Auto ABS

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 31-Jan.7

The share of 72-84 month loans is 15.56% in GMF's 2021-1 transaction, up from 12.24% in its prior prime-auto issuance.

The agency cited improving used-car prices that have elevated resale values of off-lease vehicles that drivers are turning back into dealerships.

Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3

The $310.47 million GLS Auto Receivables Issuer Trust 2020-4 collateralizes 13,316 loans with an average borrower FICO of 573. That is lower subprime territory, but is slightly higher than any of GLS’ most recent securitizations, according to a report from DBRS Morningstar.

The WA FICO of 710 contrasts with the range of 554 to 635 in recent Carvana securitizations centered on subprime borrowers.

Volkswagen has launched a $750 million auto-lease securitization that provides investors with more favorable terms than those it offered in more recent transactions.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 6-12

Auto-loan securitizations from AmeriCredit and Santander add to a briskly flowing 2020 subprime-deal pipeline, while Ford and JPMorgan are marketing notes backed by prime-loan receivables.