Issuance of prime auto ABS is falling short of the pace set in 2012, and Wells Fargo says this may be partly explained by the fact that more consumers are opting to lease, rather than buy, new vehicles.

Though April, prime auto ABS issuance stood at $12.6 billion compared with the 2012 full-year total of $45.2 billion. Meanwhile, subprime auto ABS issuance stands at $8.1 billion so far this year and accounts for 13.3% of total consumer ABS issuance.

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