California Republic Auto Receivables Trust
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- Constance Cummings
- 6 years ago
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1 Presale: California Republic Auto Receivables Trust This presale report is based on information as of Feb. 3, The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Preliminary Ratings Class Preliminary rating(i) Type Interest rate(ii) Preliminary amount (mil. $)(ii) Legal final maturity date A-1 A-1+ (sf) Senior Fixed Feb. 15, 2018 A-2 AAA (sf) Senior Fixed Nov. 15, 2019 A-3 AAA (sf) Senior Fixed March 15, 2021 A-4 AAA (sf) Senior Fixed June 15, 2022 B A (sf) Subordinate Fixed Dec. 15, 2022 C BBB (sf) Subordinate Fixed Dec. 15, 2023 (i)the rating on each class of securities is preliminary and subject to change at any time. (ii)the interest rates and actual sizes of these tranches will be determined on the pricing date. Profile Expected closing date Feb. 16, Collateral Prime auto loan receivables. Originator, sponsor, and servicer Mechanics Bank. Depositor California Republic Funding LLC. Issuer California Republic Auto Receivables Trust Underwriter Credit Suisse Securities (USA) LLC. Indenture trustee U.S. Bank N.A. Owner trustee Wilmington Trust N.A. Primary Credit Analyst: Ines A Beato, New York (1) ; ines.beato@spglobal.com Secondary Contact: Rahel Avigdor, New York (1) ; rahel.avigdor@spglobal.com See complete contact list on last page(s) FEBRUARY 3,
2 CRART Credit Enhancement Summary CRART CRART CRART CRART (iii) CRART CRART CRART Subordination (% of the initial receivables)(i) Class A Class B Class C Overcollateralization (% of the initial receivables) Initial Target Floor Reserve fund (% of the initial receivables) Initial Target Floor Total initial hard credit enhancement (% of the initial receivables) Class A Class B Class C Excess spread per year (estimated %)(ii) (i)principal on the preliminary rated notes will be paid sequentially. (ii)includes the 1.00% servicing fee. (iii)the transaction was a 144A issuance, and all the others were SEC-registered. CRART--California Republic Auto Receivables Trust. Rationale The preliminary ratings assigned to California Republic Auto Receivables Trust 's (CRART 's) $ million asset-backed notes reflect: The availability of approximately 15.83%, 9.75%, and 6.70% credit support for the class A, B, and C notes, respectively, based on stressed cash flow scenarios (including excess spread), which provides coverage of approximately 5.0x, 3.0x, and 2.0x our 3.00%-3.20% expected cumulative net loss (see the Cash Flow Modeling section). The timely interest and principal payments made by the assumed legal final maturity under stressed cash flow modeling scenarios commensurate with the preliminary ratings assigned to each class of notes. Our expectation that under a moderate ('BBB') stress scenario, all else being equal, our rating on the class A notes would remain within one rating category of our preliminary 'AAA (sf)' rating, and our ratings on the class B and C notes would remain within two rating categories of our preliminary 'A (sf)' and 'BBB (sf)' ratings, respectively, during the first year. This is consistent with our credit stability criteria (see "Methodology: Credit Stability Criteria," May 3, 2010). The credit enhancement in the form of subordination, overcollateralization, a reserve account, and excess spread (see the Credit Enhancement Summary table). The collateral characteristics of the prime automobile loans securitized in this transaction. The transaction's payment and legal structures. FEBRUARY 3,
3 Changes From CRART On April 28, 2016, California Republic Bank (CRB) entered into a definitive agreement to be acquired by Mechanics Bank. On Oct. 1, 2016, the merger was completed. Mechanics Bank, a northern California-concentrated bank, purchased shares of CRB, and following the merger of CRB with and into Mechanics Bank, Mechanics Bank has succeeded CRB in each of its capacities. According to management, the businesses barely overlap; therefore, little-to-no change is expected from an organization and servicing perspective. The structural and enhancement changes from the series transaction include: Total initial hard credit enhancement increased 140 basis points (bps), 110 bps, and 30 bps, for classes A, B and C, respectively, versus the initial hard credit enhancement for the same classes in the deal. Subordination for the class A and B notes increased to 11.05% and 4.00%, respectively, from 9.95% and 3.20%. The initial overcollateralization increased to 0.30% from 0.00%. In addition, the overcollateralization target increased to 2.20% from 1.70%. Estimated annual excess spread increased to 3.51% (versus 4.32% for series ). Collateral changes in the collateral pool as of the Jan. 31, 2017, cut-off date from the CRART final pool (as of the May 31, 2016, cut-off date) include: Loans with month terms decreased to 76.97% from 78.54%; however, loans with terms of months increased to 12.94% from 11.48%, while loans with month terms decreased to 64.03% from 67.06%. The percent of loans in the Premier Plus program increased to 36.94% from 29.38%, while the percentage of loans in Standard and Special programs decreased to 8.68% from 9.26%. The weighted average FICO score increased to 700 from 692. Loans with a FICO score over 720 increased to 36.94% from 29.38%, while loans with a FICO score less than 600 decreased to 4.25% from 4.37%. The weighted average loan-to-value (LTV) ratio decreased to % from % New vehicle loans increased to 24.64% from 22.71%. The payment-to-income (PTI) ratio decreased to 7.15% from 7.58% Overall, the pool has better collateral characteristics compared with the series pool. However, due to weaker loss performance on the managed portfolio and weakening trends in static pool performance, we increased our expected loss range to 3.00%-3.20% from 2.70%-2.90% for the series transaction. Part of the increase was also attributable to accounting for repossession expenses that have not been accounted for in the company's performance data (see S&P Global Expected Loss section). Transaction Overview CRART will issue $ million of notes backed by retail installment sales contracts for new and used automobiles, light-duty trucks, minivans, and sport utility vehicles. The transaction is structured as a true sale of the receivables to California Republic Funding LLC (the depositor) from Mechanics Bank (the originator and servicer). The depositor transfers the receivables to CRART (the issuer), FEBRUARY 3,
4 which pledges its interest in the receivables to the indenture trustee on the noteholders' behalf. Mechanics Bank will service the receivables on the issuer's behalf. Transaction Structure CRART incorporates the following structural features: A sequential-pay mechanism among the notes that increases credit enhancement for the rated notes as the pool amortizes. Subordination of 11.05% and 4.00% for the class A and B notes, respectively. Overcollateralization at closing will equal 0.30% and will build to a target of 2.20% of the initial pool balance by using any excess spread available after covering net losses to pay principal on the outstanding notes. A nonamortizing reserve account that will equal 0.25% of the initial pool balance and will be fully funded at closing. In rating this transaction, we will review the legal matters that we believe are relevant to our analysis, as outlined in our criteria (see chart 1 for the transaction structure). FEBRUARY 3,
5 Payment Structure The note issuance amount will equal $ million, and the notes will pay fixed interest rates. Interest and principal are scheduled to be paid to the rated notes on the 15th day of each month or, if that is not a business day, the next business day, beginning March 15, Payment distribution before an event of default Before an event of default, on each payment date, distributions will be made from available funds according to a specific payment priority (see table 1). Table 1 Payment Waterfall Priority Payment 1 The servicing fee (1.00%), backup(i) servicing fee, and any successor servicer and transition costs not to exceed $200,000 (including boarding fees) if any. 2 Pro rata, class A-1, A-2, A-3, and A-4 note interest. 3 Principal to the extent necessary to reduce the principal balance of the class A notes to the pool balance (the first principal allocation). 4 Class B note interest. 5 Principal to the extent necessary, after paying item 3, to reduce the combined principal balance of the class A and B notes to the pool balance (the second principal allocation). 6 Class C note interest. 7 Principal to the extent necessary, after paying items 3 and 5, to reduce the combined principal balance of the class A, B, and C notes to the pool balance (the third principal allocation). 8 Deposit the amount necessary to achieve the specified reserve amount into the reserve account. 9 Principal to achieve the specified overcollateralization amount (the regular principal distribution amount). 10 Any fees, expenses, and indemnitites owed to the the indenture trustee, owner trustee, the administrator, and the asset representations reviewer(ii). 11 All remaining amounts to the certificateholder. (i)there is no named backup servicer for the series transaction. However, if California Republic Bank ceases to be considered "well-capitalized" by the Federal Deposit Insurance Corp., it will then have 60 days to implement a backup servicer. (ii)the asset representation reviewer fees are subordinated to interest and principal on the notes. Therefore, we did not run them in our cash flows. Events of default Any of the following will constitute an event of default: A default in the interest payment on the senior-most class of notes that remains uncured for five days. A default in the principal payment on any note on its final scheduled distribution date. The issuer fails to observe or perform any material covenant or agreement, or any materially incorrect representation or warranty remains uncured for 30 days. The issuer becomes insolvent. The third item above requires notice by the indenture trustee or the holders of at least 25% of the notes outstanding. Payment distribution after an event of default On each payment date following an event of default (other than an event of default solely because of a breach of a covenant, agreement, representation, or warranty) and the acceleration of the notes, or if the trust assets are FEBRUARY 3,
6 liquidated, available funds will instead be distributed in the priority shown in table 2. Table 2 Payment Waterfall Following An Event Of Default Other Than An Event Of Default Solely Because Of A Covenant Breach, Agreement, Representation, Or Warranty Priority Payment 1 Any fees, expenses, and indemnitites owed to the owner trustee, indenture trustee, the administrator, and the asset representations reviewer. 2 The servicing fees and any backup servicing fee. 3 Pro rata, class A-1, A-2, A-3, and A-4 note interest. 4 Class A-1 note principal until the notes are paid in full. 5 Pro rata, class A-2, A-3, and A-4 principal until the notes are paid in full. 6 Class B note interest. 7 Class B note principal until the notes are paid in full. 8 Class C note interest. 9 Class C note principal until the notes are paid in full. 10 All remaining amounts to the certificateholder. On each payment date following an event of default related to a breach of a covenant, agreement, representation, or warranty, and the receivables have not been sold, available funds will be distributed in the priority described in table 3. Table 3 Payment Waterfall Following An Event Of Default Due To A Breach Of A Covenant, Agreement, Representation, Or Warranty Priority Payment 1 Any fees, expenses, and indemnitites owed to the owner trustee, indenture trustee, the administrator, and the asset representations reviewer. 2 The servicing fees and any backup servicing fee. 3 Pro rata, class A-1, A-2, A-3, and A-4 note interest. 4 Class B note interest. 5 Class C note interest. 6 Class A-1 note principal until the notes are paid in full. 7 Pro rata, class A-2, A-3, and A-4 principal until the notes are paid in full. 8 Class B note principal until the notes are paid in full. 9 Class C note principal until the notes are paid in full. 10 All remaining amounts to the certificateholder. Servicer termination events Any of the following will constitute a servicing termination: The servicer's failure to deliver any required payment to the indenture trustee, which remains unremedied for two business days. The servicer fails to deliver its certificate to the owner trustee, the indenture trustee, and the seller by the determination date, and this remains unremedied for five business days. The servicer fails to observe or perform any covenant or agreement materially and adversely affecting the noteholders' rights, and this remains unremedied for 30 days. The servicer becomes insolvent. FEBRUARY 3,
7 Any materially incorrect servicer representation, warranty, or statement remains unremedied for 30 days. The servicer delegates any of its obligations other than according to the transaction documents or without a written consent from at least a majority of the most-senior noteholders. The servicer fails to obtain or maintain all licenses and approval necessary to conduct its business. If a servicer termination occurs, the indenture trustee or a majority of the senior-most class' noteholders can terminate the servicer's rights and obligations. Portfolio Performance As of Dec. 31, 2016, the portfolio grew 23% year over year to $3.125 billion. Total delinquencies increased to 3.17% from 2.08% for the same period in In addition, annualized net losses increased to 1.36% from 0.80%. Table 4 Managed Portfolio As of Dec Period-end principal outstanding (mil. $) 3, , , Delinquencies (%)(i) days days days days Total delinquencies (% of the principal amount outstanding) Net charge-offs(ii) Average principal amount outstanding during the period (mil. $) Annualized net charge-offs (% of average principal outstanding) 2, , , (i)mechanics considers a payment to be past due or delinquent when an obligor fails to make at least 95% of the scheduled monthly payment by the related due date. Mechanics measures delinquency by the number of days elapsed after the payment date. (ii)mechanics generally charges off a receivable in the month when the receivable reaches its 120th day of delinquency, except for accounts where the vehicle was repossessed. Once the vehicle is repossessed, Mechanics allows an additional 60 days for the liquidation of the collateral and subsequent application of the auction proceeds to the account balance before the receivable is charged off. Mechanics Mechanics Bank (f.k.a California Republic Bank.) FEBRUARY 3,
8 Chart 2 Pool Analysis/Securitization Performance As of Jan. 31, 2017, the cut-off date, the CRART collateral pool comprised 20,737 auto loan contracts totaling $ million (see table 5). Approximately 76.97% of the loans have an original term of months, and approximately 24.64% of the loans are backed by new vehicles. Table 5 CRART Collateral(i) Pool size (mil. $) No. of receivables 20,737 19,531 20,877 17,992 20,047 12,858 16,229 Avg. outstanding principal balance ($) 20,304 20,480 21,076 21,120 21,200 22,445 21,566 Weighted avg. APR (%) Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) FEBRUARY 3,
9 Table 5 CRART Collateral(i) (cont.) Weighted avg. seasoning (mos.) Loans with an original term of mos. (%) Loans with an original term of mos. (%) New vehicles (%) Used vehicles (%) Weighted avg. LTV (%) Weighted avg. FICO score FICO (%) FICO (%) FICO (%) FICO 700 and above (%) Weighted avg. original FICO score for mos N/A Top three state concentrations (%) S&P Global Ratings original expected CNL (%) S&P Global Ratings revised expected CNL (%) CA=42.91 CA=43.72 CA=41.65 CA=38.42 CA=36.75 CA=43.97 CA=50.49 TX=25.01 TX=25.50 TX=29.30 TX=33.58 TX=36.59 TX=34.61 TX=31.46 AZ=10.76 AZ=11.92 AZ=12.39 AZ=12.19 AZ=11.71 AZ=9.52 AZ= N/A N/A N/A N/A (i)all percentages are of the principal balance. (ii)s&p Global Ratings did not rate the deals. CRART--California Republic Auto Receivables Trust. APR--Annual percentage rate. LTV--Loan-to-value ratio. CNL--Cumulative net loss. N/A--Not applicable. FEBRUARY 3,
10 Chart 3 Surveillance Update We maintain ratings on 10 active California Republic Auto Receivables Trust transactions that closed in 2014 through 2016 (see table 6). In July 2016, we revised and narrowed our loss expectation for series and to reflect better performance than our initial expectations, and maintained the expected loss for the and transactions, which appear to be performing in line with our initial loss expectation. That review yielded seven upgrades and 34 affirmations (see "Seven California Republic Auto Receivables Trust Ratings Raised, 34 Affirmed," published July 20, 2016). In January 2017, we increased our expected loss for the and transactions to reflect worse-than-initially expected performance. For the remaining outstanding transactions, we are maintaining our loss expectation at this time pending additional performance; however, we continue to observe weakening performance from deal to deal at the same point in time in the deal's life. Currently, each outstanding transaction remains adequately enhanced at their current rating levels. We will continue to monitor their performance to determine if the ratings we assigned are sufficient and if we believe any rating actions are FEBRUARY 3,
11 appropriate. Table 6 Performance Data For Outstanding California Republic Auto Receivables Trust Transactions (As Of The January 2017 Distribution Date) Series Month Pool factor (%) CNL (%) 60-plus-day delinquency (%) Lifetime CNL exp. (%) Revised lifetime CNL exp. (%)(i) (i) (i) (i) (i) (ii) (ii) N/A N/A N/A N/A (i)revised in July (ii) Revised in January CNL--Cumulative net loss. N/A -Not applicable. S&P Global Ratings Expected Loss: 3.00%-3.20% To derive the transaction's base-case expected loss, we analyzed Mechanics's static pool cumulative net loss performance for vintages from July 2011 through November 2016 for its aggregate portfolio. We have built a loss curve for originations from July 2011 to December We used the loss timing curves to project losses on monthly vintages from January 2012 to November 2015, excluding the monthly vintages with less than 12 months of performance. We also used a straight-line loss timing curve (based on pool factor) and loss curves from peer transactions. We used the loss timing curves to project losses on monthly vintages between January 2012 and November The projected losses averaged 2.13%, 1.92%, 2.55%, and 2.66% for the 2012, 2013, 2014, and 2015 vintages, respectively. We also analyzed cumulative gross loss performance of CRB's origination static pool data. We applied a recovery rate that was lower than those of CRB's outstanding asset-backed securities (ABS) transactions to measure the potential impact on cumulative net losses if used vehicle values drop. In addition to analyzing the origination static pool performance, we considered the performance of CRB's outstanding securitizations. CRART , CRB's first securitization (not rated by S&P Global Ratings), has paid off with a 2.28% cumulative net loss at month 49. The CRART and transactions (neither rated by S&P Global Ratings) have 42 and 37 months performance, respectively, and we expect CRART to lose approximately 2.06% and 1.84% using a straight-line loss timing curve and using a peer loss curve, respectively, and CRART to lose 2.45% and 2.13%, respectively. Given the additional performance data we have observed, we are currently emphasizing the loss curve method at this time rather than straight-line projections. We also compared the pool's collateral characteristics with those of CRB's previous ABS transactions (see table 5) and FEBRUARY 3,
12 its peers' transactions. In addition, Mechanics has not netted the cost of repossession fees from liquidation proceeds for their static pool and managed portfolio performance. As per the transaction documents, repossession fees can be netted from liquidation proceeds, which will lower recoveries and further increase net losses. To account for repossession fees, we added 10 basis points to our expected loss. For CRART , our expected cumulative net loss range is 3.00%-3.20%. Cash Flow Modeling: Break-Even Cash Flows We modeled the transaction to simulate stress scenarios appropriate for the assigned preliminary ratings. For these stress scenarios, we applied front- and back-loaded loss curves (see table 7). Table 7 Cash Flow Assumptions And Results Class Front-loaded loss curve A B C Scenario (preliminary rating) AAA (sf) A (sf) BBB (sf) Loss timing by months outstanding (12/24/36/48) (%) 30/35/25/10 30/35/25/10 30/35/25/10 Voluntary ABS (%) Recoveries (%) Recovery lag (mos.) Servicing fee (%) Approximate break-even net loss levels (%)(i)(ii) Back-loaded loss curve Scenario (preliminary rating) AAA (sf) A (sf) BBB (sf) Loss timing by months outstanding (12/24/36/48) (%) 20/30/35/15 20/30/35/15 20/30/35/15 Voluntary ABS (%) Recoveries (%) Recovery lag (mos.) Servicing fee (%) Approximate break-even net loss levels (%)(i)(ii) (i)the maximum cumulative net losses on the pool that the transaction can withstand without defaulting on a payment to the relevant classes of notes. (ii)does not include the asset representation reviewer fees as they are subordinated to principal and interest on the notes. ABS--Absolute prepayment speed. The break-even results show that the class A and B notes can withstand higher losses under the back-loaded loss curve than the front-loaded loss curve because excess spread is more stressed under the front-loaded loss curve. The class C notes can withstand higher losses under the front-loaded loss curve than the back-loaded loss curve because more credit enhancement is released under the back-loaded loss curve. Using the 3.00%-3.20% expected net loss range and the above stresses in our internal cash flow runs, the break-even FEBRUARY 3,
13 results show that the class A through C notes are sufficiently enhanced to withstand stressed net losses that are consistent with the preliminary ratings. Sensitivity Analysis In addition to analyzing break-even cash flows, we conducted a sensitivity analysis to see how the notes' preliminary ratings could be affected by losses that are moderately higher than what we currently expect (see table 8 and chart 4). Table 8 Sensitivity Analysis Summary: Moderate 'BBB' Stress (2.0x Base Case) Cumulative net loss level (%) 5.60 Loss timing by months outstanding (12/24/36/48) (%) 25/35/25/15 Voluntary ABS (%) 1.50 Recoveries (%) 50 Recovery lag (mos.) 3 Servicing fee (%) 1.00 Coverage of remaining losses Class A ('AAA (sf)') Class B ('A (sf)') Class C ('BBB (sf)') Initially 2.9x, reaching 3.46x by month 12, and continues to grow thereafter Initially 1.66x, reaching 1.94x by month 12, and continues to grow thereafter Initially 1.01x, reaching 1.08x at month 12, and continues to grow thereafter ABS--Absolute prepayment speed. FEBRUARY 3,
14 Chart 4 In our view, under the 2.0x stress scenario, all else being equal, we expect our ratings on the class A notes to remain within one rating category and our ratings on the class B and C notes to remain within two rating categories during the first year. This is consistent with our credit stability criteria, which state the maximum deterioration is a one-category downgrade within the first year for 'AAA' rated securities and a two-category downgrade within the first year for 'A' and 'BBB' rated securities (for more information, see "Methodology: Credit Stability Criteria," May 3, 2010). Money Market Tranche Sizing The proposed legal final maturity date for the money market tranche (class A-1) is in February 2018 with 12 collection periods. To test whether the money market tranche can be repaid by the proposed legal final date, we ran cash flows using assumptions to delay the principal collections during the 12-month time period. We assumed zero defaults and a 0.25% absolute prepayment speed in our cash flow run, and we checked that approximately 11 months of principal collections would be sufficient to pay off the money market tranche. FEBRUARY 3,
15 Legal Final Maturity To test the legal final maturity dates set for classes A through B, we determined the date on which the respective notes were fully amortized in a zero default, zero prepayment scenario and then added three months to the result. Furthermore, in the break-even scenario for each respective rating level, we confirmed that there was sufficient credit enhancement to both cover losses and repay the related notes in full by legal final maturity. To test the legal final maturity date for class C, which is the longest-dated security, we determined the latest maturing loan's distribution date and then added six months to accommodate extensions. Mechanics Bank CRB was founded in December 2007 by Jon Wilcox and John DeCero, both of whom were former executives of Western Financial Bank. In October 2016, Mechanics Bank, which was founded in 1905, purchased CRB, and the joint company assumed all roles and responsibilities of CRB. John DeCero, formerly CRB's president, is the CEO of the merged bank named Mechanics Bank. Mechanics Bank is a Federal Deposit Insurance Corp.-insured, Federal Reserve regulated, and California state-chartered bank. Mechanics is headquartered in Walnut Creek, Calif. and has offices in Irvine, Newport Beach, Westlake Village, and Beverly Hills. As of Dec. 31, 2016, Mechanics' Tier 1 leverage, Tier 1 risk-based capital, and total risk-based capital ratios were 9.22%, 11.25%, and 11.46%, respectively. These capital ratios are well above the minimum required capital ratios of 5%, 8%, and 10%, respectively. Mechanics (formerly CRB) started its auto finance business in July The auto finance division is located in Irvine, and the satellite customer service center is in Las Vegas. Mechanics originates prime and nonprime indirect auto loans by purchasing contracts from franchised (65%) and independent (35%) automobile dealers. (For more information on how the company approves independent dealers, see "Presale: California Republic Auto Receivables Trust ," published March 17, 2014.) As of Dec. 31, 2016, Mechanics has 459 employees, is licensed to do business in 14 U.S. states, and services a managed portfolio representing approximately 151,682 automobile loan contracts with an approximately $3.15 billion aggregate outstanding balance. Mechanics utilizes a proprietary scorecard (developed by AnalyticsIQ) to generate a score for each application submitted. Once a dealer submits an application through RouteOne or DealerTrack, the application is routed to CMSI Origenate. Based on the score, the application is either automatically declined or assigned to one of seven programs: Premier Plus, Premier, Elite, Preferred, Classic, Special, or Standard. The score is based on the credit bureau score, applicant-provided information, and vehicle characteristics. Mechanics' underwriters then use its credit policies to approve the applications in each program according to their loan authority levels. The underwriters consider many characteristics in addition to the score, including term, LTV ratio, PTI ratio, disposable income, residence and employment history, amount and source of down payment, and past auto payment history. Most of the application approvals are manually done by underwriters, and only a small portion (approximately 6.8%) of the loans are auto FEBRUARY 3,
16 approvals. An underwriter may not approve an application outside his or her authority level, and higher authority levels are required for certain exceptions to the policies. Under limited circumstances, a senior underwriter or other appropriately authorized employee may approve an application that may be automatically rejected due to a FICO score below 600, based on other risk-mitigating factors, such as the amount of the down payment, the ratio of the receivable principal to the financed vehicle value, or other factors related to the applicant's creditworthiness. Mechanics has two collection centers: one in Irvine and one in Las Vegas. Mechanics focuses on early and frequent contact with delinquent borrowers and begins contacting them as early as one day past due. Repossession begins when collection efforts are exhausted or when the borrower has not committed to bringing the account current, generally within days from the date an auto receivable becomes past due. Mechanics charges off an auto receivable before the end of the month when the auto receivable becomes 120 days past due. Mechanics may grant one-month payment extensions to address short-term delinquency issues. Mechanics' policy is to limit these types of extensions to specifically identified causes of delinquency that such extensions can appropriately address, and to not grant such delinquency extensions more than three times throughout the life of any auto receivable and not within the first six months after origination of the auto receivable. Related Criteria And Research Related Criteria Criteria - Structured Finance - General: Ratings Above The Sovereign - Structured Finance: Methodology And Assumptions, Aug. 8, 2016 Criteria - Structured Finance - General: Methodology: Criteria For Global Structured Finance Transactions Subject To A Change In Payment Priorities Or Sale Of Collateral Upon A Nonmonetary EOD, March 2, 2015 Criteria - Structured Finance - General: Criteria Methodology Applied To Fees, Expenses, And Indemnifications, July 12, 2012 General Criteria: Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31, 2012 Criteria - Structured Finance - ABS: General Methodology And Assumptions For Rating U.S. Auto Loan Securitizations, Jan. 11, 2011 Criteria - Structured Finance - General: Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009 Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Special-Purpose Entities, Oct. 1, 2006 Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Appendix III: Revised UCC Article 9 Criteria, Oct. 1, 2006 Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Criteria Related To New Asset-Backed Securities, Oct. 1, 2006 Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Securitizations By SPE Transferors And Non-Code Transferors, Oct. 1, 2006 Legal Criteria: Legal Criteria For U.S. Structured Finance Transactions: Select Issues Criteria, Oct. 1, FEBRUARY 3,
17 Related Research Global Structured Finance Scenario And Sensitivity Analysis 2016: The Effects Of The Top Five Macroeconomic Factors, Dec. 16, 2016 In addition to the criteria specific to this type of security (listed above), the following criteria articles, which are generally applicable to all ratings, may have affected this rating action: "Post-Default Ratings Methodology: When Does Standard & Poor's Raise A Rating From 'D' Or 'SD'?," March 23, 2015; "Global Framework For Assessing Operational Risk In Structured Finance Transactions," Oct. 9, 2014; "Methodology: Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D' And 'SD' Ratings," Oct. 24, 2013; "Counterparty Risk Framework Methodology And Assumptions," June 25, 2013; "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," Oct. 1, 2012; "Methodology: Credit Stability Criteria," May 3, 2010; and "Use of CreditWatch And Outlooks," Sept. 14, The analysts would like to thank Jenna Cilento, and Joe Fang for their analytical contributions on this transaction and presale report. Analytical Team Primary Credit Analyst: Ines A Beato, New York (1) ; ines.beato@spglobal.com Secondary Contact: Rahel Avigdor, New York (1) ; rahel.avigdor@spglobal.com FEBRUARY 3,
18 Copyright 2017 by Standard & Poor s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. FEBRUARY 3,
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