America's Car-Mart heads to market with first rated ABS securitization
KBRA says the Southern subprime used-vehicle retailer’s experience brings credibility to the space
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KBRA says the Southern subprime used-vehicle retailer’s experience brings credibility to the space
This deal appears to be the first since the Netherlands-headquartered multinational acquired First Investors in an all-cash transaction finalized last November.
The collateral pool is comprised of receivables assets based in Japan, and several classes of the transaction will issue dollar-denominated notes.
While the mix of vehicle types in GMF originations is shifting, Chevrolet remains the top vehicle make in the 2022-1 deal, comprising about 57.5% of the pool.
Last month, prominent investor Steve Eisman pegged Credit Acceptance Corp. as his new big short, based on a belief the subprime auto lender and its industry may come under closer CFPB scrutiny under the new administration. Analysts are taking note, as well.