Exeter Finance Corp. Announces $500 Million Securitization
IRVING, Texas — Exeter Finance Corp. announced Monday the pricing of a $500 million securitization backed by auto loan receivables. The private offering consisted of four classes of fixed rate notes issued by Exeter Auto Receivables Trust 2014-3 and priced on Oct. 9, 2014. The Class A notes were rated AAA/AA by DBRS and Standard ... Read More »
IRVING, Texas — Exeter Finance Corp. announced Monday the pricing of a $500 million securitization backed by auto loan receivables. The private offering consisted of four classes of fixed rate notes issued by Exeter Auto Receivables Trust 2014-3 and priced on Oct. 9, 2014.
The Class A notes were rated AAA/AA by DBRS and Standard & Poor’s, respectively, while the remaining three tranches were rated A, BBB and BB by both agencies. The classes have weighted average lives of 1.02, 2.76, 3.62 and 4.08 years, respectively. On a blended basis, the weighted average coupon of the notes is approximately 3.13%.
Upon the closing of the transaction, the net proceeds from the sale of the notes will be applied to reduce borrowings outstanding under Exeter’s existing warehouse financing facility. The offering is expected to close on Oct. 15, 2014.
Citigroup and Goldman, Sachs & Co. acted as joint bookrunners on the transaction, with Barclays, Deutsche Bank Securities and Wells Fargo Securities participating as co-managers.
More Industry
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
Consumer Outlook on the Rise
Younger generations are feeling more positive about their financial futures and current affordability pressures than older generations, according to recent TransUnion data.
Read More →
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →