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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.
August 15 -
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.
December 20 -
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.
December 8 -
Servicing gains failed to offset steep origination declines at the bank, which continues to battle allegations of racial discrimination.
April 14
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The non-prime collateral pool starts out with 56,336 contracts, and an average balance of $26,041, which could be upsized to 71,695 contracts, with an average balance of $26,034.
September 22 -
Coupons range from 4.17% on the A1 notes, rated P1/A1+ by Moody's and Fitch Ratings, respectively, to 5.38% on the class N notes, which S&P rates BB.
September 19 -
Almost all the notes are fixed rate, except for the A2-B tranche which pay a coupon based on the one-month Secured Overnight Financing Rae (SOFR).
September 9 -
About 73.9% of the underlying mortgages were underwritten through debt service coverage ratio (DSCR) and 12- to 23 months of profit and loss and bank statements.
September 4 -
The loans are secured by single-family residential properties, townhouses, planned-unit developments, condominiums, and two- to four-family residential properties.
July 10