ABS

The capital structure for Volkswagen Auto Loan Enhanced Trust, series 2025-2, will remain the same, even though the deal can potentially be upsized to $1 billion.

NSLT 2025-D comes to market as the private student loan sector is seeing increased issuance. Two of the program's deals, series 2025-B and 2025-C, accounted for $4 billion of issuance, almost half the sector's production.

ABCLN 2025-B also benefits from a line of credit sized to cover up to five months of missed interest payments in the event Ally defaults on its interest obligations.

The issuance can be expanded to $1.2 billion, with virtually the same capital structure characteristics.

LADAR 2025-3's loss levels are notably lower than the rating agency's assumptions on the LADAR 2025-1 because the sponsor excluded borrowers with credit scores lower than 701 from the collateral pool.

WFLOOR 2025-1's annualized monthly yield, which averaged 20% since 2018, has been consistently higher than most other dealer floorplan trusts that Moody's rates.

Each manufacturer commits to repurchasing unsold new vehicles in inventory when the dealer terminates the agreement—if they are undamaged and unused.

Up to 75% of the class A2 notes pay a coupon based on the Secured Overnight Financing Rate (SOFR). Also, since the assets pay a fixed rate, interest rate spikes could eat away at excess spread.

PFAST 2025-1 will have to navigate a market where the underlying consumers are facing increased challenges from tariff-induced higher prices and a loosening labor market.

In a tough quarter for the auto industry, the Detroit-based lender posted earnings that sped past Wall Street's expectations.

Ford Credit Floorplan pays a fixed rate to ABS investors, while the dealers' assets pay a rate pegged to the flexible prime rate, so there is the potential of eroding excess spread.

Credit enhancement builds over time and includes non-declining overcollateralization at 5.00% of the initial adjusted pool balance, and a reserve fund that represents 0.25%.

Subordination and a reserve account are among the protections on notes supported by subprime loans on primarily used vehicles.

The class A notes, which KBRA assigns a AAA rating, and which have the bulk of the outstanding note balance, $259.3 million, benefits from an enhancement level of 61.10%.

Goldman Sachs and Obra Capital are providing loan funding, and the Crescent Auto Finance acquisition brings a technology platform and loan portfolio.