California Republic Bank is planning its fourth auto loan securitization of the year, according to a regulatory filing.
Credit Suisse is the sole bookrunner.
The $325 million California Republic Auto Receivable Trust 2014-1 will issue six classes of notes, including four classes of senior notes with terms of one, three, five and six years.
The receivables backing the deal have a weighted average contract rate of 6.88%, a weighted average term to maturity of 69 months, and a weighted average FICO score of 698. Just over a third, or 36.5%, of the loans are used to purchase new cars; the remaining 63.5% were used to purchase used cars.
Among the risk factors cited in the prospectus in the geographic concentration of the loans; half, or 51.23%, are related to dealers located in California, 30.13% of the receivables are related to dealers located in Texas, and 10.09% of the receivables are related to dealers located in Arizona.