Content area
Full Text
A document filed Sept. 6 with the SEC implies a return to auto loan securitization for TCF Financial Corp. nearly 10 months after its last rated deal closed.
KPMG LLP indicated in the asset-backed securitizer report that it had been asked by TCF Financial and its Gateway One Lending & Finance LLC subsidiary to review a sample of receivables that are expected to be included in the collateral pool for TCF Auto Receivables Owner Trust 2016-1. Details regarding the size and composition of the pool or the associated notes were not included in the filing.
The $250 million TCF Auto Receivables Owner Trust 2015-2 closed on Nov. 25, 2015. The $425 million TCF Auto Receivables Owner Trust 2015-1 closed on June 11, 2015. TCF Financial and Gateway One brought a single $250.2 million auto ABS deal to market in 2014, their inaugural transaction. TCF Financial said in its annual report for 2015 that it transferred recorded investments of $1.1 billion in consumer auto loans to trusts in securitization transactions during the year.
Based in Anaheim, Calif., Gateway One originates and services used and new retail auto loans...