Subprime lending

Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6

Crédito Real targets borrowers with little or no credit history as well as bad credit, who are undocumented or were recently discharged from federal bankruptcies.

Deals, trends and research in structured finance and asset-backed securities for the week of April 9-16

Also launching deals last week were Santander Consumer USA and DriveTime Automotive Group, according to ratings agency presale reports.

Carvana will use proceeds to pay down existing debt and to fund general corporate purposes.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

DBRS Morningstar and S&P Global Ratings each have lower projected net losses for the $1.1 billion Westlake Automobile Receivables Trust 2021-1 transaction, in comparison to the subprime auto lender’s prior $1.4 billion securitization that priced in October 2020.

Last month, prominent investor Steve Eisman pegged Credit Acceptance Corp. as his new big short, based on a belief the subprime auto lender and its industry may come under closer CFPB scrutiny under the new administration. Analysts are taking note, as well.

Early-stage delinquencies were up slightly in both prime and subprime auto ABS pools, according to the agency's report for January.

The proposed securitization launches the same week the Federal Reserve lifted a three-year-old enforcement action against the auto lender over its prior risk compliance oversight policies.

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.15-21

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.7-14

The subprime auto lender, which specialized in post-bankrutpcy loans, has a greater share of direct-channel loans (typically refis) compared to its lone 2020 asset-backed offering.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 31-Jan.7

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17

The new revolving platform will allow the credit-card issuer to periodically assign new accounts into the existing collateral pool without having to establish a new trust for each issuance.

The $310.47 million GLS Auto Receivables Issuer Trust 2020-4 collateralizes 13,316 loans with an average borrower FICO of 573. That is lower subprime territory, but is slightly higher than any of GLS’ most recent securitizations, according to a report from DBRS Morningstar.

Auto-loan securitizations from AmeriCredit and Santander add to a briskly flowing 2020 subprime-deal pipeline, while Ford and JPMorgan are marketing notes backed by prime-loan receivables.

According to ratings agency presale reports, Flagship will sell $303 million in bonds from a $314.8 million of loan originations by Flagship as well as its CarFinance.com subsidiary.

Prestige's new $377M securitization has a collateral pool in which over 44% of the loans are from borrowers with recent Chapter 7/13 discharges.