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

Auto ABS Issuers Pull Pools Back From Harvey, Irma Impacted Areas

During one of the busiest times for the secondary market, auto lenders are excluding vehicles affected by Hurricane Harvey from ABS issuances over fears of negative-equity deals, according to presale reports.   Exeter Finance Corp., Fifth Third Bank Dealer Financial Services, Ford Motor Credit Co., and Santander Consumer USA have all removed vehicles from their […]
  • William Hoffman
  • September 12, 2017

Westlake’s Customized Subprime Program Hooked CARite

Westlake Financial Service’s partnership with the online and brick-and-mortar dealership group CARite began with a message on LinkedIn. “We were evaluating which lenders we do business with and where we saw some gaps in terms of who can approve what kinds of deals,” Mike Cavanaugh, chief operating officer for CARite, told Auto Finance News. “I […]
  • William Hoffman
  • August 15, 2017

LTVs Decline in 1Q as Subprime Lenders Aim to Steady Loss Levels

DALLAS — Six subprime auto finance companies in the secondary market have reduced loan-to-value ratios in their underwriting by 100 basis points or more in the first quarter, said Amy Martin, lead analyst for auto ABS at S&P Global, during a presentation at the NAF Association’s Nonprime Auto Financing Conference. Those six include American Credit […]
  • William Hoffman
  • June 16, 2017

Subprime Auto ABS Shows Signs of Strength, S&P Says

DALLAS — S&P Global Ratings sees little historical evidence of distress in the auto securitization market and is projecting modest growth this year, despite a slew of recent headlines claiming that “the sky is falling” in subprime auto, said Amy Martin, the ratings agency’s lead analyst for auto ABS. S&P Global estimates the industry will generate $70 […]
  • William Hoffman
  • June 6, 2017

Lenders See Regulatory Stability, CFPB Complaints Show

After years of retooling, investing, and stressing over the regulatory environment following passage of the Dodd Frank Act in 2010, an analysis of the Consumer Financial Protection Bureau’s complaint database is showing signs of stabilization. Yes, the overall number of complaints submitted to the bureau has risen — 7,185 last year, up from 5,921 in 2015 […]
  • William Hoffman
  • May 10, 2017

Startup Lessor MUSA Auto Finance Scores Funding for Nationwide Launch

MUSA Auto Finance — a specialized new and used-lease provider — has secured new funding and plans to launch nationwide this year, the company announced in a press release this week. The funding comes from a $125 million warehouse facility agreement with Goldman Sachs and another $50 million in capital from Crestline Investors, Inc., the release […]
  • William Hoffman
  • March 30, 2017

Exeter Seeks More Investors With Move to Public Securitizations

Exeter Finance Corp. can now issue public securitizations, said Ben Miller, the company’s senior vice president and treasurer. “One of the questions we’re always getting from investors is: ‘How can I get more information?’” Miller said. “Exeter itself has an SEC-approved shelf. We haven’t started to use it yet, but that’s going to be coming […]
  • Larissa Padden
  • March 17, 2017

Higher Losses Prompt More ABS Enhancement

LAS VEGAS — Of the nine subprime auto ABS transactions that have gone to market, four have higher levels of credit enhancements, Amy Martin, senior director of structured finance at S&P Global, told AFN. “The issuers with higher credit enhancement  include American Credit Acceptance LLC, First Investors Financial Services, Flagship Credit Acceptance, and Exeter Finance […]
  • Larissa Padden
  • March 7, 2017

Lower Vehicle Values Spur Subprime Underwriting

LAS VEGAS — Rises in lease return volume and negative equity are putting downward pressure on recovery values in the subprime sector, said Ben Miller, senior vice president and treasurer at Exeter Finance Corp. “The recovery issue is real,” Miller said while speaking on a panel at SFIG 2017 last week. “There’s going to be […]
  • Larissa Padden
  • March 6, 2017
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