Auto ABS

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.

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.