Auto ABS

A Davis & Gilbert poll of market participants showed more expect delinquencies over the next one to two years, likely requiring credit enhancement in future deals.

S&P Global Ratings forecasts lower losses in subprime lender American Credit Acceptance's next auto-loan securitization, citing the inclusion of performing loans transferred from a recently called deal.

The portion of Americans with a car loan climbed to 35% last year from just 20% in 1999, the New York Fed said in a blog post. Auto loans first overtook mortgages in 2013 and have pulled further ahead every year since.

Santander Drive Auto Receivables Trust 2019-2 has a lower average FICO (600) and lighter seasoning (two months) compared to SDART 2019-1.

DT Auto Owner Trust 2019-2 will issue five classes of notes, collateralized by $550 million in auto loans issued through company-owned "buy here-pay here" dealerships.

The $350 million GLS Auto Receivables Trust 2019-2 transaction is being issued on the heels of the lender's record $453.2M 1Q volume in originations.

Two deals Exeter completed in 2018 are performing worse than Moody's expected so its looking for additional losses on this deal; S&P sees losses in the same range as four prior deals.

The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.

The company spun out of DriveTime is paying for the privilege, however; it's offering 50.3% credit enhancement on the senior notes of the $338 million deal rated by Kroll.

The company controlled by Emerald Development Managers has already ceased originating; S&P has notes from a 2016 securitization on watch and Kroll is monitoring the situation.