Auto ABS

Also launching deals last week were Santander Consumer USA and DriveTime Automotive Group, according to ratings agency presale reports.

The $1.15 billion CarMax Auto Owner Trust 2021-2 could potentially be upsized to $1.56 billion, according to presale reports from Fitch Ratings and S&P Global Ratings. CarMax upsized its first deal of the year that priced in January.

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

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.

The proposed securitization launches the same week the Federal Reserve lifted a three-year-old enforcement action against the auto lender over its prior risk compliance oversight policies.

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.22-28

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.15-21

The two deals will add to the pipeline of 2021 prime auto-lease transactions led earlier this month by Hyundai Capital America.

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.7-14

The subprime auto lender, which specialized in post-bankrutpcy loans, has a greater share of direct-channel loans (typically refis) compared to its lone 2020 asset-backed offering.

The notes offering is the largest among the 21 auto-lease deals HCA has issued since 2011, and the fourth that has topped $1 billion in offered notes.