Research On Automobile Loan Asset Securitization Of SAIC-GMAC

With the development of China’s auto finance companies,the traditional bank financing mode with weak initiative and high loan cost has become increasingly difficult to meet the capital needs of the rapid development of auto finance companies.The development of asset securitization business in China is becoming more and more mature,and the issuance of auto loan asset-backed securities can not only effectively help auto finance companies reduce risks,but also solve the difficulties of high financing cost and low capital efficiency.Small and micro businesses have been hit hard covid-19 since the new crown pneumonia was ravaged in 2019,and the risk of the repayment of loans by auto loan borrowers is increasing.However,China’s auto finance companies have only developed auto loan asset securitization business for more than ten years,and they are lack of experience.Compared with foreign mature systems,there is still much room for progress,so the research on auto loan asset securitization is particularly important.This paper selects the Rongteng 2021 phase I product issued by SAIC-GMAC as a case for in-depth analysis,and focuses on the issuance motivation,transaction structure,product asset pool quality and credit enhancement measures of the product.In order to give further guidance to SAIC-GMAC,after focusing on the analysis of Rongteng’s2021 products,this paper selects the key links of the design and issuance of asset securitization products of other auto finance companies with high recognition in the market and Rongteng’s 2021 phase I auto loan asset securitization products for comparative analysis.Based on the above case analysis,this paper refines and summarizes the deficiencies and problems existing in the development of auto loan asset securities business of China’s auto finance companies at the present stage,and puts forward further improvement suggestions for China’s auto finance companies to carry out auto loan asset securitization in combination with the relevant theories and excellent practice of asset securitization,so as to provide help for the key link in the capital operation process of China’s auto finance companies.