Auto ABS

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.

ACC Trust 2021-1 is the issuer’s fifth transaction, and is backed by subprime auto leases extended directly to borrowers through its 68 owned dealerships

The current deal is the eighth retail auto lease securitization from the registered lease securitization platform, which was established in 2013.

Citigroup Global Markets is lead underwriter on the fourth issuance through Toyota’s ABS Green Bond program. The deal references two potential pools to be securitized.

A pool of subprime auto loans, new and used, and approved with a heavily automated, technology driven and multi-step process underpin a $559 million deal.

Carvana Auto Receivables Trust 2021-N2 is the used-car retailer's ninth securitization since 2019, and the third to include a pool exclusively made of non-prime loans.

This week, Moody’s Investors Service projected elevated credit-loss expectations for a new subprime auto-loan securitization from Veros Credit, even though the new deal has several improved credit metrics compared to the company’s prior ABS offering in March 2020.

If the lender's trust opts to upsize its second bond offering of 2021, the $2 billion-plus transaction would be Santander's biggest in the post-crisis era.

Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6

Deals, trends and research in structured finance and asset-backed securities for the week of April 23-29

But the rate for those loan-payment deferrals remains elevated over pre-pandemic levels.

Crédito Real targets borrowers with little or no credit history as well as bad credit, who are undocumented or were recently discharged from federal bankruptcies.

Deals, trends and research in structured finance and asset-backed securities for the week of April 9-16