Consumer Portfolio Services plans to issued its third subprime auto loan securitization of 2013.
The $205 million deal dubbed CPS Auto Receivables Trust 2013-C has been assigned preliminary ratings by Moody's Investors Service.
The class A notes are rated ‘Aa3’; the class B notes are rated ‘A2’; the class C notes are rated ‘Baa2’; the class D notes are rated ‘Ba3’; and the class E notes are rated ‘B3’.
Approximately 32% of the collateral backing the transaction is being prefunded within a two month period. Citigroup is lead underwriter in the deal.
The 2013-C transaction has a weighted average seasoning of 54 months, lower than the 2013-B transaction; and an LTV of 114.29%, higher than 2013-B. However the pool falls in line with earlier transactions, according to Moody’s.
2013-C also has a slightly higher FICO score of 563 than the issuer’s previous deal.
