为解决汽车金融公司融资成本波动性大、融资渠道有限等问题，汽车贷款资产证券化应用越来越广泛。随着我国汽车产业的蓬勃发展，汽车贷款资产证券化产品的规模快速增长，但汽车金融公司对这一产品的实际应用还有很大的改进空间。本文首先介绍了美国汽车抵押贷款资产证券化的历史和演进过程，之后分析了美国汽车贷款资产证券化的交易特点，包括主要发起机构、信用增级、信用评级等内容，最后梳理目前我国汽车贷款资产证券化的现状和问题，并提出一些建议。

关键词：汽车抵押贷款、资产证券化、信用增级

In order to solve the problems of high volatility of financing costs and limited financing channels of automobile finance companies, the securitization of auto loan assets is more and more widely used. With the vigorous development of China’s automobile industry, the scale of auto loan asset securitization products is growing rapidly, but the actual application of auto finance companies to this product still has a lot of room for improvement. This paper first introduces the history and evolution of American automobile mortgage asset securitization followed by analyzing the transaction characteristics of American automobile mortgage asset securitization, including the main sponsors, credit enhancement, credit rating and so on. In the final section, current situation and problems of asset securitization of automobile fleet in China are combed for some suggestions.

Keywords: Auto Mortgage, Asset-backed Securitization, Credit Enhancement