Auto ABS

When the deal closes the notes will have an overcollateralization level of 5.75%, which will increase to a target of 14.75%.

NextGear reduced the recreational vehicle and daily rentals maximum, while increasing the maximum concentration of heavy-duty trucks and salvage vehicles.

Chris Martin knew he needed a bigger car as the birth of his fourth child approached, but he and his wife were already $14,000 underwater on their two vehicles.

American Car Center told employees the business was closing its doors, a day after it pulled a $222 million bond sale from the market, according to people familiar with the matter.

CRVNA 2023-1's collateral pool has a non-zero FICO score of 705, interest rate of 11.83%, original term of 72 months and remaining term of 70 months.

The transaction, secured almost entirely by installment loans on new vehicles, can be upsized to $1.6 billion, and notes will be priced over the I-curve.

While debt outstanding and performance issues are up, and new securitizations are down as expected, only auto ABS showed early signs of issuance growth.

S&P views the transaction's exposure to environmental credit factors as above average, given that the collateral pool primarily comprises vehicles with ICEs.

Similar to recent transactions, the collateral pool includes loans with an original term greater than 72 months, which Ford adjusted for in the underwriting.

The residual value loss is one percentage point higher than the previously rated 2021-2 transaction, due to an increase in the notes' base residual settings.