...Performance Softened But Still Solid: Prime auto loan ABS losses rose to the highest level in over four years through September, but loss rates were still well below the 10-year average. Subprime Losses Accelerated: ANL rose to the highest rate in over seven months and were in line with late- 2007 loss levels. Regulatory Investigations and Fines: Fines issued by authorities on auto lenders, mainly the CFPB, came into the news during 3Q15. These included fines for American Honda Finance Corp., Fifth Third Bank, SNAAC and Westlake Finance Services. Volkswagen Emissions Scandal: The scandal affects Volkswagen (VW) models (Golf, Jetta, Passat and Beetle, among others). Fitch Ratings is monitoring the evolving situation, collecting data and evaluating any potential impact on rated outstanding auto loan and lease ABS transactions. To date, there has been little to no impact, but this could change. Positive Rating Actions Persisted: Fitch issued 55 upgrades so far this year, on par with 2014....
