Consumer ABS

AmeriCredit plans to issue a $900 million subprime auto loan securitization, its fifth deal so far for 2013.

The Education Finance Council (EFC) said today that non-profit student loan organization should be exempt from the 5 percent credit risk retentions rules.

An increase in demand for private student loans will have a positive impact on private student loans asset backed securities, according to Deutsche Bank.

CarMax Auto Owner Trust 2013-4 was upsized to $1 billion from $800 million and priced within guidance.

Moody’s Investors Service said that it has raised its credit enhancement requirement for CMBS ratings as deals are increasingly structured with exposure to credit risks.

There’s a string of auto-related securitizations coming to market right now. Apart from the deals due to close this week — from the likes of Ally, Honda, Nissan & Ford BMW and Porsche have just motored into the pipeline.

CarMax is expected to price its $800 million auto loan securitization deal dubbed CarMax Auto Owner Trust 2013-4 by mid-week, according to a pricing document.

For the first time in five years the annualized charge-off rate for non-securitized receivables has exceed that of securitized receivables, according to Moody’s Investors Service.

Chase Bank plans to issue a new $500 million credit card receivables securitization from Chase Issuance Trust, according to a deal prospectus filed with the US Securities and Exchange Commission.

Higher residual values can amplify the losses to ABS transactions if used vehicle prices were to decline sharply, according to a Moody’s Investor Service report.