Ally Financial plans to issue a $671.14 million securitization of dealer floorplan receivables dubbed Ally Master Owner Trust, Series 2014-1.
The receivables are originated from credit lines made by Ally to retail automotive dealers franchised by General Motors Company (GM), Chrysler Group LLC and other original equipment manufacturers.
Fitch Ratings and Moody’s Investors Service have assigned preliminary ratings of AAA’/ Aaa’ to the class A-1 and A-2 notes. The class B,C,D and E notes will not be rated.
According to the Fitch presale report, the trust receivables backing the securitization have a high percentage of floorplan loans backing new vehicles (90.3%) and strong aging distribution, with only 3.5% of inventory aged past 270 days. The receivables are geographically diverse.
JP Morgan is lead manager on the deal.