S&P’s recent downgrade of Class E notes from CPS Auto Receivables Trust (CPSART) 2016-B, 2016-C, 2016-D and 2017-A from BB- to B+ is prompting investors to take a closer look at other deals. It also prompted us to go back over the data from our 360 degree market study to see which constituency group will be most sensitive to the latest news.
Originations and Issuances, by the Numbers Total auto loan debt increased to $1.30 trillion in Q2 2019, up from last year’s $1.24 trillion, and accounted for 9.4% of the $13.86 trillion in national household debt – greater than credit card debt, but less than student loan and mortgage debt, according to Federal Reserve Bank of New York data.
The phrase “winter is coming” was more than just a motto to House Stark in “Game of Thrones.” It was both a warning and a call to vigilance – the honor in readiness and preparation that was the key to victory. Subprime ABS participants should heed that call. With uncertainty swirling about the economy, even the most sure-footed optimist should be concerned for what lies beyond the seemingly safe...
It happens too often. An auto lender or servicer learns their collateral has been towed for repairs and the garage claims a priority lien that can only be discharged by payment for “major repairs,” compounded by ballooning storage fees, and there is no expectation of payment by the borrower. Faced with paying for expensive charges and fees on a vehicle, many lenders and owners of retail...
Joseph Cioffi recently sat down with Raul Panganiban of ValueWalk, a site covering the latest financial news impacting hedge funds and asset managers with an emphasis on value investing, for their podcast “ValueTalks.”
Joseph Cioffi recently sat down with Nick Zulovich of SubPrime Auto Finance News for an episode of the Auto Remarketing Podcast.
As we continue to break down and analyze the responses to our subprime auto survey, covered in our inaugural market study, servicers, deserve a closer look given the unique vantage point they have in securitizations.
