AmeriCredit Financial Services, the subprime lending subsidiary of General Motors Financial, is shopping another $1 billion of auto loan-backed securities.
AmeriCredit Automobile Receivables Trust 2015-3 will issue three tranches with preliminary AAA’ rating from Fitch Rating that benefit from credit enhancement of 34.7%: $338.7 million of note with a final maturity of January 2019 and $174.47 million of notes maturing in March 2020.
Barclays Capital is the lead underwriter.
The transaction is backed by new and used automobile, light truck, and utility vehicle loans originated and serviced by AmeriCredit.
According to Fitch, the credit quality of these loans is consistent with AmeriCredit’s recent deals, based on both FICO scores (a weighted average 572) and AmeriCredit’s own credit scoring. Extended term contracts (over 60-month loan terms) continue to account for the majority of the pool at 92%. New vehicles total 47% of the pool, consistent with prior transactions.
This is the first auto loan securitization that AmeriCredit has hired Fitch to rate this year.
Fitch’s “base case” expectation for the deal’s cumulative net losses is 11.00%; that’s 1.0 percentage point lower than the last deal in this series that it rated, the 2014-4. Fitch used the same vintages of auto loans, 2006−2011, as a base period to derive the loss proxy for both deals.