Chrysler Capital and GM Financial are marketing nearly $2 billion of auto loan-backed securities in what has otherwise been a quiet week on the consumer ABS front.

Chrysler's $732 million deal is backed by auto loans for mostly new cars; GM's is a $1.17 billion subprime auto loan securitization; Standard & Poor’s considers the borrowers "nonprime" while and Moody’s Investor Service considers them to be prime.

Both rating agencies assigned preliminary ‘AAA’/ ‘Aaa’ ratings to the $500 million of class A notes offered by CCART 2015-A.  The class A-2 notes are due December 2017, the class A-3 notes are due August 2019 and the class A-4 notes are due March 2020. The notes benefit from credit enhancement of 18.5%.

This is the fifth transaction launched by Santander Consumer USA (SCUSA) since it began originating prime retail auto loan receivables as Chrysler Capital on May 1, 2013. Chrysler Capital originates private-label loans and leases to facilitate the purchase of Chrysler vehicles. The financing services offered under the agreement include both financing to dealers and loans and leases to consumer acquiring vehicles at Chrysler-franchised dealerships.

The 2015-A pool consists of loans made to borrowers with average FICOs of 705. The loans have, on average, an original term of six years and have, on average, five months of repayments.

The 2015-A as well as Chrysler’s previous deal, 2014-B include a portion of commercial loans (3.45%) , which are loans that are originated through other channels.  Both transactions also include a larger percentage of loans with original terms of 75 months compared with the sponsor's previous deals.

Deutsche Bank is the lead manager.

AmeriCredit Financial’s $1.17 billion subprime auto securitization, AmeriCredit Automobile Receivables Trust 2015-2, pools loans with an average FICOs of 573.

The GM Financial subsidiary has been a consistent sponsor of subprime automobile loan securitizations since 1994. The latest transaction is the issuer’s second senior-subordinate retail issuance of the year.

S&P and Moody’s have assigned preliminary ‘AAA’/ ‘Aaa’ ratings to the class A notes on offer, which benefit from credit enhancement of 34.7%. The class A-2 notes havea legal final maturity of September 2018 and the class A-3 notes mature in January 2020. 

Also on offer are $200 million of money market notes rated ‘A-1+’/ ‘P-1’, $92 million of class B notes rated ‘AA+’/ ‘Aa1’,  $114 million of class C notes rated ‘A+’/ ‘A1’ and $112.4 million of class D notes rated ‘BBB’/ ‘Baa2’. A subordinate class E tranche will not be rated.

The loans have a weighted average original term of six years with four months seasoning. The percentage of longer-term loans (61-72 months) increased to approximately 91.04% from 89.90% in AMCAR 2015-1, issued in January. None of the loans have an original term greater than 72 months.

BNP Paribas, Citigroup, Credit Suisse and Deutsche Bank Securities are the lead managers.

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