GTE Auto Receivables Trust 2019-1: Presale Report

DBRS, Inc. (DBRS Morningstar) assigned provisional ratings to GTE Auto Receivables Trust 2019-1 (the Transaction or GART 2019-1). GART 2019-1 represents the first asset-backed securities (ABS) transaction issued by a federal credit union (CU) and the first ABS transaction issued by GTE Federal Credit Union (GTE Financial or the Company). The Transaction will consist of both senior and subordinate rated notes and will be supported by a pool of motor vehicle loans and retail motor vehicle installment sales contracts originated by GTE Financial. The loans were made to prime and near-prime borrowers and are secured by new and used automobiles, sport utility vehicles or light-duty trucks.