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Hertz bankruptcy to reshape auto ABS?
Hertz’s recent bankruptcy is one casualty of a perfect storm caused by a drop in used vehicle prices, increased reliance on its securitisation programme and the effects of the coronavirus crisis on Americans’ mobility (SCI 1 June). Similar to the large mortgage lender bankruptcies marking the 2008 financial crisis, the outcome for Hertz could reshape the auto ABS market in the years ahead.
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