Ally Bank is in the market with an $1.06 billion auto loan ABS called Ally Auto Receivables Trust (AART) Series 2011-1.

This is the eighth transaction issued and sponsored by Ally Bank, formerly GMAC Bank, according to a Fitch Ratings presale report.

The six-tranche offering, the largest portion of which is worth $320 million, is managed by Citigroup Global Markets,Barclays Capital and Royal Bank of Scotland.

The deal is backed by a pool of new and used automobile and light-truck loans originated and acquired by Ally Bank directly from dealers pursuant to agreements with General Motors Co. and Chrysler Group dealers as well as affiliated and non-affiliated GM dealers, the rating agency said.

The class A-1 notes will be money market eligible while the class A-2 through A-4 notes will be publicly offered, Fitch said. The class B and C notes are privately offered. All six classes of notes pay interest on a fixed-rate basis. The proceeds from the deal are for general funding purposes.

Ally Financial, which was formerly GMAC Financial Services, will service 2011-1. Its subsidiary, Ally Servicing, which was previously Semperian, will be the subservicer, providing collection and administrative services for the servicer consistent with prior AART transactions.

Ally Auto Assets, a wholly owned subsidiary of Ally Bank, will be the depositor, Fitch said.

Another issuer accessing the auto ABS market is Santander USA with its Santander Drive Auto Receivables Trust 2011-S1. The 144A transaction, which is managed by Citigroup Global Markets, is worth $565.9 million.

For futher preliminary details on both deals please click on the link below from the ASR Scorecards database.


Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.