Friday, November 22, 2019

GTE to Issue Almost $185 Million in Auto ABS

GTE Credit Union (Tampa, FL) is planning to issue $184.8 million in prime auto loan asset-backed securities, according to a presale report by S&P Global Ratings. This is the first auto loan securitization by GTE CU.

The deal is expected to close Nov. 26.

The credit quality of the underlying pool, which consists of prime automobile loans, had a weighted average non-zero FICO score of 727.

Robust levels of credit enhancement mitigate the collateral pool's extremely high geographic concentration in and around the Tampa region of approximately 98 percent.

The loan pool has a high concentration of loans with maturities greater than 72 months comprising over 62 percent of the aggregate pool. Approximately 31 percent of the pool is comprised of loans with original terms of 73-75 months, and another 31 percent has terms of 75-84 months.

The underlying pool of auto loans has a weighted average loan-to-value ratio of approximately 92.93%, and approximately nine months of weighted average seasoning.


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2 comments:

  1. AnonymousNovember 26, 2019 at 10:29 AM

    Buyer beware!!

    ReplyDelete
  2. AnonymousNovember 28, 2019 at 6:03 AM

    I heard that they retained the deal. Can anyone confirm?

    ReplyDelete

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