KBRA assigns preliminary ratings to five classes of notes issued by American Credit Acceptance Receivables Trust 2026-3 (ACAR 2026-3), an ABS transaction collateralized by a pool of auto loans.
ACAR 2026-3 will issue five classes of notes totaling $756.3 million. The ratings reflect initial credit enhancement of 59.85% for the Class A notes through 15.50% for the Class E notes. Credit enhancement will consist of overcollateralization, subordination of the junior note classes (except for the Class E note), a cash reserve account, and excess spread.
This transaction represents the third ABS securitization in 2026 for American Credit Acceptance, LLC (ACA or the company). The Company has issued 55 securitizations since 2011 for a total amount of approximately $18.7 billion.
ACA is a privately held subprime auto finance company that has been under current ownership since 2007. The company is an independent auto loan originator operating in all 50 states.
