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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in classic literature ?
James Williams, with Uncle Thomas, of Madison Avenue, in a respect-compelling motor car and proofs of the hero's innocence--for all the world like the third act of a drama backed by an automobile mfg.
The men were making merry with festivities and dances; some were bringing home a bride to her husband on a well-wheeled car, while the bridal-song swelled high, and the glow of blazing torches held by handmaidens rolled in waves afar.
And his charioteer, strong Iolaus, standing upon the car, guided the curved chariot.
Fogg and his companions resumed their places in the car, and observed the varied landscape which unfolded itself as they passed along the vast prairies, the mountains lining the horizon, and the creeks, with their frothy, foaming streams.
Car's poor old grandmother had a weakness for the sweet stuff.
By this time there had arisen a shout of laughter at the extraordinary appearance of Car's back, which irritated the dark queen into getting rid of the disfigurement by the first sudden means available, and independently of the help of the scoffers.
In another moment he had his hand on the car. "Lay hold of it," said the man in the ear, and his face appeared close to Bert's--a strangely familiar face, fierce eyebrows, a flattish nose, a huge black moustache.
In the car, sprawling upon a sort of bed-bench, in an attitude of elaborate self-abandonment, was a large, blond lady, wearing a fur coat and a big floriferous hat.
Nor did the doctor forget an awning to shelter the car, nor the coverings and blankets that were to be the bedding of the journey, nor some fowling pieces and rifles, with their requisite supply of powder and ball.
If the worst happens, we can sit in the car. The water won't be above our heads and there are some boats about.
The motor car came to a standstill before him, and the man who was driving it sprang to the ground.
A few minutes later he was in his car and on his way back to Boulogne.