Consumer Portfolio Services has closed its third term securitization in 2013.
Moody's Investors Service and Standard &Poor’s rated the $205 million subprime auto deal dubbed CPS Auto Receivables Trust 2013-C.
The class A notes are rated ‘Aa3’/ ‘AA-‘; the class B notes are rated ‘A2’/ ‘A’; the class C notes are rated ‘Baa2’/ ‘BBB’; the class D notes are rated ‘Ba3’/ ‘BB’; and the class E notes are rated ‘B3’/ ‘B+’.
The weighted average effective coupon on the notes is approximately 3.08%.
The $152.7 million, class A, 1.30-years notes were issued with a coupon rate of 6.59%; the 3.18-years, class B notes were issued with a coupon rate of 3.00%; the 3.72-years, class C notes were issued with a coupon rate of 4.30%; the class D notes were issued with a coupon rate of 6.59%; and the 3.96-years, class E notes were issued with a coupon rate of 7.32%.
CPS used a pre-funding structure, where it sold approximately $139.2 million of receivables today and plans to sell approximately $65.8 million of additional receivables during October 2013. The sale will provide CPS with long-term financing for receivables purchased primarily in the month of September.