Amid a slowdown in the auto sector of the ABS market, at least five somewhat programmatic, but off-the-run, auto lenders are prepping transactions for the near term, sources said. The group of issuers which have recently filed with the Securities & Exchange Commission to bring deals includes two mid-sized regional banks, two small non-prime lenders and one large independent non-prime issuer.
Filed this week, units of Maryland-based Chevy Chase FSB and Wisconsin-based Marshall & Ilsley Bank have both filed preliminary S3 shelfs with the SEC for an undisclosed amount of auto ABS, via a yet-to be disclosed set of underwriters.
Subprime lender Franklin Auto filed an amended shelf registration with the SEC last Friday to offer up to $1.2 billion of auto ABS. Franklin has historically securitized via RBS Greenwich Capital. And, as previously reported, Bay View Acceptance plans to sell $250 to $450 million of auto ABS via UBS Warburg.
WFS Financial, one of the largest auto ABS issuers, has registered $2.5 billion for sale via securitization, according to records, although it has not announced an underwriter.