USAA is prepping its first prime auto loan securitization of the year, according to presale reports from Moody’s Investors Service and Standard & Poor’s.

The $500 million deal, called USAA Auto Owner Trust 2015-1, offers a four classes of senior notes: a $155 million of class A-1 money market notes  rated ‘P-1’/’A-1+’ by Moody’s and S&P, respectively, and $140 million of class A-2 notes, $122 million of class A-3 notes, and $74.18 million of class A-4 notes all rated ‘Aaa’/’AAA.’ The subordinate tranche consists of $8.82 million of ‘A3’/’A’- rated class B notes.

The class A-2, A-3, and A-4 notes are due in March 2018, June 2019, and November 2020, respectively; while the class B notes are due in November 2022.

RBC Capital Markets, Merrill Lynch, Pierce, Fenner & Smith, and Citigroup Global Markets are the lead underwriters on the transaction.

USAA last came to market with a $500 million prime auto loan securitization called USAA Auto Owner Trust 2014-1. The company, however, has been securitizing auto loans since 1993.

The collateral for the latest deal consists of 35,116 prime auto loans backed by new (47.88%) and used (52.12%) vehicles. The loans have an average balance of $14,346, with a weighted average (WA) remaining term of 50 months and WA seasoning of 16 months.

Loans in the pool are most heavily concentrated in Texas (15%), California (8%), and Florida (7%), similar to last year’s deal.

In comparison to 2014-1, the WA FICO score of the most recent deal increased by one point to 739 from 738. The WA loan-to-value ratio also increased slightly to 92.86% from 91.28%, along with an increased percentage of loans with original maturities greater than 60 months to 57.81% from 51.76%.

The deal is expected to close on July 29.

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