题目
In auto loan ABSs, the form of credit enhancement that most likely serves as the first line of loss protection is the:
选项
A.excess spread account.
B.sequential pay structure.
C.proceeds from repossession sales.
答案
A
解析
： A is correct. In addition to a senior/subordinated (sequential pay) structure, many auto loan ABSs are structured with additional credit enhancement in the form of overcollateralization and a reserve account, often an excess spread account. The excess spread is an amount that can be retained and deposited into a reserve account that can serve as a first line of protection against losses. B is incorrect because in an auto loan ABS, losses are typically applied against the excess spread account and the amount of overcollateralization before the waterfall loss absorption of the sequential pay structure. C is incorrect because in auto loan ABSs, proceeds from the repossession and resale of autos are prepayment cash flows rather than a form of credit enhancement for loss protection. ： 这道题问的是在汽车贷款ABS中，最有可能作为防止损失的第一道防线的信用增级形式是什么？ A是正确的。除了高级/次级（顺序支付）结构外，许多汽车贷款ABS的结构还包括额外的信用增级，即超额抵押和准备金账户，通常是超额利差账户。超额利差是可以保留并存入准备金账户的金额，准备金账户可以作为防止损失的第一道防线。 B是不正确的，因为在汽车贷款ABS中，损失通常是针对超额利差账户和在按顺序支付结构的瀑布式损失吸收之前的超额征收额。 C是不正确的，因为在汽车贷款资产负债表中，收回和转售汽车的收益是预付现金流，而不是一种用于保护损失的信用增级形式。