Subprime notes: CPS securitization & Credit Acceptance financing, credit facility
LAS VEGAS and SOUTHFIELD, Mich. – Two long-standing subprime auto finance companies each made moves last week to give themselves the financial horsepower they need to continue originations and other business activities. After Consumer Portfolio Services launched its first securitization of 2021, Credit Acceptance announced the completion of a $100 million asset-backed non-recourse secured financing. Pursuant to this transaction, Credit Acceptance said it contributed approximately $125.1 million of installment contracts to a wholly-owned special purpose entity that will pledge the contracts to an institutional lender under a loan and security agreement.… Read More »Subprime notes: CPS securitization & Credit Acceptance financing, credit facility