For the second time this year, The Finance Company was in the market with an auto loan ABS via WestLB, sources said. The approximately $63 million transaction is backed by sub-prime auto loans, and contains a single tranche insured by Radian Asset Assurance. The series 2002-2 Rule 144A transaction is rated double-A by both Fitch Ratings and Standard & Poor's.
The deal, which priced last week, is the fifth securitization in the last four years for TFC. Settlement is scheduled for the week of Oct. 14. In March, TFC sold a similar subprime auto-loan ABS, also via WestLB.