Consumer ABS

Mariner Finance is prepping a first-time $225 million asset-backed notes issuance supported by nearly 90,000 subprime and nonprime personal loans. Over 60% of the loans in the 'BBB+'-rated deal are unsecured and nonprime.

Subprime auto lenders Credit Acceptance Corp. and First Investors are marketing a combined $575 million of asset-backeds.

Like other increasingly risk-averse subprime auto lenders. AmeriCredit has boosted the credit quality of the collateral for its first securitizaton of the year.

SoFi, the online lender that caters to well-heeled millennials, has reached an agreement with Promontory Interfinancial Network to sell student loans to community and regional banks.

The Consumer Financial Protection Bureau and the New York attorney general filed a lawsuit Tuesday against a New Jersey law firm and its owner for allegedly luring 9/11 first responders and football players with brain injuries into taking out loans with high interest rates as advances on settlements.

Student loan servicer Navient is marketing $1billion of bonds backed by federally guaranteed student loans, according to rating agency presale reports.

SuttonPark Marketing is offering its fourth structured-settlement payments securitization backed by court-ordered personal injury and lottery settlements. The company has acquired $1.23 billion of structured settlement payment accounts since 2009.

Scotiabank’s Securitized Term Auto Receivables Trust 2017-1 (SSTRT) will issue $500 million in U.S.-denominated senior notes across four tranches. The US$400 million BMW Canada Auto Trust 2017-1 (BMWCA) is the third term securitization of retail auto lease contracts originated by BMW Canada’s dealer network. It’s previous deals were in 2015 and 2016.

Two lenders, DriveTime Car Sales and Mechancis Bank, launched a combined $854 million of auto loan-backed securities Friday.

Late payments on both prime and subprime securitized auto loans continued to rise in December, reaching a five-year high according to Fitch Ratings.