Prime auto ABS

Ford Motor Credit added a one-time seven-year revolving period to its previous open pool of auto loan receivables.

CarMax Superstores' first $1.2B-$1.5B prime loan securitization of 2019 has its lowest concentration to date of passenger vehicles in its nearly 20 years selling notes backed by receivables.

The collateral for GMCAR Trust 2019-1 features a higher weighted average borrower FICO than any prior GM Financial deal; it also sports a lower projected cumulative net losses from Fitch Ratings.

Loans with terms of more than five years represent around 65% of the pool of collateral, down from 67% and 68% for the two prior transaction - but still higher than exposure in 2017 and 2016 transactions.

American Honda Finance's fourth auto-loan securitization of the year also features borrowers with higher scores and larger loans.

VW Credit is also adding more Audi-brand vehicles to VALET 2018-2 compared to its earlier 2018 transaction that renewed a long-dormant ABS shelf.

S&P considers the $1.034 billion lease securitization among the "most diversified" in lease-end concentrations, limiting the impact of future declines in residual values as cars come off lease.

Toyota Motor Credit Co.'s fourth prime auto loan securitization of the year boosts its volume beyond $6 billion.

Even with advanced seasoning and lighter risk load, the bank's first auto-loan securitization of the year has much higher CE than a weaker 2017 pool.

Higher-cost loans, less seasoning and rising APRs have pushed average loan balances beyond $28K.