Subprime Issuers Gain Share of ABS Market

NEW YORK — Though subprime originations have declined, “a greater share of these originations are making their way into the securitization market,” Amy Martin, senior director of structured finance ratings at S&P Global Ratings, said during the agency’s Auto Industry Hot Topics event last month. With banks reducing their loan volume, independent finance companies have […]

Rise of Speculative-Grade Auto ABS Causes Concern, S&P Says

The level of speculative-grade ABS outstandings is six times greater this year than it was in the lead up to the Great Recession in 2006, according to Amy Martin, S&P Global Ratings’ sector lead in U.S. auto ABS. It’s a stat that highlights why “caution is warranted,” in subprime deals today, she said during a […]

China Used-Car Market Poised for Boom Following New-Car Sales Surge

SHANGHAI — The used-car market in China is poised for growth, but there are risks to overcome along the way, according to several speakers at the Auto Finance Summit Asia 2018 today. Secondhand car sales were up nearly 20% year over year to 12.4 million units, but the majority of those deals continue to be cash […]
  • William Hoffman
  • September 6, 2018
  • Asia

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 […]

Westlake Leads in Subprime ABS Volume With Third Securitization

Westlake Financial Services is one of the main drivers of new auto asset-backed securitization volume in the subprime space following its third securitization of 2018, Brian Ford, the chartered financial analyst of structured finance research at Kroll Bond Rating Agency, told Auto Finance News. The latest $1 billion deal pushes Westlake’s total volume to around $3 […]

Auto ABS Heats Up With $3.2B of Issuance

A trio of securitizers pumped up ABS volume last week, bringing year-to-date issuance to $64.5 billion, according to Deutsche Bank. Nissan, Mercedes-Benz, and CarMax combined for $3.21 billion of issuance last week, according to rating reports by S&P Global Ratings and Moody’s. Nissan Motor Acceptance Corp. completed its second auto loan transaction of the year, […]

CPS Boosts Credit Quality in Latest Securitization

Consumer Portfolio Services this month issued its third securitization of the year backed by $168.8 million in auto loan receivables, and this latest issuance features “significant changes” from the company’s earlier notes, according to a pre-sale report from S&P Global Ratings. One of the most significant changes includes the addition of more of CPS’ high-credit […]
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