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Exeter Preps $500M Subprime Auto Loan ABS

Exeter Finance Corp is marketing a $500 million subprime securitization backed by retail installment sale contracts for new and used autos and light duty trucks.

Standard & Poor’s has assigned preliminary ratings to the deal called Exeter Automobile Receivables Trust 2013-2. The structure offers $317.71 million of ‘AA’-rated class A notes; $67.71 million of ‘A’-rated B notes; $48.17 million of ‘BBB’-rated, C notes; and $66.41 million of ‘BB’-rated, class D notes.

Deutsche Bank is lead manager on the deal.

 The deal is backed by similar collateral as the EART 2013-1 transaction which was issued in March but according to the S&P presale, the weighted average loan-to-value increased to 112.4% from 11.9%. The latest transaction is also structured with loans with a slightly higher average FICO at 561 from 559 and the portion of loans with a term greater than 60 months increased to 82.14% from 80.89%.

 

 

 

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