KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2020-3
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2020-3 (ACAR 2020-3), an auto loan ABS transaction.
- Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2020-3 (ACAR 2020-3), an auto loan ABS transaction.
- American Credit Acceptance Receivables Trust 2020-3 (ACAR 2020-3 or the Issuer) will issue six classes of notes totaling $360.00 million that are collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles and motorcycles.
- The transaction has initial hard credit enhancement levels of 62.75% for the Class A Notes through 13.95% for the Class F Notes.
- Credit enhancement consists of excess spread, overcollateralization, subordination (except for the Class F Notes) and a reserve account funded at closing.