Consumer ABS

E-CARAT 7 PLC is the latest British auto loan securitization of new and used Vauxhall Motors-branded vehicle loans originated by GMAC’s UK affiliate. The UK trust will issue GBP £416.7 million (US$468.18 million) in three classes of senior and subordinate notes secured by the loans.

The number of new credit card accounts jumped 11% to 84.9 million in the second quarter while monthly purchase volumes also increased, according to a report by the American Bankers Association.

Subprime indirect auto lender American Credit Acceptance caters to customers with flawed FICOs that average 543, and continues to extend the vast majority of new and used auto loans beyond five years. But nonetheless, the trust joins the ranks of other issuers with ‘AAA’-rated senior notes in its latest securitization of new and used auto and motorcycle loans thouogh a a $211.25 million notes transaction.

A new refinance mortgage offered by Social Finance, better known as SoFi, lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

A Washington, D.C.-based startup that finances higher education in the U.S. for international students announced a $6 million equity funding round.

Huntington Bancshares, which hasn’t made a trip to the securitization market since June of last year, will be offering $2.6 billion in bonds backed by auto and commercial loan receivables during the fourth quarter.

A recent federal court decision affirming the right of a servicer to collect on private student loans originated on Sallie Mae’s behalf isn’t just good news for investors in student loan-backed securities; it’s also good news for marketplace lending platforms.

A German consumer finance arm of Crédit Agricole is securitizing its third rated pool of unsecured consumer loans in a €1.3 billion (US$1.48 billion) transaction.