Santander Consumer USA plans to issue $764.5 million of notes from its Chrysler Capital Auto Receivables Trust.
The deal, dubbed CCART 2014-A, is the third series from this trust and will be the first to be issued thisyear. It is backed by retail auto loans for new and used automobiles and light-duty trucks.
JP Morgan Securities is the lead manager on the deal. Moody’s Investors Service and Standard & Poor’s assigned the deal’s class A notes preliminary ratings of Aaa’/ AAA’. The class B notes are rated Aa1’/ AA’; the class C notes are rated A1’/ A’; and the class D notes are rated Baa2’/ BBB’.
The pool backing the current deal includes a greater amount of longer-term (73 to 75 months) loans than the issuer’s previous transaction, CCART 2013-B. Loans in the pool of CCART 2014-A also have a slightly higher weighted average loan-to-value ratio at 111.6% versus 109.2%; and the weighted average FICO score dropped to 703 from 707.