Auto performance down but pipeline still strong
Regular auto ABS issuers are not expected to encounter much difficulty launching new deals in the prime or subprime space, despite declining performance, as Credit Acceptance Corp leads a pack of auto lenders marketing new deals this week.
Specialty finance lender Credit Acceptance is launching a $300.6m securitization of subprime dealer advances and loans it has purchased from 823 used car dealerships. The loans backing the transaction at the dealership level were to borrowers with an average FICO score of 551.Underwriting standards have declined across ...
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