GM Financial, the captive auto-financing arm of General Motors, is in the market with its third publicly rated auto lease securitization of the year, according to Standard & Poor’s.

The $1 billion GMALT 2015-3 is the sponsor’s fifth term transaction overall and the second one rated by S&P.  It is structured similarly to GM Financial's previous deal, completed in June, and includes a nonamortizing reserve amount and initial overcollateralization with target levels that are nonamortizing.

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