Auto ABS

The Dallas consumer lender plans to boost originations again after retooling and taking stock, even as other lenders scale back in the face of rising defaults and delinquencies.

Rather than jump right away into lending to car buyers, Access National will start by offering CRE and M&A financing to dealerships.

The first subprime auto ABS deal for 2018 is the 30th overall for Consumer Portfolio Services, with caters to deep subprime borrower pools.

Limiting the deductibility of interest to a percentage of a taxpayer's income will make securitization uneconomical for auto and equipment rental companies, the Structured Finance Industry Group says.

The $1.24 billion deal is the first GMCAR transaction to be rated by Fitch; it looks a lot like the three deals completed last year, with high FICOs, a high (but declining) concentration of long-term loans, and high concentration of trucks.

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.