Auto ABS

The Dallas consumer lender says it plans to boost subprime originations again after retooling its portfolio and taking stock of the economy.

A $3.8 billion surge in deposits in the third quarter will allow the subprime lender more flexibility to fund originations on balance sheet, rather than bundling these assets into collateral for bonds.

The company is lending less and issuing smaller securitizations this year, but investors keep flocking to the subprime lender's paper.

The captive finance arm of General Motors has been pulling back on leasing, but it still expects to be negatively impacted by falling used car prices for the remainder of the year.

Veros is based in California but recently expanded on the East Coast, resulting in a dip in credit performance; Kroll capped its rating in the senior notes of the $165 million deal at single A.

After issuing only a single prime auto lease securitization in 2016, Ford Motor Credit's trust has returned to its traditional twice-annual schedule it followed from 2010-2015.

Capital Auto Receivables Asset Trust has just 3.3% of the pool comprised of manufacturer subsidized loans, down from 9.9% in Ally's prior CARAT deal in July 2016.

Coping with merging two securitization platforms and the integration of GE Capital's former fleet lease and management business, the Canadian lessor has seen 30-plus and 60-plus delinquencies more than triple.

More than 90% of the collateral for Ford Credit Canada's CAN$614M transaction is popular light-duty trucks that have propelled the automaker's leading 15.5% domestic market share.

The increase reflects stronger demand from obligors as the performance of this industry improves, rather than a decision by the lessor, according to Fitch Ratings.

CarMax, BMW, Santander and Credit Acceptance Corp. all launched deals Thursday; they add to the $35 billion in prime auto, $12.31 billion in prime lease, and $19.4 billion in subprime auto loan ABS so far this year.

Over 80% of the cars are diesel-engine vehicles, bringing potential volatility to the portfolio cash flows given the public debate over potential panning such cars in several European urban centers.

A report released Friday calls risk retention "an imprecise mechanism" for encouraging the alignment of interest between sponsors and investors. It recommends creating loan-specific requirements under which managers would receive relief.

The proportion of collateral that will be acquired after the CPS Auto Receivables Trust 2017-D closes is 33.3%, or $66 million, from the 29.7% level from the sponsor's prior deal in July.

The French specialty lender, owned by a consortium of mutual insurers, is pooling over 54,000 loans it originated and services for clients of its shareholders.

BMO is part of a trend-setting 2017 parade of Canadian auto lenders pooling their loan, lease and dealer floorplan receivables to the U.S. investor market.

Nissan's second U.S. lease-securitization of 2017 pools more than 71,000 contracts with $1.5 billion outstanding on cars, SUVs and cross-overs. Delinquencies remain low, but residual values are growing volatile.

Ford Motor Credit's second master trust issuance funding its dealer inventory financing has pushed floorplan ABS industry-wide past $8.5 billion, the busiest year for the asset class since 2014.

GM Financial is following similar actions by American Honda, Santander, Fifth Third and USAA to limit Texas exposure in securitizations, but the captive-finance lender has extended the exclusion to Florida loans as well.

Bank of Nova Scota's third overall deal in its brief auto-loan securitization history will feature $500m in U.S.-dollar denominated bonds.