Auto ABS

Electric vehicles are starting to show up in pools of collateral for auto leases, but it's harder to predict what they will be worth when they are repossessed or come off lease, says Moody's Investors Service.

Two proposals, limiting deductibility of interest and like-kind exchanges, would make securitization uneconomical for auto and equipment lessors, according to the industry trade group.

The German automaker continues to reduce its reliance on asset-backed financing as fallout from an emissions scandal fades.

Despite boosting credit enhancement, the sponsor was only able to earn an 'A' from S&P Global Ratings, which cited heightened competition and adverse borrower selection.

The issuer, Avis Budget Rental Car Funding, is a master trust, and the $400 million of notes to be issued in the Series 2017-2 transaction rank pari passu with the issuer’s other outstanding series of notes.

In its third securitization of cash-out auto loans, OneMain will for the first time include originations from the 1,000 legacy offices acquired from CitiFinancial.

Kroll expects cumulative net losses on the collateral for American Credit Acceptance 2017-4 to be as high as 29.9%; the senior notes have 66.35% initial credit enhancement.

The securitization market is weathering risk retention and rising interest rates, though Fitch Ratings is keeping its eye on some consumer asset classes as the credit cycle lengthens.

Juniper Receiveables DAC, a new offshore shelf for Ally U.S. auto-loan receivables, has received an early 'Baa3' rating from Moody's Investors Service on its initial $530 million issuance.

Nearly one-third of the vehicles in CIG Financial's $172 million transaction have mileage above 100,000; the highest-mileage car financed has 197,387.