Via lead manager West LB, TFC Enterprises (The Finance Company) last week closed a $64 million securitization of non-prime auto loans, wrapped to a double-A by Radian Asset Assurance.
The 1.08-year notes are paying 4.23%, the company said in a release.
TFC specializes in auto lending to military personnel, as well as civilian consumers. This was the first time TFC has executed a term securitization with a firm other than Rothschild, which managed TFC's three previous deals (one each year since 1999). West LB's term group, however, is made up primarily of ex-Rothschild staffers, who migrated to West LB in the fall of 2000. Rothschild has since cherry-picked a new ABS group. West LB won business from TFC when it established a $75 million warehouse facility with the auto lender in June 2001.
Along those lines, last week West LB established a $100 million facility, wrapped by XL Capital Assurance, with Consumer Portfolio Services. This deal is expected to bring West LB term business with CPS down the line.
Separately, West LB, along with six other lenders, is participating in a $1.1 billion extension to Americredit Corp's warehouse facility, led by Deutsche Banc.