Ford Motor Credit Issues Second $1B Auto ABS Transaction

Ford Motor Credit issued its second auto loan ABS transaction of the year with a $1.05 billion pool, according to Moody’s Investors Service. With the transaction, the captive finance arm’s total 2018 securitized portfolio is $1.1 billion while its auto loan portfolio totals $46.2 billion. Ford Credit’s latest transaction represents the most substantial average loan […]

Credit Acceptance Extends Revolving Period of Warehouse Facility

Credit Acceptance Corp. (CAC) announced on Thursday that it extended the revolving period and the maturity date of its warehouse facility, according to a company press release. CAC’s $100 million revolving secured warehouse facility revolving period was extended to August 2021. The last time the warehouse revolving period was extended was in August 2017 to […]

Senate Bill Gives Banks ‘Wiggle Room’ for Nonprime Lending, Economist Says

A bipartisan financial reform bill making its way through the Senate this week could allow midsize banks in the auto space to be more competitive with non-bank institutions, especially in the nonprime sector, said Michael Vogan, lead auto economist at Moody’s Analytics. Senate bill 2155, sponsored by Senate Banking Committee Chairman Mike Crapo (R-ID), would […]

Consumer Preferences May Pose ‘Prominent Threat’ to Residuals, Moody’s Says

Changing consumer preferences and new electric vehicle technology bear “prominent threats” for auto finance, in particular, due to residual values, Moody’s Investors Service said in a report Monday. In North America, customers have an increased preference for SUVs, partly attributable to low gas prices and good economic conditions. The sales mix of new SUVs and trucks […]

BMW’s First Loan Issuance in 2 Years Provides Portfolio Insights

BMW Financial Services issued its first North American securitization deal in two years, and the parameters of the transaction reflect the rising loan term environment seen across the industry. BMW’s 2018-A transaction backed by $1.4 billion in auto loans has the highest average loan term — 63 months — of any of its issuances dating […]
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