The U.S auto loan ABS sector has performed relatively well in 2009 compared to other ABS asset classes despite the increase in unemployment, bankruptcies of GM and Chrysler and the volatility in the used-car market, according to ratings firm DBRS.
Fitch Ratings has lifted the moratorium on rating auto dealer floorplan transactions and published a revised Global Dealer Floorplan (DFP) ABS criteria report. It supersedes, in its entirety, the reports titled “Rating Criteria for U.S. Dealer Floorplan ABS”, dated May 14, 2008 and “European Auto Dealer Floorplan ABS Criteria”, dated Feb. 6, 2008.
Annualized net losses (ANL) on U.S. auto ABS rose again in November in a trend likely to continue into 2010, according to Fitch Ratings.
Prestige Financial Services Inc. completed its seventh rated term securitization, issuing $140.5 million in notes backed by $151.1 million in subprime automobile installment loans.
Despite various negative indicators, U.S. auto ABS delinquency and annualized net losses (ANL) actually improved at a time of the year when performance characteristically begins to deteriorate, according to Fitch Ratings.
The ratings for prime senior tranches of asset-backed securities (ABS) auto loan and credit card transactions have remained stable in the first nine months of the year, despite concerns by Fitch Ratings about growing problems in consumer credit and unemployment.
The resurgence of the United States wholesale vehicle market in 2009 has reversed the trend of heavy residual value (RV) losses on leased vehicles in late 2008, and steadied the performance of U.S. auto lease ABS transactions, according to Fitch Ratings.
Sixty-plus-day delinquency levels on U.S. prime auto loan ABS rose more than 10 percent to reach 0.85 percent in August, as consumers continue to struggle with rising unemployment and reduced access to credit, according to Fitch Ratings.
Auto dealer floorplan asset-backed securities (ABS) continue to perform and remain resilient despite the recession and the bankruptcies of two domestic automakers, said ratings firm DBRS.
The automotive loan asset-backed securities (ABS) market is slowly rebounding with the help of the federal Cash for Clunkers (C4C) program, which created an uptick in the new vehicles sales volume, said ratings firm DBRS.
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