Auto ABS

The $1.18 billion deal is also the first to include Tesla’s mid-range Model Y vehicle (with an MSRP of $54, 119) that makes up 36% of the securitized value of the TALT 2021-A pool, according to a presale report from Moody’s Investors Service.

Carvana will use proceeds to pay down existing debt and to fund general corporate purposes.

Almost 54% of the leases issued through Santander Consumer's Chrysler Capital unit are for terms beyond 36 months, the highest-ever share of extended-term contracts.

Four months after debuting its prime-only shelf, the e-commerce used-vehicle retailer returns with a follow-up offering from borrowers with a pooled FICO average of 707.

DBRS Morningstar and S&P Global Ratings each have lower projected net losses for the $1.1 billion Westlake Automobile Receivables Trust 2021-1 transaction, in comparison to the subprime auto lender’s prior $1.4 billion securitization that priced in October 2020.

BMW Financial Services is seeking to price a $1.45 billion bond package backed by closed-end, retail auto lease contracts. Toyota Motor Credit is making a $1.5B or $2.25B offering through its extended note platform.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25

The extension rates were the highest since the peak of lender deferrals granted in the wake of the COVID-19 outbreak.

Last month, prominent investor Steve Eisman pegged Credit Acceptance Corp. as his new big short, based on a belief the subprime auto lender and its industry may come under closer CFPB scrutiny under the new administration. Analysts are taking note, as well.

Early-stage delinquencies were up slightly in both prime and subprime auto ABS pools, according to the agency's report for January.