Ally Financial plans to issue its fourth securitization of non-prime quality auto loans in 2013 via the $778 million Capital Auto Receivables Asset Trust 2013-4.
Moody’s Investors Service has assigned preliminary ratings to the deal. The class A notes are rated Aaa’; the class B notes are rated Aa2’; the class C notes are rated A1’; the class D notes are rated Baa2’; and the class E notes are rated Ba2’.
Like all three deals done this year the 2013-4 transaction features a revolving structure where the loan payment proceeds during the first 12 months of the transaction may be applied to the purchase of new loans to add to the collateral pool. After twelve months the deal amortizes similar to other auto loan transactions.