Santander Consumer USA’s first deep-subprime securitization of 2017 will have the highest expected net loss accumulation of any existing rated auto-loan ABS in the market, according to Moody’s Investors Service.

The $1 billion deal was one of two billion-dollar plus auto-loan asset-backeds to come to market Thursday, and adding to a blazing start for auto-backed ABS deals to start the new year. Along with six prior auto loan and lease securitizations this month, Ally Financial this week debuted its $1.12 billion transaction of prime loans it originated and services and Enterprise Rent A Car launched plans this week to finance its commercial fleet of cars and trucks in a $750.2 million notes offering.

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