Fitch Downgrades AmeriCredit Ratings
Fitch Ratings assigns a revision rating and downgraded 14 classes from six AmeriCredit Automobile Receivables Trusts. The ratings remain on Rating Watch Negative.
NEW YORK — Fitch Ratings assigns a revision rating and downgraded 14 classes from six AmeriCredit Automobile Receivables Trusts. The ratings remain on Rating Watch Negative.
These actions follows Fitch's downgrade to 'AA+' from 'AAA' of the Insurer Financial Strength rating of Financial Security Assurance Inc. (FSA), which provides full support to the transactions. (For more information, please refer to 'Fitch Downgrades FSA's IFS to 'AA+'', dated May 11, 2009 and available on the Fitch Ratings web site at www.fitchratings.com.)
Fitch reviewed each transaction's performance, credit enhancement, as well as the legal structure on a stand-alone basis without the consideration of FSA's support. With respect to the revision rating of 'AAA' assigned to AmeriCredit Automobile Receivables Trust 2004-D-F class A-4, it was determined that a higher rating can be assigned on a stand-alone basis. Other transactions were deemed not able to support the higher rating and continue to be rated based on the FSA support. The current loss multiple for each transaction was a key factor in determining if a higher rating was warranted.
The rating of the 2004-D-F transaction is being revised to 'AAA' as a result of the strength of the underlying collateral and better than expected loss and delinquency performance. The transaction is highly seasoned at 54 months outstanding with a pool factor of 7.32 percent and has accumulated net losses of 10.01 percent, slightly better than Fitch's original expectations. Under the current credit enhancement structure, the transaction is able to withstand stress scenarios consistent with the revised rating.
More Auto Finance

Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →