Ally Bank plans to issue a $986 million auto lease ABS called Ally Auto Receivables Trust (AART) 2013-SN1.

It’s the second deal to be issued from the AART series this year. The deal has been assigned preliminary ratings by Fitch Ratings.

The capital structure will offer a $194 million, money market fund rated ‘AAA’; $295 million, ‘AAA’ –rated, class A-2 notes; $395 million, ‘AAA’-rated class A-3 notes; and $102 million, ‘AAA’-rated, class A-3 notes. Initial credit enhancement to the class A notes is 17.50%, building to 20.50%.

The notes will be backed by a pool of closed-end vehicle leases on new General Motors and Chrysler Group brand vehicles originated and acquired by Ally directly from dealers pursuant to agreements with GM dealers, Chrysler dealers, and non-affiliated GM dealers.

The pool consists of strong quality leases with a weighted average FICO score of 765, seasoning of 11 months, and a well-diversified residual value (RV) maturity schedule, according to the Fitch presale report.

Citigroup, Credit Suisse and RBC Capital Markets are lead managers on the deal.

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