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A growing percentage of Santander Consumer USA Holdings Inc.’s subprime auto loans are turning out to be clunkers soon after the cars are driven off the lot.
October 25
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Subprime auto finance company Global Lending Services brought $300 million in notes to the asset-backed securities market GLS Auto Receivables Issuer Trust 2019-4.
October 25 -
The $450 million DT Auto Owner Trust 2019-4 has a pool balance of $519.7 million, an average balance of $17,125 per account and an 84.21% share of loans with terms over 60 months.
October 20
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According to presale reports, the fixed-rate loan collateral in Angel Oak Mortgage Trust 2019-5 makes up 77.8% of the new collateral, compared to just 35.5% in Angel Oak’s previous deal that priced in July.
October 16
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The transaction is the first securitization sponsored by the auto finance company since S&P Global downgraded four classes of subordinate notes in prior transactions due to higher-than-expected losses.
October 4 -
Arivo Acceptance, a two-year-old specialty-finance auto lender, is launching its debut securitization of subprime and non-prime loans for new and used cars, trucks and SUVs.
October 3
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About 10% of the collateral pool consists of prime loans with extended term loans of 78 months excluded from World Omni's prime securitization platform.
October 2
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The LendingPoint 2019-1 trust will market $169.4 million in notes backed by 18,760 loans with a collective balance of $178.3 million.
August 20
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The decline in the share of "cured" delinquent loans is a potential signal for increased securitization losses in the months to come.
August 13
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Lighter seasoning compared to American Credit Acceptance's last loan portfolio issuance is the primary reason, say ratings agencies.
August 8
