Moody's Investors Service | Auto Finance News | Page 5 | Auto Finance News - Part 5

Hyundai Raises Credit Quality in Latest Securitization

Hyundai Capital America increased the credit quality in its latest securitization, resulting in the highest weighted average Fico score of any post-recession Hyundai transaction, according to a presale report by Moody’s Investors Service. The Hyundai Auto Receivable Trust 2017-B is a $1 billion transaction backed prime retail installment auto loan contracts. The weighted average Fico for the […]

Gateway One Reins In Securitization Program for ‘Predictable’ Profits, President Says

Gateway One Lending & Finance has scaled back its securitization program, as it looks to bolster loan quality and secure more predictable profits, President Todd Pierson told Auto Finance News. “[The secondary] market has changed considerably,” Pierson said. “It’s been somewhat unpredictable for Gateway and [parent company] TCF Bank from an earnings standpoint, and we’ve […]

VW Credit’s ABS Trusts Buoyed by Emissions Scandal Settlement

The $1.2 billion Volkswagen AG settlement approved by a U.S. federal court – to be issued to VW dealers in the US affected by the company’s diesel-emissions scandal – is viewed as “credit positive” by Moody’s Investor Services. The final settlement should buoy the outlook for the outstanding floorplan ABS transactions issued by VW Credit […]

Rising Auto Delinquencies Overtake 2016’s Top Subprime Headlines

Subprime lender Santander Consumer USA continued to dominate the headlines in 2016, with new deep subprime securitizations and a feature in AFN’s September issue about how the lender has grappled with a string of compliance issues and lessening investor interest. But Santander wasn’t the only story line to follow in the subprime space in 2016. With […]

Legal Woes Still Possible for Prosper, Despite Origination Change

Prosper Funding LLC’s recent change to its origination model won’t mitigate the company’s exposure to legal uncertainties or challenges regarding state usury laws, according to a report from Moody’s Investor Services. For all loans originated after July 31, WebBank — Prosper’s bank partner — will maintain an ongoing economic interest in the loans after they […]

CFPB Debt Collection Proposals Could Reduce Recoveries: Moody’s

The Consumer Financial Protection Bureau’s proposed debt collections rules could reduce recoveries on defaulted loans backing consumer asset-backed securities, including auto, according to a study released today by Moody’s Investors Service. If passed, the rules would also force debt collectors to use “less aggressive tactics,” which would make it harder to collect on defaulted loans […]

Rising Subprime ABS Losses ‘Vary’ by Lender, Moody’s Says

Net loss rates are increasing in the subprime-backed ABS sector, according to report from Moody’s Investor Services released yesterday. However, “much of the overall performance deterioration is a result of an increased number of ABS transactions from smaller lenders that cater to “deep” subprime borrowers who have particularly weak credit.” Low losses on loan originations […]
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