Auto ABS

OneMain can add qualifying loans to the pool of collateral for the first two years of the transaction; by comparison, its two prior deals featured one-year revolving periods.

The Dallas-based lender's third foray into the deep subprime ABS market in 2018 arrives as recent Santander DRIVE securitizations are performing well with recently lowered loss expectations from S&P Global Ratings.

Loans originally securitized in three 2013 transactions account for some 11.4% of the initial collateral for the $230 million CPS Auto Receivables Trust 2018-C, according to S&P Global Ratings.

Bavarian Sky UK 2 plc is as yet unsized; the collateral will initially consist of 70% new and 30% used primarily BWM and MINI vehicles, 56% of which use diesel fuel, according to Moody's Investors Service.

The rental car giant is issuing approximately $213 million each of notes maturing in July 2021 and July 2023 from its revolving master trust, Hertz Vehicle Financing II LP, according to rating agency presale reports.

In Santander Consumer USA's third subprime shelf offering of 2018, new cars represent 55.8% of the collateral. In previous deals dating to 2013 new-car concentrations did not exceed 40.9%.

Global Lending Services returns to double-A status in its new $299.4M transaction, while American Credit Acceptance issued another AAA-rated deal with a substantial prefunding account feature.

The subprime lender could lose a big partner now that Fiat Chrysler has officially announced it will form its own auto finance unit, and the two are negotiating an end to their 6-year-old relationship.

Despite a steep drop in average FICO and increase in extended-term loans, DriveTime is shaving overcollateralization levels thanks in part to improved performance from its outstanding securitization portfolios.

Fiat Chrysler is expected to announce Friday that it will establish its own captive finance unit in the U.S. The move could be bad news for its lending partners.