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Auto Loan and Lease ABS Sector Review

This panel of ASF 2013 was held on Monday, January 28. Moderator Jeff O’Connor began with a reference to auto loan and lease asset-backed securities (ABS) as the “bright star of the universe” in a securitization market that has been cloudy for the past several years. Participants agreed with the moderator’s assessment and were universally pleased with the state of the auto ABS market and its near-term prospects for growth. Optimism was tempered somewhat by the reality that the level of growth and strong performance experienced post-crisis may not be sustainable on a long-term basis. Despite the strong market, a slight tension among the panelists was evident when the discussion turned to the return of prefunding or revolving structures and potential modifications to deal terms without investor consent after issuance.