DT Auto Owner Trust in $406 million auto securitization - Asset Securitization Report

The DT Auto Owner Trust 2021-3 is preparing to issue $406 million in asset-backed securities secured by used auto installment sales contracts.

DriveTime Car Sales Co. originated the loans through its network of dealerships in 26 states, according to DBRS Morningstar, which expects to issue credit ratings on the notes. The company extends financing mostly to borrowers with a subprime credit profile, generally a result of carrying limited credit histories, modest incomes or prior credit difficulties.

Wells Fargo Bank is acting as the standby servicer on the transaction, while Bridgecrest Acceptance Corporation is transferor, sponsor and servicer on the deal.

The deal’s capital structure utilizes subordination, overcollateralization, a reserve fund and excess spread, according to DBRS.

The rating agency expects to assign a ‘AAA’ rating to the $206 million class A notes; a ‘AA’ rating to the $46 million class B notes; and an ‘A’ rating on the $60.3 million class C notes.

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