ABS

The notes are expandable so that at any time during that revolving period the issuer can upsize the notes, to a maximum of $500 million in the deal.

The class A and class B notes benefit from credit enhancement levels of 12.50% and 8.75%, respectively, and the class A notes benefit from the subordination of class B certificates.

Compared with transactions from other issuers with similar collateral characteristics, the underlying pool has a relatively higher weighted average FICO score, Moody's Ratings says.

Fitch Ratings views home price values in the non-prime mortgage pool as being 11.3% above a long-term sustainable level.

Securitizations face fewer complications under the Corporate Transparency Act (CTA) but missed filings can incur stiff penalties.

High quality consumer loans enhance the collateral pool.

The inaugural sub-prime auto loan ABS is primarily backed by used car and light-truck/sports utility vehicle loans.

The securitization from the Boston-based fintech was "significantly oversubscribed," according to the company.

The deal benefits from excess spread, overcollateralization, and senior/subordinate enhancements.

Westgate will repay principal on a pro rata basis, if there are no performance-related trigger events. Should a performance-based trigger event happen, the transaction will switch to a sequential-pay structure.