transactions, a company spokeswoman said, without providing details. In the public […]

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 […]
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