Auto ABS

The current deal has a discounted residual value of securitization of 54.8%, lower than the 56.8% present in the 2015-A pool.

Dealers are in solid financial health, school buses secure 20%-35% of notes, and Navistar Financial has never had a bus dealer bankruptcy in its history.

First Help Financial is a small, niche auto lender with less than $500 million in assets, adding variability to expected loss scenarios on the notes.

The offering is the latest securitization in the fertile automobile ABS market

Both used and new cars make up the collateral in COPAR 2022-1

The subprime auto lender has a good track record, but there are concerns about used-car prices normalizing, according to KBRA.

The most profitable and largest used-car retailer has had more than a dozen ABS in the last four years.

KBRA says the Southern subprime used-vehicle retailer’s experience brings credibility to the space

Proceeds from the deal will purchase the loan assets and fund the reserve account.

Lendbuzz closed a new $100 million committed warehouse facility, with a 12-month revolving period, and will bring its total warehouse capacity to $400 million.