Subprime lending

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