General Motors

That's only half as large as the lender's four previous deals, which ranged from $1.02 billion and $1.12 billion; company executives recently touted a shift toward more financing from deposits.

The captive finance arm of General Motors has been pulling back on leasing, but it still expects to be negatively impacted by falling used car prices for the remainder of the year.

Average FICOs are declining in both lenders' pools, and Nissan Motor Acceptance Corp. is including more borrowers with sub-700 scores in its prime portfolio than in three prior auto-loan securitizations.

GMF's second deal of the year comes as monthly payment rates on dealer financing is declining and more dealers are relegated to its higher-risk credit tiers.