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Certificate of Automobile Receivables |
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Certificate of Automobile Receivables A derivative whose value is derived from the receivables on a car loan. This entitles the owner to a claim on the principal and interest payments on the particular car loans underpinning the security. The equivalent of the coupon on CARS is a percentage of the interest and principal paid on car loans. An obvious risk associated with CARS is the possibility that a substantial number of loans will default. See also: Credit risk, Mortgage-backed security. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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