Onyx Acceptance Corp., through newly formed investment banking boutique Woodcliff Co., privately placed the largest-ever, $59 million automotive residuals securitization, backed by the combined residual interests of Onyx's previous 15, triple-A-rated non-prime auto transactions.

With structural enhancements, the transaction was able to receive a BBB-rating from Standards & Poor's Ratings Services. The bonds were placed with three large insurance companies.

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