Moody's Investors Service | Auto Finance News | Page 4 | Auto Finance News - Part 4

Santander’s $1.5 Billion ABS Includes New Underwriting Exceptions

Santander Consumer USA’s latest securitization of deep-subprime auto loans is the first ABS to include originations under the lender’s new underwriting exceptions policy, according to a presale report by Moody’s Investor Service. The $1.5 billion transaction — Drive Auto Receivables Trust 2017-3 — is Santander Consumer’s (SC) third securitization of deep-subprime auto loans this year. […]

Bank of the West Issues First Auto ABS Since 2015

Bank of the West closed its first auto asset-backed-securitization since 2015 last week, a $750 million transaction backed by prime retail installment contracts, according to a presale report by Moody’s Investor Service. Fifth Third Bancorp — which has also not securitized since 2015 — issued a $1 billion ABS that closed on Sept. 20. Fifth Third had […]

Analysts Predict Higher Delinquencies in Auto ABS in Wake of Hurricanes

While Hurricanes Harvey and Irma will likely have minimal effect on the credit quality of U.S. corporate issuers, auto asset-backed securities transactions may be impacted temporarily, according to a multiples reports from rating agencies. “Although it is still too early to assess the full impact these hurricanes will have on auto loan ABS performance, S&P Global Ratings […]

Truck-Dense Portfolios Face Heightened Loss Severity as Values Decline

MIAMI — Truck loans and leases could impact recovery losses for lenders if those assets depreciate rapidly, John Bella, a managing director at Fitch Ratings Inc., told Auto Finance News. For years, lenders have accumulated a larger concentration of SUV and truck assets in their portfolios as low gas prices kept consumers in larger vehicles […]

GM Financial Increases Credit Quality in Latest Securitization

Credit quality in General Motors Financial Co. securitization pools has been steadily climbing, according to a presale report by Moody’s Investors Service. GM’s latest ABS issuance — GM Financial Consumer Automobile Receivables Trust 2017-3  — is a $1 billion transaction backed prime retail installment auto loans, according to the report. “The credit quality of the collateral […]

6 Auto Securitization Trends From ABS East

When assessing the strength of the auto finance industry, it’s often helpful to separate actual performance from the ratings on the ABS markets, said John Bella, managing director of structured finance asset-backed securities for Fitch Ratings. There are several trends Fitch Ratings identifies that could impact performance, including a worsening of the depreciation rate in […]

USAA Continues to Drop APR, Latest ABS Shows

USAA Federal Saving Bank released its first prime retail issuance of 2017 last week with weighted average APR of 4.0% — the lowest of any recent USAA transaction, according to a presale report by Moody’s Investors Service. The USAA Auto Owner Trust 2017-1 is a $486 million transaction backed by prime retail installment auto loan […]

GM Financial Grows Dealer Base 17% in Latest ABS

The size of General Motors Financial Co.‘s dealer base continues to expand, but its 18% dealer penetration rate remains lower than GMF’s peers, according to a presale report by Moody’s Investor Service. “This can indicate lower dealer quality of the portfolio relative to other issuers,” Moody’s said in the report. “However, as the number of […]
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