Auto ABS

Despite the auto sector's resilience in recent economic quarters amid the pandemic, observers remain watchful of employment trends and waning government help.

For the current transaction, excess spread is at about 5.65% annually, which is in line with the 5.8% in the 2021-NR series of notes.

Used autos are in high demand, because the COVID-19 pandemic caused production delays that constrained the supply of new vehicles to the market.

World Omni Auto Receivables Trust continues to focus solely on Toyota models, and has the potential to issue up to $1.1 billion in notes.

DriveTime extends financing to borrowers who have subprime credit profiles, generally with limited credit histories, modest incomes or prior credit difficulties.

Starting out as a consumer lender in 2012, Plenti began to make auto loans through its proprietary platform in 2017 and also offers peer-to-peer lending access.

Toyota had granted payment deferrals up to 120 days to eligible borrowers during the pandemic, and then resumed old deferral practices as of June 30, 2020.

In a deal underwritten by RBC, the initial note balance could either be $1.2 billion or $1.7 billion, depending on market conditions at the time of pricing.

The third transaction for 2021 is largely secured by automobile contracts issued to subprime buyers of new and used automobiles and motorcycles.

Daimler AG’s subsidiary Mercendes-Benz Financial Services USA originated the closed-end vehicle leases.