CPS planning subprime auto ABS

By Ryan Bolger
04 Dec 2014

Consumer Portfolio Services (CPS) is planning a $267.5m auto ABS backed by subprime auto loans originated by the specialty finance company’s network of partnering auto dealers.

The loans backing CPS’s latest deal, CPS Auto Receivables Trust 2014-D, carry an average LTV of 115.26% and were originated to borrowers with FICO scores averaging 565, according to a DBRS presale released on Thursday. DBRS and Moody’s have assigned preliminary triple-A ratings to the deals senior tranche.

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