Ally Bank, formerly GMAC Bank, is in the market with Ally Auto Receivables Trust (AART) 2010-4.
Bank of America Merrill Lynch, Barclays Capital, and BNP Paribas are managing the more than $1 billion transaction.
Fitch Ratings issued a presale report on the deal indicating that this is the sixth offering issued and sponsored by Ally. This is also the third Ally Bank retail auto loan transaction rated by the rating agency.
The 2010-4 offering is backed by a pool of new and used automobile and light-truck loans that were originated and acquired by Ally Bank directly from dealers. The purchases were based on agreements with General Motors Co. (GM), Chrysler Group and affiliated and non-affiliated GM dealers.
The previous public retail ABS that were issued by Ally Bank this year were AART 2010-3, AART 2010-2, and AART 2010-1.
The class A-1 notes will be money market eligible, the presale reported said, while the class A-2 through A-4 notes will be publicly offered.
Meanwhile, the class B and C notes might be privately offered. All the six classes of notes pay interest on a fixed-rate basis. The deal's proceeds are for general funding purposes.
Ally Financial, previously GMAC Financial Services, will service 2010-4, and its subsidiary, Ally Servicing (formerly Semperian), will be the subservicers.
For futher preliminary information about the deal, please click link below from the ASR Scorecards database.