First Investors Financial Services issued a $187 million subprime auto lease securitization in a private placement transaction, the company said today.  

The deal, First Investors Auto Owner Trust 2013-1 consists of five sequential pay classes that carry a weighted average coupon at issuance of 1.03%.  Initial credit enhancement consists of a cash reserve account equal to 1.5% of the outstanding principal balance of the initial receivables pool and an initial overcollateralization of 0%, which will increase to a target of 2.5% through cash collections. 

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