Ally Financial Inc. is marketing it $940 million subprime auto deal called Capital Auto Receivables Asset Trust 2013-1, bringing the January pipeline for auto ABS to $3.2 billion.

The deal is backed by a pool of fixed rate retail installment sale contracts and direct purchase money loans used to finance the purchase of new and used cars and light trucks, according to a preliminary deal prospectus the issuer filed today, with the U.S. Securities and Exchange Commission.  Most of these retail installment sale contracts and direct purchase money loans are the obligations of non-prime credit quality obligors.

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