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General Motors Financial Putting Together $975.2 Million Subprime ABS

GM Financial has at its ready a $975.2 million subprime auto loan securitization. With this, the financial arm of General Motors’ year-to-date auto loan issuance reaches $5 billion.

Previously known as AmeriCredit, GM Financial is becoming a real heavyweight in the auto finance industry. This most recent deal, called the AmeriCredit Automobile Receivables Trust 2013-1, is made up of a trio of class A tranches rated AAA.   

Two other major auto finance players, Ally Financial and Santander, have recently made similar moves or announcements as well. The latter has just put together a $1.25 billion securitization of subprime auto receivables, while Ally says that it will soon complete a $790 million subprime auto ABS deal.

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