First Investors Financial Services is in the market with a 144A auto ABS transaction called First Investors Auto Owner Trust 2011-1 (FIAOT 2011-1).

This is the firm's first securitization this year and sixth securitization overall, according to a DBRS presale report.

There will be four classes of notes, the report indicated. These are: Class A, which is tranched into two sequential tranches – Class A-1 ($24.250 million) and A-2 ($85.750 million), Class B ($8.750 million), Class C ($13.500 million), Class D ($11.750 million) and Class E ( $6.000 million).

First Investors Financial is an independent consumer finance firm that buys and retain retail installment contracts and promissory notes originated by automobile dealers from the sale of new and late-model used vehicles or directly via its clients to refinance an existing automobile loan.

The firm caters to obligors with impaired credit profiles and is into the near-prime and non-prime credit sector, according to DBRS. 

First Investors is a wholly-owned unit and principal operating entity of First Investors Financial Services Group, a holding company based in Houston, Texas.

Over in Europe, Volkswagen Bank has come to market with an auto deal called Driver Eight GmbH

The deal, which represents the eighth publicly placed issuance under Volkswagen’s Driver program. comprises Class A and Class B notes, according to DBRS.

The transaction is backed by retail automobile loans secured by a pool of new and used vehicles with an average of 12 months of seasoning and has a weighted average remaining term of 35 months, the rating agency said.  New vehicle loans comprise about 66% of the receivables in the pool.

For futher preliminary details on these two transactions, please visit the link below from the ASR Scorecards database.

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