KBRA releases research analyzing credit union (CU) auto ABS issuance and credit performance in 2024. CUs have been active in ABS primary markets in recent years, where securitization has provided liquidity as well as the opportunity to diversify funding sources. Six CUs priced auto loan securitizations in 2024, with $2.4 billion sold. Last year’s volumes surpassed the previous record of $2 billion set in 2023 but fell short of our expectations. Increased deposit outflows and favorable funding conditions outside of the ABS market likely muted year-over-year (YoY) growth for CU-sponsored deals. We expect CUs to remain active in the ABS primary market in 2025 with further growth in auto loan ABS supply volumes, as well as some securitizations backed by other consumer receivables.

This report examines new issuance trends in CU-sponsored auto loan ABS and compares pool composition and credit performance relative to captives and other financial institutions.

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KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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