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buycarnote132

buycarnote132   , 45

from Reading Center

Statistics

Fitch: Losses for U.S. Subprime Auto ABS Top 8% as Prime Inches Higher

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NEW YORK--(BUSINESS WIRE)--Minor cracks continue to emerge for both U.S. prime and subprime auto

ABS loss trends, according to Fitch Ratings.

Subprime annualized net losses (ANL) rose for the fifth consecutive

month to 8.05% in October further diverging from prime ANL trends.

Despite weaker asset performance, Fitch-rated subprime auto loan ABS are

still performing well within initial expectations heading into the end

of the year.

Prime and subprime ABS asset performance continues to perform well

within historical levels supporting positive rating actions across both

sectors throughout the year. Fitch upgraded 66 tranches of outstanding

prime and subprime auto loan ABS notes in 2015 through October, up from

63 during the same period in 2014.

Looser underwriting including lower FICO scoring, higher loan-to-values

(LTV) and extended loan terms witnessed in 2013-2014 vintage securitized

ABS pools are contributing to softer asset performance in late 2015.

Prime ANL reached a four-year high of 0.53% in October (virtually

unchanged over September), and were 33% above year-earlier levels. Prime

ANL remain well below the historical average figure of 0.93% going back

to January 2001. Prime 60+ day delinquencies rose to 0.38% in October,

up from 0.39% the prior month. Delinquencies were only 5.6% higher last

month versus a year earlier.

Subprime ANL remain well below the peak recessionary levels of 10-13%

recorded in late 2008/early 2009 period. The October ANL figure was also

just 5.8% higher versus the same month in 2014. Subprime 60+ day

delinquencies rose to 4.56% in October, up 2.2% over the prior month and

13.4% higher versus October 2014. The peak delinquency range was

4.75%-5.10% recorded during the recent recession.

Solid used vehicle values in late 2015 are supporting auto ABS

performance. The Manheim Used Vehicle Value Index hit 125.3 in October,

rising five consecutive months during a find out more period which typically the

weakest of the year. The index was at a high in October, consistent with

January's rate. The index peak was 127.8 recorded in May 2011.

Factors supporting used vehicle values include a healthy new vehicle

market with sales topping 18 million units (seasonally adjusted annual

rate) in October, along with solid demand for used vehicles and readily

available financing and low interest rates.

Fitch's auto ABS indices comprise $92.2 billion in outstanding notes, of

which prime auto loan ABS comprises 61% and subprime ABS 39% of that

total dollar amount.

Additional information is available on 'www.fitchratings.com'

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND

DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING

THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE

AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.

PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS

SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS

OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES

AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF

THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE

RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR

RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY

CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH

WEBSITE.

http://www.businesswire.com/news/home/20151130005756/en/Fitch-Losses-U.S.-Subprime-Auto-ABS-Top