Wells Fargo Insights

JPMorgan Chase, Wells Fargo and TD Auto Finance all see opportunities in providing financing to dealers for inventory, the purchase of competitors and the addition of infrastructure for electric vehicle sales. Two other banks recently said they're exiting the business, which could provide a further opening.

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

An administrative law judge has recommended that a trio of onetime Wells executives be ordered to pay a combined $18.5 million in connection with the bank's fake-accounts scandal.

Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.

The notes will get credit enhancement from balances on the subordinate bonds, which are permitted to amortize.

There is also a full-turbo feature that will kick in after a two-year revolving period.

A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.

Any loan that is more than 120 days delinquent becomes a stop-advance loan, a designation that prevents interest leakage to bondholders.

Called collateral from various series increased to 6.0%, from 4.0%, while weighted average seasoning increased to 3.15 months from 2.82 months.