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KBRA Releases Subprime Auto Loan ABS: Does Seasoning Matter?
[February 22, 2019]

KBRA Releases Subprime Auto Loan ABS: Does Seasoning Matter?


Kroll Bond Rating Agency (KBRA) releases a research report comparing the loss performance of newly originated subprime auto loans (<12 months of seasoning) versus very seasoned loans (48+ months of seasoning). Conventional wisdom has it that seasoned loans will outperform newly originated loans, all else being equal. However, subprime auto loans appear to buck this conventional wisdom. Interestingly, loan level data shows that seasoned subprime loans generally exhibit higher net losses relative to newly originated loans, at least initially. The report explores some possible causes.

To view the report, click here.

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About KBRA and KBRA Europe


KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.


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