Issuance of securitizations of prime auto loans is falling short of the pace in 2012, a trend that analysts from Wells Fargo ascribe partly to a shift in consumer behavior from buying to leasing.

In the year through April, prime auto ABS issuance stood at $12.6 billion compared with $45.2 billion in all of 2012. Meanwhile, the subprime space has seen $8.1 billion in deals so far this year, accounting for 13.3% of total consumer ABS issuance.

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