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Auto ABS heats up with $4.7B of issuance

A handful of prime and subprime securitizers pumped up ABS volume this week, bringing $4.7 billion of loans and leases to market, according to presale reports from S&P Global Ratings.  Auto ABS volume totaled $61.3 billion as of July 8, up 12.7% year over year, according to data from JPMorgan Securities. On the prime side, […]

Weaker Credit Quality Spurs Higher Loss Forecast for Exeter Securitization

Moody's Investor Service bumped up cumulative net loss expectations 1% in Exeter Finance’s most recent securitization to offset the weaker credit quality of the underlying loans. The weighted average credit score for the $572.9 million transaction was 556, “the lowest Fico seen in recent transactions,” said Moody’s Senior Credit Officer Daniela Jayesuria of the securitization slated […]

Exeter Settles AG Investigations Over Unlawful Lending Practices

Exeter Finance LLC will shell out $5.5 million to settle allegations that it financed subprime auto loans deemed "unfair" by the Massachusetts Consumer Protection Law. The Office of Attorney General Maura Healey alleged that Exeter “facilitated the origination of certain loans that Exeter knew or should have known were unfair,” according to an April 5 […]