DriveTime subprime auto ABS cheap for triple-A

By Ryan Bolger
03 Dec 2014

DriveTime’s subprime auto ABS was priced cheaper than recent subprime issuance, a development investors have attributed to rising delinquencies in subprime auto ABS and a recent enforcement action against DriveTime.

The senior, triple-A rated notes were priced at 70bp over EDSF on Wednesday. The top class of notes represents $150m of the $308m deal, which launched just a couple weeks after the Consumer Financial Protection Bureau (CFPB) announced an $8m enforcement action against DriveTime for providing inaccurate credit ...

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