Auto ABS

The credit quality of the collateral is lower, by several metrics, than that of Exeter's prior deal; however, S&P Global expects cumulative net losses to be in the same range, from 20.1%-21.1%.

Ford Motor Credit, GM Financial and Fifth Third Bancorp are marketing a combined $3.4 billion in prime auto loan and lease asset-backed securities, according to presale reports published Thursday.

S&P says exclusion of the value of "personal contract purchase" balloon payments from Santander's Motor 2017-2 transaction will benefit the deal through excess spread and recoveries from contract defaults.

The $418m OSCAR US 2017-2 transaction is the 7th securitization of prime auto loans originated by Orient Corp. (or Orico) in Japan and packaged into U.S.-dollar denominated securities.

An artificial intelligence model predicted creditworthiness more accurately than traditional models in an experiment conducted by the auto lender. The technology someday could be used to find hidden gems among loan applicants — emphasis on the someday.

The size of the two classes of notes on Volkswagen Financial Services' Compartment Driver UK SK deal is to be determined; they will be backed by receivables on 24,238 prime retail customer lessors.

The GMF Floorplan Owner Revolving Trust 2017-3 transaction is the second transaction backed by dealer inventory finance receivables to be issued by the captive lender this month.

More than 20% of the pool is comprised of well-seasoned subprime auto loans previously securitized in American Credit Acceptance's asset-backed deals in 2012-2014.

Prestige's $335.2m portfolio is the first of the year for the Utah lender specializing in funding buyers emerging from bankruptcy. Flagship is selling $223m in notes backed by loans to deep subprime customers.

Average FICOs are declining in both lenders' pools, and Nissan Motor Acceptance Corp. is including more borrowers with sub-700 scores in its prime portfolio than in three prior auto-loan securitizations.