USAA Federal Savings Bank is offering its first securitization in over a year with a new $485.9 million transaction backed by direct auto loans originated for its primarily service-member customer base.

USAA Auto Owner Trust 2017-1 will issue $457 million in mostly senior notes secured by a pool of 33,618 seasoned loans with a principal balance of $14,453 (from an original average balance of $21,098).

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