Securitization

The notes benefit from credit enhancement levels of 30.45%, 24.3%, 13.8%, 8.65%, 5.00% and 2.05% on the A1, A2, A3, M1, B1, B2 and B3 tranches, respectively.

The current COPAR transaction has a FICO score of 782, an increase from 780 from the COPAR 2023-2, and loans with an original term greater than 72 months, as a percentage of the pool balance was 19.24%, a decrease from 22.9%.

Private-label securitization volume increased 75% this year versus 2023; conditions are right for that to continue, KBRA said.

Lender to consumers denied traditional credit raises $250 million after skipping 2023.

International locations account for 13.3% of restaurants in the whole business securitization, a slight increase from 11.4%.

The underlying assets have an original weighted average CLTV ratio of 70.4%. Assets with original CLTV ratios exceeding 80% represent 26.1% of the pool's balance.

Lathrop was named interim CEO of the warehouse finance and securitized products business in August, and comes from a long history with Citigroup, including co-head of its global securitized markets.

Two-year yields — more closely tied to the Fed's decisions than longer-maturity debt — reached the highest level since July, and three- to 30-year yields rose at least 10 basis points.

Fitch Ratings said Tesla Finance enters the residential solar finance ABS arena with underlying loans that have the highest WA FICO score presented to it for a rating.

Total initial hard credit enhancement decreased compared with GCAR 2024-3, subordination for class A notes was unchanged at 48.2%.