American Credit Acceptance is preparing $230 million of bonds backed by subprime auto loans, its third term securitization of the year.  

The deal, American Credit Acceptance Receivables Trust 2016-3, will issue four tranches of notes; the senior class A notes, which mature in November 2020, are rated ‘AA’ by Kroll Bond Rating Agency and benefit from credit enhancement of 52.25%. The three other classes have ratings ranging from ‘A’ to ‘BB’ and credit enhancement ranging from 36.5% to 16%.

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