Ally Bank's  $1.1 billion prime auto lease securitization put the year to date total for lease issuance at $2.4 billion.

The deal, AART 2014-SN2, has been assigned preliminary ratings by Fitch Ratings and Standard & Poor’s.  JP Morgan has been mandated to lead the deal.

Ally plans to sell three tranches of ‘AAA’ rated securities that have credit enhancement at 18.75%. The class A2 notes are due March 2017, the class A-3 Note are due September 2017 and the class A-4 notes are due February 2019.

A pool of closed end auto leases on new GM and Chrysler brand card back the notes.  The pool consists of strong quality leases with a weighted average FICO of 762. Most  of  the leases, or 57%, have original terms of 37-48 months ; none of the leases have  original terms greater than 48 months.

Ally Bank's total serviced portfolio consists of 570,000 lease contracts at the end of Q2 2014, with net-losses of 0.06% for H1 2014, up from 0.05% for the same period a year ago, according to the S&P presale.

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